4 Best Jumbo Loans in Arizona


Arizona jumbo loans allow homebuyers in Arizona to buy a home over conforming limits with a single loan.

Key Terms

  • The limits on jumbo loans in Arizona are much higher than those on conventional mortgages
  • You won’t always need to put 20 percent down on a jumbo loan
  • Jumbo loans offer easier financing scenarios for high-price homes than conventional loans

It may look like one big desert to outsiders, but Arizonans know just how much this sunny state has to offer. With a lush and diverse landscape, Arizona has everything from ski slopes to big cities like Phoenix and Scottsdale to summer hiking. It is also home to one of the most famous natural wonders in the US and the world with the always stunning Grand Canyon. 

With so much to offer, it’s no wonder that the Arizona real estate market is growing at a stunning rate. According to Zillow, the home values in Arizona have grown by 28.5% in the last year and this figure continues to climb. According to the Tucson Realtors Association, the average sales price of a home in Arizona is just over $477,000. While that number is well below the jumbo loan limit in Alabama, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Arizona 8th in the country in terms of mortgage origination activity, with a total of $14.8 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Arizona, you’ll be among good company.

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What is the jumbo loan limit in Arizona?

The jumbo loan limit in Arizona is $547,200 for all counties in the state. Any loan that exceeds $547,200 is a jumbo loan in the state of Arizona. Any loan that is less than $647,200 is a conforming loan in the state of Arizona, making $647,200 the conforming loan limit that Freddie Mac and Fannie Mae will buy or guarantee.

Arizona Jumbo Loan Limits (October 2022)

Arizona county-by-county jumbo loan, conforming loan and FHA loan limits.

Arizona
County
Arizona
Jumbo loan
(1-unit)
Arizona
Conforming
loan limit
(1-unit)
Arizona
FHA loan limit
(1-unit)
Apache$647,200+$647,200 $420,680
Cochise$647,200+$647,200 $420,680
Coconino$647,200+$647,200 $423,200
Gila$647,200+$647,200 $420,680
Graham$647,200+$647,200 $420,680
Greenlee$647,200+$647,200 $420,680
La Paz$647,200+$647,200 $420,680
Maricopa$647,200+$647,200 $441,600
Mohave$647,200+$647,200 $420,680
Navajo$647,200+$647,200 $420,680
Pima$647,200+$647,200 $420,680
Pinal$647,200+$647,200 $441,600
Santa Cruz$647,200+$647,200 $420,680
Yavapai$647,200+$647,200 $420,680
Yuma$647,200+$647,200 $420,680

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4 Top Arizona jumbo loan lenders

If you’re in the market for a home in Arizona, consider these jumbo mortgage loans that are available to state residents.

1. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among borrowers throughout the country. One of their key financial products is a jumbo home loan.

We contacted Keybank to learn more about their jumbo loan process and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to purchase prices of $3.5 million
  • 10% down up to $1.5 million
  • Fixed or adjustable-rate mortgages available
  • No private mortgage insurance required, lowering mortgage payments
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. SoFI

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages. 

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate loan options available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. BMO Harris Bank

BMO Harris Bank is an established mortgage lender that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about their jumbo mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed interest rates
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Benefits of getting a jumbo loan in Arizona

Due to the rising cost of housing in Arizona, it can be hard and even discouraging to think about how to afford a new home. Fortunately, Jumbo loans in Arizona are here to help you afford the perfect home for you. So, what kinds of benefits do these tools provide?

Getting a jumbo loan means more money in your wallet, which means more peace of mind and greater flexibility. This type of loan has no upper mortgage limit when compared to most other types of financing. Jumbo loans can get you approved for larger loans than what are offered by other common loan types.

Jumbo loans come with the benefits of more flexible down payments and down payments less than 20% for some. What works for you might be just what you need. Instead of feeling boxed in to a high down payment that can take a long time to save for, a jumbo loan in Arizona lets you purchase your dream home sooner before prices climb higher.

The jumbo loan is great for those looking to buy more expensive homes. One of the perks of the jumbo loan is that it enables people to buy homes that might not be affordable with other financial options. With more funding and mortgage options, it is possible to purchase a larger home and realize your dream sooner than later.

How are Arizona jumbo loans different from other loans?

How is a jumbo loan different from a conventional mortgage? You already know about their higher limits. With a conventional or conforming loan, you would need to combine multiple loans to reach the same price you would with a jumbo loan. This means putting a lot of new accounts on your credit and can make for a very complex financial picture. 

Another difference is that jumbo loans sometimes require that you have a better credit score than you might need with a conforming loan. (Some government-backed conventional mortgages will approve borrowers with lower scores.) Jumbo loans can also come with more closing costs, though many borrowers see this as a fair trade for increased purchasing power in the intense Arizona housing market. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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