5 Best Jumbo Loans in Connecticut

Some might think of Connecticut as a large suburb of New York City, but that’s only partially true. This state offers up a lot more, including beautiful forests and mountains and charming seaside communities like New Haven, Hartford and Middlesex. 

Given its proximity to a metropolis and with so much to offer, it’s no wonder that the Connecticut real estate market is growing. According toThe Connecticut Insider, the average sales price of a home in Connecticut is $314,000. While that number is well below the jumbo loan limit in the state, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Connecticut 27th in the country in terms of mortgage origination activity, with a total of just under $11.4 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Connecticut, you’ll see a lot of other Connecticuters joining you in your search. 

What is the jumbo loan limit in Connecticut?

The jumbo loan limit in Connecticut is $726,200 for all counties in the state. Any loan that exceeds $726,200 is a jumbo loan in the state of Connecticut. Any loan that is less than $726,200 is a conforming loan in the state of Connecticut.

5 Top Connecticut jumbo loan lenders

If you’re ready to look over the best jumbo loan lenders in Connecticut, here are some options to consider.

1. TD Bank

TD Bank is a huge bank with deposits over $600 billion, putting it as the sixth largest bank in the United States. You don’t grow that large without having a competitive jumbo loan product.

We spoke to a loan officer at TD Bank to learn more about their jumbo loan program and thought they had some unique features. Here are the basics:

• 10% down up to $3 million
• Requires a credit score minimum of 700
• Can lend up to $4.5 million
• If you qualify for the wealth program, you are eligible for jumbo loans up to $6 million with 30% down or loans above $6 million with 35% down.

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. Keybank

Keybank is a mortgage broker with 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 terms and here are the key terms and highlights:

SilverKey Mortgage

• Loan amounts up to $3.5 million
• 10% down up to $1.5 million
• Fixed or adjustable-rate mortgages available
• No private mortgage insurance required
• 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, resulting in lower mortgage payments
• 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.

3. 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 loan rates. 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.

4. 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 options 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, resulting in lower monthly payments for homeowners.
• 15-year or 30-year fixed rate products 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.

5. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

• Loan amounts up to $2.5 million
• Purchase and refinance available
• Refinancing allows you to take up to $750,000 of equity out of your home.
• Second homes are eligible
• Multi-unit properties are eligible

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 Connecticut

Due to the rising cost of housing in Connecticut, it can be discouraging to think about financing a new home. Fortunately, Jumbo loans in Connecticut make financing larger home purchases much, much easier.

Getting a jumbo loan means more money stays in your pocket, giving you greater peace of mind and greater flexibility. Jumbo loans are a loan type that can get you approved for larger loans with less or no money down— a huge boon for many.

The jumbo loan is a very streamlined option that offers competitive rates for those looking to buy more expensive homes. With a conventional mortgage, you wouldn’t be able to finance a large or expensive purchase with just one mortgage, making the process much more complex. 

How are Connecticut jumbo loans different from other loans?

How is a Connecticut jumbo loan different from a conventional mortgage? They have much higher limits. With a conforming loan, you would need to patch together multiple loans to reach the same price you would with a jumbo loan. This means putting a lot of new accounts on your credit, which can ding your score and make your financial picture more complicated.

Keep in mind that conforming loan limits are set by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two government-backed mortgage companies that buy most of the home mortgages made in the U.S. from mortgage lenders and resell them to private investors.

Another difference is that these loans can require that you have a better credit score. Credit scores with a conforming loan can sometimes be as low as 580. Jumbo loans can also come with higher interest rates and more closing costs, though many Connecticutres see this as a fair trade for the increased purchasing power you get with these products. 

Need a jumbo loan in a different state?

If you want to find the best jumbo loans in other states, click on your state below.