6 Best Jumbo Loans in Delaware


Jumbo mortgage loans in Delaware empower borrowers with more buying power when looking for a home.

Key Terms

  • The limits on a Delaware jumbo loan exceed those on conventional mortgages like FHA loans.
  • Jumbo loans in Delaware don’t require a large down payment.
  • Borrowers access more financing under a single loan with a jumbo loan.

Home to acres of farmland and some pretty fun and popular beaches, Delaware is a small but mighty state. Situated in the mid-Atlantic next to Maryland and Pennsylvania, this state is also home to many major corporations, thanks to its corporate-friendly tax laws.

Real estate prices are climbing in this coastal state. According to Delaware Online, the median sales price of a home in Delaware is $320,000. While that number is still below conforming limits, Delawarans looking for larger properties or seaside homes could easily push past it. 

For the most recent year, the HDMA data places Delaware 42nd in the country in terms of mortgage origination activity, with a total of $1.15 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Delaware, you’ll be among good company.

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What is the jumbo loan limit in Delaware?

The jumbo loan limit in Delaware for all counties is $647,200. Any loan that exceeds $647,200 is a jumbo loan in the state of Delaware. Any loan that is less than $647,200 is a conforming loan in the state of Delaware.

Delaware Jumbo Loan Limits (December 2022)

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

Delaware
County
Delaware
Jumbo loan
(1-unit)
Delaware
Conforming
loan limit
(1-unit)
Delaware
FHA loan limit
(1-unit)
Kent$647,200+$647,200 $420,680
New Castle$647,200+$647,200 $477,250
Sussex$647,200+$647,200 $420,680

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6 Top Delaware jumbo loan lenders

If you’re ready to learn more about the best jumbo mortgage lenders in Delaware, here are the top options we’ve found through our research.

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. 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 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, resulting in lower monthly payments
  • Cash-out refinance 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 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 mortgage payments.
  • 15-year or 30-year fixed rate mortgages 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 player in the mortgage industry 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 the 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
  • 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.

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 jumbo loan product with no money down financing options.

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

  • Loan amounts up to $2.5 million
  • Purchase and refinance mortgage interest rates 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 and get pre-approved, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. Fulton Bank

Fulton Bank is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive jumbo loan program.

We contacted Fulton Bank to get more details about the jumbo mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:

  • 5% down up to $1 million
  • 10% down up to $1.5 million
  • 15% down up to $2 million
  • 20% down up to $2.5 million
  • 15-year or 30-year loan terms
  • Fixed or adjustable rate mortgages available
  • Primary home purchases only (other options available for second homes)

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

Pros and cons of getting a jumbo loan in Delaware

Because of increasing home prices in many parts of Delaware, many citizens of this state may struggle to finance a new home. Fortunately, jumbo loans in Delaware offer homeowners an ideal solution. With this in mind, what are the pros and cons that come with one of these alternatives to conventional loans like FHA and VA loans?

The pros of a jumbo loan in Delaware include:

  • More purchasing power in an expensive market, thanks to higher loan limits
  • Lower down payment and closing costs required than most conventional mortgages
  • Allows you to finance a high-priced single-family home with a single loan

What are any cons involved? Borrowers do have to pay a higher interest rate with these loans. Any borrower also needs to have a strong credit score to qualify for a Delaware jumbo loan. Finally, not every property in Delaware will qualifiy for a jumbo loan, which can limit purchasing options, in some cases. 

Is a jumbo loan in Delaware right for you?

How can you know if a jumbo loan is right for you in Delaware? With median prices already high and climbing, it may well be the only way you can finance a home, especially near the coast and in popular communities such as Bethany and Rehoboth. Your most viable alternative would be to combine several  conventional mortgages. You could also wait and see if you can save up enough cash for a large down payment on a conventional loan, which can eliminate the problem of conforming limits.

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 home loan companies that buy most of the home mortgages made in the U.S. from mortgage lenders and resell them to private investors. 

You will also need to look at whether or not you want to pay more for your financing through a higher interest rate. Since a jumbo loan comes with many advantages, you may well find that a higher interest rate is worth it in the long run.

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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