7 Best Jumbo Loans in Indiana


Borrowers in Indiana can increase their buying power with a jumbo loan when looking for a home.

Key Terms

  • Jumbo loans have higher limits than conventional mortgages in Indiana.
  • Many of the lenders that we’ve found offer these real estate loans come with low down payments.
  • Borrowers can use a single loan to finance a higher-priced property in Indiana.

No one quite knows where the term “hoosier” came from, but at this point Indiana is definitely known far and wide as the Hoosier State. This midwestern state is home to beautiful farmland and some exciting cities like Indianapolis and LaPorte, giving those looking for a home in Indiana the best of both worlds. 

According to the Indiana Realtors Association, the median purchase price for a home in the state Is just over $220,000. While this is still below conventional loan limits, any Hoosier looking for a larger or more expensive property may need a jumbo loan to finance their purchase.

For the most recent year, the HDMA data places Indiana 24th in the country in terms of mortgage origination activity, with a total of $2.88 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Indiana, you may find yourself in the company of many other Hoosiers. 

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What is the jumbo loan limit in Indiana?

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

Indiana Jumbo Loan Limits (December 2022)

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

Indiana
County
Indiana
Jumbo loan
(1-unit)
Indiana
Conforming
loan limit
(1-unit)
Indiana
FHA loan limit
(1-unit)
Adams$647,200+$647,200 $420,680
Allen$647,200+$647,200 $420,680
Bartholomew$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Blackford$647,200+$647,200 $420,680
Boone$647,200+$647,200 $420,680
Brown$647,200+$647,200 $420,680
Carroll$647,200+$647,200 $420,680
Cass$647,200+$647,200 $420,680
Clark$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Clinton$647,200+$647,200 $420,680
Crawford$647,200+$647,200 $420,680
Daviess$647,200+$647,200 $420,680
Dearborn$647,200+$647,200 $420,680
Decatur$647,200+$647,200 $420,680
De Kalb$647,200+$647,200 $420,680
Delaware$647,200+$647,200 $420,680
Dubois$647,200+$647,200 $420,680
Elkhart$647,200+$647,200 $420,680
Fayette$647,200+$647,200 $420,680
Floyd$647,200+$647,200 $420,680
Fountain$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Fulton$647,200+$647,200 $420,680
Gibson$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Hamilton$647,200+$647,200 $420,680
Hancock$647,200+$647,200 $420,680
Harrison$647,200+$647,200 $420,680
Hendricks$647,200+$647,200 $420,680
Henry$647,200+$647,200 $420,680
Howard$647,200+$647,200 $420,680
Huntington$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jasper$647,200+$647,200 $420,680
Jay$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Jennings$647,200+$647,200 $420,680
Johnson$647,200+$647,200 $420,680
Knox$647,200+$647,200 $420,680
Kosciusko$647,200+$647,200 $420,680
Lagrange$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
La Porte$647,200+$647,200 $420,680
Lawrence$647,200+$647,200 $420,680
Madison$647,200+$647,200 $420,680
Marion$647,200+$647,200 $420,680
Marshall$647,200+$647,200 $420,680
Martin$647,200+$647,200 $420,680
Miami$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Morgan$647,200+$647,200 $420,680
Newton$647,200+$647,200 $420,680
Noble$647,200+$647,200 $420,680
Ohio$647,200+$647,200 $420,680
Orange$647,200+$647,200 $420,680
Owen$647,200+$647,200 $420,680
Parke$647,200+$647,200 $420,680
Perry$647,200+$647,200 $420,680
Pike$647,200+$647,200 $420,680
Porter$548,250+$548,250 $420,680
Posey$647,200+$647,200 $420,680
Pulaski$647,200+$647,200 $420,680
Putnam$647,200+$647,200 $420,680
Randolph$647,200+$647,200 $420,680
Ripley$647,200+$647,200 $420,680
Rush$647,200+$647,200 $420,680
St. Joseph$647,200+$647,200 $420,680
Scott$647,200+$647,200 $420,680
Shelby$647,200+$647,200 $420,680
Spencer$647,200+$647,200 $420,680
Starke$647,200+$647,200 $420,680
Steuben$647,200+$647,200 $420,680
Sullivan$647,200+$647,200 $420,680
Switzerland$647,200+$647,200 $420,680
Tippecanoe$647,200+$647,200 $420,680
Tipton$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Vanderburgh$647,200+$647,200 $420,680
Vermillion$647,200+$647,200 $420,680
Vigo$647,200+$647,200 $420,680
Wabash$647,200+$647,200 $420,680
Warren$647,200+$647,200 $420,680
Warrick$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
Wayne$647,200+$647,200 $420,680
Wells$647,200+$647,200 $420,680
White$647,200+$647,200 $420,680
Whitley$647,200+$647,200 $420,680

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What are conforming loan limits?

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

7 Top Indiana jumbo loan lenders

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

1. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo mortgage rates specifically. Here are the important details:

  • Loans up to $3 million
  • Minimum FICO credit score is 680
  • Fixed rate mortgages and variable rate loans available
  • Cash reserves required
  • Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

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 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 mortgage loan.

We contacted Keybank to learn more about their jumbo loan rates 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 variable rates 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
  • 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. 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 their jumbo loan options, 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.

4. 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 terms. 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 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.

5. Regions Bank

Regions Bank is headquartered in Alabama but operates in 16 states across the country and is on the Fortune 500 list. Founded in 1971, the bank offers a full range of financial products, including jumbo loans.

We contacted Regions Bank to get additional details about the jumbo mortgage. Here are some key terms and highlights:

  • Fixed rate and adjustable rate mortgages available
  • ARM loans are normally fixed for 3-5 years and then adjust annually
  • Lower down payment requirements or lower closing costs available for first-time home buyers

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.

6. 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 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.

7. 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 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.

Advantages in Indiana to taking out a jumbo loan

New homes are getting more expensive everywhere due to multiple factors. In Indiana, anyone looking for a new build or large property may find that the price of their home is above the conforming limit on traditional mortgages. Indiana jumbo loans are an alternative to these conventional financial products. What are the benefits of buying a home in Indiana with this type of loan?

With jumbo loans, you have flexible down payments and can often put down far less than 20 percent. With larger purchases, this of course means you can keep a lot more of your savings intact.  

Jumbo loans also allow you to finance a larger property with just one loan. If you went the conventional route, you would need to combine several mortgages, or else put down a pretty hefty down payment. 

Is a jumbo loan in Indiana a good idea for you? 

Do you have a great FICO score? Then an Indiana jumbo loan might be a perfect choice for you. Be aware that jumbo loans have stricter requirements than conventional loans. Qualifying for a jumbo loan can help you buy a home you couldn’t afford with a conventional loan, but it does come with this requirement. 

You also should be aware that these loans can involve a good bit of due diligence during underwriting on the part of the lending institution. These loans expose lenders to more risk, so they tend to take their time during approval. If you are fine with a longer approval process and want the ease of financing a large purchase with a single loan, then an Indiana jumbo loan may be a great idea for you. 

 If you’re looking to explore jumbo mortgage rate quotes 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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