5 Best Jumbo Loans in Iowa

Jumbo mortgage loans in Iowa allow borrowers to purchase a large property with a single loan.

Key Terms

  • Jumbo loans don’t conform to the same spending limits as conventional mortgages.
  • These loans don’t require big down payments.
  • Homebuyers can finance a big property through just one loan.

Iowa is an iconic example of midwestern life in the States, offering its residents lovely green fields and gently rolling hillsides. It’s not just farms and pastures, however. Many Iowans live vibrant, urban lives or enjoy living in modern, new suburban developments. 

According to the Association of Iowa Realtors, the most recent median price for a home in the state is $195,000. While still below conforming limits, home prices are on track to rise even higher, especially in more populous areas of the state. What’s more, the conforming limits on conventional loans can prevent many Iowans from investing in larger or more expensive real estate.

For the most recent year, the HDMA data places Iowa 34th in the country in terms of mortgage origination activity, with a total of $585 million in jumbo mortgages originated. That means a good number of homeowners are taking advantage of these convenient loans. 

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What is the jumbo loan limit in Iowa?

The jumbo loan limit in Iowa for most counties is $548,250. For some counties, including Des Moines and Dubuque, the jumbo loan limit is $647,200. Any loan that exceeds either $548,250 or $647,200 is a jumbo home loan, depending on the county.

Iowa Jumbo Loan Limits (October 2022)

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

Jumbo loan
loan limit
FHA loan limit
Adair$647,200+$647,200 $420,680
Adams$647,200+$647,200 $420,680
Allamakee$647,200+$647,200 $420,680
Appanoose$647,200+$647,200 $420,680
Audubon$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Black Hawk$647,200+$647,200 $420,680
Boone$647,200+$647,200 $420,680
Bremer$647,200+$647,200 $420,680
Buchanan$647,200+$647,200 $420,680
Buena Vista$647,200+$647,200 $420,680
Butler$647,200+$647,200 $420,680
Calhoun$647,200+$647,200 $420,680
Carroll$647,200+$647,200 $420,680
Cass$647,200+$647,200 $420,680
Cedar$647,200+$647,200 $420,680
Cerro Gordo$647,200+$647,200 $420,680
Cherokee$647,200+$647,200 $420,680
Chickasaw$647,200+$647,200 $420,680
Clarke$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Clayton$647,200+$647,200 $420,680
Clinton$647,200+$647,200 $420,680
Crawford$647,200+$647,200 $420,680
Dallas$647,200+$647,200 $420,680
Davis$647,200+$647,200 $420,680
Decatur$647,200+$647,200 $420,680
Delaware$647,200+$647,200 $420,680
Des Moines$647,200+$647,200 $420,680
Dickinson$647,200+$647,200 $420,680
Dubuque$647,200+$647,200 $420,680
Emmet$647,200+$647,200 $420,680
Fayette$647,200+$647,200 $420,680
Floyd$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Fremont$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Grundy$647,200+$647,200 $420,680
Guthrie$647,200+$647,200 $420,680
Hamilton$647,200+$647,200 $420,680
Hancock$647,200+$647,200 $420,680
Hardin$647,200+$647,200 $420,680
Harrison$647,200+$647,200 $420,680
Henry$647,200+$647,200 $420,680
Howard$647,200+$647,200 $420,680
Humboldt$647,200+$647,200 $420,680
Ida$647,200+$647,200 $420,680
Iowa$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jasper$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Johnson$548,250+$548,250 $420,680
Jones$548,250+$548,250 $420,680
Keokuk$548,250+$548,250 $420,680
Kossuth$548,250+$548,250 $420,680
Lee$548,250+$548,250 $420,680
Linn$548,250+$548,250 $420,680
Louisa$548,250+$548,250 $420,680
Lucas$548,250+$548,250 $420,680
Lyon$548,250+$548,250 $420,680
Madison$548,250+$548,250 $420,680
Mahaska$548,250+$548,250 $420,680
Marion$548,250+$548,250 $420,680
Marshall$548,250+$548,250 $420,680
Mills$548,250+$548,250 $420,680
Mitchell$548,250+$548,250 $420,680
Monona$548,250+$548,250 $420,680
Monroe$548,250+$548,250 $420,680
Montgomery$548,250+$548,250 $420,680
Muscatine$548,250+$548,250 $420,680
O’Brien$548,250+$548,250 $420,680
Osceola$548,250+$548,250 $420,680
Page$548,250+$548,250 $420,680
Palo Alto$548,250+$548,250 $420,680
Plymouth$548,250+$548,250 $420,680
Pocahontas$548,250+$548,250 $420,680
Polk$548,250+$548,250 $420,680
Pottawattamie$548,250+$548,250 $420,680
Poweshiek$548,250+$548,250 $420,680
Ringgold$548,250+$548,250 $420,680
Sac$548,250+$548,250 $420,680
Scott$548,250+$548,250 $420,680
Shelby$548,250+$548,250 $420,680
Sioux$548,250+$548,250 $420,680
Story$548,250+$548,250 $420,680
Tama$548,250+$548,250 $420,680
Taylor$548,250+$548,250 $420,680
Union$548,250+$548,250 $420,680
Van Buren$548,250+$548,250 $420,680
Wapello$548,250+$548,250 $420,680
Warren$548,250+$548,250 $420,680
Washington$548,250+$548,250 $420,680
Wayne$548,250+$548,250 $420,680
Webster$548,250+$548,250 $420,680
Winnebago$548,250+$548,250 $420,680
Winneshiek$548,250+$548,250 $420,680
Woodbury$548,250+$548,250 $420,680
Worth$548,250+$548,250 $420,680
Wright$548,250+$548,250 $420,680

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5 Top Iowa jumbo loan lenders

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

1. Chase Bank

JPMorgan Chase Bank is one of the oldest banks in the United States, tracing its roots back to the 18th-century and JP Morgan himself. As one of the Big Four banks, it’s not a surprise that they have a competitive jumbo mortgage program in addition to a variety of other financing options.

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

  • Up to $3 million for a jumbo loan.
  • Banking customers might get discounted pricing up to 0.5% off standard rates.
  • $5,000 Closing Guarantee (either an on-time closing or you get $5,000).
  • Interest Only loan available for high-value, single-family primary or secondary home purchases.

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. 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 their jumbo mortgage rates 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
  • Single-family and 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.

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 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
  • 20% down tAll below LTVs 700+ credit score 

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 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, resulting in lower monthly payments.
  • 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. 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 using their online mortgage calculator 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 interest rate/term refinance options available on primary residences and second homes
  • No mortgage payment 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.

How are Iowa jumbo loans different from conventional mortgages?

Conventional mortgages, for one, often require a downpayment of 20 percent. Borrowers are often approved for jumbo loans with far less money down. That’s one significant difference. Perhaps the biggest difference between these two products, however, comes down to their limits. 

The federal government has defined a set of conforming limits for conventional mortgages. These limits are designed to protect both borrowers and the lending institution. A jumbo loan is a “non-conforming loan”, meaning it can offer a borrower financing for purchases that go beyond conforming limits. This gives borrowers a way to finance big purchases with just one loan. With a conventional loan, a borrower would have to take out multiple mortgages to finance a big property in Iowa. 

Is an Iowa jumbo loan the right fit for you?

Taking out a mortgage is an important decision. How can you know if a jumbo loan is the right one for you? Well, many Iowans are looking at purchasing acreage, which can push up the price of a property. Taking the conventional approach means creating a pretty complex financial picture with several mortgages. A jumbo loan is a great idea if you want just one loan to finance a larger property with a higher property value.

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

One of these mortgages is also a good fit for you if you have excellent credit. Given the exposure of a high-limit loan to the bank, they have some strict standards when it comes to approval. If your credit score is less than desirable or you have a high debt-to-income ratio, a jumbo loan may not work for you. If your credit is strong, however, and you have time for a detailed approval and underwriting process, a jumbo loan is one of the easiest ways to finance a large or luxury home. 

If you’re looking to explore jumbo mortgage loans in other states from Nebraska to Alaska, 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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