Perhaps the most iconic of the Great Plains states, Kansas boasts rolling hills and vast beautiful prairies. In between all that expanse are lovely communities that attract people for their high quality of life and midwestern values like Overland Park, Kansas City and Wichita. 

Unfortunately, affording a home is not so easy these days, however, even in Kansas. Whether you live in the city or in the country, home prices are going up on the real estate market. According to the Kansas Association of Realtors, the average purchase price of a home in Kansas is $260,366.  In some areas of the state, especially in metro areas, home prices are getting higher than the limits on conventional loans, making it harder to finance a single-family home. 

For the most recent year, the HDMA data places Kansas 35th in the country in terms of mortgage origination activity, with a total of $1.395 billion in jumbo mortgages originated. That means that plenty of the citizens of Kansas are turning to these financial products. 

What is the jumbo loan limit in Kansas?

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

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

3 Top Kansas jumbo loan lenders

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

1. 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, 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.

2. 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.

3. 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.

The main advantages of getting a jumbo loan in Kansas

When would-be buyers want to finance a large or expensive property in Kansas, they have two options with conventional loans. One is to put down a huge down payment that counterbalances the limits on these loans. In other words, if a property has a price tag of 1.2 million, a borrower would have to put down 600k to get a conventional mortgage. The second option would be to take out several different mortgages at once, which can make for a very complicated financial picture. 

The main advantage of a jumbo loan is that you can finance an expensive home with just a single mortgage. The limits on jumbo loans are much higher, meaning that you will very likely be able to finance a larger purchase with just one jumbo loan. This makes for a much easier process. 

Another advantage? You most likely won’t have to put down a large down payment. In some cases, you may be able to put down far less than the usual 20 percent expected on many conventional loans. 

Does a Kansas jumbo loan make sense for you?

Is a Kansas jumbo loan right for you? Start off by looking at your credit score. Is it in good shape? Then you might be moving in the right direction with a Kansas jumbo loan. These loans require stellar credit and low debt-to-income ratios, due to the risk exposure banks have with these loans. 

Are you okay with paying a higher interest rate? These loans can come with higher interest rates, so keep this in mind. Many Kansans are fine with paying more for the ease of financing that comes with a jumbo loan. If that sounds like you, then looking into jumbo loans may well make sense for you. 

Need a jumbo loan in a different state?

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