4 Best Jumbo Loans in Louisiana


Jumbo mortgage loans in Louisiana provide an easier way to finance large home purchases than conventional loans or FHA loans.

Key Terms

  • The limits on a jumbo home loan in Louisiana far exceed conventional mortgage limits.
  • Borrowers won’t need multiple mortgages for more expensive properties, whether a single-family home or an investment property.
  • The down payment on a jumbo loan is often much lower than one on a traditional mortgage.

It’s hard to put into words the diversity and beauty of the Bayou State. Louisiana has perhaps the richest blend of cultures in the United States, creating a place that is truly one of a kind. Whether you live in the lush bayou in New Iberia or historical New Orleans or Lafayette, you are living in a place that has no comparison in the American landscape.

The cost of that unique Louisiana life is going up, however and the real estate market is on the rise. According to the Louisiana Association of Realtors, Louisiana currently has a median home price of $227,500. While that is still below conforming limits, many Louisianans need non-conforming financing to purchase their new homes with high home values.

For the most recent year, the HDMA data places Louisiana 31st in the country in terms of mortgage origination activity, with a total of $1.94 billion in jumbo mortgages originated. What is clear is that many Louisianans are turning to this non-conforming financial product to finance their homes. 

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What is the jumbo loan limit in Louisiana?

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

Louisiana Jumbo Loan Limits (October 2022)

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

Louisiana
County
Louisiana
Jumbo loan
(1-unit)
Louisiana
Conforming
loan limit
(1-unit)
Louisiana
FHA loan limit
(1-unit)
Acadia$647,200+$647,200 $420,680
Allen$647,200+$647,200 $420,680
Ascension$647,200+$647,200 $420,680
Assumption$647,200+$647,200 $420,680
Avoyelles$647,200+$647,200 $420,680
Beauregard$647,200+$647,200 $420,680
Bienville$647,200+$647,200 $420,680
Bossier$647,200+$647,200 $420,680
Caddo$647,200+$647,200 $420,680
Calcasieu$647,200+$647,200 $420,680
Caldwell$647,200+$647,200 $420,680
Cameron$647,200+$647,200 $420,680
Catahoula$647,200+$647,200 $420,680
Claiborne$647,200+$647,200 $420,680
Concordia$647,200+$647,200 $420,680
De Soto$647,200+$647,200 $420,680
East Baton Roug$647,200+$647,200 $420,680
East Carroll$647,200+$647,200 $420,680
East Feliciana$647,200+$647,200 $420,680
Evangeline$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Iberia$647,200+$647,200 $420,680
Iberville$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Jefferson Davis$647,200+$647,200 $420,680
Lafayette$647,200+$647,200 $420,680
Lafourche$647,200+$647,200 $420,680
Lasalle$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Livingston$647,200+$647,200 $420,680
Madison$647,200+$647,200 $420,680
Morehouse$647,200+$647,200 $420,680
Natchitoches$647,200+$647,200 $420,680
Orleans$647,200+$647,200 $420,680
Ouachita$647,200+$647,200 $420,680
Plaquemines$647,200+$647,200 $420,680
Pointe Coupee$647,200+$647,200 $420,680
Rapides$647,200+$647,200 $420,680
Red River$647,200+$647,200 $420,680
Richland$647,200+$647,200 $420,680
Sabine$647,200+$647,200 $420,680
St. Bernard$647,200+$647,200 $420,680
St. Charles$647,200+$647,200 $420,680
St. Helena$647,200+$647,200 $420,680
St. James$647,200+$647,200 $420,680
St. John The Ba$647,200+$647,200 $420,680
St. Landry$647,200+$647,200 $420,680
St. Martin$647,200+$647,200 $420,680
St. Mary$647,200+$647,200 $420,680
St. Tammany$647,200+$647,200 $420,680
Tangipahoa$647,200+$647,200 $420,680
Tensas$647,200+$647,200 $420,680
Terrebonne$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Vermilion$647,200+$647,200 $420,680
Vernon$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
Webster$647,200+$647,200 $420,680
West Baton Rouge$647,200+$647,200 $420,680
West Carroll$647,200+$647,200 $420,680
West Feliciana$647,200+$647,200 $420,680
Winn$647,200+$647,200 $420,680

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4 Top Louisiana jumbo loan lenders

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

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 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
  • 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 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 (private mortgage insurance) premiums, 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. 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.

4. 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.

What makes Louisiana jumbo loans different

Louisiana jumbo loans are what are sometimes called “non-conforming” loans. This means that they don’t need to conform to the limits that traditional mortgages conform to. In other words, a Louisianan who wants to finance a home that is, for example, $700,000, would need to take out several conventional mortgages to cover the cost. Another option would be having enough cash on hand to bring the financed cost down under the conforming limit. 

Jumbo loans offer an alternative, giving Louisiana homebuyers a way to finance larger homes with just one loan and less money down. These loans do come with higher interest rates, but many view that as a good deal, considering the benefits that come with these loans.  

Does a Louisiana jumbo loan make sense for you?

First, you need to consider your financial situation and credit profile. There are a lot of reasons for a financial institution to deny a jumbo loan, and the number one reason would be a low credit score or high debt-to-income ratio. To save yourself time, make sure that you have a good credit score before you begin the process of applying for a jumbo loan and use a mortgage calculator to estimate your monthly payments. 

If you have great credit and are likely to get approved for a jumbo loan, keep in mind that the underwriting process will require a number of due diligence steps. Banks making out jumbo loans need to protect their interests, and the approval process can be time intensive. A jumbo loan makes sense for you if you are willing to commit the time and effort to this process to become a homeowner.

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

If you’re looking to explore jumbo mortgage loans in other states from New York to Hawaii, 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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