6 Best Jumbo Loans in Maine


Jumbo mortgage loans in Maine take a little more effort to find but can help you afford home prices above the conforming limit.

Key Terms

  • Jumbo loans let you finance a larger home with just one loan.
  • Borrowers can enjoy higher limits with these loans.
  • Some banks do not require large down payments with a jumbo loan.

You may know this New England state for its lobster rolls and stunning, rocky coastline, but Mainers themselves think of their state as a much more complex place, rife with history and natural beauties beyond the ocean, including many millions of acres of unclaimed forest. “The Pine Tree State” is home to more than 1.3 million citizens, all devoted to the Maine way of life. 

Affording a home to enjoy the Pine Tree State is not so easy these days, however. Whether you live in the capital, the unique city of Portland, the wealthy region of Cumberland or in a rural part of Maine, real estate prices are going up. According to the Maine Association of Realtors, the median sales price of a home in Maine is $276,000.  In some areas of the state, home prices are creeping over the limits on conventional mortgages, making it more difficult to finance a home. 

For the most recent year, the HDMA data places Alabama 41st in the country in terms of home mortgage origination activity, with a total of $1.59 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Alabama, you’ll be among good company.

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What is the jumbo loan limit in Maine?

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

Maine Jumbo Loan Limits (October 2022)

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

Maine
County
Maine
Jumbo loan
(1-unit)
Maine
Conforming
loan limit
(1-unit)
Maine
FHA loan limit
(1-unit)
Androscoggin$647,200+$647,200 $420,680
Aroostook$647,200+$647,200 $420,680
Cumberland$647,200+$647,200 $463,450
Franklin$647,200+$647,200 $420,680
Hancock$647,200+$647,200 $420,680
Kennebec$647,200+$647,200 $420,680
Knox$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Oxford$647,200+$647,200 $420,680
Penobscot$647,200+$647,200 $420,680
Piscataquis$647,200+$647,200 $420,680
Sagadahoc$647,200+$647,200 $463,450
Somerset$647,200+$647,200 $420,680
Waldo$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680

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6 Top Maine jumbo loan lenders

If you’re ready to learn more about the best jumbo mortgage lenders in Maine, 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. 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.

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 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.

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 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

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. 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-rate mortgages or adjustable-rate mortgages available
  • No private mortgage insurance required, resulting in lower mortgage payments
  • 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.

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 (except for closing costs) financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo loan options 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 Maine

Due to the cost of new, lavish homes in Maine, many would-be homeowners have difficulty finding ways to finance these purchases. Fortunately, the state of Maine offers an option to make these homes accessible: jumbo loans.

The main advantage of a jumbo loan is that you can purchase a more expensive home with a single mortgage. Conventional lending requires that you combine multiple loans below the lending limits to finance these purchases, or else have a big enough down payment to balance things out. Jumbo loans, therefore, allow for a much simpler financing process, in many ways. 

These loans do come with some disadvantages. The main one is that you may have a higher interest rate with these loans. The approval process also requires a decent credit score and can take some time. 

Does a Maine jumbo loan make sense for you?

If you have a stellar credit score and low debt-to-income ratio, a Maine jumbo loan might be perfect for you. Remember, though, that these loans typically come with more specific underwriting requirements than non-conforming loans, extending the due diligence process during approval. Jumbo loans are also great for those Mainers who want to keep cash on hand, and do not want to extend themselves too much with a large down payment. 

Jumbo loans are also a smart option for anyone looking to buy a premium home in Maine. Conventional loan limits may hold you back from making offers on homes that you want. Getting a jumbo loan can require more time and effort from both the borrower and the lender, but the benefit of owning the home of your dreams might just outweigh those complexities.

It’s also good to remember 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 mortgage companies that buy most of the home 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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