6 Best Jumbo Loans in Maryland


Maryland jumbo mortgage loans offer accessibility to convenient financing terms for larger home purchases.

Key Terms

  • Jumbo loans allow borrowers to borrow more than with conventional mortgages.
  • Borrowers can put less money down than with conventional loans, too, in many cases.
  • A jumbo loan combines all the financing for a more expensive property in one loan.

Maryland defines an interesting line between North and South. Bordering Pennsylvania, West Virginia, Virginia, Delaware and the DC area, Maryland offers plenty to do within driving distance. Home to Harriet Tubman, the Eastern Shore, booming Baltimore and much of the beautiful Chesapeake Bay, this state brings a lot of different histories and sites together. 

As is the case in many places, buying a home in Maryland is more complex these days than ever. The cost of living in Maryland is on the rise, making home buying a more complicated process of sometimes patching together multiple loans. According to the Maryland Realtors Association, the average price for a home in the state is $484,283.

For the most recent year, the HDMA data places Maryland 14th in the country in terms of mortgage origination activity, with a total of $9.23 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Massachusetts, you’ll be in good company.

Show Me Lenders

What is the jumbo loan limit in Massachusetts?

The jumbo loan limit in Maryland for most counties is $647,200. For counties near DC, including Montgomery and Prince George’s, the jumbo loan limit is $970,800. Any loan that exceeds either $647,200 or $970,800 is a jumbo loan, depending on the county.

Maryland Jumbo Loan Limits (October 2022)

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

Maryland
County
Maryland
Jumbo loan
(1-unit)
Maryland
Conforming
loan limit
(1-unit)
Maryland
FHA loan limit
(1-unit)
Allegany$647,200+$647,200 $420,680
Anne Arundel$647,200+$647,200 $583,050
Baltimore$647,200+$647,200 $583,050
Calvert$970,800+$970,800 $970,800
Caroline$647,200+$647,200 $420,680
Carroll$647,200+$647,200 $583,050
Cecil$647,200+$647,200 $477,250
Charles$970,800+$970,800 $970,800
Dorchester$647,200+$647,200 $420,680
Frederick$970,800+$970,800 $970,800
Garrett$647,200+$647,200 $420,680
Harford$647,200+$647,200 $583,050
Howard$647,200+$647,200 $583,050
Kent$647,200+$647,200 $420,680
Montgomery$970,800+$970,800 $970,800
Prince George’s$970,800+$970,800 $970,800
Queen Anne’s$647,200+$647,200 $583,050
St. Mary’s$647,200+$647,200 $420,680
Somerset$647,200+$647,200 $420,680
Talbot$647,200+$647,200 $431,250
Washington$647,200+$647,200 $420,680
Wicomico$647,200+$647,200 $420,680
Worcester$647,200+$647,200 $420,680
Baltimore City$647,200+$647,200 $583,050

Get Quotes for Your Jumbo Loan

6 Top Maryland jumbo loan lenders

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

1. 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 rates 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 and mortgage calculators based on your specific circumstances.

2. 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.

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 program 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.

4. 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.

5. 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.

6. Fulton Bank

Fulton Bank is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive jumbo loan program.

We contacted Fulton Bank to get more details about the jumbo mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:

  • 5% down up to $1 million
  • 10% down up to $1.5 million
  • 15% down up to $2 million
  • 20% down up to $2.5 million
  • 15-year or 30-year loan terms
  • Fixed or adjustable rate mortgages available
  • Primary home purchases only (other options available for second homes)

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

Benefits of a getting a jumbo loan in Maryland

For those who are not yet familiar with jumbo loans, these financial products are, in essence, mortgages that let you borrow more than those conventional limits. When it comes to getting a jumbo loan in Maryland, there are plenty of benefits. Some of them include:

  • Making Homes More Affordable: One of the top benefits of getting a jumbo loan in Maryland is that it can allow borrowers to purchase more expensive properties. Therefore, they may be able to buy more expensive homes. This is ideal in the financial climate because the overall cost of homes is so high, and it’s becoming increasingly more difficult for people to own a home while earning an average income. 
  • Lower Down Payments: Homeowners can get lower down payments with jumbo loans. Banks typically prefer 20% of the cost of the home as a down payment for conventional loans. With jumbo mortgages, borrowers can pay ten or 5%. This is another way to make homes more affordable. 
  • One Loan Only: Moreover, a jumbo loan is just one big loan. When purchasing a high-value home, taking out multiple loans is often required. However, jumbo loans come in large enough sums to prevent this from happening. Therefore, homeowners can pay off their homes without dealing with multiple lenders. 

Does a Maryland jumbo loan make sense for you?

There are several factors that might make you a good fit for a Maryland jumbo loan.  If you are a Maryland resident looking to purchase a larger home or a home in a more expensive region of the state, one of these loans can give you a unified way to approach home financing. You will need good credit, however, so make sure yours is in good shape before applying for a jumbo loan. 

It’s important to remember, too, that a jumbo loan may have a higher interest rate than an FHA loan, so be prepared to pay that extra little bit for your financing. Finally, these loans can take time due to the due diligence the bank has to put into the approval and underwriting process; make sure you have time to dedicate to this part of home buying when applying for a Maryland jumbo loan.

Keep in mind 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 loan companies that buy most of the home mortgages made in the U.S. from mortgage lenders and resell them to private investors, so jumbo loan limits change from time to time.

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

Find a Jumbo Loan Specialist

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.

Save more money than your friends

One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.