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5 Top Massachusetts jumbo loan lenders
If you’re in the market for a home in Massachusetts, consider these jumbo mortgage loans that are available to state residents.
1. 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 mortgage 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 adjustable 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.
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 (not including 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.
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.
- 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. 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.
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 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.
Benefits of getting a jumbo loan in Massachusetts
Although new and luxurious houses in Massachusetts are popular, many prospective homeowners have trouble finding one that they can easily finance with conventional mortgages. The state of Massachusetts provides one option to remedy this situation: jumbo loans.
By taking out a jumbo loan, homebuyers can finance a large purchase with just one loan, as opposed to taking out several conventional mortgages. They also will not likely need to put as much down on this loan as they would with a conforming mortgage. With real estate prices the way that they are in the Bay State, this can be one of the only ways some homebuyers can purchase a larger or more expensive home.
Does a Massachusetts jumbo loan make sense for you?
When you have a great credit score, a Massachusetts jumbo loan might be right for you. However, these loans usually come with stricter requirements than FHA loans, conventional loans and VA loans and entail a higher degree of risk than regular loans. For that reason, the approval and underwriting process can take some time, as the bank protects its interests and does its due diligence.
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 organizations that buy most of the mortgages made in the U.S. from lenders and resell them to private investors.
If you are in need of a larger loan but are okay with more strict criteria such as higher interest rates and stricter credit requirements, consider a jumbo loan. This type of loan can have many benefits for people who are financially stable. Time and effort from both the borrower and the lender are required for getting these loans, so be prepared to spend some time on it. While there are some downsides to these loans, if you are not bothered by them, these benefits might outweigh the disadvantages in many cases.
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