6 Best Jumbo Loans in Massachusetts


Massachusetts jumbo mortgage loans offer accessibility than conventional home loans to finance larger home purchases.

Key Terms

  • Jumbo loans have higher limits than the conventional loan limits in Massachusetts.
  • These loans require less money down, in many cases.
  • A jumbo loan can cover all the financing of a larger or more expensive property.

The birthplace of the Revolution, Massachusetts is the site of many famous historical locations, but also home to green mountains, vibrant cities, and a thrilling coastline filled with one-of-a-kind islands. Residents of the Bay State are famously proud of their home commonwealth and that’s no wonder, given its long history and rich cultural landscape. 

The cost of living in the Bay State is on the rise just like it is in other parts of the Northeast like New York, however, making home buying more complicated. According to the Massachusetts Realtors Association, the median price for a home in the state is $617,750. If your desired home costs more than conventional limits, then you will need a jumbo loan. A jumbo loan can be perfect if you want to buy your dream home or to refinance in order to buy a larger or more luxurious home.

For the most recent year, the HDMA data places the Massachusetts housing market 11th in the country in terms of mortgage origination activity, with a total of $24.17 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 Massachusetts for most counties is $647,200. For counties along the coast, including Nantucket, the jumbo loan limit is $970,800. In counties around Boston, including Essex, the jumbo loan limit is $770,500. Any loan that exceeds either $647,200, $770,500 or $970,800 is a jumbo loan, depending on the county.

Massachusetts Jumbo Loan Limits (October 2022)

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

Massachusetts
County
Massachusetts
Jumbo loan
(1-unit)
Massachusetts
Conforming
loan limit
(1-unit)
Massachusetts
FHA loan limit
(1-unit)
Barnstable$647,200+$647,200 $621,000
Berkshire$647,200+$647,200 $420,680
Bristol$647,200+$647,200 $592,250
Dukes$970,800+$970,800 $970,800
Essex$770,500+$770,500 $770,500
Franklin$647,200+$647,200 $420,680
Hampden$647,200+$647,200 $420,680
Hampshire$647,200+$647,200 $420,680
Middlesex$770,500+$770,500 $770,500
Nantucket$970,800+$970,800 $970,800
Norfolk$770,500+$770,500 $770,500
Plymouth$770,500+$770,500 $770,500
Suffolk$770,500+$770,500 $770,500
Worcester$647,200+$647,200 $420,680

Get Quotes for Your Jumbo Loan

6 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. BMO Harris Bank

BMO Harris Bank is an established mortgage lender in the 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 loan rates, 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. 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.

5. 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.

6. 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.

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.