Jumbo mortgage loans in New York give homebuyers a more streamlined way to finance larger home purchases.
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While New York City’s reputation may seem to eclipse everything else in New York, the state actually has a lot more to offer than just one metropolis. New York State has one of a kind destinations like the Adirondacks that offer great camping and hiking, the Gunks have some of the best rock climbing on the east coast, and communities from Buffalo to Ithaca give residents of the state a great quality of life.
The cost of enjoying that quality of life is on the rise in the Empire State, however. According to the New York Association of Realtors, the median sales price of a home in New York is $480,000. With that number almost guaranteed to keep rising, many New Yorkers need an alternative to conventional mortgages to become homeowners.
For the most recent year, the HDMA data places New York 5th in the country in terms of mortgage origination activity, with a total of $39.55 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in New York, you’ll be among good company.
The jumbo loan limit in New York for most counties is $726,200. For some counties, including those in and around NYC, the jumbo loan limit is $1,089,300. Any loan that exceeds either $726,200 or $1,089,300 is a jumbo loan, depending on the county.
| New York County | New York Jumbo loan (1-unit) | New York Conforming loan limit (1-unit) | New York FHA loan limit (1-unit) |
|---|---|---|---|
| Albany | $726,200+ | $726,200 | $420,680 |
| Allegany | $726,200+ | $726,200 | $420,680 |
| Bronx | $1,089,300+ | $1,089,300 | $970,800 |
| Broome | $726,200+ | $726,200 | $420,680 |
| Cattaraugus | $726,200+ | $726,200 | $420,680 |
| Cayuga | $726,200+ | $726,200 | $420,680 |
| Chautauqua | $726,200+ | $726,200 | $420,680 |
| Chemung | $726,200+ | $726,200 | $420,680 |
| Chenango | $726,200+ | $726,200 | $420,680 |
| Clinton | $726,200+ | $726,200 | $420,680 |
| Columbia | $726,200+ | $726,200 | $420,680 |
| Cortland | $726,200+ | $726,200 | $420,680 |
| Delaware | $726,200+ | $726,200 | $420,680 |
| Dutchess | $726,200+ | $726,200 | $420,680 |
| Erie | $726,200+ | $726,200 | $420,680 |
| Essex | $726,200+ | $726,200 | $420,680 |
| Franklin | $726,200+ | $726,200 | $420,680 |
| Fulton | $726,200+ | $726,200 | $420,680 |
| Genesee | $726,200+ | $726,200 | $420,680 |
| Greene | $726,200+ | $726,200 | $420,680 |
| Hamilton | $726,200+ | $726,200 | $420,680 |
| Herkimer | $726,200+ | $726,200 | $420,680 |
| Jefferson | $726,200+ | $726,200 | $420,680 |
| Kings | $1,089,300+ | $1,089,300 | $970,800 |
| Lewis | $726,200+ | $726,200 | $420,680 |
| Livingston | $726,200+ | $726,200 | $420,680 |
| Madison | $726,200+ | $726,200 | $420,680 |
| Monroe | $726,200+ | $726,200 | $420,680 |
| Montgomery | $726,200+ | $726,200 | $420,680 |
| Nassau | $1,089,300+ | $1,089,300 | $970,800 |
| New York | $1,089,300+ | $1,089,300 | $970,800 |
| Niagara | $726,200+ | $726,200 | $420,680 |
| Oneida | $726,200+ | $726,200 | $420,680 |
| Onondaga | $726,200+ | $726,200 | $420,680 |
| Ontario | $726,200+ | $726,200 | $420,680 |
| Orange | $726,200+ | $726,200 | $420,680 |
| Orleans | $726,200+ | $726,200 | $420,680 |
| Oswego | $726,200+ | $726,200 | $420,680 |
| Otsego | $726,200+ | $726,200 | $420,680 |
| Putnam | $1,089,300+ | $1,089,300 | $970,800 |
| Queens | $1,089,300+ | $1,089,300 | $970,800 |
| Rensselaer | $726,200+ | $726,200 | $420,680 |
| Richmond | $1,089,300+ | $1,089,300 | $970,800 |
| Rockland | $1,089,300+ | $1,089,300 | $970,800 |
| St. Lawrence | $726,200+ | $726,200 | $420,680 |
| Saratoga | $726,200+ | $726,200 | $420,680 |
| Schenectady | $726,200+ | $726,200 | $420,680 |
| Schoharie | $726,200+ | $726,200 | $420,680 |
| Schuyler | $726,200+ | $726,200 | $420,680 |
| Seneca | $726,200+ | $726,200 | $420,680 |
| Steuben | $726,200+ | $726,200 | $420,680 |
| Suffolk | $1,089,300+ | $1,089,300 | $970,800 |
| Sullivan | $726,200+ | $726,200 | $420,680 |
| Tioga | $726,200+ | $726,200 | $420,680 |
| Tompkins | $726,200+ | $726,200 | $420,680 |
| Ulster | $726,200+ | $726,200 | $420,680 |
| Warren | $726,200+ | $726,200 | $420,680 |
| Washington | $726,200+ | $726,200 | $420,680 |
| Wayne | $726,200+ | $726,200 | $420,680 |
| Westchester | $1,089,300+ | $1,089,300 | $970,800 |
| Wyoming | $726,200+ | $726,200 | $420,680 |
| Yates | $726,200+ | $726,200 | $420,680 |
If you’re ready to learn more about the best jumbo mortgage lenders in New York, here are the top options we’ve found through our research.
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:
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.
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:
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.
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:
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.
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 terms and here are the key terms and highlights:
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 distinction between jumbo loans and conventional mortgages in New York is in their limits. 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 lenders and resell them to private investors) sets the conforming loan limits.
Conventional mortgages must adhere to conforming limits that are designed to protect both buyers and lenders. These limits, however, mean that New Yorkers looking to make larger home purchases in a competitive real estate market either need a very large down payment or need to take out multiple mortgages to cover the cost of the purchase.
A jumbo loan is like multiple conventional mortgages in one. They allow you to finance a home with a single financial product, making for a much easier home buying process overall.
When considering a jumbo loan in New York, you need to consider how much you want to pay for your financing. One advantage conventional loans have is that they can come with lower interest rates. Jumbo loans sometimes have higher interest rates. That being said, many New Yorkers think that’s a fine price to pay for being able to finance a large or expensive home all at once.
You also do not always need a large down payment with a jumbo loan. New Yorkers who want to maximize their leverage and don’t want to drain their savings may well prefer taking out a jumbo loan. You will need to go through a thorough approval and underwriting process, however, and will also need a higher credit score and low debt-to-income ratio to take out one of these loans.
If you want to find the best jumbo loans in other states, click on your state below.
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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