5 Best Jumbo Loans in New York


Jumbo mortgage loans in New York give homebuyers a more streamlined way to finance larger home purchases.

Key Terms

  • Jumbo loans offer citizens of New York more purchasing power, thanks to their high limits.
  • New Yorkers taking out a jumbo loan can put down smaller down payments with these lenders.
  • Borrowers can finance a larger or more expensive property with a single jumbo loan.

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.

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What is the jumbo loan limit in New York?

The jumbo loan limit in New York for most counties is $647,200. For some counties, including those in and around NYC, 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.

New York Jumbo Loan Limits (October 2022)

New York county-by-county jumbo loan, conforming loan and FHA loan limits.

New York
County
New York
Jumbo loan
(1-unit)
New York
Conforming
loan limit
(1-unit)
New York
FHA loan limit
(1-unit)
Albany$647,200+$647,200 $420,680
Allegany$647,200+$647,200 $420,680
Bronx$970,800+$970,800 $970,800
Broome$647,200+$647,200 $420,680
Cattaraugus$647,200+$647,200 $420,680
Cayuga$647,200+$647,200 $420,680
Chautauqua$647,200+$647,200 $420,680
Chemung$647,200+$647,200 $420,680
Chenango$647,200+$647,200 $420,680
Clinton$647,200+$647,200 $420,680
Columbia$647,200+$647,200 $420,680
Cortland$647,200+$647,200 $420,680
Delaware$647,200+$647,200 $420,680
Dutchess$726,525+$726,525 $420,680
Erie$647,200+$647,200 $420,680
Essex$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Fulton$647,200+$647,200 $420,680
Genesee$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Hamilton$647,200+$647,200 $420,680
Herkimer$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Kings$970,800+$970,800 $970,800
Lewis$647,200+$647,200 $420,680
Livingston$647,200+$647,200 $420,680
Madison$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Nassau$970,800+$970,800 $970,800
New York$970,800+$970,800 $970,800
Niagara$647,200+$647,200 $420,680
Oneida$647,200+$647,200 $420,680
Onondaga$647,200+$647,200 $420,680
Ontario$647,200+$647,200 $420,680
Orange$726,525+$726,525 $420,680
Orleans$647,200+$647,200 $420,680
Oswego$647,200+$647,200 $420,680
Otsego$647,200+$647,200 $420,680
Putnam$970,800+$970,800 $970,800
Queens$970,800+$970,800 $970,800
Rensselaer$647,200+$647,200 $420,680
Richmond$970,800+$970,800 $970,800
Rockland$970,800+$970,800 $970,800
St. Lawrence$647,200+$647,200 $420,680
Saratoga$647,200+$647,200 $420,680
Schenectady$647,200+$647,200 $420,680
Schoharie$647,200+$647,200 $420,680
Schuyler$647,200+$647,200 $420,680
Seneca$647,200+$647,200 $420,680
Steuben$647,200+$647,200 $420,680
Suffolk$970,800+$970,800 $970,800
Sullivan$647,200+$647,200 $420,680
Tioga$647,200+$647,200 $420,680
Tompkins$647,200+$647,200 $420,680
Ulster$647,200+$647,200 $420,680
Warren$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
Wayne$647,200+$647,200 $420,680
Westchester$970,800+$970,800 $970,800
Wyoming$647,200+$647,200 $420,680
Yates$647,200+$647,200 $420,680

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5 Top New York jumbo loan lenders

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.

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 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 mortgages 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.

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, resulting in lower monthly payments
  • 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. 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.

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 terms 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, lowering your 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.

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 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.

Why a jumbo loan in New York? How are they different?

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. 

Does a New York jumbo loan make sense for you?

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’re looking to explore jumbo mortgage loans in other states from New Jersey 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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