8 Best Jumbo Loans in North Carolina


Jumbo mortgage loans in North Carolina are one of the best ways to finance a new home in a high-cost area.

Key Terms

  • Jumbo loans in North Carolina outperform conventional mortgages when it comes to conforming limits.
  • Borrowers likely will not need a large down payment with a North Carolina jumbo loan.
  • With jumbo loans, North Carolinians can finance a home with a higher purchase price with just one mortgage.

With stunning mountains, growing and exciting urban landscapes and some of the prettiest beaches in the South, even a short visit to North Carolina can be a fantastic experience. For those homeowners that live there year-round, NC offers a wealth of traditions and a great quality of life. 

Real estate prices are rising in North Carolina, however, like everywhere else in the U.S. If you’re looking to buy a higher-value home in North Carolina, then getting a jumbo loan may be right for you. Government-backed loans like FHA loans and VA loans can be viable options for borrowers looking for homes in lower price ranges, but jumbo loans are best suited to applicants seeking competitive rates on a larger loan.

Whether you live on the coast, in the city or in the mountains, home prices in North Carolina are on the rise. According to the North Carolina Association of Realtors, the median sales price of a home in North Carolina is $300,000. While that number has yet to exceed the jumbo loan limit in North Carolina, the state still has plenty of jumbo mortgage activity, as more Carolinians turn to modern, premium homes..

For the most recent year, the HDMA data places North Carolina 9th in the country in terms of mortgage origination activity, with a total of $14.84 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in North Carolina, you’ll be among good company.

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What is the jumbo loan limit in North Carolina?

The jumbo loan/conforming loan limit in North Carolina is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of North Carolina. Any loan that is less than $647,200 is a conforming loan in the state of North Carolina.

North Carolina Jumbo Loan Limits (October 2022)

North Carolina county-by-county jumbo loan, conforming loan and FHA loan limits.

North Carolina
County
North Carolina
Jumbo loan
(1-unit)
North Carolina
Conforming
loan limit
(1-unit)
North Carolina
FHA loan limit
(1-unit)
Alamance$647,200+$647,200 $420,680
Alexander$647,200+$647,200 $420,680
Alleghany$647,200+$647,200 $420,680
Anson$647,200+$647,200 $420,680
Ashe$647,200+$647,200 $420,680
Avery$647,200+$647,200 $420,680
Beaufort$647,200+$647,200 $420,680
Bertie$647,200+$647,200 $420,680
Bladen$647,200+$647,200 $420,680
Brunswick$647,200+$647,200 $420,680
Buncombe$647,200+$647,200 $420,680
Burke$647,200+$647,200 $420,680
Cabarrus$647,200+$647,200 $420,680
Caldwell$647,200+$647,200 $420,680
Camden$647,200+$647,200 $488,750
Carteret$647,200+$647,200 $420,680
Caswell$647,200+$647,200 $420,680
Catawba$647,200+$647,200 $420,680
Chatham$647,200+$647,200 $506,000
Cherokee$647,200+$647,200 $420,680
Chowan$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Cleveland$647,200+$647,200 $420,680
Columbus$647,200+$647,200 $420,680
Craven$647,200+$647,200 $420,680
Cumberland$647,200+$647,200 $420,680
Currituck$647,200+$647,200 $488,750
Dare$647,200+$647,200 $471,500
Davidson$647,200+$647,200 $420,680
Davie$647,200+$647,200 $420,680
Duplin$647,200+$647,200 $420,680
Durham$647,200+$647,200 $506,000
Edgecombe$647,200+$647,200  $420,680
Forsyth$647,200+$647,200  $420,680
Franklin$647,200+$647,200  $420,680
Gaston$647,200+$647,200  $420,680
Gates$647,200+$647,200 $488,750
Graham$647,200+$647,200  $420,680
Granville$647,200+$647,200 $506,000
Greene$647,200+$647,200  $420,680
Guilford$647,200+$647,200  $420,680
Halifax$647,200+$647,200  $420,680
Harnett$647,200+$647,200  $420,680
Haywood$647,200+$647,200  $420,680
Henderson$647,200+$647,200  $420,680
Hertford$647,200+$647,200  $420,680
Hoke$647,200+$647,200  $420,680
Hyde$647,200+$647,200 $483,000
Iredell$647,200+$647,200  $420,680
Jackson$647,200+$647,200  $420,680
Johnston$647,200+$647,200  $420,680
Jones$647,200+$647,200  $420,680
Lee$647,200+$647,200 $420,680
Lenoir$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Mcdowell$647,200+$647,200 $420,680
Macon$647,200+$647,200 $420,680
Madison$647,200+$647,200 $420,680
Martin$647,200+$647,200 $420,680
Mecklenburg$647,200+$647,200 $420,680
Mitchell$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Moore$647,200+$647,200 $420,680
Nash$647,200+$647,200 $420,680
New Hanover$647,200+$647,200 $420,680
Northampton$647,200+$647,200 $420,680
Onslow$647,200+$647,200 $420,680
Orange$647,200+$647,200 $506,000
Pamlico$647,200+$647,200  $420,680
Pasquotank$647,200+$647,200 $805,000
Pender$647,200+$647,200  $420,680
Perquimans$647,200+$647,200 $805,000
Person$647,200+$647,200 $506,000
Pitt$647,200+$647,200  $420,680
Polk$647,200+$647,200  $420,680
Randolph$647,200+$647,200  $420,680
Richmond$647,200+$647,200  $420,680
Robeson$647,200+$647,200  $420,680
Rockingham$647,200+$647,200  $420,680
Rowan$647,200+$647,200  $420,680
Rutherford$647,200+$647,200  $420,680
Sampson$647,200+$647,200  $420,680
Scotland$647,200+$647,200  $420,680
Stanly$647,200+$647,200  $420,680
Stokes$647,200+$647,200  $420,680
Surry$647,200+$647,200  $420,680
Swain$647,200+$647,200 $420,680
Transylvania$647,200+$647,200 $420,680
Tyrrell$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Vance$647,200+$647,200 $420,680
Wake$647,200+$647,200 $420,680
Warren$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
Watauga$647,200+$647,200 $420,680
Wayne$647,200+$647,200 $420,680
Wilkes$647,200+$647,200 $420,680
Wilson$647,200+$647,200 $420,680
Yadkin$647,200+$647,200 $420,680
Yancey$647,200+$647,200 $420,680

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8 Top North Carolina jumbo loan lenders

If you’re ready to look over the best jumbo loan lenders in North Carolina, here are some options to consider.

1. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo mortgage rates specifically. Here are the important details:

  • Loans up to $3 million
  • Minimum credit score is 680
  • Fixed rate and variable rate loans available
  • Cash reserves required
  • Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

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. Chase Bank

JPMorgan Chase Bank is one of the oldest banks in the United States, tracing its roots back to the 18th-century and JP Morgan himself. As one of the Big Four banks, it’s not a surprise that they have a competitive jumbo mortgage program in addition to a variety of other financing options.

We contacted Chase Bank to get additional details about their jumbo mortgage. Here are some key terms and highlights:

  • Up to $3 million for a jumbo loan.
  • Banking customers might get discounted pricing up to 0.5% off standard rates.
  • $5,000 Closing Guarantee (either an on-time closing or you get $5,000).
  • Interest Only loan available for high-value, single-family primary or secondary home purchases.

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 terms 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. 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 loan rates. 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.

5. 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 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, resulting in lower monthly 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.

6. 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 their jumbo loan 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.

7. 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.

8. 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.

Do I need a North Carolina jumbo loan?

You may well need one if you are interested in a new, premium home or large property. Why? Conventional limits require that you use multiple mortgages to finance purchases with a higher price. With a jumbo loan and its higher limits, you can finance your entire home purchase with a single loan. 

As prices in North Carolina continue to rise, more and more homebuyers will need the convenience of  jumbo loans. Alternatives, such as putting down a very significant down payment on a conventional loan to offset limits, are just too difficult for many citizens of this state. 

The pros and cons associated with North Carolina jumbo loans

If you are considering a jumbo loan, what are their pros and cons? The most important pro, of course, is that these loans make financing larger purchases that much easier. 

The cons involved? Well, you need to have a good credit score to qualify for a North Carolina jumbo loan. They can cost more, since they often come with higher interest rates. Be prepared for an extended approval process, as well— banks are increasing their risk with jumbo loans and, therefore, tend to engage in a good deal of due diligence during approval.

Also keep in mind that conforming loan limits are set by the Federal Housing Finance Agency, 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 investors.

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.

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