7 Best Jumbo Loans in Pennsylvania


Jumbo mortgage loans in Pennsylvania offer convenient financing for homes with higher prices.

Key Terms

  • Jumbo loans offer Pennsylvanians much higher limits than conventional mortgages.
  • Borrowers often need a smaller down payment with a Pennsylvania jumbo loan.
  • Borrowers can finance a larger or more expensive property via a single loan.

Pennsylvania brings a little bit of everything to the table. Residents of the Keystone State enjoy some of the most competitive professional sports teams out there, stunning natural scenery, a dynamic creative arts scene and great restaurants. For these reasons and more, many are glad to call PA home. 

Whether you live in a rural town out West or in Philly, home prices in Pennsylvania are going up. According to the Pennsylvania Association of Realtors, the median sales price of a home in Pennsylvania is $211,192. While that number is well below the jumbo loan limit in Pennsylvania, the state still has plenty of jumbo mortgage activity. Seeking out a non-conforming home loan may be the best option for you in terms of accessibility, depending on your goals.

For the most recent year, the HDMA data places Pennsylvania 15th in the country in terms of mortgage origination activity, with a total of $8.19 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Pennsylvania, you’ll be among good company.

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What is the jumbo loan limit in Pennsylvania?

The jumbo loan limit in Pennsylvania is $647,200 for most counties in the state. For Pike County up near the NY border, 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.

Pennsylvania Jumbo Loan Limits (December 2022)

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

Pennsylvania
County
Pennsylvania
Jumbo loan
(1-unit)
Pennsylvania
Conforming
loan limit
(1-unit)
Pennsylvania
FHA loan limit
(1-unit)
Adams$647,200+$647,200 $420,680
Allegheny$647,200+$647,200 $420,680
Armstrong$647,200+$647,200 $420,680
Beaver$647,200+$647,200 $420,680
Bedford$647,200+$647,200 $420,680
Berks$647,200+$647,200 $420,680
Blair$647,200+$647,200 $420,680
Bradford$647,200+$647,200 $420,680
Bucks$647,200+$647,200 $408,250
Butler$647,200+$647,200 $420,680
Cambria$647,200+$647,200 $420,680
Cameron$647,200+$647,200 $420,680
Carbon$647,200+$647,200 $372,600
Centre$647,200+$647,200 $420,680
Chester$647,200+$647,200 $408,250
Clarion$647,200+$647,200 $420,680
Clearfield$647,200+$647,200 $420,680
Clinton$647,200+$647,200 $420,680
Columbia$647,200+$647,200 $420,680
Crawford$647,200+$647,200 $420,680
Cumberland$647,200+$647,200 $420,680
Dauphin$647,200+$647,200 $420,680
Delaware$647,200+$647,200 $408,250
Elk$647,200+$647,200 $420,680
Erie$647,200+$647,200 $420,680
Fayette$647,200+$647,200 $420,680
Forest$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Fulton$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Huntingdon$647,200+$647,200 $420,680
Indiana$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Juniata$647,200+$647,200 $420,680
Lackawanna$647,200+$647,200 $420,680
Lancaster$647,200+$647,200 $420,680
Lawrence$647,200+$647,200 $420,680
Lebanon$647,200+$647,200 $420,680
Lehigh$647,200+$647,200 $372,600
Luzerne$647,200+$647,200 $420,680
Lycoming$647,200+$647,200 $420,680
Mckean$647,200+$647,200 $420,680
Mercer$647,200+$647,200 $420,680
Mifflin$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $408,250
Montour$647,200+$647,200 $420,680
Northampton$647,200+$647,200 $420,680
Northumberland$647,200+$647,200 $420,680
Perry$647,200+$647,200 $420,680
Philadelphia$647,200+$647,200 $420,680
Pike$970,800+$970,800 $970,800
Potter$647,200+$647,200 $420,680
Schuylkill$647,200+$647,200 $420,680
Snyder$647,200+$647,200 $420,680
Somerset$647,200+$647,200 $420,680
Sullivan$647,200+$647,200 $420,680
Susquehanna$647,200+$647,200 $420,680
Tioga$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Venango$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
Westmoreland$647,200+$647,200 $420,680
Wyoming$647,200+$647,200 $420,680
York$647,200+$647,200 $420,680

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7 Top Pennsylvania jumbo loan lenders

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

1. Fulton Bank

Fulton Bank is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive physician loan program.

We contacted Fulton Bank to get more details about the doctor mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:

  • 5% down up to $1 million
  • 10% down up to $1.5 million
  • 15% down up to $2 million
  • 20% down up to $2.5 million
  • 15-year or 30-year loan terms
  • Fixed or adjustable rate mortgages available
  • Primary home purchases only (other options available for second homes)

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors 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
  • 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.

3. 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 physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage 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.

4. 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 a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor 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.

5. 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.

6. 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.

7. 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.

Why homebuyers get jumbo loans in Pennsylvania

Homebuyers in Pennsylvania are often faced with a difficult question: Should they purchase a more expensive home or budget for a home that is more affordable? Even if they can swing a more expensive home,  those purchases can be difficult to finance because of the gap between the FHA loan amount limit and the average home cost of a home in Pennsylvania. The state, therefore, has allowed financial institutions to approve loans that have higher limits, known as jumbo loans. 

A jumbo home loan is one of the best loan options if you found a great place on the NMLS that has a high price tag. While there are some aspects of jumbo loans that are similar to conventional loans, such as the possibility of closing costs, each mortgage broker will explain their lender practices to you, including jumbo loan limits. Jumbo loan rates may also vary based on the homeowner’s debt-to-income ratio and other credit history, the purchase price of the home, and more. Research mortgage interest rates before you get excited about a high-cost home.

Because these loans are not protected by FHA guaranties, they are typically only given to borrowers with great credit scores or large down payments. By and large, however, if you qualify for a jumbo loan, it makes it much easier to buy a more expensive property, since you can do it with just a single loan. Make sure you use a mortgage calculator to make sure you can afford the real estate property you’re looking at.

Does a Pennsylvania jumbo loan make sense for you?

The very first thing you’ll need to look at when considering a jumbo loan in Pennsylvania is your overall financial picture.  Yes, as mentioned above, you will need great credit, but the bank may also look for stability in other areas, including employment. 

These loans come with higher interest rates, so be prepared to pay for the ease of financing you get with a jumbo loan.  Many who move forward with these loans think the higher rate is a fair trade for the convenience of financing a large home purchase with one loan. 

To make sure that you are able to navigate this process quickly and efficiently and you don’t run into any roadblocks to financing the home of your dreams with a jumbo loan in Pennsylvania we have provided professional loan officers that have years of experience applying, qualifying, and receiving jumbo loans in Pennsylvania. Be sure to contact us today and we will be happy to listen to your situation and match you with the best possible jumbo loans in Pennsylvania.   

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.

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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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