5 Best Jumbo Loans in Utah


Jumbo mortgage loans in Utah give homebuyers an easier way to finance larger home purchases in areas like Park City or Salt Lake County.

Key Terms

  • Jumbo home loans in Utah have higher limits than the ones available with conventional loans or FHA loans.
  • The down payment requirements are usually much smaller with these loans.
  • It takes multiple conventional loans to access as much purchasing power as a single jumbo loan.

Utah offers some of the most stunning vistas in the U.S. Whether you enjoy the mountains around Salt Lake City or the desert landscapes of Moab, there is some natural wonder for you to enjoy. Utah also offers a great quality of life, whether you prefer country living or a bit of culture.

Wherever you settle in Utah, real estate prices in Utah are on the rise. According to the Utah Association of Realtors, the median sales price of a home in Utah is $535,050. While that number is well below the jumbo loan limit in Utah, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Utah 20th in the country in terms of mortgage origination activity, with a total of $7.47 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Utah, you’ll be among good company.

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What is the jumbo loan limit in Utah?

The jumbo loan limit in Utah for most counties is $647,200. For some counties, including Wasatch, the jumbo loan limit is as high as $817,650. Any loan that exceeds either $647,200 or $817,650 is a jumbo loan, depending on the county.

Utah Jumbo Loan Limits (October 2022)

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

Utah
County
Utah
Jumbo loan
(1-unit)
Utah
Conforming
loan limit
(1-unit)
Utah
FHA loan limit
(1-unit)
Beaver$647,200+$647,200 $420,680
Box Elder$646,300+$646,300 $646,300
Cache$647,200+$647,200 $420,680
Carbon$647,200+$647,200 $420,680
Daggett$647,200+$647,200 $420,680
Davis$646,300+$646,300 $646,300
Duchesne$647,200+$647,200 $420,680
Emery$647,200+$647,200 $420,680
Garfield$647,200+$647,200 $420,680
Grand$647,200+$647,200 $420,680
Iron$647,200+$647,200 $420,680
Juab$647,200+$647,200 $401,350
Kane$647,200+$647,200 $420,680
Millard$647,200+$647,200 $420,680
Morgan$646,300+$646,300 $646,300
Piute$647,200+$647,200 $3,731,760
Rich$647,200+$647,200 $374,900
Salt Lake$600,300+$600,300 $416,300
San Juan$647,200+$647,200 $420,680
Sanpete$647,200+$647,200 $420,680
Sevier$647,200+$647,200 $420,680
Summit$817,650+$817,650 $817,650
Tooele$600,300+$600,300 $416,300
Uintah$647,200+$647,200 $420,680
Utah$647,200+$647,200 $401,350
Wasatch$817,650+$817,650 $817,650
Washington$647,200+$647,200 $377,200
Wayne$647,200+$647,200 $420,680
Weber$646,300+$646,300 $646,300

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5 Top jumbo loan lenders in Utah

If you’re ready to learn more about the best jumbo mortgage lenders in Utah, here are the top options we’ve found through our research.

1. 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 interest 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.

2. 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 terms 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.

3. 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 Adjustable Rate Mortgages
  • 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. 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 the jumbo 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 in home equity loans.
  • 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.

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 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 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, resulting in lower mortgage payments
  • 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.

The benefits of jumbo loans

So many Utahans are turning to jumbo loans because of the range of benefits they get with this type of “non-conforming” financing. What are those benefits? They include:

  • A higher credit limit than other types of loans
  • Lower down payments
  • More purchasing power in a competitive marketplace

An additional benefit is that you can finance a large home purchase under a single loan. Rather than patch together several conventional mortgages, many Utahans are turning to jumbos as a more convenient and streamlined alternative. 

Is a jumbo loan in Utah right for you?

If you’re looking to buy a home in Utah, it is important to understand what kind of mortgage you qualify for and the kind of mortgage that will work best for your situation.  Utah requires all mortgage loans to be secured by a first-lien or subordinate lien with no Utah mortgage guarantees.  

The most common type of loan in Utah is the 30-year fixed-rate mortgage, which typically offers a lower monthly payment than a 15-year fixed-rate but has less flexibility.  However, if you are looking for a large property or home, you should consider the benefits and the risks of getting a jumbo loan in Utah.

Keep in mind that conforming limits are set by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two government-sponsored home loan companies that buy most of the home mortgages made in the U.S. from lenders and resell them to private 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.

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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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