6 Best Jumbo Loans in Virginia


Jumbo mortgage loans give Virginians an easier way to afford large home purchase prices in the Commonwealth.

Key Terms

  • Jumbo loans extend higher limits to Virginians than conventional mortgages.
  • Borrowers who qualify for a jumbo loan do not always need large down payments and often get lower interest rates than traditional loans.
  • Jumbo loans offer a consolidated, single loan for financing a home with a high home value.

Virginia has been home to many of the great turning points in the history of the U.S., including some of the most significant battles during the Civil War. It is also home to the verdant and surreal Shenandoah Valley, as well as some unique islands out in the Virginian portion of the Chesapeake Bay. 

Whether you live in the tech sector in the North or in central and southern Virginia, the truth is that it’s becoming increasingly difficult to be a homeowner in the Commonwealth, and not just high-cost areas. According to the Virginia Association of Realtors, home prices are rising and the median sale price of a home in Virginia is $390,000. While that number is well below the jumbo loan limit in Virginia, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Virginia 6th in the country in terms of mortgage origination activity, with a total of $10.49 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Virginia, you’ll be in the company of many other Virginians. 

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What is the jumbo loan limit in Virginia?

The jumbo loan limit in Virginia for most counties is $647,200. For counties in growing regions such as Northern Virginia, 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.

Virginia Jumbo Loan Limits (October 2022)

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

Virginia
County
Virginia
Jumbo loan
(1-unit)
Virginia
Conforming
loan limit
(1-unit)
Virginia
FHA loan limit
(1-unit)
Accomack$647,200+$647,200 $420,680
Albemarle$647,200+$647,200 $420,680
Alleghany$647,200+$647,200 $420,680
Amelia$647,200+$647,200 $647,200
Amherst$647,200+$647,200 $420,680
Appomattox$647,200+$647,200 $420,680
Arlington$970,800+$970,800 $970,800
Augusta$647,200+$647,200 $420,680
Bath$647,200+$647,200 $420,680
Bedford$647,200+$647,200 $420,680
Bland$647,200+$647,200 $420,680
Botetourt$647,200+$647,200 $420,680
Brunswick$647,200+$647,200 $420,680
Buchanan$647,200+$647,200 $420,680
Buckingham$647,200+$647,200 $420,680
Campbell$647,200+$647,200 $420,680
Caroline$647,200+$647,200 $420,680
Carroll$647,200+$647,200 $420,680
Charles City$647,200+$647,200 $420,680
Charlotte$647,200+$647,200 $420,680
Chesterfield$647,200+$647,200 $647,200
Clarke$970,800+$970,800 $970,800
Craig$647,200+$647,200 $420,680
Culpeper$822,375+$822,375 $822,375
Cumberland$647,200+$647,200 $420,680
Dickenson$647,200+$647,200 $420,680
Dinwiddie$647,200+$647,200 $420,680
Essex$647,200+$647,200 $420,680
Fairfax$970,800+$970,800 $970,800
Fauquier$970,800+$970,800 $970,800
Floyd$647,200+$647,200 $420,680
Fluvanna$647,200+$647,200 $437,000
Franklin$647,200+$647,200 $420,680
Frederick$647,200+$647,200 $420,680
Giles$647,200+$647,200 $420,680
Gloucester$647,200+$647,200 $458,850
Goochland$647,200+$647,200 $647,200
Grayson$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Greensville$647,200+$647,200 $420,680
Halifax$647,200+$647,200 $420,680
Hanover$647,200+$647,200 $647,200
Henrico$647,200+$647,200 $647,200
Henry$647,200+$647,200 $420,680
Highland$647,200+$647,200 $420,680
Isle Of Wight$647,200+$647,200 $420,680
James City$647,200+$647,200 $458,850
King and Queen$647,200+$647,200 $420,680
King George$647,200+$647,200 $420,680
King William$647,200+$647,200 $420,680
Lancaster$647,200+$647,200 $420,680
Lee$647,200+$647,200 $420,680
Loudoun$970,800+$970,800 $970,800
Louisa$647,200+$647,200 $420,680
Lunenburg$647,200+$647,200 $420,680
Madison$970,800+$970,800 $970,800
Mathews$647,200+$647,200 $458,850
Mecklenburg$647,200+$647,200 $420,680
Middlesex$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Nelson$647,200+$647,200 $437,000
New Kent$647,200+$647,200 $647,200
Northampton$647,200+$647,200 $420,680
Northumberland$647,200+$647,200 $420,680
Nottoway$647,200+$647,200 $420,680
Orange$647,200+$647,200 $420,680
Page$647,200+$647,200 $420,680
Patrick$647,200+$647,200 $420,680
Pittsylvania$647,200+$647,200 $420,680
Powhatan$647,200+$647,200 $647,200
Prince Edward$647,200+$647,200 $420,680
Prince George$647,200+$647,200 $647,200
Prince William$822,375+$822,375 $822,375
Pulaski$647,200+$647,200 $420,680
Rappahannock$822,375+$822,375 $822,375
Richmond$647,200+$647,200 $420,680
Roanoke$647,200+$647,200 $420,680
Rockbridge$647,200+$647,200 $420,680
Rockingham$647,200+$647,200 $420,680
Russell$647,200+$647,200 $420,680
Scott$647,200+$647,200 $420,680
Shenandoah$647,200+$647,200 $420,680
Smyth$647,200+$647,200 $420,680
Southampton$647,200+$647,200 $458,850
Spotsylvania$822,375+$822,375 $822,375
Stafford$822,375+$822,375 $822,375
Surry$647,200+$647,200 $420,680
Sussex$647,200+$647,200 $420,680
Tazewell$647,200+$647,200 $420,680
Warren$822,375+$822,375 $822,375
Washington$647,200+$647,200 $420,680
Westmoreland$647,200+$647,200 $420,680
Wise$647,200+$647,200 $420,680
Wythe$647,200+$647,200 $420,680
York$647,200+$647,200 $420,680

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6 Top Virginia jumbo loan lenders

If you’re in the market for a home in Virginia, consider these jumbo mortgage loans that are available to state residents.

1. 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 loan.

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.

2. 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 (and low closing costs) financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo loan requirements 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.

3. 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 rates 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, resulting in lower monthly payments.
  • 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.

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 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.

5. 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 jumbo loan program.

We contacted Fulton Bank to get more details about their jumbo 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 jumbo mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

6. 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 premiums required, resulting in lower 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.

The benefits of a getting a jumbo loan in Virginia

The primary benefit of jumbo loans is that they allow you to borrow more money— something you will certainly need to cover the cost of a property in many parts of Virginia. The alternatives can be overwhelming. To cover the costs of a higher-cost property with a conventional loan, you need to either put a large amount of money down or cobble multiple loans together. 

Is a Virginia jumbo loan a good fit for me?

A Virginia jumbo loan is an excellent option for you if you have a good or excellent credit score and low debt-to-income ratio. This is because jumbo loans have stricter requirements since they carry higher risk for the lending institutions. 

By qualifying for a jumbo loan, you can also increase your home buying power, and purchase a home you otherwise wouldn’t be able to buy with a conventional loan. If you are looking for a bigger property or a more expensive one, a jumbo loan is a much more convenient option, especially if you don’t want to make a big down payment.

Conforming loan 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 real estate markets, 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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