6 Best Jumbo Loans in the District of Columbia

The District of Columbia is an entirely unique place. It’s not a state yet, but it’s the seat of federal power and borders states like Virginia and Maryland and is in closer proximity to Pennsylvania and New York. It also features some lovely outdoor locales, thanks to the existence of Rock Creek Park. 

Unfortunately, home prices are astronomically high in the District right now. Wherever you live in D.C., chances are you are faced with some pretty formidable price tags on homes. According to the World Population Review, the median sales price of a home in D.C. is $701,895. That number is over the conforming limit for conventional loans in the District, making it hard for homebuyers to finance a home in the state with a single conventional loan. 

For the most recent year, the HDMA data places D.C. 39th in the country in terms of mortgage origination activity, with a total of $3.76 billion in jumbo mortgages originated. Given the rising real estate prices in D.C., it’s no wonder that so many people in the District are turning to jumbo loans. 

What is the jumbo loan limit in Washington D.C.?

The jumbo loan limit in Washington D.C. for every ward in the District is $1,089,300. Any loan that exceeds $1,089,300 is a jumbo loan in Washington D.C. Any loan that is less than $1,089,300 is a conforming loan in D.C.

6 Top Washington D.C. jumbo loan lenders

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

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 jumbo loan program.

We contacted Fulton Bank to get more details about their jumbo mortgage rates 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. 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 competitive jumbo loan options.

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
• Eligibility requires a minimum 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.

3. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance rates, 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, 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 and start the underwriting process, 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 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
• 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 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.

The pros and cons of Washington D.C. jumbo loans

What are the pros and cons of taking out a jumbo loan in Washington D.C.? The main advantage is that you will be able to finance a home purchase with a single loan. Conforming loans are not keeping pace with D.C. home values, meaning that your only option with those loans is to create a patchwork of mortgages or else put a significant amount of money down. 

There are some downsides, however. First off, you need a really solid credit score and low debt-to-income ratio to qualify for a jumbo loan. You also are most likely looking at a higher interest rate on a jumbo loan. 

Home prices in D.C. have gone far beyond conventional limits in almost every ward. That means that for many D.C. citizens, a jumbo loan is the most streamlined and convenient way to finance a home purchase. When the alternative can mean putting a lot of money down, the higher interest rate of a jumbo loan can become a more appealing option for homeowners. 

Is a jumbo loan in D.C. right for you?

A jumbo loan in D.C. is a great option for borrowers with strong credit who live in more expensive parts of the city. If you live in a pricey part of D.C., have a great credit score and want to finance a home with a single mortgage, a jumbo loan can be a perfect choice for you. 

When is a jumbo loan not right for a homebuyer? If you have a big down payment available that will offset conforming limits and allow you to finance a home at a lower interest rate, then you might want to go with a conventional loan. All in, however, and with D.C. prices the way they are, you are looking at a really big down payment to make that happen.

Remember that conforming loan limits are set by 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 mortgage lenders and resell them to private investors.

Need a jumbo loan in a different state?

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