When a home's purchase price exceeds the conforming loan limit of $766,550, you need a jumbo loan. In Massachusetts — where many markets have seen significant appreciation — jumbo financing has become increasingly common. I work with jumbo loan products for buyers seeking properties from Boston's suburbs to Worcester County and beyond.
A jumbo loan is a non-conforming mortgage — meaning it exceeds the loan limits set by Fannie Mae and Freddie Mac. For 2024, the conforming loan limit is $766,550 for a single-family property in most areas. Any loan amount above that threshold is considered a jumbo loan and cannot be sold to the government-sponsored enterprises. Instead, lenders hold these loans in their own portfolio or sell them to private investors.
Because jumbo loans aren't backed by Fannie or Freddie, lenders set their own underwriting guidelines — which typically means stricter requirements around credit score, income documentation, down payment, and reserves. The trade-off is access to higher loan amounts with pricing that can be remarkably competitive, especially for borrowers with strong financial profiles.
In Massachusetts, jumbo loans have become common in markets like the Greater Boston area, the MetroWest corridor, and affluent communities across the state. I work with multiple jumbo lending sources to find you the best combination of rate, down payment, and flexibility for your specific purchase.
For high-value purchases in Massachusetts, jumbo financing provides the flexibility and loan amounts that conforming products simply can't match.
Borrow well above the conforming limit to purchase the home you want — whether it's $800,000 or $3 million+. No ceiling on the purchase price when you have the financial profile to support it.
Jumbo financing is available for your primary residence as well as vacation or second homes. Whether you're buying a year-round home in MetroWest or a Cape Cod retreat, jumbo programs cover both.
Today's jumbo rates are often within a fraction of a percent of conforming rates for well-qualified borrowers. Strong credit and solid reserves can put you in a very competitive rate position.
Jumbo loans are available as 30-year and 15-year fixed, as well as 5/1, 7/1, and 10/1 adjustable-rate mortgages. If you plan to sell or pay off the loan in under 10 years, an ARM may lower your rate significantly.
Jumbo financing extends to investment properties for qualified borrowers. If you're purchasing a high-value rental or a multi-unit building, jumbo loan products can cover loan sizes that conventional investment programs won't.
Because jumbo loans are portfolio products, lenders have more flexibility in how they evaluate your overall financial picture. Strong assets, low DTI, and long-term employment history all carry significant weight.
Jumbo underwriting is more rigorous than conforming, but well-qualified buyers can access competitive terms.
I'll review your scenario and source the best jumbo product for your purchase — free consultation, no obligation.