6 Best Jumbo Loans in Georgia

Known popularly as the “Peach State,” Georgia offers a varied and lush landscape, fun cities like Atlanta, coastal beauties, proximity to Florida and stunning mountains.  The housing market in this area of the country is booming, however, and prices are on the rise. 

In the past year, Georgia real estate prices increased by 27.7% according to industry reports, and show no signs of slowing down.  According to the Georgia Realtors Association, the average sales price for a home in the state Is just over $406,000, meaning that more than a few Georgians may need jumbo loans to finance a home.

For the most recent year, the HDMA data places Georgia 13th in the country in terms of mortgage origination activity, with a total of $11.66 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Georgia, you’ll have plenty of company.

What is the jumbo loan limit in Georgia?

The jumbo loan limit in Georgia is $726,200 for all counties in the state. Any loan that exceeds $726,200 is a jumbo loan in the state of Georgia. Any loan that is less than $726,200 is a conforming loan in the state of Georgia.

6 Top Georgia jumbo loan lenders

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

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 loan rates. 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.

2. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo loan mortgage specifically. Here are the important details:

• Loans up to $3 million
• Minimum credit score is 680
• Fixed rate and variable interest rate loans available
• Cash reserves required
• Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

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 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.

4. Chase Bank

JPMorgan Chase Bank is one of the oldest banks in the United States, tracing its roots back to the 18th-century and JP Morgan himself. As one of the Big Four banks, it’s not a surprise that they have a competitive jumbo mortgage program in addition to a variety of other financing options.

We contacted Chase Bank to get additional details about their jumbo mortgage. Here are some key terms and highlights:

• Up to $3 million for a jumbo loan.
• Banking customers might get discounted pricing up to 0.5% off standard rates.
• $5,000 Closing Guarantee (either an on-time closing or you get $5,000).
• Interest Only loan available for high-value, single-family primary or secondary home purchases.

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 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/vacation 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 jumbo loan product with no money down financing options.

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

Advantages in Georgia to taking out a jumbo loan

Since new homes in Georgia are getting more expensive, many homebuyers are finding it difficult to find a good fit that also matches their budget. Georgia jumbo loans are a step in the right direction for many, increasing their options. Given this, what are the potential benefits of buying a home with this type of loan?

With jumbo loans, you have flexible down payments and can make as little a down payment as less than 20% for some. That is great for people like you who want to buy soon, since you have the best of both worlds with the larger down payment, or the jumbo loan. With a larger mortgage loan, you have more in your bank account and are therefore less anxious and more flexible when it comes to your budget and lifestyle.

The jumbo loan is a popular option for those looking to buy pricier, more luxurious homes. One of the benefits of the jumbo loan is that it is available to people who might not be able to afford an expensive house with other loan options. With greater financial resources, it is possible to purchase a larger house and realize your dream of home ownership sooner than you might think.

Is a jumbo loan in Georgia a good idea for you? 

If you have a good or excellent credit score, a Georgia jumbo loan might be a perfect choice for you. Jumbo loans have stricter requirements than conventional loans. Qualifying for a jumbo loan can help you buy a home you couldn’t afford with a conventional loan, but it does come with its standards. 

You also want to consider how complex your finances are, at the moment. Conventional financing for a Georgia home over conforming limits would require that you either have enough cash to counterbalance the conforming limit or that you combine several mortgages together. If you prefer to keep things as concise as possible, you can finance everything with a single jumbo loan. You will need to confirm that a jumbo loan is approved for a property, however, since not every property will qualify.

Conforming loan limits are set by the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, the two federal-backed mortgage companies that buy most of the mortgages made in the U.S. from lenders and resell them to investors. 

Need a jumbo loan in a different state?

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