5 Best Jumbo Loans in Vermont

Known for its extensive, dense forests, Vermont is a much-beloved part of the New England region. With its historical wooden bridges and antique shops, and beautiful cities like Burlington, Rutland and Bennington, Vermont in many ways paints a quaint picture of American life. 

Whether you live in a small town or a big city, real estate prices in Vermont are on the rise. According to the Vermont Association of Realtors, the average sales price of a home in Vermont is $438,127. While that number is well below the jumbo loan limit in Vermont, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Vermont 51st in the country in terms of mortgage origination activity, with a total of $567 million in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Vermont, you’ll be among good company.

What is the jumbo loan limit in Vermont?

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

5 Best Vermont jumbo loans

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

1. 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 a competitive jumbo loan product.

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
• Requires a 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.

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 cost financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo mortgage rates and here’s what we heard back:

• Loan amounts up to $2.5 million
• Purchase and refinance rates 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. 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 mortgage lender 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 options and here are the key terms and highlights:

SilverKey Mortgage

• Loan amounts up to $3.5 million
• 10% down up to $1.5 million
• Adjustable rates or fixed-rate mortgages
• 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.

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.

4. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making them a popular mortgage lender 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. 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.

The pros (and cons) of getting a jumbo loan in Vermont

For Vermont homebuyers, the question is whether to spend more to buy a more expensive new home or to search for an affordable home in which to live. Still, the state has created a solution to that problem where you can essentially get the best of both worlds – jumbo loans.

People who can afford to put down a large down payment, or who can afford to make a modest monthly payment while they save up to buy, might want to consider buying a home now rather than waiting until they are older and have accumulated enough money to reap the rewards of equity sooner.

Does a jumbo loan in Vermont make sense for someone like you?

You’re more likely to qualify for a Vermont jumbo loan if you have a great credit score, but these loans come with more stringent underwriting requirements since they expose the lender to more risks. Regardless of whether you are eligible for a traditional mortgage, these loans can be a good option if you do not want to take out multiple loans at once. 

Keep in mind that 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.

You will also need to be comfortable with a higher interest rate. Many Vermonters who take out jumbo loans accept the higher interest rate in exchange for being able to finance a large purchase with a single loan. 

Need a jumbo loan in a different state?

If you want to find the best jumbo loans in other states, click on your state below.