Boston Luxury Condos – Jumbo Loans
Boston Condos for Sale and Apartments for Rent
Boston Luxury Condos – Jumbo Loans
- Conforming Limit: The baseline limit is $832,750, but in high-cost areas like Boston and its surrounding counties (Middlesex, Norfolk, Plymouth), the limit is much higher, often up to $1,249,125 for a single-family home.
- “Jumbo” Definition: Any loan amount that goes above these specific county-based conforming limits becomes a jumbo loan.
- Higher Credit Scores: Lenders typically require scores of 700 or higher.
- Larger Down Payments: Expect to put down 10% to 20% or more.
- More Documentation: Stronger proof of income and assets is needed.
- Cash Reserves: Lenders want to see significant liquid assets (cash reserves).
- Higher Rates: Jumbo loans often carry slightly higher interest rates because they’re riskier for lenders.
If you’re buying a home in the pricier Boston market and need a mortgage larger than the standard limit set by Fannie Mae and Freddie Mac, you’ll need a jumbo loan, which comes with tougher financial hurdles to clear
Boston Luxury Condos – Jumbo Loans
In Massachusetts, jumbo mortgage rates are currently around 6.75% for a 30-year fixed-rate loan. Jumbo loans are those exceeding the conforming loan limits, which are $806,500 in most areas, but can be higher in high-cost areas like Massachusetts.
Peace be with you
Ford Realty Beacon Hill – Condo for Sale Office
Boston condos for sale – Ford Realty Inc
Updated: Boston Condos for Sale Blog 2025
John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114
Looking for a Boston Back Bay or Beacon Hill condo?
Call today! 617-595-3712
Click Here to view: Google Ford Realty Inc Reviews
Byline – John Ford – Boston Seaport Condo Broker.
************************
Boston Luxury Condos – Jumbo Loans
Major banks are getting back into the business of making jumbo loans.
Bank of America, the country’s largest mortgage lender since it acquired Countrywide, has renamed its lending arm Banking of America Home Loans and is rolling out a program to finance loans between $730,000 and $1.5 million.
“There’s a real need for loans of this size,” says Barbara Desire, who heads consumer real estate operations.
Other lenders moving into the luxury jumbo market include ING Group, Amsterdam-based banking and insurance conglomerate, which will offer jumbos as large as $2 million through ING Direct.
Source: The Washington Post
