{"id":83654,"date":"2023-05-17T14:16:29","date_gmt":"2023-05-17T21:16:29","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=83654"},"modified":"2024-01-24T13:19:00","modified_gmt":"2024-01-24T21:19:00","slug":"what-is-a-jumbo-loan-in-maryland","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-maryland\/","title":{"rendered":"What is a Jumbo Loan in Maryland in 2024?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Depending on the loan amount you need and where you\u2019re buying a <\/span><a href=\"https:\/\/www.redfin.com\/state\/Maryland\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Maryland<\/span><\/a><span style=\"font-weight: 400;\">, you may find it difficult to find financing beyond the conforming loan limits. This is where jumbo loans come into play. Whether your sights are set on a <a href=\"https:\/\/www.redfin.com\/city\/1073\/MD\/Baltimore\" data-wpel-link=\"exclude\">home in Baltimore<\/a> or a sprawling <a href=\"https:\/\/www.redfin.com\/city\/22783\/MD\/Ellicott-City\" data-wpel-link=\"exclude\">property Ellicott City<\/a>, join us as we delve into the intricacies of jumbo loans in Maryland in 2024.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-83655\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland.webp\" alt=\"luxury home in duxbury maryland\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland.webp 1800w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-300x200.webp 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-1024x683.webp 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-768x512.webp 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-1536x1024.webp 1536w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-225x150.webp 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-945x630.webp 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland-450x300.webp 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a jumbo loan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.redfin.com\/guides\/what-is-a-jumbo-loan\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">jumbo loan<\/span><\/a><span style=\"font-weight: 400;\"> in Maryland is a type of mortgage that is used to finance homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Oftentimes, this type of loan is necessary for high-end, luxury homes or homes located in expensive housing markets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the home you&#8217;re purchasing will require you to borrow more than the conforming loan limit (CLL), you&#8217;ll need to apply for a jumbo loan. But because of the larger loan amounts and increased risk for lenders, Maryland jumbo loans often come with higher interest rates and stricter requirements than conventional loans. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan.<\/span><\/p>\n<p>[elementor-template id=&#8221;82911&#8243;<\/p>\n<h2><span style=\"font-weight: 400;\">What is the jumbo loan limit in Maryland?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In 2024, the conforming loan limit for a single-family home in most markets is $766,550. However, these limits can vary depending on where you\u2019re buying a home in Maryland.\u00a0<\/span><\/p>\n<ul>\n<li><b>$766,550 is the conforming loan limit in most Maryland counties<\/b><\/li>\n<li><b>$1,149,825 is the maximum limit in higher-cost counties<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Keep in mind that the loan amount is what determines whether or not you\u2019ll need a jumbo loan, not the price of the home you&#8217;re buying. So, if you were to put $100,000 down on a $780,000 <\/span><a href=\"https:\/\/www.redfin.com\/county\/1312\/MD\/Baltimore-County\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Baltimore County<\/span><\/a><span style=\"font-weight: 400;\">, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, your loan wouldn\u2019t be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The following counties in Maryland have a conforming loan limit <\/span><i><span style=\"font-weight: 400;\">beyond<\/span><\/i><span style=\"font-weight: 400;\"> $766,550 for 2024:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><strong>County<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>FHFA Conforming Loan Limit<\/strong><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Calvert County<\/span><\/td>\n<td>$1,149,825<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charles County<\/span><\/td>\n<td>$1,149,825<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Frederick County<\/span><\/td>\n<td>$1,149,825<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County<\/span><\/td>\n<td>$1,149,825<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Prince George\u2019s County<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,149,825<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">This <\/span><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/Conforming-Loan-Limit-Map.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">FHFA map<\/span><\/a><span style=\"font-weight: 400;\"> will give you more specific information related to the conforming loan limits in your county.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the requirements for a jumbo loan in Maryland?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As previously mentioned, the requirements for a jumbo loan are much more stringent than a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Maryland.<\/span><\/p>\n<p><b>Higher credit score:<\/b><span style=\"font-weight: 400;\"> When it comes to receiving a jumbo loan, credit score requirements are typically more stringent than for conventional mortgages. It&#8217;s possible that some lenders may accept a lower score, a credit score of at least 720 is generally required to qualify for a jumbo loan. It&#8217;s essential to have a strong credit profile and a solid financial history to increase your chances of being approved for a jumbo loan.<\/span><\/p>\n<p><b>Larger down payment: <\/b><span style=\"font-weight: 400;\">Obtaining a jumbo mortgage typically requires a larger <\/span><a href=\"https:\/\/www.redfin.com\/guides\/down-payments-and-home-loans\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\"> compared to a conventional mortgage. Lenders may require a down payment of 10% to 20% or more, depending on the specific loan program and the borrower&#8217;s financial situation. If you&#8217;re approved with a down payment less than 20%, keep in mind you&#8217;ll most likely be required to purchase <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-pmi-insurance\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">private mortgage insurance (PMI)<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>More assets:<\/b><span style=\"font-weight: 400;\"> Jumbo loan lenders generally require borrowers to demonstrate a strong financial profile, including substantial liquid assets or savings. To qualify for a jumbo loan, borrowers must have enough reserves to cover at least one year of mortgage payments. This requirement ensures that borrowers have the financial flexibility to meet their loan obligations in the event of a financial hardship.<\/span><\/p>\n<p><b>Lower debt-to-income ratio (DTI): <\/b><span style=\"font-weight: 400;\">A lender will typically require a <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">debt-to-income ratio (DTI)<\/span><\/a><span style=\"font-weight: 400;\"> of under 43% for jumbo loan borrowers, although a DTI closer to 36% is preferred. This ratio is calculated by dividing the sum of all monthly debt payments by the borrower&#8217;s gross monthly income. A lower DTI indicates a stronger ability to repay the loan and can help borrowers secure more favorable terms and rates. It&#8217;s important for Maryland borrowers seeking a jumbo mortgage to have a clear understanding of their DTI and take steps to improve it if necessary.<\/span><\/p>\n<p><b>Additional home appraisals:<\/b><span style=\"font-weight: 400;\"> Mortgage lenders may require a second <\/span><a href=\"https:\/\/www.redfin.com\/guides\/home-appraisal-everything-you-need-to-know\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home appraisal<\/span><\/a><span style=\"font-weight: 400;\"> as an extra layer of protection when it comes to jumbo loans. The second appraisal serves as an additional opinion to ensure the property&#8217;s value aligns with the loan amount. In places with limited comparable property sales, this additional appraisal may cost more than in neighborhoods with more frequent sales.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s break down what a jumbo loan is in Maryland, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/p>\n","protected":false},"author":523,"featured_media":83655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[34397],"coauthors":[31388],"class_list":["post-83654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-md"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Jumbo Loan in Maryland in 2024? | Redfin<\/title>\n<meta name=\"description\" content=\"Let\u2019s break down what a jumbo loan is in Maryland, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-maryland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Jumbo Loan in Maryland in 2024?\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s break down what a jumbo loan is in Maryland, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-maryland\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-17T21:16:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-24T21:19:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/luxury-home-in-duxbury-maryland.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Mekaila Oaks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mekaila Oaks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-maryland\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-maryland\\\/\"},\"author\":{\"name\":\"Mekaila Oaks\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/78b16587424b0f2b37a1b0f4ca5075f8\"},\"headline\":\"What is a Jumbo Loan in Maryland in 2024?\",\"datePublished\":\"2023-05-17T21:16:29+00:00\",\"dateModified\":\"2024-01-24T21:19:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-maryland\\\/\"},\"wordCount\":774,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-maryland\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/luxury-home-in-duxbury-maryland.webp\",\"keywords\":[\"md\"],\"articleSection\":[\"Local Insights\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-maryland\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-maryland\\\/\",\"name\":\"What is a Jumbo Loan in Maryland in 2024? 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