Jumbo Loans in Brooklyn, NY

A jumbo loan is a mortgage sized above the conforming loan limit, which FHFA resets annually for each county. If you are shopping for a higher-priced home in Brooklyn or elsewhere in Kings County, expect a deeper look at your income, savings and the property itself. Below you will find how jumbo underwriting differs, what reserves mean and how to get your paperwork in order before you call.

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Home values and jumbo lending in Brooklyn

$905,000Median home value

1,064Jumbo first mortgages in Kings County (2024)

$80,300Median household income

$695,000Median purchase loan (county)

The median owner-occupied home in Brooklyn is valued at about $905,000. HMDA data show 1,064 non-conforming (jumbo) first mortgages in Kings County in 2024. Whether your loan counts as jumbo depends on the loan amount and the limit for your county in the year you apply.

Where the conforming limit ends and jumbo begins

Think of the conforming limit as a border drawn county by county. Loans under it can be sold to Fannie Mae or Freddie Mac, and that resale market keeps the guidelines uniform. Loans over it are held by the lender or sold to private investors, so each one brings its own checklist.

Your purchase price alone does not decide the category. What matters is the loan amount after your own funds go in. Some buyers near the border choose to bring more cash so the loan stays conforming, while others prefer to keep savings in reserve and accept jumbo guidelines. A loan officer can walk through both paths with you, since the right choice depends on your whole financial picture.

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Prefer to talk first? Call (888) 912-6746. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Why jumbo underwriting asks for more documentation

Jumbo underwriting is less about a single score and more about the full picture. Underwriters study income stability, how much of your monthly budget already goes to debt, and whether your savings could cover the home costs if your income were interrupted.

Bonus, commission, restricted stock or partnership income may each need its own paper trail, often stretching back over several tax filings. Gift funds, if a lender allows them at all, usually require a signed letter and proof of transfer. Asking up front which documents the lender will want can save weeks of back-and-forth once you are under contract.

Who this tends to fit

You are buying a home whose loan amount will exceed the conforming limit for your county
You want to compare a single jumbo loan against a conforming first mortgage paired with a second lien
You are relocating into a higher-cost county from a lower-cost market
You have strong savings and want to keep them invested rather than putting more toward the purchase
You are self-employed with several years of business tax returns

Local offices and New York rules to know

Property assessment: NYC Department of Finance (property assessment and property tax benefits). Homeowners apply to the NYC Department of Finance for property tax exemptions such as the senior, veterans, and Disabled Homeowners' Exemption; STAR is administered through New York State.
Deed and mortgage recording: NYC Department of Finance, Office of the City Register (ACRIS) - Brooklyn/Kings County. Your mortgage is recorded here after closing.

New York recording costs: Mortgage recording tax (state, plus local mortgage recording taxes in New York City, Yonkers and some counties), paid to the county recording office when the mortgage is recorded; real estate transfer tax on deeds/conveyances (filed with Form TP-584, or TP-584-NYC in New York City), including the additional 'mansion tax' on higher-priced residential purchases, which is paid by the buyer. Your Loan Estimate lists the taxes that apply to your loan.

Jumbo appraisals, reserves and refinancing in Brooklyn

Higher-value homes can be harder to appraise because truly similar sales are scarce. Some jumbo lenders order a second appraisal or a desk review for larger loan amounts, and appraisers may need to look farther afield for comparable properties. Unique features, acreage or waterfront access can all add complexity.

Reserves are liquid savings left over after closing, counted in months of housing costs. Jumbo guidelines often call for more of them than conforming loans do, and retirement accounts may count at a reduced value. If you already own a jumbo-sized home, a jumbo refinance follows the same reserve and appraisal review, so plan ahead before applying.

Before you call

A list of other properties you own, with their mortgages, taxes and insurance
Documentation for bonus, commission, restricted stock or partnership income
All pages of recent bank, brokerage and retirement account statements
Written explanations for any large or unusual deposits
Business tax returns and a year-to-date profit and loss statement if you are self-employed

Questions Brooklyn borrowers ask about jumbo loans

What are reserves, and why do jumbo lenders care about them?

Reserves are liquid funds you still have after paying your down payment and closing costs, usually measured in months of total housing expense. Jumbo lenders often look for more reserves than conforming lenders because the loans are larger and lack agency backing. Checking, savings, brokerage and some retirement funds may count, though retirement assets are sometimes valued at less than their full balance.

Why might a jumbo loan need two appraisals?

Some lenders and investors require a second appraisal or an additional review when the loan amount is especially large. Higher-value homes often have fewer comparable sales nearby, so a second opinion helps the lender confirm the value supporting the loan. If two appraisals are required, the lender usually relies on the lower value, which can affect how much you need to bring to closing.

Does the conforming limit change every year?

Yes. FHFA reviews home price data and announces new conforming limits annually, and the figures vary by county. A loan amount that counted as jumbo in one period could fall under the limit later, or the reverse. Because the number shifts, ask a lender to confirm the limit for your specific county at the time you apply rather than relying on an older figure you saw online.

Are jumbo guidelines the same at every lender?

No. Because jumbo loans fall outside the standardized conforming market, each lender or investor sets its own requirements for credit history, reserves, debt levels, property types and documentation. One lender may accept a file another declines. That variation makes it worth asking detailed questions and comparing official Loan Estimates, since every offer is subject to credit approval and the lender's specific guidelines.

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Get answers about jumbo loans for a home in or around Brooklyn. Subject to credit approval; programs vary.