Homes in parts of Staten Island can carry prices that push the loan amount past the conforming limit FHFA sets each year, and that is where a jumbo loan comes in. Because Fannie Mae and Freddie Mac do not buy these loans, each lender or investor writes its own guidelines for credit, assets and property review. This page explains how jumbo financing works in New York and what underwriters tend to examine more closely.
Call to speak with a licensed loan officer about jumbo loans in Staten Island. Programs vary by borrower, property and investor.
Home values and jumbo lending in Staten Island
The median owner-occupied home in Staten Island is valued at about $675,500. Lenders reported 23 first-lien loans above the conforming loan limit in Richmond 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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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 self-employed with several years of business tax returns
- You are relocating into a higher-cost county from a lower-cost market
- You are buying a home whose loan amount will exceed the conforming limit for your county
- You are buying a second home or luxury property that conforming guidelines will not cover
- You earn income from bonuses, commissions or equity compensation and can document it
Local offices and New York rules to know
- Property assessment: NYC Department of Finance (Property). Homeowners contact the Department of Finance online, through 311 ('DOF benefits'), or at a DOF office about property tax exemptions and abatements; the STAR credit is administered by New York State (tax.ny.gov/star).
- Deed and mortgage recording: Richmond County Clerk (Staten Island records property documents here, not at the NYC City Register). 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 Staten Island
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
- Business tax returns and a year-to-date profit and loss statement if you are self-employed
- A list of other properties you own, with their mortgages, taxes and insurance
- All pages of recent bank, brokerage and retirement account statements
- The county where the property sits, so the lender can confirm the conforming limit that applies
- Written explanations for any large or unusual deposits
Questions Staten Island 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.
Is a jumbo loan only for buying a home?
No. Owners of high-value homes also use jumbo refinances to change from an adjustable to a fixed structure, adjust the term, remove a co-borrower or take cash out. The same closer look at income, assets and appraised value applies. If your current balance has dropped below the conforming limit for your county, a conforming refinance may also be an option worth comparing.
Can I avoid a jumbo loan by using two mortgages?
Some buyers pair a conforming first mortgage with a second mortgage or home equity line to stay under the limit. This is sometimes called a piggyback structure. It can make sense in certain situations, but it adds a second lien, a second set of terms and possibly a variable rate on the second loan. Ask a lender to compare both structures side by side on official Loan Estimates.
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.
Get answers about jumbo loans for a home in or around Staten Island. Subject to credit approval; programs vary.
Other loan options in Staten Island
LendersCompaniesBrokersHome loansRefinanceCash-out refinanceHELOCHome equity loanFHAVAFirst-time buyerReverse mortgageConstructionRenovation
Jumbo Loans near Staten Island
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- Jumbo Loans in Colonia, NJ (9 mi)
Related guides
Jumbo Loans across New York · Jumbo Loans guide · New York overview
- U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates
- 2024 Home Mortgage Disclosure Act (HMDA) data for Richmond County