If you are buying an expensive home in a good locality you may be in search of jumbo loans . Jumbo loans are mortgages that are above the bracket of $726,200 for the year 2023 and for the coming years it would be greater than that. The best mortgage lenders for jumbo loan soften have strict criteria for qualification but they are generally opted by people with high spending. The stringent criteria include high credit score, lower debt-to-income ratio and good track record of monthly debt payment. Depending upon the selection of your best mortgage lenders for jumbo loans you have to make down payment of 10% or more depending upon the loan amount.
The selection of a lender for jumbo loans is a critical process and there are certain special requirements for jumbo loans. For the ease of borrowers, we have compiled a list of best mortgage lenders for jumbo loans for 2024. There are multiple lenders that are selected from a wide swath of categories so that you can find the one that fit well with your budget and needs. The lenders in the list of best jumbo loan lenders are evaluated on the basis of types of loans, minimum down payment, customer support, and various other factors.
Table of Contents
Quick Overview – Best Mortgage Lenders for Jumbo Loans For 2024
- Wells Fargo – Top pick among all the Best jumbo loan lenders
- Rocket Mortgage – Best moderate credit score jumbo loan lender
- Chase Bank – Great jumbo loan lender for flexible loan options
- Ally Bank – Great jumbo loan lender with competitive interest rate
- Guaranteed Rate – Great jumbo loan lender for a seamless digital experience
- SoFi – Best mortgage lender for discounts and no PMI
- Alliant Credit Union – Great mortgage lender for jumbo loans for those who want to work with real estate agents in the Alliant network
- PNC Bank – Great pick for a range of jumbo loan options
- NBKC Bank – Great mortgage lender for digital convenience
- PennyMac – Viable option for jumbo loans with rate transparency
Charting the Best Mortgage Lenders for Jumbo Loans For 2024
| Lender | Minimum Down Payment | Minimum Credit Score | Interest Rate Range |
| Wells Fargo | 10 | 680 | 5.00% – 5.50% |
| Rocket Mortgage | 10 | 640 | 5.25% – 5.75% |
| Chase Bank | 10 | 660 | 5.15% – 5.65% |
| Ally Bank | 10 | 680 | 4.95% – 5.45% |
| Guaranteed Rate | 10 | 660 | 5.20% – 5.70% |
| SoFi | 10 | 620 | 5.35% – 5.85% |
| Alliant Credit Union | 10 | 660 | 4.90% – 5.40% |
| PNC Bank | 10 | 680 | 5.10% – 5.60% |
| NBKC Bank | 10 | 660 | 5.05% – 5.55% |
| PennyMac | 10 | 640 | 5.10% – 5.60% |
Wells Fargo
Wells Fargo is regarded as the viable choice for home loans. It offers plethora of home loaning options so it is feasible for the buyers. So that they can easily select the best one. being the top pick for the best mortgage lenders for jumbo loans it has physical branches located in 78,00 locations all across the U.S to get assistance of the loan officer. It is geared towards individuals who are seeking a wide range of mortgage options to get the best possible home in a safe locality.
Type of loan offered by No#1 Best Mortgage Lenders for Jumbo Loans
Following are the different types of loan that area offered by Wells Fargo
- Conventional
- FHA
- Jumbo loan
- FHA cash out refinance
- FHA streamline refinance
- Jumbo Refinance
- VA
- VA IRRRL
- Construction loan
- Specialty mortgage products that are targeted towards the first time home buyers
Rocket Mortgage
If you want to purchase your dream home in a suitable locality , Rocket Mortgage will help you to fulfill your desire. As one of the best jumbo loan lenders, the loan amounts can go upto $3 million for the secondary properties. While for the investment properties, you get $2.5 million on a term of 15 year. For the jumbo loans you have to make the down payment of at least 10% . Moreover the interest rates are competitive for 30-year, 15-year, and 7-year plan.
Type of loan offered by No#2 Best Mortgage Lenders for Jumbo Loans
Rocket Mortgage offers various home loans to facilitate a large user base. Although the requirement of each loan is different but the home loan option are as follows
- Conventional
- Fannie Mac HomeReady
- Fannie Mae HomeReady
- Freddie Mac Home Possible
- FHA
- Jumbo
- VA
- VA IRRRL
- VA cash-out refinance
- FHA streamline refinance
- FHA cash-out refinance
Chase Bank
As the strong choice among the Best Mortgage Lenders for Jumbo Loans for 2024, Chase offers multiple jumbo loan offerings to the users. As jumbo loans are not government backed the interest rates are higher than the loans guaranteed by the government. To facilitate the users to avail jumbo loans, Chase Bank offers fixed rate, adjustable rate, and interest-only mortgages. To qualify for the jumbo loans you require credit score of 700 and debt to income ratio lower than 43%.
Type of loan offered by No#3 Best Mortgage Lenders for Jumbo Loans
Chase Bank offers various home loans to a large user base. The common options available to the citizens are as follows:
- Jumbo Loan
- VA
- FHA
- Standard agency mortgage
- Chase DreaMaker℠ mortgage
- Adjustable rate mortgage refinance
- Fixed rate refinance
- Cash-out refinance
Ally Bank
Ally is a financial services company that offer range of home loans including the jumbo loan and other refinancing option for vacation homes , investment properties and primary residences. If you are planning to buy a big house jumbo loans can help you get money above the bracket of $726,200. Being one of the great lenders in the list of best mortgage lenders for jumbo loans, the loans are available upto the price of $4 million. Depending upon the user choice and credit worthiness the rates may be fixed , adjustable along with the down payment of 10%.
Type of loan offered by No#4 Best Mortgage Lenders for Jumbo Loans
Ally being one of the best jumbo loan lenders offer the lowest possible rate for various loans. Also the application process of the following available loans are streamlined.
- Conventional
- Jumbo loan
- Mortgage Refinancing
- Loan Servicing
Guaranteed Rate
Guaranteed Rate offers a wide selection of mortgages that include special jumbo loans for people to purchase their desired home. On a 30-year fixed jumbo loan you have to pay a low APR of 5.24%. This APR rate is lower than the national average jumbo loan rate of 7.252%.
Jumbo loans come with have higher interest rates than conforming loans as they are considered to be riskier for lenders. Being one of thebest mortgage lenders for jumbo loans, Guaranteed Rate offers lower mortgage rates because it is a direct lender with its own funding source. Moreover, the Guaranteed Rate does not have to sell its loans to the secondary market, which can increase the cost of the loan.
Type of loan offered by No#5 Best Mortgage Lenders for Jumbo Loans
Guaranteed Rate offers multiple loaning options that can facilitate the users of all social classes.
- Conventional
- FHA
- Jumbo
- VA
- Adjustable rate
- Interest only
- Reverse mortgages
- Renovation loans
- Home equity line of credit
- Specialty loans
SoFi
SoFi is one of the credible online loan lenders that offer jumbo loans up to the amount of $3 billion. The good aspect of one of the best mortgage lenders for jumbo loans is that it does not require private mortgage insurance for the jumbo loans. Moreover, the interest rates are low and the down payments are as low as 10% for the jumbo loans. The low-down payments for jumbo loans make it approachable for middle-income earners too. In a matter of minutes, you can easily get preapproved for the loan.
Type of loan offered by No#6 Best Mortgage Lenders for Jumbo Loans
SoFi is a one-stop shop mortgage lending company that offers the following mortgage products to its users :
- Conventional
- FHA
- Jumbo
- VA
- Cash out refinance
- Rate and term refinance
- HELOCs
Alliant Credit Union
Although the credit score requirement is 720 but Alliant Credit Union offers jumbo loans with no origination fee. Being the viable option in the list of best mortgage lenders for jumbo loans, it does not charge a pre-payment penalty to the users. It is geared towards home buyers who want a completely digital process with no mortgage insurance. Moreover, low down payment is another good factor that led to the preference of this mortgage lender.
Type of loan offered by No#7 Best Mortgage Lenders for Jumbo Loans
Alliant Credit Union offers various loan services to its users. The mortgage loan products that are presently available to the users are the following:
- Conventional
- FHA
- Jumbo
- VA
- Cash out refinance
- Rate and term refinance
- HELOCs
PNC Bank
PNC Bank is one the credible lenders that have a relatively easy application process with various jumbo terms and loan options. Being one of the most advanced and best mortgage lenders for jumbo loans it has online tools that estimate the mortgage payments and keep a track of the application process online. The jumbo loans can be easily used for primary or second home purchases. With this lender you get upto $5 million in jumbo loans.
Type of loan offered by No#8 Best Mortgage Lenders for Jumbo Loans
PNC Bank offers a variety of mortgage types to cater the needs of all sorts of home buyers .
- Conventional
- FHA
- Jumbo
- VA
- Cash out refinance
- Rate and term refinance
- HELOCs
- USDA
- High Net Worth Jumbo
- PNC Community Mortgage
- Fannie Mae HomeReady
- Freddie Mac Home Possible
NBKC Bank
For all those who prefer first-rate customer service, NBKC Bank is one of the best jumbo lenders that offers the utmost customer satisfaction to its users. Although the majority of the loans are available all across the United States some loans are limited to Kansas City. NBKC offers mortgage rate calculator too so that you will be able to receive the customized rate quote according to your current financial standing. The results will display the APR, monthly payments, and the total cost of the mortgage points. The borrowers will speak with the NBKC bank loan officer to have a clear cut idea about the loaning lending process.
Type of loan offered by No#9 Best Mortgage Lenders for Jumbo Loans
Being one of the best jumbo loan lenders it provides numerous mortgage products to its users that includes the following options.
- Conventional
- FHA
- Jumbo
- VA
- Cash-out refinance
- Rate and term refinance
- HELOCs (Kansas city area borrowers)
- Fannie Mae HomeReady
- Freddie Mac Home Possible
- Pilot loans
- Construction loans (Kansas City area borrowers)
Best Mortgage Lenders for low down payments
The are few mortgage loan lenders that offer little to no down payment options to the users. NBKC Bank offers flexible down payment options to cater the needs of the first time home buyers.
PennyMac
PennyMac is a mortgage company that is based in California and offers the home loan products to the borrowers nationwide. It is the fifth largest mortgage lender all across the USA. Being a safe option for the best mortgage lenders for jumbo loans, the loan terms are less stringent as compared to the other top-tier lenders. For the ease of jumbo loan borrowers the customized interest rates are available online. Visit the website and get instant interest rates that is tailored to your credit profile.
Type of loan offered by No#10 Best Mortgage Lenders for Jumbo Loans
The mortgage option for purchasing and refinancing by PennyMac includes the following :
- Conventional
- Jumbo
- FHA purchase
- VA purchase
- VA IRRRL
- VA Cash-out refinance
- FHA streamline refinance
- FHA Cash-out refinance
- Investment property loans
- HELOCs
How we have selected the Best jumbo loan lenders?
The jumbo loan lenders are selected after careful consideration to the following factors:
Down Payment Requirements
Since for the jumbo loans the down payment requirement is greater so look closely at each lender to check the down payment amount. We have favored those lenders that offer greater flexibility in the down payments. However, it is seen that many of the lenders require the loan borrower to make at least 10% payment.
Ease of the Application Process
Securing a loan can pose various challenges to borrowers especially for the first-time loan borrowers. A streamlined and efficient application process is necessary to lessen the potential difficulties of buyers. The online checking of rate quotes makes it easy for the borrowers to analyze their situation. In the list of best mortgage lenders for jumbo loans we have only inculcated those lenders who offer rate quote and have relatively easy pre-qualification process.
Customer Support
To craft the list of the best mortgage lenders for jumbo loans we have given preference to the lenders who are transparent and provide up to date information on the mortgage products . Also, many of the best jumbo loan lenders have online resources and calculators to provide assistance to the users. in addition, the preference is given to the lenders who provide support via email, phone, or through their online portal.
What are the pros and cons of jumbo loans?
Jumbo loans are used to purchase a high-value home that is more expensive than the total amount of $548,250. Jumbo loan comes with a different set of advantages and disadvantages
| Pros | Cons |
| Higher borrowing limits | Higher interest rates |
| Can finance more expensive homes | May require a higher credit score |
| May be eligible for tax deductions | May have stricter qualification requirements |
| Can help you build equity faster | May have limited lender options |
What are the criteria for the qualification of jumbo loans?
As the lender has to lend you a big amount the criteria for jumbo loans is a little stringent. Unlike conventional mortgages with lenient criteria for qualification, this loan requires a little extra effort to get. The qualification criteria for the jumbo loans are largely determined by the lender and it vary from lender to lender. But the important and general qualification criteria are as follows:
- You should have a FICO credit score of 700 and above. Some even want higher than that for jumbo loans
- Lenders charge a down payment in the range of 10-20% and do not typically require private mortgage insurance
- The maximum debt-to-income ratio should be 43%. This ratio is calculated after adding all your debt payments including credit card debt in addition to the proposed mortgage payments
- The reserve requirements are typically higher than the standard Fannie Mae and Freddie Mac standards
Important things to keep in consideration when you apply for jumbo loans
Interest Rates
There are certain factors to keep in consideration when you apply for the jumbo loans. Firstly, as the mortgage rates continue to fluctuate during the life span of the mortgage therefore it is important that you receive the best rate possible at the start. The mortgage interest rates are dependent on multiple factors include credit score, credit report and various other aspects. When making a selecti0on of lender among the best mortgage lenders for jumbo loans, it is important to get an idea about the interest rates on the lenders official site. To have a clear picture in your mind you can provide the necessary information to check the rate.
Mortgage Approval Fees
The mortgage approval process also comes with hefty fees that in other terms are known as lender fees. The fee charges include the origination fee, processing fee, application fee, and underwriting fee. Additionally, you have to pay for the documentation preparation fee, title search fee, title insurance fee, appraisal fee, and much more. In general, the lender fees on average can cost an additional $1,387. Most of the lenders in the list of best mortgage lenders for jumbo loans charges origination fee from the borrowers.
More importantly, it is crucial to do your research before selecting a single lender for jumbo loans. Whether you are choose are first-time home buyer looking for mortgage or purchasing the investment property there are suitable options for you to carry forward with .
Frequently Asked Questions
When should you get jumbo loans?
As with jumbo loan, you have more buying power which means that you easily purchase house in a highly priced region . You can only qualify for the jumbo loans when the credit score is higher and have stable income to pay for down payment.
What is the largest mortgage loan you can avail ?
A loan is considered as jumbo if it exceeds the loan servicing limits that are set by Freddie Mac and Fannie Mae that is currently $726,200 for a single family home in all the U.S states except Hawaii and Alaska where the limit is $1,089,300.
What is a 30-year jumbo mortgage loan?
A jumbo mortgage home loan is a type of home loan that surpasses the conforming loan limit that is set by the U.S. government. The current set amount for jumbo loans is $726,200 and anything greater than that is known as jumbo loan. the jumbo loan with a repayment term for 30-year is regarded as 30-year jumbo mortgage loan.
