Best Jumbo Loan Lenders
A jumbo loan is a type of nonconforming loan that gives homebuyers access to more money than government-backed loan programs offer. If you need to work with a lender equipped to handle higher loan limits, use our guide to research the best jumbo loan lender for you. We explain what to look for in a reputable lender and how jumbo loans work.
- Our recommendations are based on what reviewers say.
- 4,338,283 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Our picks for top jumbo mortgage lenders
To select our top picks, we started with the 21 companies listed on this guide, then eliminated those with limited availability or an overall satisfaction rating below 3.5 stars. To stay on the list, lenders also had to have a 2:1 ratio of 5-star reviews to 1-star reviews from the last year (May 10, 2020, through May 10, 2021).
The ConsumerAffairs research team then analyzed recent verified review data to determine our recommendations for each of the top-rated lenders.
- Our pick for quick closings: AmeriSave Mortgage
- Our pick for competitive rates: Mr. Cooper
- Our pick for jumbo refinancing: Rocket Mortgage
- Our top for easy application process: ClearPath Lending
- Our pick for great loan officers: North American Savings Bank
- Our pick for jumbo VA loans: Veterans United
- Our pick for personalized support: Cardinal Financial
- Loans up to $1.5 million
- Requires 700 credit score
- Available nationwide
- NMLS ID #1168
AmeriSave offers jumbo loans up to $1.5 million for amounts above the conforming limits. There are 15- and 30-year loans, five- and seven-year fixed-rate loans and five-, seven- and 10-year adjustable-rate jumbo mortgages available.
The lender asks for a minimum credit score of 700 and a down payment of 20%. It also requires nine months of reserves to cover principal, interest, taxes and insurance. In addition to quick closings, reviewers highlight low interest rates and ease of working with AmeriSave.
- Loan limits vary
- Requirements vary
- Available nationwide
- NMLS ID #2119
Mr. Cooper offers adjustable- and fixed-rate jumbo loans. You get full digital access to your mortgage terms through Mr. Cooper’s mobile app. Plus, there are no fees for online payments. The lender also guarantees on-time closings or it pays your first month’s mortgage payment (principal plus interest).
Overall, reviewers report good experiences when using Mr. Cooper for purchase and refinancing loans. Credit score, debt-to-income ratio and down payment requirements vary.
- Loan limits vary
- Requires 700 to 740 credit score
- Available nationwide
- NMLS ID #3030
Rocket Mortgage is a division of Quicken Loans. For jumbo loans it asks for a 45% or lower debt-to-income ratio. In addition, it has minimum credit score requirements of 700 for jumbo loans up to $1 million, 720 for jumbo loans between $1 million and $1.5 million and 740 for loans between $1.5 and $2 million.
Reviewers report they like the quick application process and lower interest rates Rocket Mortgage offers. Rocket Mortgage is also one of our picks for conventional refinancing lenders.
- Loan limits vary
- Requirements vary
- Available in most states
- NMLS ID #936436
ClearPath Lending, founded in 2012, offers jumbo loans for properties that exceed conforming loan limits, with fixed or adjustable rates. The minimum credit score and down payment requirement are not listed.
ClearPath Lending has comprehensive online tools and offers the ability to work with an assigned loan officer. Customers appreciate the clear communication and professionalism they experienced when working with this lender.
- Loans up to $1,250,000
- Requires 690 credit score
- Available in most states
- NMLS ID #400039
North American Savings Bank is a national lender based in Kansas City. Jumbo loans are available up to $1,250,000, with some higher limits for eligible buyers. The lender requires borrowers to have a 43% or lower DTI and 10% to 20% down payment.
Many happy homeowners also highlight NASB’s helpful loan officers and good communication. “From the application and through the closing to the download and printing of all the paperwork I am pleased and impressed with the professional and seamless transition every step of the way,” said Ricardo of North Springfield, VA.
- No loan limits
- Requires 640 credit score
- Available nationwide
- NMLS ID #1907
Veterans United specializes in VA loans and offers jumbo loans with no money down. The approval requirements for a jumbo loan are more stringent than for conventional loans, with a minimum 640 credit score. There is no maximum loan amount.
Homebuyers reported to ConsumerAffairs that they appreciated the ability to buy their first home by working with Veterans United.
- Loan limit up to $2 million
- Requires 660 credit score
- Available nationwide
- NMLS ID #66247
Cardinal Financial offers competitive fixed interest rates for purchases and refinancing for qualified customers. It also offers jumbo loans for investment properties. A 20% down payment is required. Cardinal Financial has a loan origination system it designed for a convenient lending experience.
Customers appreciate the ease of electronic communication and competitive interest rates. “Cardinal had a great blend of personal (phone based agent) and digital experiences that helped me get from pre-qualified to closed within about a month without ever needing to step into a physical location,” said Robert of Keller, Texas.
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Specializes in loans for veterans, active-duty military and their spouses. Offers conforming, jumbo and refinancing VA mortgages. No private mortgage insurance requirements. Serves all 50 states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Offers conventional and government-backed loans, including FHA and VA, for home purchasing, as well as refinancing. Fixed and adjustable rates. Jumbo loans. Licensed in 31 states. Apply online and track your application. |  | ||||
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| Online-based full-service bank. Offers a variety of loan types, including conventional, jumbo, FHA, VA, construction and home equity loans. Also offers HELOCs. Available nationwide. No physical branches. |  | ||||
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| Provides custom quotes with no obligation to purchase or refinance. Offers conventional, FHA, VA and USDA loans. No origination fees. Minimum credit score requirement of 600 to 620. Available in 49 states. |  | View Rates Call Center Open (866) 815-0655 | |||
Offers purchase and refinance loan options. Apply and qualify for loans 100% online. No commission or lender fee. No prepayment penalty. Requires a minimum credit score of 620. Available in most states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Conventional, FHA, VA and jumbo loans. Refinancing options available to lower payments, change terms or take cash out. Minimum credit score requirement: 580 to 620. Available nationwide. |  | View Rates | |||
Online-based mortgage lender. Offers home loans for purchases and refinances. Provides a mobile app and multiple online homebuying tools. No in-person assistance. Available in every state and Washington, D.C. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Online lender with multiple mortgage and refinancing options. 24/7 online services and Learning Center. No in-person assistance. Works with credit scores as low as 580. Available in every state and Washington, D.C. |  | View Rates Call Center Open (800) 762-5471 | |||
Provides home purchase loans, refinancing and lines of credit. Offers specialty loan programs for borrowers who don’t want to put much down or have existing relationships with the company. No government-backed loans. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Offers conforming conventional loans, jumbo loans, interest-only loans, FHA loans, VA loans, home renovation loans and HELOCs. Online application process. Provides preapprovals in about 15 minutes. Over 500 branches nationwide. |  | ||||
What to know about jumbo loans
Are jumbo loans more expensive?
Jumbo loans are generally more expensive than conforming loans, with higher closing costs. Jumbo loan lenders often require two appraisals to verify the value of the house.
On the plus side, the difference between interest rates for nonconforming loans and conforming loans is not always significant. For more, learn how to calculate how much house you can afford.
Do jumbo loans have PMI?
Private mortgage insurance (PMI) is meant to protect lenders in case a borrower defaults. It’s normally only required by a lender when the borrower makes a down payment lower than 20%. If you make a large enough down payment, you won’t be required to pay for mortgage insurance.
Keep in mind that PMI requirements can vary by lender. When PMI is required the borrower pays it monthly until the principal mortgage balance falls below 80% of the original home value. It’s typically between 0.5% and 1% of the loan amount per year.
Are interest rates higher on jumbo loans?
Jumbo loan interest rates have historically been between 0.25% to 0.50% higher than conforming loan interest rates. It might not seem like a lot, but the spread between 3.5% and 3.75% can mean paying over a hundred dollars more on your monthly payment for a jumbo loan.
Can you refinance a jumbo loan?
Yes, you can refinance jumbo loans in the same way you can refinance a conforming loan. Like other types of mortgage rates, jumbo loan refinance rates fluctuate, and it could make sense to refinance if rates are now lower than when you took out your original loan.
Often, the same lender who originated your jumbo mortgage loan will also be able to refinance it for you. Still, it’s not a bad idea to get quotes from other lenders to see how their rates compare.
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- Guide sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Federal Housing Finance Agency (FHFA), “Conforming Loan Limits.” Accessed May 20, 2021.
Compare Top Jumbo Lender Reviews | ||||||
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| Provides home purchase, refinancing and emergency loans. Special services for veterans. Multiple locations across the Kansas City area. Minimum credit score requirements vary. Not all products are available in all states. |  | Call Center Open (844) 489-1676 | |||
Offers conventional loans and government-backed mortgages, including VA, FHA and USDA loans. Loans likely stay with Caliber instead of being sold to another company. Licensed in all 50 states, with local consultants in 43 states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Nationwide lender offering conventional, jumbo, FHA, USDA and VA loans. Also has specialized loans for renovations, condos and tiny houses. Provides free rate quotes. Custom-built loan origination platform. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers home purchase and refinance loans. Online and in-store services available. Work with a local consultant. Check rate estimates online. Closing costs are typically 2% to 5% of the purchase price. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers fixed- and adjustable-rate mortgages for purchase and refinance. Has FHA, VA, jumbo and conventional loan options. Get pre-qualified online or in person. Provides an online interactive mortgage calculator. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Mortgage lender offering home purchase, refinancing, construction, renovation and lot loans. Eight banking centers in Oklahoma. 170 locations nationwide. Interest rate lock program. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers conventional, FHA, USDA, VA and jumbo loan programs for purchase and refinancing. Lock your rate for 120 days while searching for a home. Available in all states except NY. Apply online or visit a branch in 41 states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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| Direct lender providing digital mortgage experience. Offers purchase and refinance loans, including conventional and government-backed loans. Lifetime Guarantee waives lender fees for future refinancing. Available nationwide. |  | ||||
Online marketplace for secured and unsecured loans. Free to compare rates and quotes from lenders for mortgages, car loans, personal loans and more. Minimum credit score requirements vary. Available nationwide. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online and in-store loan services. Offers fixed-rate, adjustable-rate and jumbo loans. Pre-qualification and preapproval services available. Refinancing and home equity lines of credit available. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers conventional and government-backed products in all states except Alaska, Arizona and Hawaii. Publishes purchase and refinance rates online. Get preapproved and apply online. Local loan officers in select states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
One of largest residential mortgage originators in the U.S. Also offers checking and savings accounts, loans, credit cards and investment services. Banking only available in California, Indiana, Michigan, Ohio and Wisconsin. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Not-for-profit credit union serving military, veterans and their families. Offers savings and checking accounts, credit cards and loans. Low fees. Competitive interest rates. Large ATM network across the U.S. and Canada. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
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