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Best Jumbo Loan Lenders

AUTHORIZED PARTNER
by Emily Moore Home and Mortgage Journalist

Jumbo loans, also called nonconforming loans, give homebuyers access to more money than government-backed loan programs. 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 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 closingsAmeriSave MortgageAUTHORIZED PARTNER
  • 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.

Our pick for competitive ratesMr. CooperAUTHORIZED PARTNER
  • 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.

Our pick for jumbo refinancingRocket MortgageAUTHORIZED PARTNER
  • 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.

Our pick for easy application processClearPath LendingAUTHORIZED PARTNER
  • 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.

Our pick for great loan officersNorth American Savings Bank
  • 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.

Our pick for VA jumbo loansVeterans United
  • 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.

Our pick for personalized supportCardinal FinancialAUTHORIZED PARTNER
  • 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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What to know about jumbo loans

The needs of every borrower are unique. Sometimes, people need to borrow more than the conforming loan limits set by Fannie Mae or Freddie Mac to get the house they want.

In most areas, the maximum conforming loan limit for a single-family home is $548,250. In high-cost areas, the limit is up to $822,375 in 2021. As with any other type of mortgage loan, there are adjustable- and fixed-rate jumbo loans, and some lenders offer interest-only jumbo home loan options.

Across the board, the most important qualifying factors lenders consider before they approve jumbo loans are your credit score, debt-to-income ratio and assets.

For instance, one jumbo lender might let you borrow $4 million with a 720 credit score, while another lender might only be willing to lend you $2 million. For more, read about jumbo loan requirements.

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.

Not sure how to choose?

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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. To learn more about the content on our site, visit our FAQ page.
    1. Federal Housing Finance Agency (FHFA), “Conforming Loan Limits.” Accessed May 20, 2021.

    Compare Top Jumbo Lender Reviews

    by Emily Moore Home and Mortgage Journalist

    Emily Moore is a journalist and writer who has been writing professionally for more than 10 years. She specializes in real estate writing and has worked with nationally known news organizations and companies. She has degrees in journalism and political science from Michigan State University.

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