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Best Jumbo Loan Lenders

Jumbo loans, also called nonconforming loans, give homebuyers access to more money than government-sponsored loan programs. Most people who are eligible for jumbo loans are highly paid professionals who will need to work with a lender equipped to handle higher loan limits.

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by Michele Lerner Mortgage & Real Estate Contributing Editor
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Top 3 Best Jumbo Mortgage Lenders

The needs of every jumbo borrower are unique, and lenders who offer nonconforming loans can make their own rules based on how many investor funds they have access to. For example, 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 with the same score. Across the board, the most important qualifying factors lenders consider before they approve jumbo loans are your debt-to-income ratio, credit score and assets.

Best jumbo lender overall
Caliber Home Loans

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Caliber Home Loans
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  • Maximum loan amount of $3,000,000
  • 5% minimum down payment
  • Flexible underwriting guidelines

What we like: Caliber is a full-service mortgage banking company that offers jumbo loans to finance expensive properties. Single-family residencies, warrantable condominiums, properties in Planned Unit Developments (PUDs) and co-operative units in some locations are eligible.

Jumbo loans are available with fixed or adjustable rates over flexible terms. Caliber also has a jumbo interest-only ARM program for prospective homeowners who prefer a lower monthly payment during the first 5–10 years of the loan. This interest-only jumbo loan program requires a minimum credit score of 700 and allows up to 9 percent in seller contributions, meaning that up to 9 percent of closing costs can be paid for by the seller. Caliber also offers several nonconforming portfolio loan programs for nontraditional borrowers and investors.

What to consider: Standard origination fees and closing costs apply, including appraisal fees up to $1,200. More than one appraisal may be required before closing on a jumbo mortgage. On the plus side, Caliber is very transparent about fees so you shouldn’t be caught off guard on your closing day.

Who it’s best for: Caliber’s loans are best for prospective homebuyers with limited funds for a conventional loan or who are relocating to a high-cost market.

Best online jumbo loan lender
AmeriSave Mortgage

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AmeriSave Mortgage
LogoSummary
  • Maximum loan amount of $1,500,000
  • 20% minimum down payment
  • 700 minimum credit score

What we like: AmeriSave Mortgage is a nonbank lender that offers competitive mortgage rates on nonconforming loans up to $1,500,000. Fixed rates are available over 15- and 30-year terms. Adjustable rates are available over 5, 7 and 10 years. In addition to a credit score of 700 or better and 20 percent down, AmeriSave requires you have 9 months of funds in reserve to cover principal, interest, taxes and insurance (PITI).

AmeriSave Mortgage also provides jumbo refinance loans to eligible borrowers. Refinancing a jumbo loan is a somewhat complicated process but makes sense for some homeowners with higher adjustable-rate jumbo mortgages who want to lower their monthly payments. Requirements for refinancing a jumbo loan through AmeriSave are similar to eligibility requirements for regular jumbo loans.

What to consider: Most standard closing costs are applicable, and AmeriSave is transparent about fees associated with their jumbo loan products. Because they are an online-only lender with minimal overhead, AmeriSave is able to waive application and origination fees.

Who it’s best for: AmeriSave is best for prospective homebuyers who want to save on origination fees and prefer the online experience over visiting a physical branch location.

Best jumbo loan broker
LendingTree

Company nameContact
Lending Tree
LogoSummary
  • Maximum loan amount varies by lender
  • 20% average down payment
  • 740+ average credit score

What we like: LendingTree is an online loan marketplace with a large network of lenders offering jumbo mortgage loans as well as jumbo loan refinancing. Because of the noted lack of standardization across different lenders for nonconforming or jumbo loans, it’s helpful to be able to compare terms, rates and eligibility or underwriting guidelines for several jumbo loan products all at once.

Their website is easy to navigate, and the My LendingTree app helps you evaluate your financial health and identify savings opportunities before you apply for any mortgage. Through the app, you’ll also have access to credit monitoring and tools to help you improve your credit if you need to.

What to consider: The most common complaint against LendingTree has to do with prospective borrowers feeling bombarded or overwhelmed by offers from multiple lenders.

Who it’s best for: LendingTree is best for tech-savvy borrowers in expensive areas who want to be able to compare several lenders at once.

Jumbo loan questions

Are jumbo loans more expensive?

A jumbo loan is generally more expensive than other loans in that the total amount, down payment and interest rate tend to be higher than conforming loans, but not always. Jumbo loan lenders often require two appraisals to verify the value of the house, which can get pricey too. On the plus side, the difference between interest rates for nonconforming loans and conforming loans is currently not very significant. In some instances, it’s actually lower than interest rates on more traditional mortgage loans.

Do jumbo loans have PMI?

Private mortgage insurance (PMI) is meant to protect lenders in case a borrower defaults and their home winds up in foreclosure. It’s normally only required by a lender when the borrower makes a down payment lower than 20 percent. If you make a large enough down payment of about 20 percent or more, you usually won’t be required to pay PMI premiums.

However, PMI requirements can vary by lender. When PMI is required it is paid monthly until the borrower puts enough toward the total loan amount that the lender stops requiring it. You can expect PMI costs to be anywhere from 0.5–1 percent of the total loan amount every year.

Are interest rates higher on jumbo loans?

Jumbo loan interest rates have historically been between 0.25 to 0.50 percent higher than conforming loans. More recently, jumbo loan rates are sometimes lower than their conforming counterparts, but not always. Individual lenders can set their own interest rates since jumbo mortgage loans are kept in lenders’ loan portfolios.

A half a percent might not seem like a lot, but the spread between 3.5 percent and 3.75 percent can mean paying more than a hundred dollars more on your monthly mortgage payment. It also means you’ll pay more for the loan over time. As with any other type of mortgage loan, there are adjustable- and fixed-interest rate jumbo loans, and some lenders offer interest-only jumbo mortgage loans.

Can you refinance a jumbo loan?

You can refinance jumbo loans in much the same way you can refinance a conforming loan. Like other types of mortgage rates, jumbo loan refinance rates can fluctuate over a relatively short period of time, and it could make a lot of sense to refinance your jumbo loan if you got a fixed rate while rates were high. 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 jumbo refinance mortgage rates compare against one another.

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    Compare Top Jumbo Lender Reviews

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    Mr. Cooper
    Read 8,980 Reviews

    Offers conventional, FHA, VA and jumbo home loans nationwide. Refinances homes with FHA Streamline and VA IRRRL (interest rate reduction refinance loan). Provides convenient app. No online payment fees. Non-bank mortgage servicer.

    Toll free number (844) 505-4810
    Gateway First Bank
    Read 662 Reviews

    Offers purchasing and refinancing loans with fixed and adjustable rates. Provides conventional and government-backed loans for condos and manufactured homes.

    Quicken Loans
    Read 4,771 Reviews

    Offers conventional mortgages plus FHA, VA and jumbo loans. Refinancing options available to lower payments, change terms or take cash out. Provides fast online application process through RocketMortgage.

    First Internet Bank
    Read 313 Reviews

    Provides purchase, construction and refinance loans with fixed or adjustable rates. Gives free personalized quotes in less than a minute. Most borrowers close in 40 days or less.

    Visit Website Toll free number (844) 432-0167
    LendingTree
    Read 1,514 Reviews

    Specializes in home purchase loans, home refinance, home equity and reverse mortgages. Compares rates and quotes from multiple lenders. Provides free mortgage calculator.

    AmeriSave Mortgage
    Read 2,832 Reviews

    Provides FHA, VA, USDA and jumbo purchase loans plus cash-out refinancing options. Gives accurate quotes within minutes. Prequalify and close in as little as 25 days. Direct mortgage lender.

    Toll free number (855) 794-5993
    Caliber Home Loans
    Read 2,856 Reviews

    Specializes in loans designed for borrowers who may not qualify for traditional mortgage financing. Offers mortgage loans up to $1 million. Provides fixed- or adjustable-rate mortgages with low down payment options.

    Chase Mortgage
    Read 1,881 Reviews

    Offers fixed- and adjustable-rate mortgages for purchase and refinance. Provides FHA, VA and jumbo loans. Get prequalified online and connect to a Chase Home Lending Advisor.

    Wells Fargo Mortgage
    Read 1,435 Reviews

    Offers mortgage loan option to buy a house, refinance an existing mortgage and tap into your home equity. Lets clients compare rates and track their online application through yourLoanTracker tool.

    Guaranteed Rate Mortgage
    Read 139 Reviews

    Offers FHA, VA, jumbo and interest-only mortgages. Borrowers get interest rate guarantee before interest rate lock. Provides 15- or 30-year fixed and 5/7 ARM. Requires a 1% down payment for Double Match program.

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      Compare Top Jumbo Lender Reviews

      Suntrust Mortgage
      Read 387 Reviews

      Offers programs for first time home buyers. Provides cash-out refinancing, home improvement financing and home equity lines of credit. Find current mortgage rates and calculators on its website.

      by Michele Lerner Mortgage & Real Estate Contributing Editor

      Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.

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