Best jumbo mortgage lenders in 2024
If you’re looking to buy a home, choosing the right mortgage lender can save you money. That’s especially true if you’re planning on taking out a larger jumbo loan. To help you in your search, here is our guide to the best jumbo mortgage lenders in 2024.
Best mortgage lenders for jumbo loans
Lender | Credit requirements | Down payment minimum | Bankrate Score | |
|---|---|---|---|---|
Veterans United Home Loans | 620 for conventional and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.9 | |
Bethpage Federal Credit Union | 620 for conventional loans, 500 for FHA loans | 3% for conventional loans, 3.5% for FHA loans | 4.9 | |
First Mortgage Direct | 620 for conventional loans, 580 for FHA and VA loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 | |
New American Funding | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 | |
USAA | 640 for VA loans | None for VA loans | 4.8 | |
U.S. Bank | 620 for conventional loans, 740 for jumbo loans | 5% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 | |
Wells Fargo | 620 for conventional loans | 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans | 4.8 |
Veterans United Home Loans
Learn morein our Bankrate review
Lender details
Availability: All U.S. states
Loans offered: Conventional, jumbo, FHA, VA, USDA
Credit requirements: 620 for conventional and VA loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
Where to find: Branch locations and online
Pros and cons
Green circle with a checkmark inside Pros
Specializes in VA loans
24/7 customer service over the phone
Free credit counseling for service members
Red circle with an X inside Cons
Doesn’t offer HELOCs or home equity loans
Limited number of branches
Bethpage Federal Credit Union
Learn morein our Bankrate review
Lender details
Availability: All U.S. states except Texas
Loans offered: Conventional, jumbo, FHA
Credit requirements: 620 for conventional loans, 500 for FHA loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans
Where to find: Branch locations and online
Pros and cons
Green circle with a checkmark inside Pros
Displays rates online
Rates tend to be lower than the national average
Offers HELOCs
Red circle with an X inside Cons
Must be a member
Doesn’t offer USDA loans
Only offers VA refinances
First Mortgage Direct
Learn morein our Bankrate review
Lender details
Availability: All U.S. states
Loans offered: Conventional, jumbo, FHA, VA, USDA
Credit requirements: 620 for conventional loans, 580 for FHA loans and VA loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
Where to find: Online
Pros and cons
Green circle with a checkmark inside Pros
Customized online quote tool
No origination or hidden fees
Red circle with an X inside Cons
Preapprovals take slightly longer compared to other lenders
New American Funding
Learn morein our Bankrate review
Lender details
Availability: All U.S. states except Hawaii and New York
Loans offered: Conventional, jumbo, FHA, VA, USDA
Credit requirements: 620 for conventional loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
Where to find: Branch locations and online
Pros and cons
Green circle with a checkmark inside Pros
Displays current mortgage rates online
Initiatives that focus on serving minority borrowers, including down payment grants
More than 170 branch locations
Red circle with an X inside Cons
Not available in Hawaii or New York
USAA
Learn morein our Bankrate review
Lender details
Availability: All U.S. states
Loans offered: Conventional, jumbo, VA
Credit requirements: 640 for VA loans
Down payment minimum: None for VA loans
Where to find: Online
Pros and cons
Green circle with a checkmark inside Pros
24/7 customer service
Specializes in VA loans and doesn’t charge VA loan origination fees
Red circle with an X inside Cons
Only available to military members, veterans and their families
U.S. Bank
Learn morein our Bankrate review
Lender details
Availability: All U.S. states
Loans offered: Conventional, jumbo, FHA, VA, USDA
Credit requirements: 620 for conventional loans, 740 for jumbo loans
Down payment minimum: 5% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
Where to find: Branch locations and online
Pros and cons
Green circle with a checkmark inside Pros
Several down payment and closing cost assistance programs
Discounts for banking customers
Red circle with an X inside Cons
Requires a higher credit score to qualify
Refinance timeline can be lengthy
Wells Fargo
Learn morein our Bankrate review
Lender details
Availability: All U.S. states
Loans offered: Conventional, jumbo, FHA, VA, USDA
Credit requirements: 620 for conventional loans
Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
Where to find: Branch locations and online
Pros and cons
Green circle with a checkmark inside Pros
Displays mortgage rates online
Massive branch network
Will consider non-traditional credit references in application process
Offers low-down payment options to assist lower-income borrowers
Red circle with an X inside Cons
Dialed back its mortgage offerings
No longer offers HELOCs
Below-average customer satisfaction scores and negative past customer reviews
How to find the best jumbo loan lender for you
Before you start comparing mortgage lenders, it’s important to make sure your finances and credit file are in good standing. Regardless of what lenders have to offer, you’ll get the best loan terms if your credit score is high, your DTI ratio is low and you have a large down payment.
As you shop around, get prequalified or preapproved with at least three jumbo loan lenders. You might even consider working with a mortgage broker who can help you with this process.
With the rates and closing costs laid out side by side, you’ll be able to choose the best lender based on what they have to offer. You might also be able to use this information to negotiate with lenders to cut their rates or costs.
Take your time with this process, because even a small decrease in your interest rate could save you tens of thousands of dollars, especially when you’re borrowing such a large sum of money.
Learn more: Compare jumbo loan mortgage rates
FAQ about jumbo loans
What is a jumbo loan?
A jumbo loan is a mortgage for an amount that exceeds the limits set by the Federal Housing Finance Agency on behalf of Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy most U.S. home loans and package them for investors. For 2024, the limit for conforming loans in much of the country is $766,550. However, the loan limits are higher (up to $1,149,825) in more expensive areas. Borrow more than those amounts, and you’ll need a jumbo loan.
What’s the difference between jumbo loans and conventional loans?
Many jumbo loans are conventional loans. A conventional loan is simply a mortgage that’s not guaranteed or insured by the government. However, conventional loans can be either conforming or non-conforming, which is where the difference lies for jumbo loans. A jumbo loan is a type of non-conforming loan.
What are the requirements for a jumbo loan?
Because you’re borrowing an amount that’s greater than what’s acceptable for a conforming loan, jumbo loans typically have stricter eligibility requirements, such as a higher minimum credit score and bigger minimum down payment.
Methodology
To determine the best mortgage lenders for jumbo loans, Bankrate evaluated lenders based on affordability, availability and borrower experience. The best jumbo loan lenders generally have a Bankrate Score of 4.8 or higher. Learn more about our methodology.
