BEST OF

12 Best Mortgage Lenders of August 2022 for Jumbo Loans

Jumbo loans are for homes with prices that exceed the conforming loan limit. We'll help you choose from some of the best jumbo loan lenders of 2022.

NerdWallet
Mar 31, 2022

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If you're shopping for a mortgage in a high-cost area or buying a large and expensive home, you may be looking for a jumbo loan — one that's too big to fit Fannie Mae's and Freddie Mac's requirements.

If you're in the market for a jumbo mortgage, it's essential to choose a lender with experience dealing with the special requirements of jumbo loans.

NerdWallet has picked some of the best mortgage lenders for borrowers looking for a jumbo loan in a variety of categories so you can quickly determine which one is right for you.

Best Mortgage Lenders of August 2022 for Jumbo Loans

Ally Bank
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at Ally Bank

Ally Bank: NMLS#181005

4.0

NerdWallet rating 
Ally Bank

National / regional

National

Min. down payment

10%
Learn more

at Ally Bank

Why we like it

Ally Home offers online mortgage applications and loan tracking, with an emphasis on jumbo loans. But borrowers who want FHA or VA loans are out of luck.

Pros

  • Excels in online convenience, with document upload, loan tracking and e-signatures.

  • Offers good rate transparency; rate shoppers can see customized interest rates.

Cons

  • Limited variety of loan products: FHA, VA and USDA loans are unavailable.

  • Doesn't offer home equity loans and lines of credit.

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Bethpage Federal Credit Union
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at Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.5

NerdWallet rating 
Bethpage Federal Credit Union

Min. credit score

620

Min. down payment

3%
Learn more

at Bethpage Federal Credit Union

Why we like it

Bethpage has a good selection of loan options but no USDA mortgages or renovation loans. And while it offers multiple online conveniences, you have to contact the lender for customized rates.

Pros

  • Offers a full array of online conveniences, including loan process updates.

  • Offers financing for cooperatives, a type of home that’s common on the East Coast.

  • Sample mortgage rates available for a variety of loan products.

Cons

  • In-person service available only on Long Island, New York.

  • USDA and renovation loans are not available.

  • Customized rates not available online.

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Chase
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at Chase

Chase: NMLS#399798

4.5

NerdWallet rating 
Chase

National / regional

National

Min. down payment

20%
Learn more

at Chase

Why we like it

Good for: borrowers who want a name-brand bank with offices in more than half the states that charges lower rates and fees than many other lenders.

Pros

  • Allows electronic submission and tracking of loan documents.

  • Carries a wide variety of mortgage types and products.

  • Generally offers competitive rates, according to the latest data.

Cons

  • Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.

  • You have to speak with a home loan adviser to complete the application.

  • Home equity lines of credit (HELOC) are currently unavailable.

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Guaranteed Rate
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at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

NerdWallet rating 
Guaranteed Rate

Min. credit score

N/A

Min. down payment

20%
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at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

  • Doesn't offer home equity loans or lines of credit.

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Bank of America
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Bank of America: NMLS#399802

4.0

NerdWallet rating 
Bank of America

Min. credit score

720

Min. down payment

15%
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Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees.

  • Offers home equity line of credit, or HELOC.

Cons

  • Doesn't offer renovation loans that roll costs into a mortgage.

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Wells Fargo
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Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

N/A

Min. down payment

20%
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Why we like it

Wells Fargo has a solid selection of mortgage products and offers easy-to-shop rates.

Pros

  • Provides numerous online conveniences, including loan application and process updates.

  • Current rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

Cons

  • Home equity loans and lines of credit suspended due to COVID-19 are still unavailable.

  • Scandals and government actions have damaged consumer trust in recent years.

  • No home improvement loans offered.

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Alliant
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Alliant: NMLS#197185

4.5

NerdWallet rating 
Alliant

National / regional

National

Min. down payment

3%
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Why we like it

Good for: first-time home buyers who want to avoid mortgage insurance and prefer a digital application process.

Pros

  • Low- or no-down-payment options with no mortgage insurance.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Does not offer government-backed mortgages, like FHA and VA loans.

  • Does not offer renovation mortgages.

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Golden 1 Credit Union
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Golden 1 Credit Union: NMLS#669333

4.5

NerdWallet rating 
Golden 1 Credit Union

Min. credit score

N/A

Min. down payment

3%
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Why we like it

Golden 1 offers a cost-saving real estate agent program, plus a range of loan types, including jumbos.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower some money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

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PNC
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at PNC

PNC: NMLS#446303

4.5

NerdWallet rating 
PNC

National / regional

National

Min. down payment

20%
Learn more

at PNC

Why we like it

Ideal for those looking for online application support and a variety of jumbo loan term options

Pros

  • Online tools help you estimate mortgage payments and track application progress.

  • Can be used for primary or second home purchases.

  • $5 million max jumbo loan amount.

Cons

  • Doesn't offer renovation mortgages.

  • In-person service is not available in every state.

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US Bank
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US Bank: NMLS#402761

4.0

NerdWallet rating 
US Bank

Min. credit score

N/A

Min. down payment

3%
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Why we like it

U.S. Bank gets high marks for its loan offerings and online customer conveniences — and has competitive fees and mortgage rates.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

Read Full Review
Flagstar
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Flagstar: NMLS#417490

4.0

NerdWallet rating 
Flagstar

Min. credit score

N/A

Min. down payment

10%
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Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Has a full suite of online conveniences.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

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San Diego County Credit Union
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San Diego County Credit Union: NMLS#580585

4.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional
Read review

Why we like it

Good for: Californians who are looking for a conventional or jumbo mortgage and who want to shop rates online.

Pros

  • Offers purchase, refinance, home equity and jumbo mortgages, plus loans for second homes.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • No FHA, VA, USDA or home improvement mortgages.

  • Loans are available only in California.

Read Full Review

Last updated on March 31, 2022

Methodology

The star ratings on this page reflect each lender's performance in NerdWallet’s jumbo loans category. We scored the category and chose lenders for this page using the following methodology:

NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

All reviewed mortgage lenders that offer jumbo loans were evaluated based on (1) the portion of their business dedicated to jumbo loans, (2) the minimum down payment allowed, (3) their jumbo origination fees, (4) the range of jumbo loan types offered, (5) their rate transparency, and (6) the ease of their online application. The highest scoring lenders appear on this page.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.

To recap our selections...

NerdWallet's Best Mortgage Lenders of August 2022 for Jumbo Loans