11 Best Mortgage Lenders for Jumbo Loans in 2024
Jumbo loans are for homes with prices that exceed the conforming loan limit. We'll help you find the best jumbo loan lenders of 2024.
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If you're shopping for a mortgage in a high-cost area or buying an especially 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 for conforming loans.
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.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
11 Best Mortgage Lenders for Jumbo Loans in 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
|---|---|---|---|---|
640 | 10% | |||
 Rate: NMLS#2611 LEARN MORE on NerdWallet | 660 | 5% | LEARN MORE on NerdWallet | |
 Bethpage Federal Credit Union: NMLS#449104 LEARN MORE on NerdWallet | 660 | 10% | LEARN MORE on NerdWallet | |
 PNC: NMLS#446303 LEARN MORE on NerdWallet | 680 | 5% | LEARN MORE on NerdWallet | |
 Bank of America: NMLS#399802 LEARN MORE on NerdWallet | 720 | 5% | LEARN MORE on NerdWallet |
- Offers government-backed loans and some harder-to-find products, such as loans for self-employed borrowers and mortgages for pilots.
- Efficient customer service over the phone or through online chat.
- Displays customized rates, with fee estimates, without requiring contact information.
- HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
- Mobile app only available for online banking customers.
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Bethpage Federal Credit Union: NMLS#449104
660
10%
- Has a fully online mortgage application and a highly rated mobile app.
- Offers financing for co-ops, a type of home that’s common on the East Coast.
- FHA rates and fees are on the low side, according to the latest federal data.
- In-person service available only on Long Island, New York.
- Doesn’t offer renovation, construction-to-permanent or USDA loans.
- Customized rates not available online.
- Offers several low-down-payment loan options, including FHA, VA, USDA and the PNC Community Loan.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Mortgage rates are lower than the industry average, according to the latest federal data.
- Jumbo loans available with 5% down payment.
- Doesn't offer renovation mortgages or home equity loans.
- In-person service is not available in every state.
- You’ll have to create an account or supply personal data to get answers by phone.
- Offers down payment and closing cost assistance programs.
- Existing customers who meet certain qualifications can receive a discount on mortgage lender origination fees and HELOC interest rates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Doesn't offer renovation or construction-to-permanent mortgage loans.
- Must enroll in online banking to access Home Loan Navigator.
- Fined $12 million for reporting inaccurate mortgage applicant info to the federal government.
- Borrowers can apply entirely online. The lender is also very transparent about what borrowers can expect from the process, including nontraditional customers.
- Borrowers do not need to become members of the credit union until they’ve reached the closing process, meaning that interested home buyers can apply and get rate offers without committing to membership.
- Offers customized rate quotes, including a detailed breakdown of estimated closing costs.
- Does not offer VA, FHA or USDA loans.
- Membership is contingent on belonging to or joining a partner organization, or living in an eligible Chicago-area community.
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can receive a customized rate quote on the website.
- Home equity loans aren't available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
- Average interest rates are among the lowest compared to other lenders’, according to the latest federal data.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Borrowers with existing Citi accounts may receive discounts.
- Customized mortgage rates are not available without contacting the lender.
- HELOCs and home equity loans are not currently available.
- No live chat feature on the lender’s site.
Andrews Federal Credit Union: NMLS#410421
620
10%
- Caters to first-time home buyers with incentives and education.
- Provides extra support for military borrowers, including branches near bases in Germany, Belgium and the Netherlands.
- Offers HELOCs and home equity loans at competitive interest rates.
- Physical branches in the U.S. are limited to Maryland, New Jersey, Virginia and Washington, D.C.
- Does not offer renovation or construction home loans.
Ally Bank: NMLS#181005
National
10.01%
- Borrowers can receive a customized rate quote by entering their information (home price, credit score, etc.) into a tool on Ally’s website.
- Offers Fannie Mae’s HomeReady loan, which has flexible lending requirements and requires just 3% down.
- Interest rates are on the low side relative to competitors, according to the latest federal data.
- Borrowers must be preapproved before applying for a loan.
- Doesn't offer FHA, VA or USDA loans.
- Origination fees are on the high side, according to the latest federal data.
- Offers two proprietary loans with low down payment requirements.
- Provides customizable sample rates.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Borrowers must apply for prequalification before accessing a full online application.
- Origination fees are higher than average, according to the latest federal data.
- Borrowers may be frustrated with the lender’s website experience.
Understanding jumbo loan limits
Jumbos are examples of nonconforming loans — conventional mortgages that exceed the loan limits set by the Federal Housing Finance Agency or fall outside underwriting guidelines established by Fannie Mae and Freddie Mac.
Loan limits for conforming loans vary; they are highest in the country’s most expensive areas. In 2024, the limits for conforming loans are:
$766,550 for a single-family home in most areas of the U.S.
Up to $1,149,825 for high-cost areas, such as San Francisco or Virginia’s Arlington County.
Borrowers seeking mortgages above those amounts will need to consider jumbo loans.
More from NerdWallet
Last updated on January 5, 2024
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 more than 50 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with 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) average jumbo interest rates, (4) average jumbo origination fees, (5) the range of jumbo loan types offered, (6) their rate transparency, and (7) 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 2022 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.
NerdWallet's Best Mortgage Lenders for Jumbo Loans in 2024
- NBKC: Best for digital convenience
- Rate: Best for rate transparency
- Bethpage Federal Credit Union: Best for variety of jumbo loan options
- PNC: Best for overall jumbo lending
- Bank of America: Best for volume of jumbo lending
- Alliant: Best for credit union lending
- Flagstar: Best for digital convenience
- Citibank: Best for low origination fees
- Andrews Federal Credit Union: Best for credit union lending
- Ally Bank: Best for rate transparency
- Chase: Best for variety of jumbo loan options
