BEST OF

8 Best Mortgage Lenders of February 2023 for Jumbo Loans

Jumbo loans are for homes with prices that exceed the conforming loan limit. We'll help you find the best jumbo loan lenders of 2023.

By NerdWallet  

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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.

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 February 2023 for Jumbo Loans

PNC
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at PNC

PNC: NMLS#446303

4.5

NerdWallet rating 
PNC

National / regional

National

Min. down payment

20%
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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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Pennymac
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at Pennymac

Pennymac: NMLS#35953

4.0

NerdWallet rating 
Pennymac

Min. credit score

N/A

Min. down payment

3%
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at Pennymac

Why we like it

Good for: borrowers seeking a government-backed mortgage who want to rate-shop online.

Pros

  • Offers a wide variety of loan products, including government-backed and refinance options.

  • Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range.

  • “Lock & Shop” lets you secure a rate for up to 60 days, even if you don’t have a purchase contract yet.

Cons

  • Origination fees are on the higher end, according to the latest federal data.

  • Doesn't offer home equity products or renovation loans.

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NBKC
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at NBKC

NBKC: NMLS#409631

4.0

NerdWallet rating 
NBKC

Min. credit score

N/A

Min. down payment

3%
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at NBKC

Why we like it

Good for: borrowers who want low rates and fees and an online experience with phone support. VA loans are an emphasis.

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.

  • Offers low rates and fees compared with other lenders, according to the latest Federal data.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.

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Bethpage Federal Credit Union
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at Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.0

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 in Queens and on Long Island, New York.

  • USDA loans are not available.

  • Customized rates not available online.

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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- or no-down-payment options and homeowners interested in a home equity line of credit.

Pros

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees and HELOC interest rates.

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

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

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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.

  • Borrowers can apply and track loan status online.

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

Cons

  • Home equity loans are geographically limited.

  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

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Alliant
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Alliant: NMLS#197185

4.0

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.

  • Offers a home equity line of credit, or HELOC.

  • Mortgages are available for non-warrantable condominiums.

Cons

  • Doesn't offer government-backed mortgages, like FHA or VA loans.

  • Mortgage origination fees are on the high side, according to the latest federal data.

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Wells Fargo
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Wells Fargo: NMLS#399801

4.5

NerdWallet rating 
Wells Fargo

Min. credit score

620

Min. down payment

10.01%
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Why we like it

Good for: existing customers of the bank looking for a wide selection of mortgage products.

Pros

  • Sample rates clearly posted for various loan products.

  • Offers a wide variety of loan types and products.

  • Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.

Cons

  • Home loans business is broadly focused on bank customers.

  • Doesn’t offer home improvement loans, or home equity loans or lines of credit.

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

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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 2023, the limits for conforming loans are: 

  • $726,200 for a single-family home in most areas of the U.S.

  • Up to $1,089,300 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 3, 2023

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) 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 2021 HMDA data for origination volume, origination fee, average interest rate and share-of-product data.

To recap our selections...

NerdWallet's Best Mortgage Lenders of February 2023 for Jumbo Loans