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.

Last updated on January 5, 2024
Written by 
Phil Metzger
Content Management Specialist
Johanna Arnone
Edited by 
Johanna Arnone
Assigning Editor
Fact Checked
Phil Metzger
Written by 
Content Management Specialist
Johanna Arnone
Edited by 
Johanna Arnone
Assigning Editor
Fact Checked

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11 Best Mortgage Lenders for Jumbo Loans in 2024

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Lender
NerdWallet Rating
Min. credit score
Min. down payment
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NBKC

NBKC: NMLS#409631

Top 3 most visited 🏆
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at NBKC
at NBKC
Jumbo loans
Best for digital convenience

640

10%

Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
/5
Jumbo loans
Best for rate transparency

660

5%

Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

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on NerdWallet
4.5
/5
Jumbo loans
Best for variety of jumbo loan options

660

10%

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on NerdWallet
PNC

PNC: NMLS#446303

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on NerdWallet
5.0
/5
Jumbo loans
Best for overall jumbo lending

680

5%

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on NerdWallet
Bank of America

Bank of America: NMLS#399802

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on NerdWallet
5.0
/5
Jumbo loans
Best for volume of jumbo lending

720

5%

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on NerdWallet
NBKC
Learn more
at NBKC
at NBKC
NBKC

NBKC: NMLS#409631

5.0
Jumbo loans
NerdWallet rating
Min. credit score

640

Min. down payment

10%

Why We Like ItGood for: borrowers who want a convenient digital experience and customer service with a human touch. VA loans are a focus.
Pros
  • 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.
Cons
  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
  • Mobile app only available for online banking customers.
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Guaranteed Rate
Learn more
at Guaranteed Rate
at Guaranteed Rate
Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
Min. credit score

660

Min. down payment

5%

Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
  • 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.
Cons
  • 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
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Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

4.5
Min. credit score

660

Min. down payment

10%

Why We Like ItGood for: borrowers seeking a solid selection of mortgages, low rates and the community-minded business model of a credit union.
Pros
  • 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.
Cons
  • 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.
PNC
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PNC

PNC: NMLS#446303

5.0
National / regional

National

Min. down payment

5%

Why We Like ItGood for: borrowers with low to moderate incomes or limited down payments, as well as home buyers seeking mortgages in higher-priced regions of the nation.
Pros
  • 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.
Cons
  • 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.
Bank of America
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Bank of America

Bank of America: NMLS#399802

5.0
Min. credit score

720

Min. down payment

5%

Why We Like ItGood for: low- to moderate-income buyers who qualify for down payment or closing cost assistance programs and homeowners interested in a home equity line of credit.
Pros
  • 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.
Cons
  • 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.
Alliant
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Alliant

Alliant: NMLS#197185

5.0
National / regional

National

Min. down payment

5%

Why We Like ItGood for: eligible borrowers who are open to joining a credit union and want a conventional mortgage from an online lender.
Pros
  • 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.
Cons
  • 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.
Flagstar
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Flagstar

Flagstar: NMLS#417490

4.5
Min. credit score

700

Min. down payment

10%

Why We Like ItGood for: Borrowers who may benefit from Flagstar’s unique loan options, such as ITIN loans, loans for manufactured homes or physician loans.
Pros
  • 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.
Cons
  • 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.
Citibank
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Citibank

Citibank: NMLS#412915

4.5
National / regional

National

Min. down payment

N/A

Why We Like ItGood for: Rate-focused borrowers who are Citi customers, or home buyers seeking down payment assistance.
Pros
  • 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.
Cons
  • 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
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Andrews Federal Credit Union

Andrews Federal Credit Union: NMLS#410421

4.5
Min. credit score

620

Min. down payment

10%

Why We Like ItGood for: borrowers in the Mid-Atlantic looking for a lender with deep roots in their local communities.
Pros
  • 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.
Cons
  • 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
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Ally Bank

Ally Bank: NMLS#181005

4.5
National / regional

National

Min. down payment

10.01%

Why We Like ItGood for: Borrowers interested in a conventional mortgage with low down payment requirements.
Pros
  • 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.
Cons
  • 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.
Chase
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Chase

Chase: NMLS#399798

4.5
National / regional

National

Min. down payment

15%

Why We Like ItGood for: conventional borrowers and those interested in loans with low down payment requirements.
Pros
  • 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.
Cons
  • 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.

To recap our selections...

NerdWallet's Best Mortgage Lenders for Jumbo Loans in 2024

  • NBKC: Best for digital convenience
  • Guaranteed 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
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