Best Jumbo Mortgage

Check out CrossCountry Mortgage for your jumbo mortgage needs.

Ready to find the best jumbo loan for your needs? Our guide to the best mortgage companies that offer jumbo loans will make it a little easier to move into the home of your dreams. 

Quick Look: Best Jumbo Mortgage Lenders

• Best Overall: CrossCountry Mortgage
• Best for Bank Statement Loans: Angel Oak Mortgage Solutions
• Best for Online Mortgages: Rocket Mortgage (formerly Quicken Loans)
• Best for Refinancing: New American Funding
• Best for VA Jumbo Loans: Veterans United
• Best for Flexible Options: Guaranteed Rate

6 Best Jumbo Mortgage Lenders

If you're looking for a jumbo loan - one that doesn't conform to Freddie Mac or Fannie Mae standards - it’s time to take a closer look at individual lenders. Let’s take a look at some of the best mortgage lenders that offer jumbo loan options. 

1. Best for Self-Employed Professionals: CrossCountry Mortgage

Your lender needs to know that you have a consistent, steady income when you borrow money. This is especially important for a larger jumbo loan, which may reach millions of dollars. You might find it difficult to get the jumbo loan you need because lenders see your fluctuating income as unreliable or they may not consider nontraditional business assets.

CrossCountry Mortgage provides individualized mortgage solutions if you’re self-employed. CrossCountry Mortgage’s flexible Asset Qualifier home loan considers nontraditional sources of income and assets — perfect for business owners who have a large percentage of cash tied up in work-related assets. You can borrow up to $6 million with an Asset Qualifier loan and your credit score can be as low as 580 points. 

CrossCountry Mortgage is licensed to lend in California, Colorado, Connecticut, DC, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington.

2. Best for Bank Statement Loans: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is a full-service jumbo mortgage lender offering traditional and portfolio Non-QM mortgage loans. Their Jumbo programs are for higher-priced home purchases that exceed the conforming loan limit set by the FHFA. Angel Oak’s Jumbo program consists of Prime Jumbo, Gold Prime Jumbo, and Non-QM Platinum Jumbo mortgage options.

With loan amounts available up to $3.5 million, they can support you in financing properties of different values. They cater to primary residences, second homes, and investment properties, and accommodate various types of properties such as single-family homes, townhomes, and condos.

With competitive rates on conventional purchase and refinance, Angel Oak Mortgage Solutions ensures that you have options to suit your financial goals.

Why We Liked It: Angel Oak Mortgage Solutions excels in providing bank statement loans, making it the top choice for self-employed individuals seeking flexible financing options. Their expertise in jumbo mortgages ensures competitive rates and tailored solutions that meet the unique needs of borrowers looking for larger loans.

Rocket Mortgage (formerly known as Quicken Loans) is one of the largest mortgage providers in the country. Rocket Mortgage® can help you quickly and easily apply for a jumbo loan through its Rocket Mortgage® platform. Rocket Mortgage® has streamlined the mortgage process to a few simple steps. Most applicants will receive a decision in just a few minutes, and you may qualify for up to $3 million through the Rocket Mortgage Loans jumbo loan program. You may even qualify with just 10% down. Rocket Mortgage also offers FHA, VA, USDA and conventional loans. 

4. Best for Refinancing: New American Funding

Jumbo loans are available for primary residences, vacation homes, or investment properties.

New American Funding follows a standard closing process, meaning the time to close will depend on the client and loan type. You can choose to start with a prequalification or preapproval. Prequalification doesn’t involve verifying your income. Preapproval means underwriters have reviewed your income and assets and are reasonably confident you will qualify for a home loan.  

5. Best for VA Jumbo Loans: Veterans United

You already know that a VA loan is a type of government-backed mortgage loan that allows veterans and active members of the armed forces to buy a home with no money down and no private mortgage insurance. Private mortgage insurance is money you pay to a lender in the event that you default on your mortgage. Did you know that you can also get a VA jumbo loan to buy a more valuable property as well?

Check out Veterans United. Veterans United offers 30-year VA jumbo loans at interest rates comparable to regular VA loans. Veterans United allows you to finance up to $3 million in a home loan with a low down payment and looser credit requirements. The team at Veterans United can also help you learn more about the VA loan process and assist you in getting the paperwork you need to secure your loan.

6. Best for Flexible Options: Guaranteed Rate

Interest-only mortgages from Guaranteed Rate are aimed at borrowers who expect significant income growth over time. In addition to interest-only loans, Guaranteed Rate offers jumbo loans and loans for renovations as well as government-backed mortgages and home equity lines of credit (HELOCs). 

Why We Liked It: Guaranteed Rate offers flexible options for jumbo mortgages, focusing on personalized service and competitive rates to help borrowers confidently navigate the mortgage process.

What is a Jumbo Mortgage?

A jumbo mortgage is a type of mortgage loan that exceeds the loan limits set by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac. These loan limits are set annually and vary by location. In general, a jumbo mortgage is used to finance higher-priced properties that exceed the loan limits set by the GSEs. Since jumbo mortgages are larger than conventional mortgages, they typically have stricter qualification requirements and higher interest rates. They are commonly used by borrowers who are purchasing luxury homes or properties in high-cost areas.

Who Qualifies for Jumbo Mortgages?

The qualifications for a jumbo loan may vary depending on the lender and specific loan program, but generally, the following criteria are considered:

Higher Credit Score

Most lenders require a higher credit score for jumbo loans compared to conventional loans. Typically, a credit score of 700 or above is required, although some lenders may accept lower scores.

Lower Debt-to-Income Ratio

Lenders typically require a lower debt-to-income ratio for jumbo loans. This means that your monthly debt payments, including the mortgage, should not exceed a certain percentage of your monthly income. Usually, a debt-to-income ratio of 43% or lower is required.

Larger Down Payment

Jumbo loans usually require a larger down payment compared to conventional loans. While the exact percentage may vary, a down payment of at least 20% is commonly required. Some lenders may offer jumbo loans with a lower down payment, but this may come with stricter qualification requirements.

Reserves

Jumbo loan lenders may require borrowers to have a certain amount of reserves, which are liquid assets that can cover several months of mortgage payments. The specific reserve requirement can vary but is typically higher for jumbo loans.

Documentation

Like any mortgage loan, jumbo loan applicants will need to provide documentation to verify their income, assets, and other financial information. This may include tax returns, bank statements, pay stubs, and other supporting documents. It is important to note that these qualifications may vary among lenders, and it is always recommended to consult with multiple lenders to understand their specific requirements and options for jumbo loans.

Financing Your Future Home

Finding the right mortgage loan doesn’t need to be confusing. Start by comparing at least a few different lenders working in your area for current interest rates, loan types offered, customer service quality and loan application process. Remember, a mortgage loan can be a 30-year commitment. Take some time to ensure that you’ve got the best loan for you and your family. 

Frequently Asked Questions