If you’re looking to buy a home, choosing the right mortgage lender can save you money. That’s especially true if you’re planning on taking out a larger jumbo loan. To help you in your search, here is our guide to the best jumbo mortgage lenders in 2024.

Best mortgage lenders for jumbo loans

Lender Credit requirements Down payment minimum Bankrate Score
Veterans United Home Loans 620 for conventional and VA loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.9
Bethpage Federal Credit Union 620 for conventional loans, 500 for FHA loans 3% for conventional loans, 3.5% for FHA loans 4.9
First Mortgage Direct 620 for conventional loans, 580 for FHA and VA loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
New American Funding 620 for conventional loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
USAA 640 for VA loans None for VA loans 4.8
U.S. Bank 620 for conventional loans, 740 for jumbo loans 5% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8
Wells Fargo 620 for conventional loans 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans 4.8

Veterans United Home Loans

Veterans United Home Loans

Learn more in our Bankrate review
    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional and VA loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

Bethpage federal credit union logo

Bethpage Federal Credit Union

Learn more in our Bankrate review
    • Availability: All U.S. states except Texas
    • Loans offered: Conventional, jumbo, FHA
    • Credit requirements: 620 for conventional loans, 500 for FHA loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans
    • Where to find: Branch locations and online

First Mortgage Direct

First Mortgage Direct

Learn more in our Bankrate review
    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional loans, 580 for FHA loans and VA loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Online

New American Funding

New American Funding

Learn more in our Bankrate review
    • Availability: All U.S. states except Hawaii and New York
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

USAA

USAA

Learn more in our Bankrate review
    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, VA
    • Credit requirements: 640 for VA loans
    • Down payment minimum: None for VA loans
    • Where to find: Online

U.S. Bank

U.S. Bank

Learn more in our Bankrate review
    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional loans, 740 for jumbo loans
    • Down payment minimum: 5% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

Wells Fargo logo

Wells Fargo

Learn more in our Bankrate review
    • Availability: All U.S. states
    • Loans offered: Conventional, jumbo, FHA, VA, USDA
    • Credit requirements: 620 for conventional loans
    • Down payment minimum: 3% for conventional loans, 3.5% for FHA loans, none for VA and USDA loans
    • Where to find: Branch locations and online

How to find the best jumbo loan lender for you

Before you start comparing mortgage lenders, it’s important to make sure your finances and credit file are in good standing. Regardless of what lenders have to offer, you’ll get the best loan terms if your credit score is high, your DTI ratio is low and you have a large down payment.

As you shop around, get prequalified or preapproved with at least three jumbo loan lenders. You might even consider working with a mortgage broker who can help you with this process.

With the rates and closing costs laid out side by side, you’ll be able to choose the best lender based on what they have to offer. You might also be able to use this information to negotiate with lenders to cut their rates or costs.

Take your time with this process, because even a small decrease in your interest rate could save you tens of thousands of dollars, especially when you’re borrowing such a large sum of money.

Learn more: Compare jumbo loan mortgage rates

FAQ about jumbo loans

  • A jumbo loan is a mortgage for an amount that exceeds the limits set by the Federal Housing Finance Agency on behalf of Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy most U.S. home loans and package them for investors. For 2024, the limit for conforming loans in much of the country is $766,550. However, the loan limits are higher (up to $1,149,825) in more expensive areas. Borrow more than those amounts, and you’ll need a jumbo loan.
  • Many jumbo loans are conventional loans. A conventional loan is simply a mortgage that’s not guaranteed or insured by the government. However, conventional loans can be either conforming or non-conforming, which is where the difference lies for jumbo loans. A jumbo loan is a type of non-conforming loan.
  • Because you’re borrowing an amount that’s greater than what’s acceptable for a conforming loan, jumbo loans typically have stricter eligibility requirements, such as a higher minimum credit score and bigger minimum down payment.
  • To determine the best mortgage lenders for jumbo loans, Bankrate evaluated lenders based on affordability, availability and borrower experience. The best jumbo loan lenders generally have a Bankrate Score of 4.8 or higher. Learn more about our methodology.