What is a Jumbo Loan?

• A nonconforming loan for borrowing amounts higher than the government-backed loan limits.
• Ideal for purchasing luxury homes or properties in high-cost areas.

Our Picks for Top Jumbo Loan Lenders

1. AmeriSave Mortgage

• Best for Quick Closings
• Loan limits: Up to $1.5 million.
• Requirements: Minimum 700 credit score, 20% down payment, nine months of reserves.
• Offers 15- to 30-year fixed and adjustable-rate options.
• Nationwide availability.

2. Mr. Cooper

• Best for Competitive Rates
• Loan options: Adjustable and fixed rates.
• Features: No fees for online payments; guarantees on-time closings or pays the first month's mortgage.
• Requirements: Vary based on loan terms and borrower profile.

3. Rocket Mortgage

• Best for Refinancing Jumbo Loans
• Loan limits: Vary, up to $2 million.
• Requirements: Minimum credit score of 700 - 740 and 45% or lower debt-to-income (DTI) ratio.
• Known for quick application processes and competitive rates.

4. ClearPath Lending

• Best for Easy Application Process
• Loan limits and requirements: Vary; flexible terms for higher loan amounts.
• Comprehensive online tools and loan officer support.
• Customer reviews praise professionalism and communication.

5. North American Savings Bank (NASB)

• Best for Great Loan Officers
• Loan limits: Up to $1,250,000 or higher for eligible buyers.
• Requirements: Minimum 690 credit score, 10%-20% down payment, DTI \u226443%.
• Known for excellent customer service and smooth processes.

6. Veterans United

• Best for VA Jumbo Loans
• Loan limits: No maximum.
• Requirements: Minimum 640 credit score, 0% down payment for qualified veterans.
• Tailored for veterans and military families.

7. Cardinal Financial

• Best for Personalized Support
• Loan limits: Up to $2 million.
• Requirements: Minimum 660 credit score, 20% down payment.
• Offers jumbo loans for investment properties with a mix of digital and personal experiences.

What to Know About Jumbo Loans

• Cost: Higher closing costs and interest rates compared to conforming loans, typically 0.25% - 0.50% higher.
• PMI: Usually not required with a 20% or higher down payment.
• Refinancing: Similar process to conforming loans; compare rates to secure the best terms.
• Appraisals: Often requires two appraisals for higher-value properties.

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