Best Jumbo Mortgage Lenders of 2025
Each year, the Federal Housing Finance Agency (FHFA) sets conforming loan limits, the maximum amounts for mortgages that Fannie Mae and Freddie Mac can purchase or guarantee.
In 2025, that ceiling is $806,500 for a single-family home in most of the U.S. (Some high-cost areas — including parts of California, New York and Washington state — have limits as high as $1,209,750.)
What is a jumbo loan?
Most lenders require a down payment of at least 10% of the home’s value on a jumbo loan, although some may ask for up to 30%
The maximum you can borrow with a jumbo loan varies by lender, with some offering as much as $10 million.
CNBC Select has picked the best lenders for jumbo loans based on rates, credit scores, down payment requirements and other factors.
To learn how we made our selections, check out our methodology.
Best jumbo loans
Best for customer service: Rocket Mortgage
Rocket Mortgage
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Mortgage types
Conventional, FHA, VA, HomeReady, Home Possible, Rocket ONE+, jumbo, refinancing, home equity loan
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Terms
10-, 15- and 30-year fixed-term conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.
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Minimum credit score
620 for conventional, 500 for FHA
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Minimum down payment
0% for VA, 1% for Rocket ONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
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Already have a mortgage through Rocket Mortgage or looking to start one? Check out the Rocket Visa Signature Card to learn how you can earn rewards.
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Availability
Rocket Mortgage is available to borrowers in all 50 U.S. states.
Pros
- Offers 1% down mortgage
- High scores for customer satisfaction from J.D. Power
- Average closing time of 22 days.
- Rebate of up to $10,000 for buying with Rocket Homes
Cons
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- Higher origination fees than the competition
- No physical branches
Who’s this for? Rocket Mortgage regularly tops J.D. Power’s mortgage origination and servicer surveys and received an A+ rating from the Better Business Bureau.
Standout benefits: Rocket’s Jumbo Smart loan doesn’t require private mortgage insurance.
Rocket Mortgage jumbo loan requirements
- Maximum jumbo loan: $3 million
- Minimum credit score: 680
- Minimum down payment: 10.01%
Best for larger jumbo loans: Chase Bank
Chase Bank
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Mortgage types
Conventional loans, FHA loans, VA loans, jumbo loans and proprietary low-down-payment DreaMaker℠ and Standard Agency mortgages, refinancing, home equity loans
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Terms
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Minimum credit score
620 for conventional, 500 for FHA
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Minimum down payment
0% for VA, 3% for DreaMaker or Standard Agency loan, 3.5% for FHA
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Availability
Chase lends in all 50 states and Washington, D.C.
Pros
- Chase DreaMaker℠ loan only requires 3% down payment
- Existing customers eligible for rate reduction
- Above-average customer satisfaction scores
- Closing timeline guarantee
- Homebuyer grants of up to $7,500
Cons
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
Who’s this for? Chase Bank finances mortgages as large as $9.5 million, so it’s a winner if you need more than the $3 million limit most banks set.
Standout benefits: Chase also offers interest-only jumbo loans with terms of five, seven or ten years. Existing customers may qualify for a rate discount of up to 0.5%.
Chase Bank jumbo loan requirements
- Maximum jumbo loan: $9.5 million.
- Minimum credit score: 680
- Minimum down payment: 10%
Best for low rates: PNC Bank
PNC Bank
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Types of loans
Conventional, FHA, VA, USDA, physician loan, HomeReady and Home Possible, refinancing, HELOC
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Terms
Fixed: 10 – 30 years, ARM: 7/6 and 10/6
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Credit needed
620 for conventional, 640 for USDA, 620 for FHA, 680 for jumbo,
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Minimum down payment
3% for conventional, 3.5% for FHA, 0% for USDA or VA, 15% for jumbo loan
Pros
- Lower-than-average mortgage rates
- Offers USDA loans
- PNC Community Loan requires only 3% down and no PMI
- $7,500 grant for down payment or closing cost
Cons
- No home renovation or home equity loans
- High credit score requirement for FHA mortgage
- Ranked below average for customer satisfaction by J.D. Power
Who’s this for? PNC Bank is our top choice if you’re seeking a large loan with competitive rates. It boasts below-average mortgage rates on jumbo loans.
Standout benefits: Existing PNC customers may be eligible for a 0.25% rate discount.
PNC Bank jumbo loan requirements
- Maximum jumbo loan: $5 million
- Minimum credit score: Not specified but the average score in 2024 was 715.
- Minimum down payment: 20% (or 15% with additional financing)
Best online experience: Flagstar Bank
Flagstar® Bank Loans
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Types of mortgages
Conventional, FHA, VA, USDA, jumbo, renovation, Destination Home Mortgage, HomeReady, Home Possible, refinancing, ReFi Now, Refi Possible, HELOC, home equity loan
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Terms
15-year and 30-year fixed-rate loans; 5-year, 7-year, 10-year intro period for adjustable-rate loans
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Minimum credit score
620 for conventional, 580 for FHA, 600 for Destination Home Mortgage, 700 for jumbo loan
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Minimum down payment
3% for conventional loans, 3.5% for FHA loans, 0% for VA, USDA and Destination Home Mortgage
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Availability
Flagstar Bank lends in all 50 states and has branches in Arizona, California, Connecticut, Florida, Indiana, Michigan, New Jersey, New York and Wisconsin.
Pros
- Destination Home Mortgage allows qualified buyers to put 0% down
- Grants of up to $15,000 for first-time homebuyers
- Possible to close in as few as 15 days
Cons
- Rates tend to be higher than industry average
- Home equity loans only available in nine states
Who’s this for? Flagstar Bank is for borrowers who prefer the convenience of online banking, with an easy-to-use website that allows you to apply for a jumbo loan entirely online. You can also manage your mortgage payments through Flagstar’s MyLoans® portal.
Standout benefits: Flagstar offers both cash-out and rate-and-term jumbo loan refinancing.
Flagstar Bank jumbo loan requirements
- Maximum jumbo loan: $3.5 million
- Minimum credit score: Not specified
- Minimum down payment: Not specified
Best for no private mortgage insurance: SoFi
SoFi Mortgage
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Mortgage types
Conventional, FHA, VA, USDA, jumbo, HomeReady, HomePossible, refinancing, HELOC, reverse mortgages
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Terms
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Minimum credit score
620 for conventional, 500 for FHA
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Minimum down payment
0% for VA, 3% for HomeReady, 3.5% for FH
Pros
- Fast pre-qualification
- 0.25% price reduction when you lock in a 30-year rate
- Up to $9,500 cash back if you purchase a home through the SoFi HomeStory Rewards
Cons
- Doesn’t offer USDA loans
- Purchase mortgages not available in Hawaii
Who’s this for? SoFi is the best option if you’re putting down less than 20% and don’t want to pay , which can be as high as 2% of your loan amount per year. The online lender doesn’t require PMI, even on jumbo mortgages.
Standout benefits: If your SoFi mortgage doesn’t close on time, you may be eligible for a $10,000 credit toward closing costs.
SoFi jumbo loan requirements
- Maximum jumbo loan: $3 million
- Minimum credit score: 700
- Minimum down payment: 20%
Best for existing bank customers: Bank of America
Standout benefits: Bank of America will approve jumbo loans of up to $3 million on second homes and up to $1 million on investment properties.
Bank of America jumbo loan requirements
- Maximum jumbo loan: $5 million
- Minimum credit score: 740
- Minimum down payment: 10.01%
Best for veterans and military families: Navy Federal Credit Union
Who’s this for? Navy Federal Credit Union is the largest VA lender in the U.S., making it the right choice if you’re an active-duty service member or veteran looking at a high-priced home.
Standout benefits: Navy Federal will waive its 1.00% origination fee if you opt for a 0.25% rate increase. It also guarantees to match competitor rates or give you $1,000 after closing.
NFCU jumbo loan requirements
- Maximum jumbo loan: $1 million
- Minimum credit score: Not disclosed
- Minimum down payment: 0% for jumbo military choice loan
What constitutes a jumbo mortgage loan?
The FHFA sets annual caps on mortgages that the government will guarantee. The conforming loan limit in most areas in 2025 is $806,500 for a single-family home. (Some high-cost areas — including parts of California, New York and Washington state — may have limits as high as $1,209,750.)
| Conforming loan baseline limit | Conforming loan limit for high-cost area | |
|---|---|---|
| One-unit home | $806,500 | $1,209,750 |
| Two-unit home | $1,032,650 | $1,548,975 |
| Three-unit home | $1,248,150 | $1,872,225 |
| Four-unit home | $1,551,250 | $2,326,875 |
Loans exceeding this limit are referred to as jumbo loans or jumbo mortgages. Since they represent a greater risk to lenders, you’ll need a higher credit score, a larger down payment and a lower debt-to-income ratio for approval than for a conventional loan.
You may also face higher closing costs and demonstrate that you have a sizable cash reserve, enough for 18 monthly payments.
Jumbo mortgages can have terms of up to 30 years and come with either a fixed or adjustable rate.
How do I get approved for a jumbo loan?
Jumbo loans have stricter approval requirements than conventional loans, including:
- Credit score: Lenders usually require a FICO score of 700 or higher
- Down payment: Most lenders require at least 10% of the home’s value
- Debt-to-income ratio: The maximum DTI for jumbo loans is typically 43%.
- Cash reserves: Proof of cash reserves equal to up to 18 months of mortgage payments.
Pros and cons of taking out a jumbo loan
Pros
- Homebuyers can be approved for a larger loan
- Interest rates may be similar to conforming loan rates
- Lenders may allow you to forgo private mortgage insurance, especially if you put at least 10% down.
Cons
- Typically need to make a larger down payment
- Requires higher credit score and lower debt-to-income ratio
- You may need as much as 18 months of mortgage payments set aside as a cash reserve.
Jumbo loan FAQs
What is a jumbo loan?
A jumbo loan is a mortgage that exceeds the conforming loan limit set by the FHFA. The conforming loan limit in most areas in 2025 is $806,500 for a single-family home. However, some high-cost areas may have limits as high as $1,209,750.
What’s the maximum amount for a jumbo loan?
The size of the loan depends on the lender. Most cap jumbo loans at $3 million or $4 million, but some will lend more. Chase Bank, for example, approves loans as large as $9.5 million.
Does the VA offer jumbo loans?
VA loans that exceed conventional loan limits are available to qualified service members, veterans and their families. Rocket Mortgage, for example, issues VA loans for up to $2.5 million.
Because these loans are guaranteed by the VA, credit requirements are more flexible and you may not need a cash reserve or pay mortgage insurance. In addition, while traditional jumbo loans usually have higher interest rates, VA jumbo loans usually have the same rates as any other VA-backed mortgages.
What are the downsides to a jumbo loan?
Because they exceed FHFA limits, jumbo loans are not guaranteed by the FHA or owned by Fannie Mae and Freddie Mac. That represents a bigger risk to lenders, so borrowers typically have to make a larger down payment, face higher interest rates and have substantial cash reserves.
Why trust CNBC Select?
Our methodology
To determine which mortgage lenders are the best for jumbo loans, CNBC Select analyzed more than 30 U.S. lenders that offer mortgages that exceed the FHFA’s conforming limit.
We reviewed each lender based on its minimum down payment and credit score requirements and maximum loan amount available. We also incorporated rates and fees for jumbo loans, as well as the lenders’ customer satisfaction record, average closing timeline and the simplicity of their application process.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on those criteria, our picks for the best mortgage lenders for jumbo loans are:
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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