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.)

A jumbo loan is a mortgage that exceeds the FHFA limit. Because they’re not guaranteed by Fannie Mae or Freddie Mac, jumbo loans usually require a higher credit score and a bigger down payment than conventional mortgages.

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.

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. 

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%.

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.

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.

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.

Who’s this for? Bank of America checking or investment account customers with a three-month combined average daily balance of at least $20,000 may qualify for a discount of up to 0.375% on their mortgage rate and up to $600 off their origination fee.

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.

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.

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.)

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.

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.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of home loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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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