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Check out New American Funding 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.
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.
- Best Overall for Jumbo Mortgages: New American Funding
- Best for Bank Statement Loans: Angel Oak Mortgage Solutions
- Runner-up for Jumbo Mortgages: Quicken Loans®
- Best for Self-Employed Professionals: CrossCountry Mortgage
- Best for VA Jumbo Loans: Veterans United
1. Best Overall for Jumbo Mortgages: New American Funding
New American Funding offers conventional, proprietary and government-backed mortgages. Its variety of mortgage options make it worth checking out, especially if you have unique financial needs. It also offers options for refinancing and tapping into your home equity. Its products aren’t available to New York or Hawaii residents.
Best For
- Self-employed individuals
- Those with lower credit scores
- Those who want access to a variety of mortgage options
- Offers several mortgage options
- Website and app to manage your mortgage
- Educational resources like calculators, blogs and home buyer guides
- Not available in New York or Hawaii
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.
2. Best for Bank Statement Loans: Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a unique platform that allows you to get your mortgage with just a bank statement. However, the bank also allows you to take out loans using asset qualification, ITIN and more. You can also get FHA, conventional and jumbo loans along with loans for portfolio purchases.
Best For
- Bank statement home loans
- Multiple loan options
- Online information
- Asset qualifier home loans
- ITIN home loans
- Investor home loans
- Bank statement loans not available for all buyer types
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.
- Available for purchase, cash-out or rate-term refinance
- Loan amounts up to $3.5 million
- Primary, second home, and investment properties
- Single family, townhomes, warrantable and non-warrantable condos
- Four years out of foreclosure, short sale, bankruptcy or deed-in-lieu
- One year tax return program available
- Flexible down payment options
- 40 year fixed interest-only available
3. Runner-up for Jumbo Mortgages: Rocket Mortgage®
Rocket Mortgage is one of the best mortgage lenders on the market, making it easy to apply for a home loan entirely online. Its streamlined preapproval process and quick access to customer service set it apart from other online lenders. Rocket Mortgage offers a large variety of mortgages and is backed by the largest mortgage lender, Quicken Loans. Whether you need help or know exactly what you’re looking for, Rocket Mortgage matches you with the right mortgage type and helps you quickly complete your online application.
Best For
- Homebuyers who are looking to complete the mortgage application process on their own
- Homebuyers who have found their dream home and are looking to move through the approval process quickly
- Homebuyers with good credit scores looking to review their mortgage options
- Current homeowners looking to refinance within the next few months
- Rocket Mortgage allows you to move at your own pace, guiding you through each step of the process. After you answer all the application questions, Rocket Mortgage lets you know if you’re approved and show your personalized mortgage recommendations
- You can submit checking and savings account information, tax returns and other financial documents online — a feature that sets Rocket Mortgage apart from online competitors
- RateShield allows you to lock in your Rocket Mortgage approved rate for up to 90 days
- The home loan application process can be completed in minutes, allowing you to find out if you qualify for a mortgage right away
- The online software allows you to navigate through the entire home buying process, from approval to home closing. Once you’re approved and you make an offer on your home, Rocket Mortgage offers online tools that will help you move through the rest of the closing process
- While Rocket Mortgage has customer specialists ready to answer your questions and provide guidance, if you prefer sitting across from a person when filling out financial forms, this lender might not be right for you
- You can’t easily view all of Rocket Mortgage’s home loan options prior to applying. It offers conventional, FHA, USDA and VA loans, but you’ll need to apply to find out more about the mortgage types within these offerings and which ones you’re eligible for
Rocket Mortgage 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 Self-Employed Professionals: Cross Country Mortgage
CrossCountry Mortgage offers standard products like conventional loans, VA loans, Jumbo loans and FHA loans. It also has more specialized products like bank statement loans, asset qualifier mortgages and no doc investment property loans. If you’ve had a hard time finding a mortgage due to erratic income, being retired or buying an investment property, CrossCountry Mortgage is worth a look.
Best For
- Self-employed professionals
- Retirees
- Investors
- Condo buyers
- Wide variety of mortgage products
- Niche products like bank statement loans
- Works with many state home buyer assistance programs
- No online approval
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.
5. Best for VA Jumbo Loans: Veterans United
Veterans United focuses on helping veterans and current service members find the right mortgage for their needs. It’s licensed in all 50 states and the District of Columbia and is the top VA lender in the country. If you’re currently serving or if you’re a veteran, Veterans United is worth considering due to its outstanding customer service and range of mortgage options.
Best For
- Current service members
- Veterans
- First-time home buyers
- 24/7 customer service
- Offers VA purchase and refinance loans
- Offers credit consulting through its Lighthouse Program
- Branches in only 18 states
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.
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
How much is a down payment for a mortgage?
A down payment for a mortgage can range from $0 for a USDA or VA loan up to 3.5% for FHA loans and 10% or 20% for a conventional loan.
How does a mortgage pre-approval work?
Mortgage pre-approvals provide the buyer with a letter that states how much they can afford, ensuring the agent or seller that that buyer can obtain financing.
What is a jumbo mortgage loan?
A jumbo loan, also called a non-conforming loan, does not conform to Freddie Mac or Fannie Mae standards. It is used for people who are buying expensive properties.
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