Each year, the Federal Housing Finance Agency (FHFA) sets its conforming loan limits, the maximum amounts for mortgages that Fannie Mae and Freddie Mac can purchase or guarantee.
In 2026, that ceiling is $832,750 for single-family homes in most of the U.S, although high-cost areas — including parts of California, New York and Washington state — have limits as high as $1,249,125.
Lenders will still offer mortgages that exceed the agency's limits, but because they're not guaranteed by Fannie Mae or Freddie Mac, these jumbo loans usually require a higher credit score and a bigger down payment.
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
- Offers a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- 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
- Existing Chase customers can get a rate reduction
- Above-average customer satisfaction scores, meaning you're likely to get stellar service and customer service pros who are ready to answer your questions and guide you through the process
- Closing timeline guarantee so you won't have to worry about whether or not you'll close on time.
- Homebuyer grants of up to $7,500, a huge cash infusion that homebuyers can put towards closing costs and down payments.
- The Chase DreaMaker℠ loan only requires 3% down payment for qualifying homebuyers, lower than the typical 5% minimum required for a conventional mortgage, making it a great option for those who haven't saved much for a down payment.
- 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
- With its lower-than-average mortgage rates, PNC is a great option for people prioritizing affordability
- Offers USDA loans (not all lenders do)
- PNC Community Loan requires only 3% down and no PMI, a great option for people that can't afford a large down payment but don't want to add the additional monthly cost of PMI
- $7,500 grant for down payment or closing cost, which can help those low on cash own a home.
- 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
- Provides grants of up to $15,000 for first-time homebuyers, making it a great option for those who may not have much saved up for a down payment or closing costs.
- Destination Home Mortgage allows qualified buyers to put 0% down, a rare no-down-payment loan option geared towards first-time homebuyers.
- Possible to close in as few as 15 days, meaning you'll get the keys to your new home in less than half the time it usually takes.
- 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
- Fast pre-qualification to get you on the path towards shopping for your home as soon as possible.
- You'll get a 0.25% price reduction when you lock in a 30-year rate, a rate discount that can save you thousands over the life of the loan.
- Up to $9,500 cash back if you purchase a home with a HomeStory real estate agent, making it a great option for those who may need some extra cash after they get the keys to their new house.
- 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 private mortgage insurance, 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
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.
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 is a jumbo loan?
The FHFA sets annual caps on mortgages that the government will guarantee. In 2026, the limit is $832,750 for single-family homes in most of the U.S. However, some high-cost areas have higher limits, as much as $1,249,125. (In some parts of Alaska, Hawaii, Guam and the U.S. Virgin Islands, the limit for a one-unit property is as high as $1,873,675)
| Property type | Baseline limit | High-cost areas | Hawaii, Alaska, Guam, U.S. Virgin Islands (maximum) |
|---|---|---|---|
| One-Unit | $832,750 | $1,249,125 | $1,873,675 |
| Two-Unit | $1,066,250 | $1,599,375 | $2,399,050 |
| Three-Unit | $1,288,800 | $1,933,200 | $2,899,800 |
| Four-Unit | $1,601,750 | $2,402,625 | $3,603,900 |
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
- 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.
- Typically need to make a larger down payment
- Requires a higher credit score and lower debt-to-income ratio
- You may need up to 18 months of mortgage payments as a cash reserve.
Jumbo loan FAQs
What is a jumbo loan?
A jumbo loan is a mortgage that exceeds the FHFA's conforming loan limit. 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 loan size 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 up to $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 of 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 greater risk to lenders, so borrowers typically have to make a larger down payment, face higher interest rates, and maintain substantial cash reserves.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. 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.
Our methodology
To determine which mortgage lenders are best for jumbo loans, CNBC Select analyzed more than 30 U.S. lenders that offer mortgages exceeding 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:
- Rocket Mortgage: Best for customer service
- Chase Bank: Best for larger jumbo loans
- PNC Bank: Best for low rates
- Flagstar: Best digital experience
- SoFi: Best for no private mortgage insurance
- Bank of America: Best for existing bank customers
- Navy Federal Credit Union: Best for veterans and military families
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
