Best Jumbo Loans in Texas

Read our Advertiser Disclosure.
Contributor, Benzinga
August 8, 2023

With the recent rise in the cost of building materials, increases in inflation and seemingly ever-creeping-upward interest rates, jumbo loans are becoming more common. A jumbo loan is a loan that exceeds the upper limit that Freddie Mae and Fannie Mac put on home loan financing. 

If you’re looking to buy a home in a high-value area or in one of the Lone Star state’s many up-and-coming markets, you might need to consider a jumbo lender when you shop. Let’s take a look at some of the best jumbo mortgage lenders in Texas, and a closer look at jumbo mortgages and discuss how they differ from standard home loans.

Best Jumbo Loans in Texas

Finding the perfect jumbo loan is all about finding the right financing partner. With so many different mortgage options out there, it might seem difficult to find the one that best suits your needs. Additionally, you need to remember that not all lenders you’ll see online operate in all parts of Texas and not every lender offers jumbo loans. 

When you’re looking for a jumbo mortgage in Texas, you have plenty of options. The following financial institutions service the Lone Star State and offer unique qualification standards or applicant benefits that help them stand out for competing jumbo loan providers. 

Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions offers standard financing options but primarily markets its services for less-traditional loans such as portfolio lending, investment loans and jumbo loans. It creates products primarily for borrowers in unique financial situations — for example, business owners with nontraditional income documentation. 

With products ranging from low-interest loans for well-qualified buyers to specialized programs for those with less-than-stellar credit, Angel Oak provides flexible options for buyers seeking to purchase more expensive homes. All of Angel Oak’s jumbo loan program choices can be used for primary residences, second homes or investment properties. Angel Oak’s Gold Prime Jumbo Loan offers the most-qualified buyers approval with up to a 50% debt-to-income ratio, a down payment as low as 10% down payment and loan amounts of up to $3.5 million.

The Non-QM Platinum Jumbo loan allows buyers who have faced bankruptcy or foreclosure more than four years ago to obtain a jumbo loan. It also offers a one-year tax return program, meaning that a previous credit mistake won’t necessarily disqualify you from getting a loan when you submit your full return for consideration. With flexible options to meet your needs, Angel Oak is a great option for jumbo loans in Texas.

Rocket Mortgage

With a straightforward application and plenty of loan options, it’s not hard to see why Rocket Mortgage is one of the leading home lenders in the country. This branch of Quicken Loans’ offers you a simple mortgage process that’s convenient, effective and accessible for all buyers. Rocket Mortgage’s jumbo loan application requires less paperwork and lead time than many competitors.

Rocket Mortgage’s jumbo loans are available for up to $2.5 million purchases or refinances on primary residences, secondary residences or investment properties. You must have a minimum credit score of 680, pay between 2% and 6% of your loan value in closing costs and have a debt-to-income ratio of 45% or lower.

CrossCountry Mortgage

Self-employed people or contractors typically have a harder time when securing financing to buy a home. This is especially true when you’re looking to apply for jumbo loans with nontraditional sources of income. Many mortgage lenders make these prospective buyers provide a great deal of additional information before they can get a home loan. Some major lenders consider self-employed men and women to be riskier loan candidates. 

Fortunately, CrossCountry Mortgage has special programs in place for people who might not qualify for a mortgage in the traditional way. CrossCountry Mortgage offers programs that allow you to qualify for a loan based on potential cash flow, bank statements, 1099 documents or liquid assets. 

This lender offers financing of up to $3 million to borrowers with credit scores as low as 620 points. Its loan-to-value ratios start at 85% when purchasing a new home, and it offers 15-, 30- and 40-year fixed rates and adjustable rate programs. If you have searched for a mortgage loan in the past and had difficulty because you’re self-employed, then CrossCountry Mortgage might be able to help.

North American Savings Bank

North American Savings Bank (NASB) is another major lender that uses its resources and experience in lending to provide you with several mortgage options, including jumbo loans. NASB’s jumbo loan program features unique qualification standards, including a 43% maximum debt-to-income ratio, a maximum loan amount of $1.25 million and a minimum down payment of 10%.

While the loan balances available through NASB are lower than most competitors, this lender might be right for you if you have past financial mistakes on your record. NASB’s jumbo loans can be obtained just two years after bankruptcy and just four years after a foreclosure or short sale. If you meet the requirements and have had a bankruptcy or foreclosure in the recent past, NASB could still allow you to finance the perfect home with a jumbo loan.

New American Funding

New American Funding also offers jumbo loans for Texas borrowers, with loan balances of up to $3 million available. New American allows you to use a co-signer when applying for a jumbo loan, which can help you invest in a higher-value property with a lower income. A co-signer is someone who doesn’t live in your home but whose financial history can help you qualify for financing.

The biggest advantage to financing your home through New American is the company’s “5 Year Rate Protection Pledge.” New American offers you the ability to refinance without lender and appraisal fees at any time in the next five years if rates become more favorable, assuring that you qualify for the best rate possible. If you’re concerned about potentially high market rates and would like the assurance that you will get the best deal, check out New American’s loan offerings.

What is a Jumbo Loan?

The Federal Housing Financing Agency (FHFA) is a government agency that sets a conforming limit on home loans. Properties with loans smaller than the conforming limit can be sold on the secondary market and are within Freddie Mac and Fannie Mae’s financing limits. For the vast majority of the country, including all of the state of Texas, the conforming limit is $647,200. Any mortgage loan larger than this amount is considered a jumbo loan.

In 2022, the FHFA increased the conforming limit by $98,950. This was the largest increase from year to year and was an indicator of how much home prices rose in 2021. Jumbo loans are similar to typical home loans except that they are for higher amounts and occasionally carry higher rates. VA and FHA programs can be used in conjunction with jumbo loans, and these loans can be structured as fixed or adjustable-rate mortgages.

How to Prepare for a Jumbo Loan

You can take some steps to increase your chances of being approved for a jumbo loan, including the following.

Check your credit report: Jumbo loans present a higher risk to lenders when compared to conforming loans, meaning that you might need a higher score to qualify. Take some time to review your credit report from all three major bureaus and report negative items if there are any you don’t recognize.

Pay down debt: One of the fastest ways to improve your debt-to-income ratio is to pay down outstanding balances before you apply for a loan. You might want to take a few months to focus on eliminating as much student loan, credit card or other monthly recurring debt as you can before you apply. This process can be especially helpful if you’re lacking in other application areas (for example, if you have a lower credit score).

Avoid other applications: During the underwriting process, your lender will review your financial details as they appear on your application. Avoid opening new lines of credit or applying for other sources of financing when applying for a mortgage loan to improve your chances of approval.

Frequently Asked Questions


What is the jumbo loan limit in Texas?


Any mortgage loan greater than $647,200 is considered a jumbo loan in the state of Texas.


Can you do a jumbo cash-out in Texas?


Cash-out refinances are possible in Texas, although the required loan-to-value ratio might be higher when compared to conforming loans. 

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.

About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.