Mortgages for homes valued at $1 million and above

Buying

Bring the purchase price, intended down payment and timing into the same review. Explore purchase financing.

Refinancing and cash-out

Compare the current balance, transaction costs and purpose. Review refinancing · Cash-out refinancing.

Conforming or jumbo?

Home value and loan amount are different figures. Depending on the down payment, a $1 million home may use a conforming or jumbo mortgage. The 2026 FHFA baseline conforming limit for a one-unit home is $832,750; some counties have higher limits. The loan must also meet the lender’s other requirements.

FHFA: 2026 conforming limits. Source checked September 28, 2026.

How jumbo underwriting works.

Payment structure

An interest-only structure calls for reviewing later principal repayment alongside the initial payment. Understand interest-only mortgages.

Self-employment and complex income

Organize business income, its variability and supporting records. Review bank statement documentation.

Second homes

Explain the intended use and any rental plans before comparing options. The lender evaluates occupancy. For investment property, review DSCR financing.

Residential service area

• Georgia
• Alabama
• Tennessee
• Florida
• North Carolina
• South Carolina

Guides

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