Best Mortgage Lenders for Borrowing $1,000,000+

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These lenders offer jumbo loans over $1 million with competitive terms. 

If you’re looking at a home costing more than $1,000,000, you will need a jumbo mortgage. Conventional loans are capped at just over $800,000 in most of the country, according to limits set by the Federal Housing Finance Agency (FHFA). The good news is that there are plenty of top mortgage providers for jumbo loans over $1 million, though credit score requirements may be stricter. 

We compared interest rates, fees and other terms to identify the best lenders for mortgages over $1 million. Read on for our top picks. 

Quick Winners List

• Best for Easy Online Application: Rocket Mortgage
• Best for Refinancing: New American Funding
• Best for Large Jumbo Loans: Chase Home Lending
• Best for Interest-Only: PNC Bank
• Best for Quick Pre-Approval: Guaranteed Rate
• Best for Jumbo VA Loans: Veterans United 

Best for Easy Online Application: Rocket Mortgage

Pros: 

• Quick online application process
• Flexible credit requirements
• Jumbo loan minimum down payment of 10%
• Highly rated customer service

Cons: 

• Maximum loan amount is lower than competitors
• No physical branches

Nitty Gritty: Rocket Mortgage (formerly Quicken Loans) is a fully online mortgage provider, offering a streamlined online application and approval process. It offers a variety of loan types, including jumbo loans of up to $3 million for properties that exceed the conforming loan limit (CLL). To qualify, you’ll need a minimum credit score of at least 680, a 10% or higher down payment, and a DTI ratio below 45%, all of which are relatively flexible terms for large loan amounts. 

Best for Refinancing: New American Funding

Pros: 

• Wide variety of loan types, including jumbo loans
• Jumbo loan refinancing available 
• Offers educational resources, including calculators and home-buying guides
• Competitive rates

Cons: 

• Not available in all states
• Higher credit score requirements for jumbo loans 

Nitty Gritty: If you are looking for a jumbo loan to refinance your home, it can be even more difficult to find the right mortgage, as credit score requirements can be stricter than with a new home purchase. New American Funding features flexible loan offerings, including jumbo loan refinancing. The lender offers personalized service so you can find the loan that fits your needs and comprehensive educational resources on its website to navigate the process. 

Best for Large Jumbo Loans: Chase Home Lending

Pros: 

• High loan amounts available 
• Relationship rates and discounts available for existing Chase customers
• Guaranteed on-time closing
• Offers interest-only jumbo loans 

Cons: 

• Additional asset requirements may apply for loans over $3 million
• Entire application process cannot be completed online

Nitty Gritty: Chase Home Lending offers jumbo mortgages of up to $9.5 million for borrowers looking for particularly large jumbo loans. An on-time closing guarantee backs eligible mortgages, and the lender offers flexible terms, including interest-only loans. Plus, existing Chase customers with qualifying balances may qualify for relationship pricing for lower rates and fees. 

Best for Interest-Only: PNC Bank

Pros: 

• Offers jumbo loans up to $5 million
• Interest-only loans available 
• Educational tools, including a closing cost calculator
• Offers flexible loan terms 

Cons: 

• Limited branch locations
• Below-average J.D. Power Mortgage Servicer Satisfaction rating

Nitty Gritty: PNC Bank is another great option for borrowers looking to borrow over $1 million. The lender offers jumbo loans of up to $5 million with flexible terms, including interest-only payments. In addition to competitive fees, the lender offers online tools for estimating loan costs, including a closing cost calculator. 

Best for Quick Preapproval: Guaranteed Rate

Pros: 

• Access personalized rates online
• Quick online application process
• Available in all 50 states 
• Educational resources available 

Cons: 

• Higher minimum credit score than some competitors
• Some fees on the higher side

Nitty Gritty: Rate (formerly Guaranteed Rate) offers jumbo loans with a quick, online approval process. Borrowers can explore their personalized rates online and start their application online, with approvals in as little as one day. If you prefer in-person support while applying for your jumbo loan, the lender also offers branch locations in most U.S. states. 

Best for Jumbo VA Loans: Veterans United

Pros: 

• No down payment requirement
• Lower credit score minimum than other lenders
• Competitive interest rates
• Serves all U.S. states

Cons: 

• Must be an active duty military member or veteran to qualify
• Stricter requirements for jumbo loans

Nitty Gritty: Veterans can qualify for more flexible application terms on a VA loan, and that goes for both conventional mortgages and jumbo loans. Veterans United is one of the top VA loan providers, backed by the Department of Veterans Affairs (VA), if you qualify for this type of mortgage. Its jumbo loans are available with no down payment, though you may need a higher credit score than the standard 620 minimum.

How to Qualify for a $1,000,000 Mortgage 

A $1,000,000 mortgage is usually considered a jumbo loan, meaning that qualification requirements may vary from those of conventional mortgages. 

“Each year, the conforming loan limits, set by Fannie Mae and Freddie Mac, increase. This is typically the barrier between what distinguishes a conforming loan vs. a jumbo loan. For most of the U.S., the conforming loan limit increased to $806,500 for a single-unit property in 2025. This means that any loan amount above $806,500 would be considered a non-conforming loan, or jumbo loan. In some higher-priced markets, the limit increases to $1,209,750,” said Brian Shahwan, vice president, mortgage banker and broker with William Raveis Mortgage. 

If you are applying for a jumbo loan – which is the case for most borrowers looking for more than $1 million – the eligibility requirements can be stricter than other loans. 

Shahwan explained that the process for evaluating mortgage eligibility for a jumbo loan is generally the same as a conventional one. The qualifications may just be a bit harder to meet. 

“In terms of guidelines, most banks offering jumbo loan products cap the DTI (debt-to-income) ratio at [43%], FICO not below 700 and more aggressive reserve requirements may be required. There may also be higher down-payment minimums as well. Though many require 20% down for jumbo loans, there are lenders who allow for much less down,” Shahwan said. 

To qualify for a $1,000,000 mortgage, you’ll need a good credit score, a low debt-to-income ratio and a healthy down payment. Actual requirements will vary by lender. 

Why You Should Trust Us

All the information presented in this article was verified based on data available on the mortgage lender sites, FHFA guidelines and expert insight from a seasoned mortgage broker. For various publications, Emily Sherman also has more than seven years of experience writing about personal finance topics, including mortgages. 

Methodology 

To find the best mortgage lenders for borrowing $1,000,000, we compared lenders that offered jumbo loans based on key criteria for borrowers. This included credit score requirements, with preference given to lenders who could accommodate a larger range of scores, interest rates compared to the industry average, fees, average length of closing and customer support. The best lenders offered loans with a lower minimum credit score requirement, competitive rate and highly rated customer support, according to sources such as TrustPilot and the Better Business Bureau. Read our full methodology here. 

FAQ

Sources

• Brian Shahwan, vice president, mortgage banker and broker with William Raveis Mortgage