$1 Million+ Mortgage Loans for Purchase or Refinance

Quick answer

California borrowers may finance a purchase or refinance with a mortgage of $1 million or more, subject to lender approval. The loan may be high-balance conforming or jumbo depending on the county's current limit and the property's unit count. Available programs depend on income, credit, property eligibility, down payment or equity, and reserves after closing.

Purchasing a home

We help you compare financing for a new primary residence, an eligible second home, or an investment property. Your options depend on the property, loan amount, down payment, income, credit, and available reserves. The goal isn't simply to qualify for a larger loan. It's to find financing that leaves you comfortable with both your monthly payment and the money you have remaining after closing.

Refinancing an existing mortgage

A million-dollar-plus refinance may help you change your interest rate or loan term, replace an adjustable-rate mortgage with a fixed-rate loan, or access eligible equity through a cash-out refinance. A lower monthly payment does not always mean a lower total cost. We compare closing costs, your remaining loan term, the new repayment period, and how long you expect to keep the property. Cash-out eligibility and maximum loan amounts vary by program.

Jumbo or high-balance conforming?

A $1 million mortgage is not automatically a jumbo loan. The classification depends on the current conforming loan limit for your county and property's unit count. Some higher-cost California counties allow larger conforming loans. Above the applicable limit, jumbo financing may be appropriate. We check the property's location and loan amount before recommending a direction. Remember that the home price and mortgage amount are different: the mortgage is what you borrow after your down payment.

Options for different financial situations

A larger loan can require a closer look at how you earn your money. A business owner's cash flow, a physician's contract income, and a retiree's eligible assets can require different documentation.

1. Traditional income documentation for salaried borrowers and business owners.
2. Bank-statement programs for eligible self-employed borrowers.
3. Asset-based qualification for borrowers with substantial eligible assets.
4. Investment-property financing based on the property and applicable program requirements.

Each option has its own pricing, documentation, down-payment or equity requirements, and reserve rules. Alternative documentation does not eliminate the need to qualify.

Know your numbers before moving forward

For a purchase, we review your down payment, estimated closing costs, total housing payment, and required reserves. The housing payment includes more than principal and interest: account for property taxes, homeowners insurance, HOA dues when applicable, and any required mortgage insurance or supplemental coverage. For a refinance, we review your current mortgage, estimated property value, available equity, closing costs, and the financial reason for making a change. Cash needed at closing and reserves remaining afterward are separate considerations. Buying or refinancing with a loan of $1 million or more? Let's compare your options—in English or Spanish, without pressure.

Home Central Financial · NMLS #401212. All loans are subject to credit approval, property eligibility, lender requirements, and program availability. The cover photo is illustrative, not a property financed by HCF.

Common questions

Do I have to put 20% down on a million-dollar mortgage?

There is no single down-payment requirement for every large mortgage. Lenders consider the program, property use, loan amount, credit, and reserves. Compare actual offers before assuming a particular down payment will qualify.

Can a self-employed borrower qualify for a loan over $1 million?

Potentially. Depending on lender availability and the full application, qualifying income may be documented through tax returns or an eligible alternative program such as bank statements. Business cash flow alone does not guarantee approval.

What should I bring to a million-dollar refinance review?

Start with your current mortgage statement, an estimate of the property's value, income and asset documentation, and the amount of cash you want to access, if any. Your broker can then identify what else the selected lender requires.