No longer just a feature from yesteryear’s MTV Cribs or Lifestyles of the Rich and Famous, million-dollar homes are increasingly commonplace as property values swelled over the last decade.
As this part of the real estate market grows, so does the amount of financing. Purchase mortgages over $1 million in the U.S. surpassed 125,000 in 2025, up from about 110,000 in 2024 and 95,000 in 2023, according to Home Mortgage Disclosure Act (HMDA) data.
Depending on your location, a million bucks can get you anything from a mansion to a one-bedroom apartment. Either way, you’ll likely want a lender in your area that regularly originates mortgages of this size. Their experience can lend to key negotiating tactics or insights with larger deals.
Top 10 Lenders for Mortgages Over $1 Million by Loans Completed in 2025
To find the leading lenders above this price threshold, Mortgage Research Network analyzed the latest HMDA data and discovered 2,527 lenders originated 125,538 owner-occupied, secondary residence, or residential investment property purchase mortgages above $1 million in 2025.
This dataset had a median loan amount of $1,315,000; a median property value of $1,775,000; and a median borrower income of $482,000. Since other loan types have restrictions to help lower-income borrowers, conventional mortgages accounted for 94.47% or 118,597 of the overall originations.
The year’s top 10 lenders accounted for over a third (34.65%) of that volume, ranked by loans completed, below.
| Rank | Lender | Loans Completed | Market Share |
|---|---|---|---|
| 1 | JPMorgan Chase | 6,819 | 5.43% |
| 2 | Wells Fargo | 6,441 | 5.13% |
| 3 | Bank of America | 5,235 | 4.17% |
| 4 | United Wholesale Mortgage | 5,179 | 4.13% |
| 5 | U.S. Bank | 4,387 | 3.49% |
| 6 | Citibank | 3,523 | 2.81% |
| 7 | Rocket Mortgage | 3,509 | 2.80% |
| 8 | CrossCountry Mortgage | 3,330 | 2.65% |
| 9 | Morgan Stanley | 2,667 | 2.12% |
| 10 | Guaranteed Rate | 2,411 | 1.92% |
Top Lenders by Purchase Loans Over $1 Million Completed
Let's take a quick look at the top 10 mortgage lenders ranked by the number of purchase loans over $1 million they completed in 2025.
1. JPMorgan Chase
Like the Empire State Building, this New York City giant stands tall in home financing, leading the field in mortgages over $1 million in 2025. The highly recognizable bank put its roots down all the way back in 1799.
2. Wells Fargo
Another huge name in banking, Wells Fargo placed second on this list and was the only other lender above a 5% market share of 2025’s $1 million+ mortgages. This West Coast behemoth made its headquarters in San Francisco in 1852.
3. Bank of America
Operating out of Charlotte, N.C., Bank of America traces back to 1904 in San Francisco. Back then, it was doing business as Bank of Italy, aimed at serving immigrants who faced discrimination from other banks.
4. United Wholesale Mortgage
Founded in 1986 in Pontiac, Mich., United Wholesale Mortgage is the first non-bank on this list. If you haven’t heard of “UWM,” that’s not surprising. According to its website, UWM is the largest wholesale lender in the country — meaning smaller mortgage brokers take the applications and send the full loan file to UWM for underwriting. You can think of the company as a car’s engine: you may not see it, but it makes the whole thing go.
5. U.S. Bank
Headquartered in Minneapolis, U.S. bank is the largest bank in the Midwest and fifth largest by assets in the country, according to the Federal Reserve.
6. Citibank
Established in 1812, Citibank was formed as a New York institution to keep up with the contemporary banking ease in Baltimore, Boston and Philadelphia. Citibank is the current sponsor for the New York Mets stadium and was one of the first banks to use ATMs.
7. Rocket Mortgage
The massive Detroit lender known for leading the digital push in mortgages lands at #7. Rocket leverages its technology to help homebuyers all over the country in any price tier.
8. CrossCountry Mortgage
Founded in 2003, CrossCountry has over 7,000 employees and 700 branches that operate in all 50 states, plus Washington D.C. and Puerto Rico.
9. Morgan Stanley
Yet another New York-based bank with a mortgage lending portfolio, Morgan Stanley has offices in 42 countries with over 80,000 employees. The global financial firm was founded in 1935.
10. Guaranteed Rate
The Chicago-based lender (and current naming rights holder for the White Sox stadium) rounds out this list with just over 2,400 mortgages above $1 million. Guaranteed Rate blends a local approach with technological advantages and has over 200 physical locations, according to its website.
Top 5 Lenders for VA Mortgages Over $1M by Loans Completed
Offered to military members, veterans, and eligible surviving spouses, mortgages guaranteed by the Department of Veterans Affairs (VA) provide a comparatively easier path to homeownership with looser underwriting parameters.
VA mortgages have no down payment requirement and no private mortgage insurance (though you have to pay the VA funding fee), accept credit scores as low as 580, and allow a debt-to-income ratio up to 41%.
In 2025, 384 VA lenders originated 5,696 (4.54%) of the year’s purchase mortgages above $1 million. These VA loans had a median loan amount of $1,316,791; a median property value of $1,436,858; and a median borrower income of $357,854.
The table below shows the top five VA lenders for million-dollar mortgages in 2025, ranked by loans completed:
| Rank | Lender | Loans Completed | Market Share |
|---|---|---|---|
| 1 | United Wholesale Mortgage | 881 | 15.48% |
| 2 | Mortgage Research Center | 432 | 7.59% |
| 3 | Rocket Mortgage | 318 | 5.59% |
| 4 | Pennymac | 255 | 4.48% |
| 5 | CrossCountry Mortgage | 237 | 4.16% |
Mortgage Research Center, LLC, is an affiliate of Three Creeks Media.
5 Largest Lenders for FHA Mortgages Over $1M
Because they’re aimed at lower-income borrowers and first-time homebuyers, federally-backed mortgages insured by the Federal Housing Administration (FHA) and United States Department of Agriculture (USDA) account for a minuscule amount of million-dollar home loans.
In fact, no USDA loans over $1 million were originated in 2025. Securing a USDA mortgage requires being below 115% of a location’s income ceiling and buying within an eligible rural area - places that tend to be less expensive overall. These parameters make USDA mortgages in the seven-figures a near impossibility.
Meanwhile, FHA loans have lower borrowing limits than conventional mortgages, creating fewer potential million-dollar lending scenarios. To take out an FHA mortgage over $1 million, you’ll need a 4-unit property in most of the country. However, 1-unit homes in high-cost areas (like Los Angeles County, Calif., for example) exceed the million-dollar threshold, with special exception areas (like Alaska and Hawaii) go higher still.
FHA mortgages fell just short of having a 1% market share. A total of 175 FHA lenders originated 0.99% or 1,245 million-dollar purchase mortgages in 2025, with a median loan amount of $1,139,811; a median property value of $1,206,221; and a median borrower income of $301,513. FHA-backed home loans require a 3.5% down payment, a credit score above 500, a debt-to-income ratio typically no higher than 55%, and FHA mortgage insurance for the loan’s duration.
The table below shows the top five FHA lenders for mortgages above $1 million in 2025:
| Rank | Lender | Loans Completed | Market Share |
|---|---|---|---|
| 1 | United Wholesale Mortgage | 287 | 23.05% |
| 2 | Rocket Mortgage | 129 | 10.36% |
| 3 | CrossCountry Mortgage | 66 | 5.30% |
| 4 | Pennymac | 45 | 3.61% |
| 5 | Guaranteed Rate | 35 | 2.81% |
Find The Right Lender For You
Finding the right lender depends on what you’re looking for. You’ll need to figure out if they offer your preferred loan type, good terms, and whether they originate a lot of deals in your price range.
If you’re shopping in the upper tiers of homebuying, these lists can give ideas for which lenders you can reach out to that do the most mortgages over $1 million. When you’re ready to begin, contact a local lender and get started.
All figures based on 2025 Home Mortgage Disclosure Act (HMDA) data provided by the Consumer Financial Protection Bureau (CFPB) and accessed April 7, 2026, through PolygonResearch.com HMDAVision.
