Can a Non-Resident Get a $1.5 Million Mortgage in the USA?

A $1.5 million mortgage is a very different proposition from an ordinary home loan.

For a foreign buyer or non-resident, the questions can include:

Which lenders will consider the application?
Can foreign income be used?
How much cash is required upfront?
Is a U.S. credit history necessary?
Can overseas assets help with qualification?
Is a $1.5 million mortgage considered a jumbo loan?
What property value would be required?
How much would the monthly payment be?
What closing costs should be budgeted?
Can a non-resident qualify without a U.S. employment history?

The answer is potentially yes, but it depends heavily on the borrower’s residency, legal status, income, assets, credit profile, property and lender.

A critical distinction is that conventional agency mortgage rules are not designed to cover every foreign-national borrower. For example, Fannie Mae’s standard eligibility rules cover non-U.S. citizens who are lawful permanent or non-permanent U.S. residents, while Freddie Mac similarly provides standard eligibility for lawful permanent and nonpermanent residents. (Fannie Mae Selling Guide)

That means a person living outside the United States with no U.S. residency status may need a specialized lender rather than assuming a standard conforming mortgage is available.

What Is a $1.5 Million Mortgage?

A $1.5 million mortgage means the loan itself is $1.5 million.

It does not necessarily mean the property costs $1.5 million.

For example:

Property price	Down payment	Mortgage
$1,875,000	$375,000	$1,500,000
$2,000,000	$500,000	$1,500,000
$2,500,000	$1,000,000	$1,500,000
$3,000,000	$1,500,000	$1,500,000

This distinction is extremely important for international buyers.

A borrower purchasing a $3 million property with a $1.5 million mortgage has a 50% loan-to-value ratio, which can present a very different risk profile from someone trying to finance $1.5 million against a $1.7 million property.

Is a $1.5 Million Mortgage a Jumbo Loan?

In many U.S. markets, yes.

For 2026, Freddie Mac’s standard maximum original loan amount for a one-unit property in most of the contiguous United States is $832,750. In designated high-cost areas, the maximum can be higher; Freddie Mac’s 2026 super-conforming ceiling for a one-unit property can reach $1,249,125, depending on the county. (Freddie Mac Guide)

Therefore:

$1,500,000 mortgage

is above those standard one-unit conforming limits in most circumstances.

That means borrowers should expect the financing conversation to move into jumbo or specialized lending territory.

This can mean different underwriting requirements, larger reserves, stronger documentation and potentially different pricing.

How Much Down Payment Do You Need for a $1.5 Million Mortgage?

There isn’t one universal down-payment requirement for a non-resident.

It depends on:

Lender
Property
Borrower
Residency
Credit
Income
Assets
Loan-to-value ratio
Intended property use

Consider these examples.

20% down

If the property costs:

$1,875,000

and you put down:

$375,000

the mortgage is:

$1,500,000

LTV:

80%

25% down

Property:

$2,000,000

Down payment:

$500,000

Mortgage:

$1,500,000

LTV:

75%

40% down

Property:

$2,500,000

Down payment:

$1,000,000

Mortgage:

$1,500,000

LTV:

60%

50% down

Property:

$3,000,000

Down payment:

$1,500,000

Mortgage:

$1,500,000

LTV:

50%

The larger the deposit, the lower the LTV — although a larger down payment does not guarantee approval.

Why Non-Residents May Need a Larger Down Payment

A U.S. resident with established U.S. income, credit and employment may fit conventional underwriting more easily than a foreign buyer living abroad.

A non-resident could have:

Foreign income
Foreign bank accounts
Foreign credit history
No U.S. employment
No U.S. tax history
Assets outside the United States
Complex currency exposure

Consequently, specialized lenders may impose different requirements.

The lender’s objective is to establish:

Who is the borrower?

Where does the money come from?

Is the income reliable?

Can the borrower make the payments?

What happens if the borrower defaults?

How much equity exists in the property?

Can Foreign Income Be Used for a $1.5 Million Mortgage?

Potentially.

But foreign income documentation can be more complicated than domestic U.S. income.

A lender may ask for documentation such as:

Employment contract
Recent payslips
Tax returns
Bank statements
Employer verification
Investment statements
Business financial statements
Proof of recurring income

Freddie Mac’s current documentation guidance requires verification of employment and income and verification of the source of funds for mortgages within its framework. It also specifies requirements for documents of foreign origin and foreign-language documents. (Freddie Mac Guide)

Foreign-currency documentation may also need to be converted into U.S. dollars under applicable underwriting requirements. (Freddie Mac Guide)

For a $1.5 million loan, borrowers should expect more documentation rather than less.

What If You Earn $300,000 Outside the USA?

Suppose a non-resident earns:

$300,000 per year

from an established overseas business or employer.

That does not automatically mean a $1.5 million mortgage will be approved.

The lender can consider:

Income stability
Debt obligations
Assets
Credit
Down payment
Property
Cash reserves
Currency
Employment history

A borrower with $300,000 income and $2 million in liquid assets may present a very different profile from a borrower earning the same amount with significant existing debts.

Can Overseas Assets Help?

Potentially.

For high-value borrowers, assets can be an important part of the financial picture.

These might include:

Cash
Investment portfolios
Business interests
Property
Retirement accounts
Other financial assets

Freddie Mac’s 2026 guidance permits qualifying assets to be used as a basis for repayment in certain mortgages when the applicable requirements are satisfied. (Freddie Mac Guide)

For foreign buyers, however, the exact treatment of overseas assets depends on the lender and loan program.

The important lesson is:

Don’t simply tell the lender you are wealthy.

Document the wealth.

What Credit Score Do You Need?

There is no single credit-score requirement for every $1.5 million mortgage.

A lender may examine:

FICO scores
U.S. credit history
International credit
Existing mortgage history
Rental history
Debt obligations
Payment history

Standard agency underwriting relies heavily on documented credit information. Freddie Mac’s current guide includes specific requirements for credit documentation and credit assessment. (Freddie Mac Guide)

For a foreign buyer without a conventional U.S. credit profile, specialized underwriting may be necessary.

What If You Don’t Have a U.S. Credit History?

This is one of the biggest issues for international buyers.

A borrower might have:

excellent credit in the UK

excellent credit in Canada

excellent credit in Europe

excellent credit in another country

but very little U.S. credit history.

That doesn’t necessarily mean the borrower has no financial history.

A specialized lender may request additional documentation to evaluate the borrower’s financial reliability.

The important point is to disclose your international financial history rather than assuming it doesn’t matter.

What About an ITIN?

Some U.S. mortgage programs use an SSN or ITIN as part of borrower identification and eligibility.

Fannie Mae’s general borrower eligibility guidance states that borrowers must have a valid Social Security number or Individual Taxpayer Identification Number, alongside applicable legal residency and documentation requirements. (Fannie Mae Selling Guide)

However:

Having an ITIN does not automatically qualify someone for a $1.5 million mortgage.

The lender still evaluates the entire application.

How Much Could a $1.5 Million Mortgage Cost Per Month?

This is where a $1.5 million loan becomes particularly important.

Consider an illustrative 30-year fixed mortgage.

The exact rate offered to a non-resident can vary substantially, so rather than pretending there is one universal rate, look at several hypothetical rates.

Illustrative rate	Approx. principal & interest
5.50%	~$8,520/month
6.00%	~$8,993/month
6.50%	~$9,481/month
7.00%	~$9,980/month
7.50%	~$10,488/month

These figures are principal and interest only.

They do not include:

Property tax
Homeowners insurance
HOA fees
Maintenance
Other debts

For a $1.5 million mortgage, even a relatively small change in the interest rate can translate into a meaningful difference in monthly payments.

Why Mortgage Rate Matters So Much at $1.5 Million

Consider two hypothetical 30-year fixed rates:

6.00%

versus

7.00%

The difference is only:

1 percentage point

But on a $1.5 million loan, that difference can represent hundreds of dollars every month in principal-and-interest payments.

Over many years, the cumulative difference can become substantial.

That is why high-value borrowers should compare:

interest rate + points + lender fees + closing costs + prepayment terms

rather than choosing based only on the advertised headline rate.

What Income Might You Need?

There is no universal income number that guarantees a $1.5 million mortgage.

However, it is useful to understand the scale.

Suppose the monthly principal-and-interest payment is approximately:

$9,000

Then annual principal and interest is approximately:

$108,000

But the actual housing expense can be higher after adding taxes, insurance and other property costs.

For example, if total monthly housing expense reached:

$12,000

that would represent:

$144,000 per year

before considering other debts and household expenses.

This explains why lenders scrutinize income and assets carefully for very large mortgages.

Freddie Mac’s underwriting framework includes specific requirements around housing expense-to-income calculations. (Freddie Mac Guide)

What Other Costs Should a Foreign Buyer Budget For?

A $1.5 million mortgage isn’t the only financial commitment.

Potential costs include:

Down payment

Potentially hundreds of thousands of dollars.

Closing costs

These vary by state, lender and transaction.

Property taxes

Location-dependent and potentially substantial for high-value properties.

Homeowners insurance

A lender may require adequate property insurance.

HOA fees

Particularly relevant for condominiums and planned communities.

Inspection

Professional inspection costs.

Appraisal

The lender may require an appraisal.

Legal/title expenses

Depending on the state and transaction.

Foreign-exchange costs

Important if the deposit or income originates overseas.

$1.5 Million Mortgage: Example Closing Budget

Suppose you purchase a:

$2,000,000 property

with:

$500,000 down

and:

$1,500,000 mortgage.

You should not assume that having $500,000 is enough cash.

You may also need funds for:

Closing costs
Prepaid taxes
Insurance
Escrow
Appraisal
Inspection
Legal/title charges
Lender fees
Currency conversion

A sophisticated borrower should therefore calculate the total cash-to-close, not just the down payment.

Best Types of Lenders to Compare

For a foreign buyer seeking $1.5 million financing, I would compare several lender categories.

1. Jumbo Mortgage Lenders

Potentially suitable for borrowers with:

Strong income
Strong assets
Large down payments
Good credit

2. Private Banks

Private banking divisions may offer customized financing for high-net-worth clients.

3. Foreign-National Mortgage Specialists

These lenders specifically target international buyers.

They may evaluate foreign income and assets differently from conventional lenders.

4. Mortgage Brokers

A broker can potentially compare multiple lenders rather than forcing you to approach institutions one by one.

5. Portfolio Lenders

A portfolio lender may retain loans rather than selling them into the standard agency market, potentially allowing different underwriting criteria.

What Makes a $1.5 Million Mortgage Application Strong?

A strong application can demonstrate:

High stable income

Ideally with a clear history.

Significant liquid assets

Cash and investments can strengthen the overall profile.

Large down payment

Lower LTV can reduce lender risk.

Strong credit

U.S. or documented international credit where accepted.

Clean financial records

No unexplained transfers or inconsistent income.

Stable employment/business

A predictable income source can be important.

Strong property

The property itself is part of the lender’s risk assessment.

Can a Self-Employed Foreign Buyer Get a $1.5 Million Mortgage?

Potentially, but documentation can be more complicated.

Self-employed applicants may need:

Business financial statements
Personal tax returns
Business tax returns
Bank statements
Proof of ownership
Evidence of continuing business income
Asset documentation

The key question becomes:

Can the lender verify that the income is stable and available to support the mortgage?

For international entrepreneurs, this can be considerably more involved than a traditional employee application.

Can a Foreign Investor Use Rental Income?

Potentially, depending on the property, loan program and lender.

Rental income can have different underwriting treatment from salary.

The lender may require:

Existing leases
Rental history
Tax returns
Property documentation
Market-rent analysis

Do not assume that 100% of projected rental income will automatically count toward qualification.

Primary Residence vs Investment Property

This distinction can dramatically affect financing.

Primary residence

The borrower intends to live in the property.

Second home

The property is used by the borrower for part of the year and meets applicable requirements.

Investment property

The property is primarily intended to generate rental income.

A non-resident purchasing an investment property can face different underwriting requirements from someone purchasing a U.S. home as a primary residence.

Tell the lender exactly how you intend to use the property.

Can a Non-Resident Buy a $2 Million or $3 Million U.S. Home?

Purchasing the property and obtaining financing are separate questions.

A foreign buyer may potentially purchase U.S. real estate, but financing depends on the lender and the borrower’s circumstances.

For a $3 million property, consider:

$1.5 million down

plus

$1.5 million mortgage.

That’s a 50% LTV transaction.

A large down payment can materially change the risk profile, although the borrower still has to satisfy the lender’s requirements.

Why $1.5 Million Is an Interesting Mortgage Target

The $1.5 million range sits in a particularly important part of the market.

It’s:

Above ordinary conforming limits in most U.S. locations
Large enough to require serious income/assets
Relevant to high-value property markets
Attractive to private banks
Relevant to jumbo lenders
Relevant to international buyers
Large enough that rate differences can materially affect borrowing costs

That makes $1.5 million mortgage a much more commercially specific search than a generic:

“home loan for foreigners.”

A $1.5 Million Mortgage Comparison Strategy

Instead of asking:

“Who has the lowest mortgage rate?”

ask each lender:

Do you lend to non-residents?
Do you finance foreign nationals?
What residency status is required?
Can foreign income be used?
Can foreign assets be considered?
What minimum down payment applies?
What reserve requirements apply?
What credit history is required?
Is the loan treated as jumbo?
What property types are eligible?
Are investment properties eligible?
What are the lender fees?
Are points required?
What are the prepayment terms?
What documents are required?

This gives you a much better comparison than simply collecting advertised rates.

Documents to Prepare Before Applying

For a large international mortgage, organize your documents before approaching lenders.

Identity

Passport
Visa/residency documentation where applicable
Tax identification information

Income

Employment contract
Payslips
Tax returns
Employer letter
Business financials if self-employed

Assets

Bank statements
Brokerage statements
Investment records
Property records

Credit

U.S. credit report if available
International credit reports where accepted
Existing mortgage history

Down payment

Bank statements
Proof of source of funds
Investment liquidation documents where applicable

Freddie Mac’s current documentation rules emphasize verification of income, employment, assets and source of funds, while foreign-language documentation must meet applicable translation requirements. (Freddie Mac Guide)

How to Improve Your Chances of Approval

1. Increase your down payment

A lower LTV can make the application more attractive.

2. Keep substantial reserves

Don’t use every dollar for the down payment.

3. Organize foreign income documentation

Make the income easy for the lender to understand.

4. Document every major asset

Particularly assets held outside the U.S.

5. Reduce unnecessary debt

Lower existing obligations can improve affordability.

6. Compare specialized lenders

A standard bank isn’t necessarily the best match for a foreign-national profile.

7. Use a mortgage professional familiar with international borrowers

The right broker can potentially save substantial time by identifying lenders whose criteria actually fit your circumstances.

$1.5 Million Mortgage Checklist

Before submitting an application:

Confirm your U.S. residency/immigration status
Determine whether you need a foreign-national mortgage
Calculate your desired LTV
Prepare your down payment
Document source of funds
Gather foreign income documents
Obtain credit reports
Document overseas assets
Calculate total monthly housing costs
Compare jumbo lenders
Compare private banks
Compare mortgage brokers
Request written loan estimates/offers
Compare interest rates
Compare points
Compare lender fees
Review prepayment provisions
Budget for closing costs
Confirm property eligibility

Frequently Asked Questions

Can a non-resident get a $1.5 million mortgage in the USA?

Potentially. However, standard agency mortgage eligibility generally focuses on borrowers with qualifying U.S. residency status, so a person living abroad without U.S. lawful residency may need a specialized foreign-national or portfolio lender. (Fannie Mae Selling Guide)

Is a $1.5 million mortgage a jumbo loan?

In most U.S. markets, a $1.5 million one-unit mortgage exceeds the standard 2026 conforming loan limits and would generally fall into jumbo or another specialized financing category. Freddie Mac’s 2026 standard one-unit limit is $832,750, with higher limits available in designated high-cost areas. (Freddie Mac Guide)

How much down payment is required?

There is no universal requirement for non-residents. A lender could require a substantially larger down payment than a standard owner-occupied conforming borrower.

Can foreign income qualify me for the mortgage?

Some lenders may consider documented foreign income, but requirements vary. Expect detailed verification of employment, income and source of funds.

Can foreign assets help?

Potentially. The lender determines which assets qualify and how they are documented.

How much income do I need for a $1.5 million mortgage?

There is no single income threshold. Lenders consider income alongside debts, assets, credit, down payment, property expenses and other factors.

Can I get a $1.5 million mortgage without U.S. credit?

It can be possible through specialized financing, but the lender may require alternative documentation of your creditworthiness and financial history.

How much does a $1.5 million mortgage cost monthly?

At hypothetical 30-year fixed rates between 5.5% and 7.5%, principal and interest alone would be roughly $8,520–$10,488 per month. Taxes, insurance, HOA fees and other costs would be additional.

Final Takeaway: Financing a $1.5 Million U.S. Home as a Non-Resident

A $1.5 million mortgage is achievable for some international borrowers, but it requires considerably more preparation than a standard home loan.

The strongest applications typically combine:

substantial income + documented assets + strong credit + significant down payment + clean financial records + appropriate lender selection.

For a foreign buyer, the biggest mistake is assuming that a large income alone guarantees approval.

Instead, compare multiple financing routes:

jumbo lender → private bank → foreign-national specialist → portfolio lender → mortgage broker.

And remember that the lowest advertised rate isn’t necessarily the lowest-cost mortgage.

On a $1.5 million balance, even small differences in interest rate, points and fees can materially affect the overall cost of borrowing.

For international buyers, the smartest approach is to prepare the entire financial file before approaching lenders, clearly document foreign income and assets, establish the source of the down payment, and compare lenders that actually work with the borrower’s residency and financial profile.

The goal isn’t simply to find a lender willing to say yes.

It’s to find financing that provides the right combination of:

approval probability + competitive rate + manageable fees + appropriate down payment + acceptable long-term cost.

This article is educational and does not constitute mortgage, tax, legal or investment advice. Mortgage requirements vary by lender, state, property and borrower circumstances. Always obtain current terms directly from qualified U.S. mortgage professionals before making a financing decision.