Santa Fe is one of a small number of American cities outside the coastal metros where a Super-Jumbo mortgage — a loan above $1.5 million — is a routine instrument of the upper-tier market rather than an exotic edge case. The evidence is in the numbers. Las Campanas, the 4,700-acre gated golf and equestrian community northwest of the Plaza, carries a median sale price of $1,620,000. The Historic Eastside’s most significant adobe compounds — walled, private, irreplaceable — sell above $5 million for the finest examples. Monte Sereno ridgeline estates with panoramic Sangre de Cristo and Jemez Mountain views transact from $2 million to $8 million and above. Along Old Santa Fe Trail and Circle Drive on the city’s north side, 196 Circle Drive was recently listed at $15 million — an 11-acre north-side estate with 360-degree mountain views. These are not anomalies. They are the market.
The buyer who finances at this level in Santa Fe is not the same as the buyer who finances a $1.2 million home in suburban Phoenix. Santa Fe’s Super-Jumbo buyer pool is concentrated with long-tenured wealth: established artists and gallery owners whose real estate holdings have appreciated dramatically over three decades; retirees from California and New York who sold primary residences for $3 to $6 million and are repositioning capital into a slower-paced, culturally rich environment; investment professionals and technology entrepreneurs who treat Santa Fe as a second home and want the finest properties available; and CHRISTUS St. Vincent physicians and specialists whose careers have produced two decades of above-average income now concentrated in investment accounts. These buyers do not want automated underwriting decisions. They want a lender who has read a Super-Jumbo file before and knows what it actually takes to close one. I’m Ryan Lehrman, NMLS #235295.
A Super-Jumbo mortgage is a home loan above $1.5 million — well beyond both the $832,750 conforming limit and the standard Jumbo tier. In Santa Fe, this financing tier serves the city’s most significant properties: the estate compounds of the Historic Eastside, the Las Campanas custom builds along championship golf fairways, Monte Sereno’s ridgeline homes, the Tesuque and Tano Road acreage properties, and the occasional exceptional property that defines the market’s ceiling in a given year.
Super-Jumbo loans are portfolio products — held on the lender’s own balance sheet — which provides a flexibility that conforming and standard Jumbo programs cannot match. Alternative income documentation, asset depletion programs, and non-standard financial profiles are all accommodated within the right portfolio structure.
For the Historic Eastside’s most significant compounds, Old Santa Fe Trail ridge estates, and Tesuque properties with provenance and irreplaceable character. These properties require appraisers with deep Santa Fe luxury market familiarity, and they require lenders who understand that comparable sales data tells only part of the story — the emotional and cultural value embedded in a genuine Santa Fe historic estate is real and must be reflected in the financing approach.
For buyers whose wealth is concentrated in investment portfolios, retirement accounts, art collections, or proceeds from a primary home sale rather than current earned income. Asset depletion converts documented eligible assets into a calculated monthly qualifying income — typically dividing the asset balance by a lender-defined period. This program is the right fit for a large portion of Santa Fe’s upper-tier buyer pool: retirees from coastal markets with $3 to $8 million in liquid assets, gallery owners whose income is irregular but whose balance sheets are strong, and long-tenured Santa Fe residents whose investment portfolios have grown substantially over decades of appreciation.
For buyers with compensation structures that include deferred income, profit participation, board fees, consulting arrangements, or investment partnership distributions alongside a base salary or practice income. These income streams require documentation and aggregation rather than automated processing, and they are commonly found in the profiles of CHRISTUS St. Vincent subspecialists, senior state officials, and the executives and entrepreneurs who choose Santa Fe as a second home.
For buyers building custom estates in Las Campanas, Monte Sereno, on Tano Road, or on private land in Tesuque and the surrounding area. Combines the construction financing and the permanent mortgage in a single closing, with a rate locked at the start. Zachary and Sons Custom Homes, Arete Homes, and Contreras Construction — Santa Fe’s established luxury builders — are among the builders whose projects are compatible with this program structure.
Las Campanas — Above $2 Million
At the upper end of Las Campanas, custom estate builds on premium fairway lots and elevated sites with dual mountain views transact in the $2 to $6 million range. These are architect-commissioned, custom-finished homes on lots that sell individually in the $200,000 to $1 million range before a shovel enters the ground. The Club at Las Campanas — two Jack Nicklaus championship courses, equestrian center, tennis, spa, and fine dining — is the amenity foundation that justifies premium lot pricing and supports resale values at this tier.
Monte Sereno
The most exclusive planned community in Santa Fe — gated, northwest of the city, positioned for panoramic views in both the Sangre de Cristo and Jemez directions. Architecture ranges from traditional Pueblo Revival to modern Territorial, but all with the consistency of a community that has maintained strict design standards throughout its development. Homes here start in the $2 million range; the finest properties reach $8 million and above. Monte Sereno is where buyers come when Las Campanas is too visible and too social — it is quieter, more private, and positioned higher on the ridge.
Historic Eastside — Landmark Properties
The Historic Eastside's most significant properties — those with authentic pre-20th-century construction, provenance, original Adobe brick, and the compound character that defines the Santa Fe aesthetic — are genuinely irreplaceable. The most recent data points for exceptional Historic Eastside compounds include the over-$12-million sale on Old Santa Fe Trail. These are not trading frequently; when they do, financing at the Super-Jumbo level requires lender expertise that goes beyond standard appraisal methodology.
Old Santa Fe Trail and Circle Drive
The north-side ridge corridor along Old Santa Fe Trail and Circle Drive produces some of the most significant acreage properties in the city — large-lot custom compounds, 360-degree views, proximity to the Bishop's Lodge and Tesuque areas. 196 Circle Drive, 11 acres with full mountain panoramas, was recently listed at $15 million — the highest current asking price in the Santa Fe market.
Portfolio lender relationships for genuinely bespoke Super-Jumbo underwriting
Asset depletion programs for Santa Fe's investment-rich, income-variable buyer population
Historic Eastside and landmark property experience — including non-standard appraisal approaches
Las Campanas, Monte Sereno, and Tano Road estate project familiarity
Construction-to-permanent Super-Jumbo for Zachary and Sons, Arete, and custom builder projects
California and coastal equity buyer expertise — buyers repositioning $3M+ in proceeds from primary home sales
Santa Fe mansion tax and title chain complexity navigated from day one
Discretion throughout — Super-Jumbo transactions in a small, well-connected city require confidentiality
Ryan Lehrman, NMLS #235295, personally engaged on every Super-Jumbo file
Credit and Financial Profile: Super-Jumbo programs typically require a minimum 720–740 credit score, with preferred profiles above 760. Total documented assets — liquid, investable, and retirement — are weighted substantially in program eligibility alongside income. Buyers with $5 million or more in documented assets and modest current income are well-served by the asset depletion structure, which reflects the financial reality of the Santa Fe upper-tier buyer pool more accurately than income-focused qualification approaches.
Income Documentation: Full W-2 documentation, alternative documentation for self-employed buyers and gallery owners, bank statement programs, and asset depletion are all available. The income documentation approach is determined in the initial consultation based on the buyer's specific financial profile — not applied uniformly.
Reserve Requirements: Super-Jumbo programs typically require 12–24 months of total housing payment in liquid reserves post-close, in addition to down payment and closing costs. For buyers with substantial investment portfolios, this is rarely a barrier — but it must be documented correctly and disclosed fully upfront.
Property Evaluation: Santa Fe's most significant properties — Historic Eastside compounds, north-side acreage estates, Las Campanas lots with custom builds — require appraisers with specific market familiarity and a willingness to support values that are not easily derived from nearby comp data. Appraiser selection is addressed proactively at the beginning of the file, not after an inadequate appraisal creates a problem.
Confidential consultation — Discuss the specific property or project, financial profile, timeline, and program fit. Super-Jumbo transactions in Santa Fe benefit from engagement well before a purchase offer is made — ideally during the property search itself.
Financial profile review — Complete picture of assets, income sources, obligations, and credit. For asset depletion buyers, this is the most important step — the asset documentation and calculation methodology is confirmed at this stage.
Program and lender placement — Identify the specific portfolio lender and program structure. Rate, terms, reserve requirements, and documentation approach are all confirmed before application.
Underwriting — Manual review by a human underwriter familiar with Santa Fe's luxury market. Expect substantive engagement, particularly for Historic Eastside properties and Las Campanas custom builds.
Closing — Super-Jumbo transactions in Santa Fe typically close in 45–60 days from application when documentation is organized upfront. Title chain review for Historic Eastside properties can add time and is accounted for in the schedule.
Super-Jumbo financing applies to loans above $1.5 million. In Santa Fe, the neighborhoods that most consistently produce Super-Jumbo transactions are Las Campanas (median sale price $1,620,000), Monte Sereno (homes from $2 million to $8 million+), the Historic Eastside (most significant compounds above $2 million), and the Old Santa Fe Trail and Circle Drive corridor (acreage estates to $15 million and above). These are not fringe purchases in the Santa Fe context — they represent the active upper tier of a city whose pricing structure is defined by cultural cachet and constrained supply rather than by employment base or population scale.
Yes, through an asset depletion or standard asset documentation program. Proceeds from a home sale — once they are in a documented liquid account — are treated as assets that can be used for down payment, reserves, and in the case of asset depletion, calculated qualifying income. A $4 million net proceeds position, documented through a closing statement and current bank statements, provides a strong foundation for Super-Jumbo qualification in Santa Fe. The specific program structure and income calculation approach are confirmed in the initial consultation based on the full financial picture.
Yes. Construction-to-permanent Super-Jumbo programs are available for custom builds in Las Campanas and throughout Santa Fe County. The program combines the construction financing and the permanent mortgage in a single closing, with the rate locked at the outset. Zachary and Sons Custom Homes, Arete Homes, Contreras Construction, and Candelaria Homes — Santa Fe's established luxury builders — are all compatible with this structure. Builder qualification is confirmed early in the process to avoid delays. Construction-to-permanent Super-Jumbo programs typically accommodate build timelines of 12–24 months.
Super-Jumbo transactions benefit from early engagement. Let’s have a confidential conversation about your property and financial profile.
Originally from Harrisburg, Pennsylvania, I moved to Phoenix to attend Arizona State University and have proudly called Phoenix home ever since.
My journey into the mortgage industry began with a friend’s encouragement, who saw how my energy and people-first mindset could make a difference. He was right — I found my calling.
I’ve always embraced what makes me different. With ADHD as my secret weapon, I thrive in fast-paced, detail-heavy environments. I’ve built my career on clear communication, creative problem-solving, and putting clients first, always.
Outside of work, my greatest motivation is my wife and three amazing kids. I’d be honored to help guide you through your lending journey with care, clarity, and commitment.
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