The Quick Read: A 24 month bank statement jumbo loan is reviewed for a borrower on two years of deposits instead of traditional personal-income documentation or W-2s. The underwriter scrubs the deposits, applies an expense ratio to business-account income, and averages what is left over 24 months. “Jumbo” describes the loan size and “bank statement” describes how income is documented. They are separate questions.
- Income comes from eligible deposits after an expense ratio, divided by the months in the window.
- Through select wholesale programs, loan amounts run from $300,000 to $30,000,000, subject to full underwriting.
- Leverage steps down as the balance rises, and every file above $4,000,000 is reviewed case by case before submission.
- Typical reserves are 3, 6 or 9 months depending on loan size.
- The 24-month window tests consistency over time. It is not automatically easier than 12 months.
Founders, physicians, attorneys, entertainers and investors often show low taxable income after write-offs and depreciation. Bank statement underwriting reads the cash that actually moved through the accounts. Lendmire is a broker that shops this product across multiple wholesale programs. Nothing here is a commitment to lend.
Key Terms Defined
Jumbo loan: A mortgage above the agency conforming limit for the county. The limit is set by FHFA and varies by county, so check the current figure for the property’s location.
Non-QM: A loan that does not follow the standard qualified-mortgage documentation box. It is still fully underwritten.
Expense ratio: The share of business-account deposits treated as operating cost rather than income.
Eligible deposits: Deposits left after the underwriter removes transfers, loan proceeds, refunds and one-time items.
Consecutive statements: Every monthly statement in the window, all pages, with no missing month.
DTI: Debt-to-income. Qualifying income is compared against the new housing payment plus other monthly debts.
How Does Underwriting Treat 24 Months of Deposits?
The underwriter does not add up deposits. The process runs in order, and each step can change the income number.
1. Choose the account type and window. Personal statements, business statements, or a mix, over 12 or 24 months. Across the wholesale network, the 24-month version is a named option, not just twice the paperwork.
2. Gather the statements. Every month, every page. Transaction histories do not substitute for statements. Add proof of the business and your ownership share.
3. Scrub the deposits. The underwriter pulls out transfers between your own accounts, loan proceeds, refunds and unexplained one-time items. Large unexplained deposits are usually excluded from income instead of killing the file.
4. Apply the expense ratio. This is the biggest lever on qualifying income. Business statements need at least 25% ownership. Through select wholesale programs, the ratio is typically fixed at 20% for a service business with no employees, 40% for one to five employees, and 50% for six or more employees or any product business. An accountant-provided ratio is another path. A profit-and-loss method, capped at 80%, is a third.
5. Average over the window. Eligible deposits times one minus the expense ratio, divided by 24.
6. Run DTI. Income is compared with the proposed payment plus other debts. DTI can run up to 50% on most files, subject to underwriting.
7. Underwrite the rest. Credit, assets, reserves and the appraisal follow. Jumbo overlays sit on top.
A Worked Example
Say a business owner with a product business runs two years of deposits through a business account. After the underwriter removes transfers and refunds, the eligible total is what gets the 50% product-business ratio applied. Half is treated as expense. The remainder is divided by 24. That monthly figure is the income tested against the payment.
Now change one variable. The same borrower moves the same deposits through a personal account, or sends transfers from the business into a personal account. Transfers from the borrower’s own business into a personal account count at 100% on most programs. The income can look very different depending on where the money ran. Plan buying power from income after the expense ratio, never from gross deposits.
What Counts and What Doesn’t
| Deposit type | Usually counts? | What to document |
|---|---|---|
| Customer or client receipts | Yes | Invoices, contracts |
| Business-to-personal transfers | Yes, at 100% | Link to the business account |
| Transfers between your own accounts | No | Identify both accounts |
| Loan proceeds | No | Loan documents |
| Refunds and reimbursements | No | Source of the refund |
| Large one-time deposits | Often excluded | Written explanation |
Unidentified deposits get questioned. That is why clean, labeled accounts matter.
24 Months or 12 Months?
The longer window helps when income is steady or seasonal, because the average smooths the peaks and troughs. It hurts when a strong recent year sits next to a weak earlier one. Then the 24-month average drags income down.
| Income pattern | 24 months | 12 months |
|---|---|---|
| Steady | Works, shows track record | Works, less history |
| Rising | Average lags the current run rate | Usually higher qualifying income |
| Declining | Average flatters the file, but trend is visible | Shows the drop fully |
| Seasonal | Smooths the swings | Depends on where the year starts |
Across the wholesale network, most programs offer both windows. The bank portfolio program in the network uses 12 months. Lendmire’s piece on 12-month versus 24-month bank statement loans for jumbo borrowers covers that choice in depth.
What Size and Leverage Look Like
Size and leverage move in opposite directions. Through select wholesale programs, subject to full underwriting, the primary-residence ladder looks like this on a purchase: 90% to $1,000,000, 85% to $2,000,000, 80% to $3,000,000, then 75% to $4,000,000 at the top credit tier. Second homes and investment property run about five points lower at every size.
Above $4,000,000, everything is reviewed case by case before submission. On review, a primary-residence purchase can sit around 65% to $5,000,000, then 60% to $10,000,000 and 55% to $30,000,000 through a bank portfolio program that carries twelve-month-statement files. That ladder begins above $4,000,000, overlaps the portfolio non-QM program to $6,000,000, and stands alone above it.
Credit floors are typically 660 on the portfolio program and 680 on the bank program, rising to 700 above the super-jumbo line. Reserves are typically 3 months to $500,000, 6 months to $1,500,000 and 9 months above, plus 2 months per additional financed property. First-time investors typically need 12 months. Above $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, extra overlays apply, including a 0x30x24 housing history and no rural property.
Cash-out is unlimited at or below 60% LTV. Above 60% on the portfolio program, cash in hand is capped at $1,500,000. Interest-only is available through select programs on purchase and rate-and-term files, up to 60% or the band’s ceiling, whichever is lower, on the bank program. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
When the General Rule Breaks
The rules above hold for most files. These cases bend them.
- Missing months. A gap can force a resubmission or a switch to a 12-month option if the program offers one.
- Co-owned businesses. Income is prorated to your ownership share. Below 25%, business statements do not work.
- Account changes inside the window. Both accounts need full statements for their months.
- A lower expense ratio. It needs third-party support, and the lender decides whether to accept it. You cannot self-certify one.
- Property type. Warrantable condos run to 85% and non-warrantable to 80%. Condotels run 75% on a purchase and 65% on cash-out, and 50% on the bank program. Second homes are one-unit only.
- Borrower profile. Super-jumbo overlays require U.S. citizens or permanent residents and no non-occupant co-borrowers.
What If Bank Statements Aren’t the Right Path?
Other paths sit in the same market.
Asset-based paths exist. An asset allowance divides liquid assets by 36, 60 or 84 months. An assets-only path needs liquidity equal to the loan plus closing costs, with no DTI test. Retirement accounts count at 70%, or 80% at age 59.5 and up. Business funds, gifts and cryptocurrency never count.
For rental property, qualification can run on the property’s income instead. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, and generally does not run personal DTI. An investor stacking rentals can hit a personal-debt ceiling much sooner on a bank statement loan. Lendmire’s complete DSCR loans guide walks through that comparison. Programs below 1.00 coverage are available through select lenders in the network, with adjusted LTV and terms.
Is Non-QM Risky, and Does Bank Statement Mean Less Underwriting?
No on both counts. Non-QM is alternative documentation, not no documentation. Statements count as reliable third-party records. Business-purpose investor loans are reviewed differently from a standard owner-occupied mortgage.
Jumbo does not mean non-QM either. A fully documented jumbo can be a QM loan.
Before You Apply
Start 60 to 90 days out. Separate personal and business accounts. Label large deposits. Line up an accountant letter if you plan to argue for a lower expense ratio. Pull every statement, all pages. Check that the window is consecutive.
Tax treatment varies; consult a qualified professional.
Who Should Skip This
Skip it if your traditional personal-income documentation already shows strong income. A full-documentation jumbo may fit better. Skip it if your deposits are mostly transfers or lumpy one-time receipts. The scrub will remove them. Skip it if the property is a rental with strong rent coverage and you already carry heavy personal debt. DSCR may fit better.
Frequently Asked Questions
Is a 24 month bank statement jumbo loan harder to get than a 12 month one?
Not automatically. The 24-month file shows a longer track record and tests trend and consistency. Steady or seasonal income often benefits. A strong recent year next to a weak one can lower the average.
Can I use personal statements instead of business statements?
Yes, through select programs. Personal-account files typically take little or no haircut, while business statements get an expense ratio. Transfers from your business into a personal account count at 100%.
What credit score do I need?
Typically 660 on the portfolio program and 680 on the bank program, subject to underwriting. Above the super-jumbo line the floor is 700. Higher leverage tiers often ask for 700 or 720 and above.
How much cash do I need in reserves?
Typically 3 months to $500,000, 6 months to $1,500,000 and 9 months above. Additional financed properties add 2 months each, to a 12-month maximum.
Can a bank statement jumbo loan finance a rental property?
Yes, on investment property through select programs at leverage about five points below primary residence. Whether bank statements or DSCR fit better depends on your personal debt load and how strong the rent is.
If you are financing a high-balance property on business or personal bank statements and want to see how the numbers work, Lendmire can help you compare super jumbo bank statement loan options based on your deposits, the property, credit profile, leverage, and your goals.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage specializing in DSCR investor loans, helping arrange financing across 41 markets, including Washington, D.C., through wholesale and investor-lending channels. The model centers on property-level rental income reviewed by the lender rather than W-2 documentation, subject to lender guidelines, suiting entity-owned and multi-property investors. Lendmire holds Scotsman Guide Top Mortgage Workplace recognition for 2025 and 2026.
This article is part of Lendmire’s super jumbo bank statement loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How to Get a Super Jumbo Bank Statement Loan on Sales or Commission · How to Switch From a Private Bank to a Super Jumbo Bank Statement Loan · How to Use a CPA Letter for a Bank Statement Jumbo Loan
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.