Super Jumbo Bank Statement Loans In Michigan — The Quick Read: These are large mortgages, generally above $1 million and running as high as $30 million through select wholesale programs, where the borrower is reviewed on bank deposits instead of traditional personal-income documentation. Michigan is one of 16 states where Lendmire arranges consumer mortgage lending, so business owners, physicians, and self-employed investors here have access to the same wholesale bank statement ladder used nationally. Leverage steps down as the loan gets bigger, and everything above $4 million gets pulled for a case-by-case underwriting review before it’s even submitted.
Key Takeaways
- Loan sizes run $300,000 to $30,000,000 across two separate wholesale programs, not one continuous ladder.
- Leverage steps down in stages: 90% at the low end, down to the mid-50s once a loan crosses into the tens of millions.
- Qualifying income comes from 12 or 24 months of bank deposits, run through an expense-ratio deduction if the statements are business account.
- Everything above $4,000,000 gets a manual, case-by-case look before it’s even submitted for underwriting.
- Michigan is one of the 16 states where Lendmire arranges this kind of consumer mortgage lending, subject to lender guidelines.
What Is a Super Jumbo Bank Statement Loan?
No federal rulebook defines “super jumbo.” It’s a market term lenders invented to describe loans that exceed even the standard jumbo tier — the size at which a lender’s own overlays get materially tighter. Bank statement lending, meanwhile, describes the documentation method, not the loan size. It’s a non-QM (non-Qualified Mortgage) approach. That means the loan doesn’t fit the government-defined “Qualified Mortgage” documentation box, so it runs on private investor guidelines instead.
Put the two together and you get a specific animal: a very large loan, qualified through deposit history rather than traditional personal-income documentation, sized for founders, physicians, attorneys, and real estate investors whose returns understate what they actually earn.
Across the wholesale network Lendmire places files through, this niche runs from $300,000 up to $30,000,000. That range isn’t one program — it’s two, stacked. A portfolio non-QM bank statement program carries files to $6,000,000. A separate bank portfolio program, built around 12-month statements, carries its own ladder from there out to $30,000,000: 65% loan-to-value (LTV) to $5,000,000, 60% to $10,000,000, and 55% out to $30,000,000, with interest-only capped at 60% or the band’s ceiling, whichever is lower. The two programs overlap between $4,000,000 and $6,000,000 — they don’t hand off cleanly at one number.
Key Terms Defined
Bank statement loan — a mortgage where the lender calculates qualifying income from deposits on personal or business bank statements instead of traditional personal-income documentation.
Non-QM — short for “non-Qualified Mortgage.” It means the loan doesn’t meet the federal government’s standardized documentation box, so it’s underwritten under private, lender-specific guidelines instead.
LTV (loan-to-value) — the loan amount as a percentage of the property’s value; an 80% LTV on a $1,000,000 home means a $200,000 down payment. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Expense ratio (or expense factor) — a deduction applied to business bank statement deposits to estimate the cost of running the business, before the remainder counts as qualifying income.
Interest-only period — a stretch of the loan term where the payment covers only interest, not principal, before amortization begins.
Seasoning — the required waiting period after a credit event, bankruptcy, or large deposit before it stops affecting underwriting.
Reserves — liquid savings a borrower must hold, beyond the down payment, measured in months of housing payment.
How Underwriting Actually Treats the Deposits
The short version: the lender totals eligible deposits over 12 or 24 consecutive months, averages them monthly, and applies a deduction if the statements are business account rather than personal.
Personal account deposits generally count close to face value. Business account deposits go through an expense ratio first — a deduction meant to approximate real operating cost before what’s left counts as income. Across the wholesale programs Lendmire works with, that ratio typically runs fixed at 20% for a service business with no employees, 40% for a business with one to five employees, and 50% for six or more employees or any product-based business. A borrower who can document a lower real expense load — through an accountant letter or a profit-and-loss statement, capped at an 80% income allowance — can sometimes beat the fixed default. Without that paperwork, the file falls back to the standard ratio for that business type.
One detail investors miss: transfers from the borrower’s own business account into a personal account count at 100%, not at the business ratio. That distinction matters for a business owner who pays themselves a regular draw rather than running personal expenses straight through the business account.
Statements have to be consecutive. A transaction history summary from the bank doesn’t substitute — lenders want the actual monthly statements, in order, with no gaps.
From there, the file runs through the same credit, reserve, and collateral underwriting any large mortgage requires — credit score, debt-to-income (DTI), liquid reserves, and a full appraisal review. The documentation method changes; the rest of the file doesn’t get a pass. Reserve requirements on the wholesale ladder Lendmire places typically run 3 months of housing payment on loans to $500,000, 6 months to $1,500,000, and 9 months above that — plus 2 additional months per other financed property, capped at 12 months. First-time real estate investors are typically held to a 12-month reserve requirement regardless of loan size.
The Size Ladder: Leverage Steps Down as the Loan Grows
Here’s the pattern that surprises most first-time super jumbo borrowers: leverage isn’t flat. It steps down in stages as the loan gets bigger, and the step-down happens faster for investment property than for a primary residence.
| Loan Size | Primary Residence Purchase LTV | Investment Property Purchase LTV | Credit Floor |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 680+ |
| $1M–$1.5M | 85% | 80% | 700+ |
| $1.5M–$2M | 85% | 80% | 720+ |
| $2M–$2.5M | 80% | 80% | 720+ |
| $2.5M–$3M | 80% | 75% | 720+ |
| Above $3M | Steps down further; case-by-case above $4M | Steps down further; case-by-case above $4M | 720–760+ |
Every figure here is a ceiling on select wholesale-network programs, subject to full underwriting. It’s not a guaranteed approval term. Second home purchases typically run a few points below primary homes, following their own separate ladder. Also, second homes are limited to one-unit properties only.
Above $4,000,000, every file gets pulled for case-by-case review before it’s even submitted. That’s not a formality — it means the underwriter looks at the specific borrower, property, and deposit pattern before quoting terms at all, rather than reading them off a fixed grid.
The Overlays That Kick In at the Top
Above $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, a separate layer of overlays applies: a 700 credit floor, a clean 0x30x24 housing payment history, 48-month seasoning on any credit event, and a requirement that the borrower be a U.S. citizen or permanent resident. No non-occupant co-borrowers. No rural property. Ten acres is the ceiling on lot size, and cash-out proceeds can’t be used to satisfy the reserve requirement — the reserves have to come from money the borrower already had. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
This is where the file stops looking like a scaled-up version of a smaller loan and starts looking like its own underwriting category.
Structures and Variations Beyond the Straight Deposit Method
Deposits aren’t the only path. For borrowers with substantial liquidity but irregular deposit patterns, an asset allowance approach divides liquid assets by 36, 60, or 84 months to generate a monthly qualifying income figure. The 36-month divisor applies as a supplemental income source when DTI runs at or below 60%; the 60-month divisor applies when DTI runs above that; and the 84-month divisor is used either as a standalone qualifying method or on any loan above $3,500,000. This path is limited to primary and second homes, capped at 80% LTV. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
A separate assets-only path skips DTI altogether. It requires liquid U.S. assets equal to the loan amount, plus closing costs, plus 60 months of any net loss carried on other residential property the borrower owns. Retirement account balances count toward that total at 70% of value, rising to 80% once the borrower is past 59½. Business funds, gift funds, trusts other than a revocable living trust, unvested stock, and cryptocurrency never count — an important distinction for borrowers who assume all liquid wealth qualifies equally.
Cash-out works differently depending on which program the file lands in. On the portfolio program, cash-out is effectively unlimited at or below 60% LTV, but capped at $1,500,000 cash in hand above that threshold. The bank program has no published cap. Interest-only structuring is available to 85% LTV with a 700 credit floor on the portfolio program (a 40-year term with a 10-year interest-only stretch), or to 60% LTV on the bank program, which uses 5- and 7-year fixed-period adjustable structures — a 10-year fixed-period adjustable on that program is fully amortizing, not interest-only. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Property type changes the numbers too. Warrantable condos go to 85%. Non-warrantable condos cap at 80%. Condotels are more restricted — 75% on a purchase and 65% on a cash-out through the portfolio program, or 50% on the bank program. Two-to-four unit properties go to 85%, and rural properties are capped at 80% on 10 acres or less, never eligible above $3,000,000 in loan size.
Are you comparing this to buying a rental property, where the property’s own income drives the lender’s review instead of your personal deposits? If so, check out Lendmire’s complete DSCR loans guide. It explains how a debt-service coverage ratio (DSCR) loan gets reviewed. Lenders look only at whether rent covers the payment. You don’t need to document any personal income at all.
Where the General Rule Breaks: Six Edge Cases
The rule of thumb that investment property leverage runs about five points below a comparable primary residence loan holds up to $3,000,000. Above that, it breaks. In the $3,000,000-$3,500,000 band, primary residence purchase leverage sits at 75% while investment property purchase leverage drops to 60% — a fifteen-point gap, not five. Anyone budgeting a large rental purchase off the “five points lower” shortcut will be surprised at that size.
Co-mingled accounts create a second friction point. Say a borrower runs personal spending and business revenue through the same account. Underwriting then has to manually separate the two. Personal deposits and business deposits get treated very differently in the income calculation, and lenders never simply average them together.
Short-term rental income and appraisal methodology don’t line up cleanly either. When rental income from an investment property factors into a file, appraisers commonly document market rent using the Fannie Mae Form 1007, the Single-Family Comparable Rent Schedule. That form was built around long-term lease comparables. It was never designed to convert a nightly short-term rental rate into a monthly figure, and appraisers cannot simply multiply a nightly rate by 30 to arrive at one. An investor counting on short-term rental cash flow inside a bank statement or blended file needs a lender comfortable pulling supporting data outside that standard form.
Business-purpose loans follow a different rule entirely. DSCR loans are built for non-owner-occupied investment properties. Because they count as business-purpose investor loans, lenders review them differently than a standard owner-occupied mortgage. In fact, investment properties financed for business purposes are generally exempt from the federal Ability-to-Repay requirement altogether, per Pennymac’s seller guide summary of the rule. But that exemption disappears if you use cash-out proceeds from an investment property for consumer purposes instead of the business. This nuance matters most on a large cash-out refinance pulled from a rental portfolio.
Reserves that can’t be self-funded from the loan proceeds create a fifth edge case unique to the super-jumbo overlay tier. Above $3,000,000-$3,500,000, cash-out money from the transaction itself cannot count toward satisfying the reserve requirement, even if the math otherwise works. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
The asset-counting rules have quiet exceptions, too. Retirement funds count at a discount. And several asset types that feel liquid to you — unvested stock, cryptocurrency, gift funds, most trusts — don’t count toward an assets-only qualification at all.
What the Decision Actually Looks Like
A self-employed borrower or investor sizing a large purchase should work backward from three questions: What size is the loan? What documentation actually reflects real income — personal deposits, business deposits, or liquid assets? And is the property a primary residence, second home, or straight rental?
For a rental property, the math often shifts entirely. Say you own the property personally but don’t live in it. You can sometimes qualify more simply based on the property’s own rent covering the payment — this is called a debt-service coverage ratio, or DSCR, structure. You won’t need to prove personal deposit income at all. Lendmire’s DSCR loan requirements coverage explains how this qualification works. It runs mainly on property-level rental income covering the payment, subject to lender guidelines. This suits investors who’d rather skip running personal bank statements through underwriting.
Tax treatment can depend on how the funds are used and how the property is held; investors should keep clear records and speak with a qualified tax professional before relying on any deduction.
Anyone comparing options on a large purchase or refinance in Michigan can reach Lendmire at 828-256-2183, or request a quote directly, to see how deposit-based, asset-based, or property-income-based qualification stacks up against a specific file.
Frequently Asked Questions
Does Michigan have different rules for bank statement loans than other states?
No — the underwriting guidelines come from the wholesale lending network, not state law. Michigan is one of 16 states where Lendmire arranges consumer mortgage lending, so the same size ladder, expense ratios, and reserve requirements apply here as anywhere else in that footprint.
Can I use 12 months of statements instead of 24?
Yes, on select programs — the bank portfolio program specifically uses 12-month statements. Other programs in the wholesale network may require 24 months depending on the borrower’s file strength and business type; which one applies depends on the specific program a file is placed with.
What happens if my loan needs to go above $4 million?
It gets reviewed case by case before submission rather than quoted off a fixed grid. That review looks closely at the specific deposit pattern, property, and borrower profile, and leverage above that size generally runs lower than the bands below it.
Do retirement accounts count as usable assets?
Only in part. Retirement balances typically count at 70% of value, rising to 80% once the borrower passes 59½. Business funds, most trusts, gift funds, unvested stock, and cryptocurrency generally don’t count toward an assets-based qualification at all.
Is short-term rental income usable for qualifying on these loans?
It can be, but it runs into a documentation gap most borrowers don’t expect — the standard appraisal form lenders use for market rent wasn’t built to convert nightly rates into a monthly figure. A lender comfortable sourcing rental data outside that standard form is typically needed for a file leaning on short-term rental cash flow.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
Self-employed borrowers can compare both super jumbo programs on Lendmire’s self-employed mortgages page.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage specializing in DSCR investor loans, helping arrange financing across 40 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.
Lendmire’s Top Mortgage Workplace recognition is documented by Scotsman Guide 2025 Top Mortgage Workplace and Scotsman Guide 2026 Top Mortgage Workplace.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
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.
References
1. Fannie Mae — Appraiser Update June 2024 (Form 1007)
2. McKissock Learning — Form 1007 and Its Impact on Short-Term Rental Appraisals
3. Pennymac Correspondent Seller Guide — Ability-to-Repay and Qualified Mortgage Rule
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.
