Bank Statement Loans In Greenwich — The Quick Read: A super jumbo bank statement loan lets a self-employed borrower qualify on 12 or 24 months of deposits instead of traditional personal-income documentation, with sizing that runs from roughly $300,000 up through $30,000,000 across two separate wholesale ladders. Leverage steps down as the loan gets bigger, a tighter overlay applies above roughly $3.5 million on a primary home, and everything above $4 million gets individually reviewed before it’s ever submitted. None of this is a fixed federal rule — it’s lender-defined, and that’s exactly why the details matter.
Greenwich shows up in this conversation because the price points push borrowers into this territory routinely, not occasionally. The median sale price there recently sat at $2.8 million, up sharply year over year, with per-square-foot pricing near $768, according to Redfin. At that entry point, a standard jumbo file is often too small before the paperwork even starts. This isn’t a Greenwich-only mechanic, though — the same underwriting logic applies anywhere a self-employed buyer or investor needs financing above the usual jumbo range.
Key Takeaways
- Super jumbo has no legal definition — it’s a size threshold each lender sets on its own.
- Two separate wholesale ladders carry these files: one to $6,000,000, another to $30,000,000 with its own leverage steps.
- Leverage falls as loan size rises — 90% is available only under $1,000,000, and nothing above $1,000,000 ever reaches that level.
- A distinct overlay tier applies above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property.
- Everything above $4,000,000 is reviewed case by case before submission — treat that as a rule, not a caveat.
Key Terms Defined
Bank statement loan — a mortgage that qualifies a borrower using averaged bank deposits instead of traditional personal-income documentation, typically over 12 or 24 consecutive months.
Expense ratio — the percentage of business deposits treated as overhead and subtracted before the remainder counts as qualifying income.
Super jumbo — an informal, lender-specific size tier above the standard jumbo range, generally starting somewhere between $3 million and $5 million depending on the program.
Interest-only period — a phase of the loan term during which payments cover interest only, often used on larger balances to manage cash flow rather than build equity immediately.
Case-by-case review — a manual underwriting step, used above a program’s standard size ceiling, where credit, income, and property are all evaluated individually rather than against a published grid.
What “Super Jumbo” Actually Means (There’s No Official Line)
There’s no regulator that defines this term. Super jumbo is a size tier that each lender sets internally, and it moves depending on who’s writing the guideline. Some networks draw the line at $3 million. Others push it to $4 or $5 million, and at least one large data provider has used a $10 to $20 million definition for its own reporting. None of these are wrong — they’re just different lenders drawing different boundaries around the same idea: a loan big enough that standard jumbo underwriting no longer applies cleanly.
That matters practically. A borrower shopping a $3.5 million purchase might hit a tighter overlay at one lender and standard jumbo terms at another. The size of the loan tells you almost nothing about the terms until you know which program is reviewing it.
How the Income Actually Gets Calculated
On these files, income comes from deposits, not traditional personal-income paperwork. The way lenders calculate this differs by account type. For personal accounts, lenders typically average the deposits directly over the statement period. For business accounts, lenders apply an expense ratio first. That’s because part of what lands in a business account covers overhead, not owner income.
Across the wholesale network files move through, that expense ratio generally scales with business size and type: lower for a service business with no employees, moderate for a business with a handful of employees, and higher for larger operations or any business selling a physical product. A borrower with a stronger case can bring in an accountant-prepared ratio instead of the default tier, or use a profit-and-loss method capped at 80% expenses. Either way, the qualifying figure is what’s left after that ratio is applied, divided across the statement months.
One detail borrowers miss: money the borrower moves from their own business account into a personal account counts at full value, not at a discount. That’s a meaningful distinction for an owner who runs payroll to themselves in irregular draws rather than a fixed salary.
Step by Step: How Underwriting Treats the File
The process runs in a fairly predictable sequence, even though the documentation looks different from a conventional file.
First, the lender establishes which income path applies — 12-month statements, 24-month statements, asset-based, or a profit-and-loss approach — based on how the borrower’s finances are structured. Second, deposits get reviewed line by line to strip out transfers, loan proceeds, and other non-income movement, since only real income deposits count. Third, the expense ratio or accountant-prepared figure gets applied to business accounts, producing a monthly qualifying income number. Fourth, that income gets measured against the requested loan size to confirm debt-to-income stays within the program’s ceiling, which on most files in this space runs up to 50%. Fifth, reserves are confirmed — typically 3 months of payments on loans to $500,000, 6 months to $1.5 million, and 9 months above that, plus 2 months for every other financed property the borrower carries, up to a 12-month maximum. First-time real estate investors often see a flat 12-month reserve requirement regardless of loan size.
Above roughly $4 million, that sequence doesn’t end in an automated decision. It ends in a manual, case-by-case underwriting review before the file is ever submitted for approval — every time, on every large file, regardless of how strong the borrower otherwise looks.
Loan Size and the Two Ladders That Cover It
Two separate wholesale structures carry these files, and conflating them is the most common mistake investors make when sizing a deal. A portfolio non-QM bank-statement program covers loans up to $6,000,000. A second, separate bank portfolio program uses 12-month statements only and carries files up to $30,000,000 on its own leverage ladder: roughly 65% at sizes to $5,000,000, 60% to $10,000,000, and 55% up to $30,000,000, with interest-only structuring capped at 60% or the applicable ceiling, whichever is lower. That bank program engages above roughly $4,000,000 and overlaps the portfolio program through $6,000,000 — above $6,000,000, it stands alone.
Neither program publishes rates or fees here, and neither one is a commitment to lend — both are shopped through select lenders in a wholesale network, subject to full underwriting on every file.
Leverage by Occupancy and Size
Leverage isn’t one number — it’s a ladder that steps down as the loan gets bigger, and it moves differently depending on whether the property is a primary residence, second home, or investment property.
| Loan Size | Primary Purchase LTV | Investment Purchase LTV | Credit Floor |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 680–700 |
| $1.5M–$2M | 85% | 80% | 700–720 |
| $3M–$3.5M | 75% | 60% | 680–720 |
| $4M–$5M | 65%, case-by-case | 65%, case-by-case | 680–760 |
| $10M–$20M | 55%, case-by-case | 50%, case-by-case | 680 |
Second homes generally land about five points below the primary residence figures at each size band. And no matter how strong the file looks, 90% leverage never applies above $1,000,000 — that ceiling exists at the smallest tier only.
Are you an investor trying to decide between a bank-statement loan or a property-income loan for a rental purchase? Read Lendmire’s complete DSCR loans guide first. A DSCR loan looks mainly at whether the property’s own rental income covers the payment, subject to lender guidelines. That’s a very different path than deposit averaging, even though both fall outside conventional underwriting.
Where the Overlay Actually Kicks In
Above $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, a distinct overlay tier takes over — and it changes more than just leverage. The credit floor rises to 700. Housing history has to be clean, with no late mortgage payments across the trailing 24 months. Any credit event like a bankruptcy or foreclosure needs 48 months of seasoning before the file can even be considered. Borrowers must be U.S. citizens or permanent residents, non-occupant co-borrowers aren’t allowed, rural property is excluded outright, and any acreage above ten acres is off the table regardless of loan size.
One detail catches investors off guard every time: cash-out proceeds from the loan itself cannot be counted toward the reserve requirement on files at this size. If reserves are thin, cash-out doesn’t fix that — the reserves have to come from somewhere else. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Case-by-Case Review Above $4 Million
This isn’t a soft guideline. Above $4,000,000, every file goes through individual underwriting before it’s submitted anywhere, full stop. There’s no published grid at that size that guarantees an outcome — leverage figures above that line (65% at $4–5 million, stepping to 55% and eventually 50% at the top of the $30 million ladder) represent the strongest available terms under review, not a fixed offer. A borrower targeting an eight-figure purchase should plan for that review, not around it.
Asset-Based Paths When Deposits Don’t Tell the Story
Not every high-net-worth borrower has clean deposit history — someone who recently sold a business or lives off investment income might have almost no recurring deposits at all. For those files, two asset-based paths exist. An asset allowance divides liquid assets by 36 months (used as a supplement when debt-to-income sits at or below 60%), 60 months (as a supplement above 60% DTI), or 84 months when used standalone or on any loan above $3,500,000 — capped at 80% leverage and available on primary and second homes only. A separate assets-only path drops the debt-to-income requirement entirely, but it demands liquidity equal to the full loan amount plus closing costs plus 60 months of any documented net loss on other residential real estate the borrower holds. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Retirement accounts count toward these calculations at 70% of value, rising to 80% for borrowers 59.5 or older. Business funds, gift money, most trusts other than a revocable living trust, unvested stock, and cryptocurrency never count — regardless of balance.
Where the Rule Breaks: Named Edge Cases
A few structures don’t follow the standard ladder at all. Non-warrantable condos cap around 80% leverage; condotels drop to 75% on purchase and 65% on cash-out under the portfolio program, or 50% under the bank program. Rural property caps at 80% leverage on ten acres or less and is barred entirely above $3,000,000 in loan size. Texas cash-out transactions governed by the state’s 50(a)(6) home equity rules take an automatic 5-point leverage reduction and stop at $3,000,000 on the portfolio program regardless of how strong the borrower’s file otherwise looks. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Documentation flexibility runs into limits too. Business bank statements only qualify when the borrower holds at least 25% ownership in the entity — a minority owner without that stake can’t use the business account path at all and has to fall back to personal statements or an asset-based structure. For investors specifically looking at how business accounts get treated at this loan size, Lendmire’s guide on using business bank accounts on a super jumbo walks through that mechanic in more depth.
The Decision: When This Beats traditional personal-income review
Bank statement underwriting works best for one type of investor: someone whose deposits are much higher than what their traditional income paperwork shows. This often happens because of legitimate business deductions, depreciation, or an S-corp setup that keeps taxable income low. Take a physician with a growing practice, a founder with irregular draws, or an investor with several rental properties. Even if each property cash-flows fine on its own, their personal debt-to-income can look stretched. Deposit-based qualification often opens a door that conventional income paperwork closes.
This approach doesn’t fit every borrower well. If your standard income documents already show strong net income, switching to deposit averaging won’t help you. This applies if you have a stable W-2 job or run a business without heavy deductions. You may even find tighter leverage or credit limits than a straightforward jumbo loan would require. But if you’re self-employed and can show 24 clean months of consistent deposits, it’s often worth choosing the 24-month path over the 12-month path. The extra paperwork pays off because a longer window smooths out unusually strong or weak months. If you’re deciding how many months of statements to submit, check Lendmire’s breakdown on using 12 months of statements first.
Non-QM loans aren’t a fringe product anymore. This category is now the largest securitized non-agency mortgage product in the market. According to Scotsman Guide, recent non-QM loans have closed with credit profiles that look just as strong as conforming loans. This matters if you assume deposit-based underwriting means weaker credit. Usually, it just means a different documentation choice, not a credit risk.
For investment properties, lenders often use rental income to help qualify a borrower. To check the market rent, they typically pull a Single-Family Comparable Rent Schedule. This is a standard document used across the industry, defined by Fannie Mae. It’s a useful cross-check, even for files that ultimately qualify through deposits instead of property cash flow.
Tax treatment on any of these structures depends on how funds are used and how title is held, so investors should keep clean records and talk to a qualified tax professional before assuming a particular deduction applies.
Frequently Asked Questions
Is a bank statement loan the same as the old stated-income loans from before the financial crisis? No. Pre-crisis stated-income programs relied on borrower-declared figures with little to no verification. Today’s bank statement underwriting reviews actual deposit history, applies a calculated expense ratio, and holds the file to the same ability-to-repay standard every mortgage has to meet — it’s a different documentation method, not an absence of verification.
Does needing a bank statement loan mean my credit is weak?
Not necessarily. The “non-QM” label describes a documentation approach, not a credit-risk tier, and recent industry data shows non-QM production closing with credit profiles comparable to conventional loans. Plenty of borrowers with strong credit and substantial assets use this path simply because their conventional income documentation understate real income.
What credit score do I need for a super jumbo bank statement loan?
It depends on loan size and program. The portfolio non-QM program typically starts around a 660 floor, the bank portfolio program around 680, and the overlay tier above roughly $3.5 million on a primary residence generally requires 700 or higher — all subject to lender guidelines and full underwriting.
Can I use cash-out proceeds to satisfy the reserve requirement on a large loan?
No, not on files subject to the overlay tier. Cash-out proceeds from the loan itself cannot count toward reserves above that size threshold — reserves have to come from separate liquid assets. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
What happens if my loan amount is above $4 million?
It goes through individual, case-by-case underwriting review before submission, every time. There’s no published grid guaranteeing an outcome at that size — leverage figures represent the strongest available terms under review, subject to credit, income, and property findings.
Are you deciding between a bank statement path or a property-income path for a purchase or refinance in this size range? Lendmire can help you compare options across its wholesale network. This comparison looks at your income structure, credit profile, leverage, and the specific property involved. Reach the team at 828-256-2183.
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
As a DSCR and non-QM mortgage broker, Lendmire — NMLS# 2371349 — connects investors with wholesale lending channels across 40 markets, including Washington, D.C. The property’s rental income, not the borrower’s tax returns, is central to lender review, which works for self-employed operators and portfolios beyond four financed properties. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Redfin — Greenwich Housing Market
2. Scotsman Guide — Which Groups Are Driving Non-QM Lending
3. Fannie Mae — Single Family Comparable Rent Schedule (Form 1007)
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.
