The Quick Read: Through select wholesale programs, subject to full underwriting, cash-out limits on a super jumbo loan step down as the balance grows, run lower on second homes and investment property, and top out at 80% on a primary-residence cash-out at the smallest sizes, so no single percentage applies to every file. Above $4,000,000, every file is reviewed case by case before submission, so any figure at that size is a starting point and not a promise.
- The limit is a ladder. The cash-out ceiling falls as the loan amount rises, from its highest level on a primary residence at the low end to much lower ceilings on review at the top.
- Occupancy matters. Second homes and investment property carry lower ceilings than a primary residence at most sizes.
- Two caps work together. One caps leverage (LTV). The other caps cash in hand above a set LTV threshold on the portfolio program.
- Bank statement income feeds the debt-to-income test, but credit, reserves and overlays can still hold the number down.
- Rental properties have a second route: qualifying on the property’s rent instead of your deposits. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Key Terms Defined
Super jumbo: An informal label for very large mortgages. Brokers commonly use it for loans of roughly $3,000,000 and up, but no official definition exists.
Cash-out refinance: A new loan that pays off your current mortgage and hands you the extra equity. A rate-and-term refinance swaps the loan without paying you out.
LTV (loan-to-value): The new loan amount divided by the property’s appraised value.
Cash-in-hand cap: A dollar limit on the cash you receive at closing, separate from the LTV ceiling.
Expense ratio: The share of business deposits a lender treats as overhead, not income.
Reserves: Liquid savings you must hold after closing, counted in months of payments.
Seasoning: The waiting period a lender wants after an event, such as buying the property or a credit problem.
Case-by-case review: Individual review before submission, with no flat leverage percentage assumed.
Where Does Super Jumbo Begin?
It begins wherever a conforming loan ends, but the starting line for super jumbo is a market habit, not a rule. A law-firm summary of the current limits puts the one-unit baseline at $832,750 and the high-cost ceiling at $1,249,125.
Anything above that is jumbo. Past roughly $3,000,000, most lenders and brokers start calling it super jumbo. Those agency limits only mark the line. They do not write the rules for these loans.
Each wholesale program sets its own leverage, credit, reserve and seasoning rules. That is why Lendmire’s brokers compare programs before picking one. Across the network, two programs matter for this topic.
- The portfolio program is a non-QM bank-statement program that carries files up to $6,000,000.
- The bank program is a bank portfolio jumbo program for twelve-month-statement files, with a ladder that begins above $4,000,000, overlaps the portfolio program to $6,000,000, and stands alone above that, reaching $30,000,000.
Tighter overlays kick in above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. Expect a 700 credit floor, a 0x30x24 housing history, and 48 months of seasoning after any credit event. Borrowers must be U.S. citizens or permanent residents, with no non-occupant co-borrowers. Rural property is out, acreage is capped at ten acres, and cash-out proceeds cannot count toward reserves. Exact terms depend on lender and investor guidelines, credit profile, reserves, and property review.
How Do Bank Statements Become Qualifying Income?
Underwriters turn your deposits into a monthly income figure in a few steps. The result then goes into the same debt-to-income test a paycheck would. Founders, physicians, attorneys and investors whose traditional personal-income documentation understates their income may use this path. The borrower is reviewed on documented income under the applicable program, subject to lender guidelines.
1. Gather consecutive statements. The portfolio program takes 12 or 24 months. The bank program uses 12. Statements must be consecutive, and transaction histories do not substitute for them.
2. Pick personal or business accounts. Business statements need at least 25% ownership. Transfers from your own business into your personal account count at 100%.
3. Strip out non-income deposits. Underwriters remove transfers between your own accounts, loan proceeds and one-time asset sales.
4. Apply the expense ratio to business deposits. The ratio is 20% for a service business with no employees, a middle default applies for one to five employees, and it is 50% for six or more employees or any product business. An accountant-provided ratio can replace those defaults. A profit-and-loss method exists too, capped at 80%.
5. Average the result. Qualifying income is eligible deposits divided by the statement months, after the expense ratio.
6. Test the debt-to-income. Debt-to-income can run up to 50%, with a 660 credit floor on the portfolio program, 680 on the bank program, and 700 above the super-jumbo line.
The expense ratio is the biggest lever. A service business with no employees keeps 80 cents of every deposited dollar as income. A business with six or more employees keeps 50 cents. That gap can decide whether a file works, and an accountant-supported ratio sometimes moves it in your favor.
Think about which accounts you use. A clean separation of personal and business money makes the average easier to defend. Commingled accounts invite questions about which deposits count.
The Cash-Out Ladder by Loan Size and Occupancy
The ladder keys off the loan amount, not the home’s value. These are ceilings through select wholesale programs, subject to full underwriting. Credit floors rise with size on the primary-residence ladder: 680 at the bottom, 700 to $1,500,000, then 720, and 760 from $3,500,000 to $4,000,000.
Cash-out ceilings, loans from $300,000 to $4,000,000
| Loan amount | Primary residence | Second home | Investment property |
|---|---|---|---|
| $300K–$1.5M | 80% | 75% | 75% |
| $1.5M–$2M | 75% | 75% | 75% |
| $2M–$2.5M | 70% | 70% | 70% |
| $2.5M–$3M | 70% | 60% | 60% |
| $3M–$4M | 65% | 55% | 55% |
Cash-out ceilings above $4,000,000 (every figure on review, case by case before submission)
| Loan amount | Primary residence | Second home | Investment property |
|---|---|---|---|
| $4M–$5M | 60% on review | 55% on review | 55% on review |
| $5M–$10M | 55% on review | 50% on review | 50% on review |
| $10M–$30M | 50% on review | 45% on review | 45% on review |
Investment-property figures apply to business-purpose cash-out loans. The second-home and investment rows above $4,000,000 also come with higher credit expectations on the lower bands, up to 760 at $4M–$5M.
Band edges matter. A slightly larger loan request can push you into a tighter band, and that can lower the ceiling on the whole loan. Brokers often run the file at two loan amounts to see where the step lands.
Why Is Cash-Out Tighter Than a Purchase at the Same Size?
Lenders hold back more equity when you take cash out, and the gap widens as the loan grows. At the same loan size, a purchase or rate-and-term refinance gets more leverage than a cash-out does.
Primary residence, three transactions at the same loan size
| Loan amount | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|
| $1M–$1.5M | 85% | 85% | 80% |
| $2M–$2.5M | 80% | 80% | 70% |
| $3.5M–$4M | 75% | 70% | 65% |
| $4M–$5M | 65% on review | 65% on review | 60% on review |
At the low end, cash-out gives up five points. Around $2,000,000 it gives up ten. That is why the assumption that cash-out always pays 80% does not hold. The 80% ceiling applies only to a primary residence in the smallest bands.
What Are the Two Limits: LTV and Cash in Hand?
Two limits can cap your cash. LTV decides how large the new loan can be. The cash-in-hand cap decides how much of the difference you can walk away with.
On the portfolio program, cash-out is unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. The bank program publishes no cap, but its own ladder still applies. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
For most files at moderate values, the ladder binds first. On a very large property, the dollar cap can bind first. Ask which of the two is limiting your number before you decide the file is stuck.
Interest-only structures exist on some files. They change the payment structure, not the cash-out ceiling. The ladder’s cash-out column still governs.
A Worked Example (Modeled, Not Market Data)
Say a primary residence is worth $5,000,000, a modeled assumption. Your payoff balance equals 30% of that value. You apply for a cash-out loan in the $3,000,000 to $4,000,000 band, where the primary-residence ceiling is 65%.
The new loan at 65% lands inside that band, so the ceiling holds. The gross cash is the gap between 65% and the 30% you owe, or 35 points of value. That is before closing costs and before any reserves you must keep.
On the portfolio program, 35 points of a $5,000,000 home is more than the $1,500,000 cash-in-hand cap allows once LTV passes 60%. The cap, not the ladder, limits your cash. The bank program, which publishes no cap, might produce a different answer, so the file is worth pricing both ways. Both programs also require credit and reserves to clear, and the figures above are ceilings, not approvals.
Do You Have the Reserves?
Reserves are a separate test, and they scale with size. Typical requirements are 3 months to $500,000, 6 months to $1,500,000, and 9 months above that. Add 2 months per additional financed property, up to a 12-month maximum. First-time investors are asked for 12 months.
Above the super-jumbo line, cash-out proceeds cannot count toward reserves. Plan to show reserves from separate funds. If your liquidity sits in a business account, note that business funds do not count on the asset paths below.
What If Your Deposits Are Messy?
Two other income paths exist for the right borrower. Both are subject to lender guidelines.
Asset allowance is reviewed around liquid assets divided by 36 months, 60 months or 84 months, depending on your debt-to-income and loan size. It applies to primary and second homes only, with an 80% maximum. The 84-month division applies as a standalone path or on any loan above $3,500,000.
Assets-only needs no debt-to-income test. Your U.S. liquid assets must equal the loan amount, plus closing costs, plus sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% from age 59.5. Business funds, gifts, most trusts, unvested stock and cryptocurrency never count.
Where the General Rule Breaks
The two programs overlap. Between $4,000,000 and $6,000,000, a file may fit both ladders. Pricing both ways costs little. Picking the wrong ladder costs time.
Rental coverage can bind before equity does. If the property you are refinancing is a rental, it can qualify primarily on property-level rental income covering the payment, subject to lender guidelines. Programs below 1.00 coverage are available through select lenders in the network, but LTV and terms adjust. Lendmire’s comparison of how DSCR and bank statement reserves stack up on a super jumbo cash-out covers the tradeoff. Investors weighing that route can start with the complete DSCR loans guide.
Loan purpose changes the paperwork. A cash-out on a primary residence is a consumer-purpose loan, so documentation is heavier and the lender must document repayment capacity. Investment-property loans are business-purpose loans, so they are reviewed differently from a standard owner-occupied mortgage. Federal Regulation Z exempts credit extended primarily for a business purpose. Under commentary summarized by Compliance Alliance, the test looks at purpose, not property type. A non-owner-occupied rental is deemed business purpose. If you will live in the property, credit to acquire counts as business purpose only above 2 units, and credit to improve or maintain only above 4 units.
Entity borrowers. Lending to an LLC is possible, per lender program requirements, and the entity’s ownership and documentation still get reviewed.
Property quirks. Condotels reach 65% on a cash-out under the portfolio program and 50% under the bank program. A Texas 50(a)(6) home-equity cash-out takes a five-point LTV reduction and stops at $3,000,000 on the portfolio program.
A declining income trend. Underwriters may shorten the review window, ask for a letter of explanation, or calculate more conservatively. Seasoning on the title also matters, since each program sets its own window. Confirm the recorded deed date before submission.
Myths That Cost Investors Time
- Super jumbo cash-out always pays 80%. It does not. The ceiling steps down with every band.
- The 50% expense ratio is a rule. It applies to larger or product businesses. Smaller service businesses use lower defaults, and an accountant’s figure can replace them.
- Non-QM means no real underwriting. Bank statements change how income is proven. Credit, reserves, appraisal and overlays still apply.
- Agency limits and waiting periods govern these loans. They mark only the conforming line.
- Any investment property is exempt from consumer rules. The loan’s purpose decides that, not the property type.
What Does the Decision Look Like?
Start with the question that decides the path: which income route fits your documents? Strong business deposits and thin rental coverage point to bank statements. Strong rent coverage and messy deposits point to the property’s own income.
Then match the loan size to the ladder. Run the file at a couple of loan amounts, check whether the ceiling or the cash cap binds, and confirm reserves come from funds that count. Tax treatment can depend on how the funds are used and how the property is held, so keep clear records and speak with a qualified tax professional before relying on any deduction.
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 is a broker that shops multiple wholesale programs, and every figure here is a ceiling through select programs, not a commitment to lend. Lendmire holds consumer mortgage licenses in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Availability for a given file depends on the property’s state and the program.
Frequently Asked Questions
Is there a fixed maximum cash-out on a super jumbo loan?
No single maximum applies. The LTV ceiling steps down with loan size and occupancy. On the portfolio program, cash in hand is also capped at $1,500,000 above 60% LTV. Above $4,000,000, everything is reviewed case by case. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
How much equity do I have to leave in the home?
It depends on the band. On a primary residence, a cash-out loan in the $300,000 to $1,500,000 range can reach 80% of value, so 20% stays in. Around $3,000,000 to $4,000,000 the ceiling is 65%, so 35% stays in. At larger sizes, more equity stays in, on review.
Can I do a cash-out refinance if I bought the property recently?
It depends on the program’s title-seasoning window and the recorded deed date. Each program sets its own rule, so confirm the date before submission. A credit event adds a separate 48-month seasoning requirement above the super-jumbo line.
Does a bank statement loan cap my cash-out lower than full documentation?
The ladder itself is the same for bank statement files. What changes is how income is proven. Expense ratios, ownership requirements and debt-to-income still drive whether the file clears.
Can cash-out proceeds count toward my reserves?
Not above the super-jumbo line. Above $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, reserves must come from other funds. Below that line, the treatment depends on the program.
For how equity extraction works on an investment property, see Lendmire’s guide to cash-out refinance on an investment property.
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 focused on investor financing, arranging DSCR loans in 40 states plus Washington, D.C. — 41 markets total. Qualification is based on the property’s income rather than personal income documentation, subject to lender guidelines, making it a fit for LLC-held rentals and scaling portfolios. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Orrick InfoBytes: conforming loan limit summary
2. CFPB: Regulation Z §1026.3, exempt transactions
3. Compliance Alliance: Regulation Z and investment properties
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: Super Jumbo Bank Statement Cash-Out Documentation for a Loan-Out Company · How to Consolidate Debt With a Super Jumbo Bank Statement Cash-Out · How to Cash-Out Refinance a Super Jumbo Home on Bank Statements
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.