The Quick Read: You find a lender above a program’s size cap by switching to a different capital source, not by hunting for a bigger version of the same program. Through select wholesale programs, a portfolio non-QM bank-statement loan typically reaches $6,000,000, and a separate bank portfolio program takes twelve-month-statement files to $30,000,000, subject to full underwriting. Everything above $4,000,000 is reviewed case by case before submission.
- A size cap belongs to one lender’s program, not to the industry, so a decline at the cap means you need another channel.
- Leverage steps down as the loan grows, and the bank portfolio program runs on its own, lower ladder.
- Your income is read from deposits after an expense ratio, so the account type you submit changes your qualifying income.
- Asset-based and property cash-flow paths exist for borrowers whose deposits do not tell the whole story.
- A broker who sees several programs can match your file to the right ceiling before you apply.
Key Terms Defined
Jumbo loan: a mortgage larger than the conforming limit, which is the maximum size that agency-backed loans can reach.
Super jumbo: an informal label for very large jumbo loans. Lenders disagree on where it starts, and no rule defines it.
Non-QM loan: a mortgage that does not follow the standard Qualified Mortgage template. Lenders still review whether you can repay it.
Bank statement loan: a non-QM loan that is reviewed around 12 or 24 months of deposits instead of traditional personal-income documentation.
Program cap: the largest loan one specific program will take, whether as a fixed ceiling or as the point where case-by-case review begins.
Case-by-case review: a manual look at your file before it is submitted, used when the loan is too large for standard tables.
Expense ratio: the share of business deposits treated as costs rather than income.
What Is the Cap, and Why Does It Exist?
The cap is a lender’s appetite written down as a number. Non-QM loans are held on a balance sheet or packaged and sold to investors. Each of those buyers decides how much risk it wants in one loan and in one borrower.
A single large loan concentrates risk. A lender that is comfortable with many mid-sized files may cap its program at a size where one default would hurt. That is why a borrower with strong credit and strong deposits can still hear no at a certain balance. The file is fine. The program is full.
This also explains why searching for a bigger version of the same product usually fails. The size limit lives in the capital source behind the product. To go higher, you move to a source with a bigger balance-sheet appetite.
Across the wholesale network, two channels matter here. The first is a portfolio non-QM program, which reaches $6,000,000 on bank statements. The second is a bank portfolio jumbo program, which accepts twelve-month statements and runs from the same mid-sized loans up to $30,000,000 on its own size ladder. That ladder begins above $4,000,000 and overlaps the first program through $6,000,000. Above $6,000,000 it stands alone.
Which Routes Exist When You Hit a Ceiling?
You have four realistic routes: another portfolio non-QM program, a bank portfolio program, an asset-based path, or a restructured deal. Each treats statements differently and tightens leverage differently. The table compares them in plain terms.
| Route | Income read from | Typical trade-off |
|---|---|---|
| Portfolio non-QM program | 12 or 24 months of deposits | Size tops out near $6,000,000 |
| Bank portfolio program | 12 months of deposits | Lower leverage, manual review |
| Asset-based path | Liquid assets, not deposits | Needs substantial liquidity |
| Restructured deal | Same file, smaller loan | More cash down or cash-out cut |
The conforming limit marks where jumbo begins. The Federal Housing Finance Agency sets a one-unit baseline of $832,750 and a high-cost ceiling of $1,249,125. That agency sets nothing above those numbers, so any super jumbo line you run into is a lender’s own choice. The Scotsman Guide describes the standard bank statement setup the same way: self-employed borrowers supply 12 to 24 months of statements, and the lender applies an expense factor.
How Do You Find the Lender, Step by Step?
Start with your numbers, then your occupancy, then the channel. Most wasted effort comes from skipping that order.
1. Fix the loan amount and the use. Decide whether it is a purchase, a rate-and-term refinance, or cash-out. Then decide whether it is a primary home, a second home, or an investment property. Each one has its own ceiling.
2. Compare the size to program ceilings. At $6,000,000 or less, a portfolio non-QM program is usually the first stop. Above that, the bank portfolio program is the main path.
3. Check the leverage at your size. The ladder changes as balances rise, so a price that works at one band may need more cash at the next.
4. Pick the account type. Business statements get an expense ratio. Personal statements are read closer to raw deposits.
5. Ask about review triggers. Find out where standard tables end and manual review begins.
6. Use a broker who sees several programs. One lender sees only its own ceiling. A broker can show you where the next channel starts.
Lendmire’s complete DSCR loans guide covers the rental-income alternative in depth. Bank statement loans follow a different test, as the sections below explain.
What Should You Ask Any Lender Before You Apply?
Ask five things, and write the answers down.
- Is your maximum loan amount a hard program ceiling, or the point where case-by-case review starts?
- Is the loan held in portfolio or sold to an investor?
- How do leverage, credit, and reserves step down by loan band?
- Is there a separate bank channel for twelve-month files?
- Do property type, occupancy, or credit-event overlays tighten past a size threshold? Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
The last question matters most. Many programs add overlays above a certain loan size. Across the network, the strictest ones apply above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. They include a 700 credit floor, a clean housing history over 24 months, and 48 months of seasoning after any credit event. They also exclude non-occupant co-borrowers and rural property, limit acreage to ten acres, and bar cash-out proceeds from counting toward reserves. The programs also take only U.S. citizens and permanent residents at that size. Every figure varies by lender and program and is subject to full underwriting.
How Is Your Income Calculated at This Size?
Qualifying income is eligible deposits, divided by the number of statement months, after an expense ratio. The lender sets the ratio from your business type, not you. The steps are simple.
First, the underwriter removes deposits that are not income, such as refunds, loan proceeds, and one-off transfers. Second, the remaining deposits are averaged over 12 or 24 months. Third, the expense ratio comes off.
Across the network, the fixed ratios are 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 can replace the default. A profit-and-loss method is also available, capped at 80%.
Picture a consultant working alone with a 20% ratio. For every dollar of eligible deposits, 80 cents counts as income. A six-employee firm at 50% counts 50 cents on the dollar. That gap is why the ratio, and the account type, deserve attention before you apply.
Transfers from your own business into your personal account count at 100%. That is a big reason personal statements can beat business statements for owners who pay themselves regularly. Business statements need at least 25% ownership, and statements must be consecutive. A transaction history never substitutes.
Debt-to-income can run up to 50% on these programs, through select wholesale programs and subject to full underwriting. Your personal debts count in that ratio.
What Do Leverage and Reserves Look Like as the Loan Grows?
Leverage changes in steps. On a primary residence, the purchase ceilings through select wholesale programs, subject to underwriting, run as follows:
- 90% up to $1,000,000.
- 85% up to $2,000,000.
- 80% up to $3,000,000.
- 75% up to $4,000,000, at the top credit tier.
- Above $4,000,000, every file is reviewed case by case. The bank portfolio program’s ladder sits at 65% to $5,000,000, 60% to $10,000,000, and 55% to $30,000,000, each on review.
Second homes and investment property take their own ladders, so read each figure from the occupancy’s own table. For a deeper breakdown, Lendmire’s piece on how bank statement LTV changes above the jumbo line walks through each band.
Credit follows its own pattern by band. The top leverage cell in each band needs a higher score, while a lower score takes a lower leverage cell. Reserves are typically 3 months up to $500,000, 6 months up to $1,500,000, and 9 months above that. Each additional financed property adds 2 months, to a 12-month maximum. First-time investors typically need 12 months.
Cash-out has its own limits. Proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio non-QM program caps cash in hand at $1,500,000. The bank portfolio program publishes no cap. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Where Does the General Rule Break?
Several edge cases change the answer.
Occupancy. A primary residence gets the highest leverage. Second homes are limited to one unit. Investment property carries its own ladder.
Property type. Warrantable condos reach 85% and non-warrantable condos reach 80%, through select wholesale programs. Two-to-four-unit properties can also reach 85%. Condotels run lower, at 75% on a purchase and 65% on a cash-out.
Texas home-equity loans. A 50(a)(6) loan takes a five-point LTV reduction and stops at $3,000,000 on the portfolio program.
Interest-only. The portfolio program offers it to 85% LTV with a 700 floor on purchase and rate-term files. The bank portfolio program offers it at 60% or the band’s ceiling, whichever is lower. It never lifts a cash-out ceiling. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Asset paths. Some borrowers have large liquid holdings and thin deposits. Asset allowance divides liquid assets by 36, 60, or 84 months to create income. The 84-month version also applies on any loan above $3,500,000. Assets-only needs no DTI. It requires U.S. liquid assets equal to the loan plus closing costs plus sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% from age 59½. Business funds, gifts, and cryptocurrency never count.
Rental income instead. If the property is a rental, you can also qualify on its rent covering the payment. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. Bank statement loans are different: your personal debts still count. The CFPB owns the ability-to-repay rule for consumer loans, which is why even non-QM lenders must confirm you can repay. For a full comparison of the two paths, see Lendmire’s article on bank statement loans for business owners above the jumbo line.
Tax treatment varies; consult a qualified professional.
A Worked Scenario
Say a physician-owner of a medical practice wants to buy a $4,200,000 primary residence. The practice shows low taxable income after depreciation and equipment write-offs, but its deposits are strong.
At that size, the file is in case-by-case territory, so the broker looks at both channels. The bank portfolio program takes twelve-month statements and sits at 65% on a primary-residence purchase for that band, on review. The borrower has a 740 score and ample reserves, which clears the 700 overlay above the super-jumbo line.
The broker tests personal statements first. The practice pays the owner through regular transfers, and those count at 100%. Business statements with a 50% ratio would count only half of each dollar of deposits. Personal statements give the stronger income, and the DTI lands well inside 50%.
Then comes the leverage conversation. At 65%, the borrower needs substantial cash down. If that is too much, the options are a smaller loan, a more modest property, or an asset-based path. The broker lays out each option before anyone submits a file.
Get Your File Ready Before You Call
Assemble the following first:
- 12 or 24 consecutive months of statements, with every page.
- Your ownership percentage in each business whose statements you use.
- Your accountant’s expense letter, if one would beat the default ratio.
- Proof of liquid assets, separated into types that count and types that do not.
- A credit snapshot, including any event inside the last 48 months.
- The property type, occupancy, and purchase or refinance details.
A clean package lets the broker route you correctly the first time.
Frequently Asked Questions
What is the largest bank statement loan available?
Through select wholesale programs, a bank portfolio program carries twelve-month-statement files to $30,000,000, subject to full underwriting. A portfolio non-QM program tops out at $6,000,000. Anything above $4,000,000 is reviewed case by case before submission, and leverage changes as the balance climbs.
Does super jumbo have an official definition?
No. The federal conforming limit marks where jumbo begins, but nothing defines super jumbo. It is a label lenders apply differently. When a lender quotes a cap, ask whether it is a program ceiling or the start of manual review.
Should I submit personal or business bank statements?
It depends on how you pay yourself. Personal statements are read closer to raw deposits, and transfers from your own business count at 100%. Business statements apply an expense ratio of 20%, 40%, or 50%, though an accountant’s ratio can replace it. A broker can test both before you submit.
Can I qualify without using deposits at all?
Often yes, if you have enough liquid assets. Asset allowance and assets-only paths exist for primary and second homes, and a rental property can qualify primarily on property-level rental income covering the payment, subject to lender guidelines. Sub-1.00 coverage programs exist through select lenders, with leverage and terms adjusted.
Why does my leverage drop on a bigger loan?
Larger balances concentrate more risk per file, so leverage generally steps down with size. Second homes and investment property use their own ladders.
Next Step
Lendmire’s consumer mortgage lending is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, and WA. Lendmire is a broker, not a lender, and nothing here is a commitment to lend. For a side-by-side look at how requirements change by size, read Lendmire’s guide to bank statement loan tiers above the jumbo line. A file that fails at one lender’s cap often fits another channel built for its size.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage broker that arranges bank statement, asset-based, and DSCR financing through select wholesale lenders. For bank statement files, qualification runs on documented deposits or assets under the applicable program, subject to lender guidelines. For rental properties, DSCR programs qualify primarily on property-level rental income covering the payment. Lendmire places loans through wholesale lenders and is not a direct lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. FHFA — conforming loan limit values announcement
2. Scotsman Guide — Rev Up the Engine for Non-QM Lending
3. CFPB — Ability-to-Repay and Qualified Mortgage rule
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 Qualify for a Super Jumbo Bank Statement Loan for a Private-Bank Client · How IO ARM Cap Structures Work for Founders Using Super Jumbo Bank Statement Loans · Can You Get a Fixed Super Jumbo Bank Statement Loan Over an IO ARM?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.