The Quick Read: It depends on three ceilings, and your amount is whichever one is lowest. They are the program’s loan-size cap, the leverage limit at your loan size, and the payment your deposit-based income supports. Through select wholesale programs, subject to full underwriting, files run from $300,000 to $30,000,000, but leverage falls as the balance climbs.
- Size: Two wholesale programs cover $300,000 to $30,000,000. Every loan above $4,000,000 is reviewed case by case before submission.
- Leverage: On a primary-residence purchase, the ceiling steps down from 90% at $1,000,000 and under to 65% at $4,000,000 to $5,000,000, on review.
- Income: Lenders use 12 or 24 months of deposits after an expense ratio, with debt-to-income up to 50%.
- Credit and cash: The minimum credit score varies by scenario, and it rises to 700 above the super-jumbo line. Reserves run 3, 6 or 9 months by loan size.
Nothing here is a commitment to lend. Every figure is a ceiling, and every file is underwritten on its own facts.
Key Terms Defined
Jumbo loan: a mortgage above the local conforming limit. Per Orrick’s summary of the annual limit announcement, the one-unit baseline is $832,750, and the ceiling in the highest-cost counties is $1,249,125.
Bank statement loan: a mortgage that is reviewed around deposits in your bank accounts instead of traditional personal-income documentation.
Non-QM: a loan outside the standard “qualified mortgage” box. Lenders still underwrite credit, reserves and the property.
Expense ratio: the share of business deposits the lender assumes went to running the business. The rest counts as your income.
LTV (loan-to-value): the loan as a percentage of the property’s value or price.
DTI (debt-to-income): your total monthly debts, including the new loan, divided by your qualifying monthly income.
Reserves: liquid cash left over after closing, measured in months of payments.
What Actually Caps Your Loan Amount?
Three ceilings apply at once, and the lowest one wins. Most borrowers assume the program’s headline maximum is their number. It rarely is.
Ceiling one is the program’s size cap. Lendmire brokers two wholesale programs for this product. The first is a portfolio non-QM bank-statement program, which carries files to $6,000,000. The second is a bank portfolio jumbo program, which handles twelve-month-statement files to $30,000,000 on its own size ladder. That ladder begins above $4,000,000, overlaps the first program up to $6,000,000, and stands alone above that. Below, I call them the portfolio program and the bank program.
Ceiling two is leverage at your loan size. Bigger loans get lower LTV. A $900,000 loan might allow 90%, while a $4,500,000 loan on review might allow 65%.
Ceiling three is payment capacity. Your deposits, after the expense ratio, produce a qualifying income. DTI up to 50% turns that income into the most monthly debt you can carry. Other mortgages count against it.
Plenty of buyers hit ceiling three first. A strong down payment doesn’t matter if the income can’t carry the payment. Not fun, but fixable (more on that below).
The practical point: a headline “up to” number tells you the size cap only. Your file’s number is the lowest of the three.
How Do Deposits Become Qualifying Income?
Lenders convert your statements into a monthly income figure in four moves. Most programs Lendmire places files with follow the same chain.
1. Choose the lookback. The portfolio program takes 12 or 24 consecutive months of personal or business statements. The bank program uses 12. Statements must be consecutive, and transaction histories never substitute. HousingWire’s explainer lists the usual supporting set: entity documents or a CPA letter confirming self-employment, plus proof of ownership.
2. Remove what isn’t income. Transfers between your own accounts, loan proceeds, refunds and one-time windfalls come out. One exception helps: transfers from your own business into your personal account count at 100%.
3. Apply the expense ratio on business statements. Business accounts require at least 25% ownership. Fixed expense ratios apply based on the type and size of the business, with a lower ratio for a service business with no employees and higher ratios for businesses with employees or any product business. An accountant-provided ratio can replace them. A profit-and-loss method is also available, with a cap on the share of deposits it can reflect.
4. Divide by the statement months. Eligible deposits, less the expense ratio, divided by 12 or 24, gives monthly qualifying income.
Run it in percentages. Take twelve months of eligible deposits from a solo consultant. At the 20% ratio, 80% of those deposits count as income. The same deposits at the 50% ratio count for only half. That is 60% more qualifying income from one documented fact about your business. An accountant’s letter can matter more than a bigger down payment.
Personal statements are simpler, since there is no expense ratio on them. Scotsman Guide describes the same 12-to-24-month deposit method and puts non-QM at about 5% of originations in the year it measured, so this is a mainstream channel, not a fringe one.
If you’re self-employed as a sole proprietor, Lendmire’s piece How Much a Sole Proprietor Can Borrow on a Jumbo Bank Statement Loan goes deeper on that income profile.
How Fast Does Leverage Taper as Loans Grow?
Leverage drops in steps, and the steps are steeper for second homes and investment property. Here are the purchase ceilings through select wholesale programs, subject to full underwriting:
| Loan size | Primary residence | Second home | Investment property |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 85% |
| $1M–$2M | 85% | 80% | 80% |
| $2M–$2.5M | 80% | 80% | 80% |
| $2.5M–$3M | 80% | 75% | 75% |
| $3M–$4M | 75% | 65% | 60% |
| $4M–$5M (on review) | 65% | 65% | 65% |
Credit tiers rise with size. Primary-residence files run from 680 at the low end to 720 through the middle bands, and the $3.5M–$4M primary band asks for 760. No loan above $1,000,000 gets 90%.
Above $5,000,000 the ladder keeps falling, always on review. On a purchase, a primary residence runs 60% from $5M to $10M and 55% from $10M to $30M. Second homes and investment property run 55% from $5M to $10M and 50% above that. Once you cross $4,000,000, the leverage figure is where the review starts, not where it ends.
Interest-only helps the payment test. The portfolio program allows it on purchase and no-cash-out refinance files to 85% LTV with a 700 credit floor. The bank program caps interest-only at 60%. That figure limits the interest-only structure. It never raises a cash-out ceiling. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
What Changes on a Cash-Out or Investment Property?
Cash-out always lowers the number, and investment property lowers it again. On a primary residence, cash-out tops out at 80% up to $1,500,000. It steps to 75% from $1.5M to $2M, 70% from $2M to $3M, and 65% from $3M to $4M. Above $4,000,000, cash-out sits at 60% or lower, on review.
On the portfolio program, cash-out proceeds are unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. The bank program publishes no cap, but it reviews each file. 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. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Investment property on a bank-statement loan is a business-purpose loan. The Federal Register preamble treats investment-purpose credit as business-purpose, and Federal Reserve guidance says credit to buy non-owner-occupied rental property is business-purpose credit. That changes the paperwork path. It does not remove underwriting, because lenders still review your credit, deposits, reserves and the property.
Do Reserves and Credit Cap the Loan Too?
Yes. They don’t set the size directly, but they decide whether a file survives review. Through select wholesale programs, typical reserves are 3 months to $500,000, 6 months to $1,500,000 and 9 months above that. Add 2 months for each additional financed property, to a 12-month maximum. First-time investors need 12 months.
The credit floor is 660 on the portfolio program and 680 on the bank program. It rises to 700 above the super-jumbo line. DTI can run to 50%.
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, extra overlays apply:
- a 700 credit floor and a 0x30x24 housing history;
- 48 months of seasoning after any credit event;
- U.S. citizens and permanent residents only;
- no non-occupant co-borrowers and no rural property;
- ten acres maximum, with cash-out proceeds not counting toward reserves.
These overlays eliminate more files than the LTV ladder does. A strong income file with a recent credit event can stall right here.
What If the Number Comes Up Short?
Work the ceilings in order, and pull the lever that matches the one that bound you.
- Income too low: Move from a 12-month to a 24-month lookback if your older months were stronger. Document a lower expense ratio with an accountant. Move personal-account transfers from the business so they count in full.
- DTI too tight: Pay down or pay off other debt before you apply. Choose an interest-only structure if the program allows it.
- Leverage too low: Bring more cash, or price the purchase into a lower size band. A loan just over a band line often gets a worse ladder step than one just under it.
- Cash short: Reserves can’t come from cash-out proceeds in the overlay bands.
- Add a spouse: A W-2 spouse who occupies the home can add income.
Here’s a toss-up worth weighing. Some borrowers do better dropping the loan size under a band line and putting more cash down than stretching for the larger loan. Others keep the cash and accept lower leverage. Neither is wrong. It comes down to what else that cash would do.
When Is a Different Documentation Path Smarter?
Bank statements are not the only way to qualify, and sometimes they’re not the best one. Two other paths exist through the same network.
Asset-based qualification. The asset allowance divides your liquid assets by 36, 60 or 84 months to create income. Use 36 months when it supplements deposits and DTI stays at or below 60%. Use 60 months above 60% DTI. Use 84 months for a standalone file or any loan above $3,500,000. It covers primary and second homes only, at 80% maximum. Assets-only qualification needs no DTI. Your U.S. liquid assets must equal the loan plus closing costs plus sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% at age 59.5 and up. Business funds, gifts, unvested stock and cryptocurrency never count.
Property-income qualification. On a DSCR loan, the rent covers the payment and your personal DTI isn’t tested. That makes it a better fit for a high-priced rental when your personal income is thin or your other mortgages are stacking up. A self-employed investor with strong deposits and few debts can often borrow more on bank statements. Lendmire’s complete DSCR loans guide covers how that path works.
Frequently Asked Questions
Is there a hard maximum on a jumbo bank statement loan?
No regulation sets one. Programs do. Through select wholesale programs, the combined range is $300,000 to $30,000,000, but the ladder cuts leverage at each step. Every file above $4,000,000 is reviewed case by case before submission. A given borrower’s real ceiling is the lowest of size cap, leverage and income-supported payment.
Can I borrow more than my deposits would suggest?
Not by much. Your deposits, after the expense ratio, set qualifying income, and DTI up to 50% sets payment capacity. A larger down payment helps the leverage ceiling but can’t fix a thin income number. Asset-based paths can supplement income when you hold substantial liquid assets.
Do I need traditional personal-income documentation?
Bank statement files qualify on 12 or 24 months of statements instead. You’ll still document self-employment, usually with entity documents or an accountant letter, and the lender reviews credit and reserves. Programs differ on the details, so the paperwork list depends on the lender.
Should I use personal or business statements?
Personal statements skip the expense ratio but count only deposits that clear the scrub. Business statements need at least 25% ownership and take an expense ratio, though business-to-personal transfers count at 100%. Run both on a real file when the choice is close.
Does a second home or investment property get the same leverage?
No. Those run about five points lower at most sizes, and above $3,000,000 the gap widens (60% on an investment purchase against 75% on a primary-residence purchase in the $3M–$4M band). Second homes must be single-unit.
How to Take the Next Step
Lendmire is a broker that shops multiple wholesale programs and is not the lender. Its consumer mortgage lending is licensed in AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Call 828-256-2183 or request a quote to start a file review.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
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 brokerage built around DSCR investor lending, with programs available in 41 markets, including Washington, D.C. DSCR lenders commonly evaluate rental-income coverage instead of personal income paperwork — a practical fit for LLC-owned and multi-property investors. Terms vary by lender, property, leverage, and program. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Orrick InfoBytes: conforming loan limit announcement
2. HousingWire: how bank statement loans work
3. Scotsman Guide: one out of 20 mortgages are non-QM
4. Federal Register: ability-to-repay final rule
5. Federal Reserve: Regulation Z guidance on business-purpose credit
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: Bank Statement Loan vs Assets-Only Mortgage · How to Refinance a Private Bank Jumbo Mortgage With Bank Statements · Jumbo vs Super Jumbo Bank Statement Loans
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.