The Quick Read: Two layers of limits apply. The federal conforming limit only decides whether a loan counts as jumbo in your county, and each wholesale program sets its own ceiling on leverage, dollar size, reserves, credit, and the income your statements support. Nothing in the federal number caps a bank statement loan. Through select wholesale programs, subject to full underwriting, Lendmire arranges files from $300,000 to $30,000,000 for borrowers whose traditional personal-income documentation understates what they earn.
Key Takeaways
- Two separate programs cover the range: a portfolio non-QM program to $6,000,000 and a bank portfolio program that carries twelve-month-statement files up to $30,000,000.
- Leverage steps down as the loan grows, and every loan above $4,000,000 is reviewed case by case before submission.
- Bank statements change how income is proven. They do not change where jumbo starts or how large the loan can be.
- Extra equity stops adding loan amount once a program’s dollar ceiling is reached.
Key Terms Defined
Jumbo loan: A mortgage larger than the conforming limit for the property’s county and unit count.
Conforming limit: The yearly dollar threshold, set by the federal housing finance regulator, that marks the largest loan size that fits standard conforming loan guidelines.
Bank statement loan: A mortgage that is reviewed on documented income drawn from 12 or 24 months of deposits instead of traditional personal-income documentation, under the applicable program and subject to lender guidelines.
Expense ratio: The share of business deposits treated as operating cost and removed before income is counted.
LTV: Loan-to-value, the loan amount as a percentage of the property’s value or price.
Reserves: Liquid funds, counted in months of housing payments, that remain after closing.
Super jumbo: A balance high enough that programs add stricter credit, seasoning, and review rules. In this network that line sits above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property.
Why the Word “Limit” Misleads
The word “limit” suggests a government ceiling on how much you can borrow, and for this product that ceiling does not exist. The conforming limit marks where agency eligibility ends. Above it, the loan is non-agency, and the investor holding the loan decides how large it can be.
Plenty of borrowers assume a higher conforming limit means a better deal on a jumbo loan. It does not. The limit only moves the starting line. HousingWire notes that the figure never falls when home prices fall; it only rises when prices rise year over year.
Because bank statement loans sit outside that agency box, the real limits are practical ones: the maximum LTV for the loan size, the program’s dollar ceiling, and how much income the deposits support. The sections below take them in order.
Where Does “Jumbo” Begin?
Jumbo begins at the conforming limit for the property’s county and unit count, and that number differs by place. The Federal Housing Finance Agency set the current one-unit baseline at $832,750 for most of the country, up $26,250 from the prior year. Where 115 percent of the local median home value exceeds the baseline, a high-cost ceiling applies, capped at 150 percent of the baseline, or $1,249,125 for one unit. A few areas with special statutory treatment run higher still.
| Property type | Baseline area | High-cost ceiling |
|---|---|---|
| One unit | $832,750 | $1,249,125 |
| Four units | $1,601,750 | $2,402,625 |
The four-unit figures come from Calculated Risk, which quotes the agency’s release. The same loan amount can be conforming in a high-cost county and jumbo in a low-cost one. A $1,000,000 loan on a one-unit home is jumbo almost everywhere outside high-cost counties. A multi-unit property raises the threshold further.
The limits reset each January 1, and the next set is normally announced in late November. Before relying on any figure, look up your own county on the agency’s site. Several websites still publish stale numbers under a newer label.
The Three Ceilings That Actually Cap Your Loan
A bank statement file is held to three ceilings at once, and the smallest one wins. Most borrowers focus on the dollar ceiling and discover that leverage or income bound them first.
| Ceiling | What sets it | When it binds |
|---|---|---|
| Leverage | LTV ladder by loan size and occupancy | Most purchases and cash-outs |
| Program dollar ceiling | Portfolio program to $6M; bank program to $30M | Very large balances |
| Income-supported payment | Qualifying deposits and DTI up to 50% | Thin or heavily offset deposits |
Leverage tightens as size grows. Credit floors and reserves tighten too. Across Lendmire’s wholesale network, the pattern is consistent: a lender that is comfortable at a smaller balance wants more equity, stronger credit, and more cash behind a larger one. The dollar ceiling matters only when the file is big enough to reach it, and then extra equity does nothing, because the loan simply cannot exceed what the program carries. The sections that follow show how to work through each ceiling.
How Deposit Income Is Calculated
Qualifying income is eligible deposits divided by the number of statement months, after an expense ratio is applied. The process is the same whether the file uses 12 or 24 months.
1. Collect consecutive statements. The portfolio non-QM program accepts 12 or 24 months. The bank portfolio program uses 12. Months must be consecutive, and a transaction history never substitutes for statements.
2. Strip ineligible deposits. Transfers between the borrower’s own accounts, loan proceeds, gifts, refunds, and unexplained large deposits come out. Transfers from the borrower’s own business into a personal account count in full.
3. Apply the expense ratio. Business statements require at least 25 percent ownership. Fixed ratios run 20 percent for a service business with no employees, 40 percent for one to five employees, and 50 percent for six or more employees or any product business. An accountant-provided ratio is an alternative, as is a profit-and-loss method with an 80 percent cap.
4. Divide by the months. The result is monthly qualifying income, which is tested against the housing payment and other debts. Debt-to-income can run up to 50 percent.
The expense ratio moves income more than most borrowers expect. On identical deposits, a service business at the 20 percent ratio keeps 80 cents of every dollar, while a product business at 50 percent keeps 50 cents. That is roughly 60 percent more qualifying income for the same bank balance. If your business profile lands on the high ratio, an accountant-provided ratio can change the outcome, and so can a personal-account structure where your work income lands directly in your own account.
On consumer-purpose loans, the CFPB’s ability-to-repay compliance guide explains that a lender must verify the information it relies on using reliable third-party records, and that deposits into a borrower’s account may count as the borrower’s income when the lender relies on them. That is why deposit underwriting is fully underwritten, not loose.
Three Scenarios, Three Different Ceilings
Leverage binds. Consider a self-employed physician buying a primary residence at $1,200,000. That size falls in the band where leverage tops out at 85 percent on a purchase through select wholesale programs. Strong deposits and a high credit score cannot raise it, so the buyer’s cash to close is set by the ladder, not by income.
The dollar ceiling binds. Picture a founder buying a $9,000,000 primary residence. That is beyond the portfolio non-QM program’s $6,000,000 ceiling, so the deal works to the bank portfolio program. That program uses twelve months of statements, a 680 credit floor, and 60 percent on a purchase of a primary residence, on review. More equity wouldn’t help in a program that already carries the balance, but it could improve the case-by-case review.
Income binds. Say an attorney with a thin personal account and large business expenses has leverage and credit room to spare. The expense ratio shrinks the deposits until the debt-to-income ratio fails. The usual fixes are an accountant-provided ratio, a switch to the profit-and-loss method, or an asset-based path. A larger down payment helps only by shrinking the loan, which lowers the payment the income must support.
How the Limits Tier With Loan Size
Leverage steps down in bands as the loan grows, and investment property sits below primary residence at most sizes. The table shows purchase leverage ceilings through select wholesale programs, subject to full underwriting.
| Loan size | Primary residence purchase | Investment purchase |
|---|---|---|
| $300K–$1M | 90% | 85% |
| $1M–$2M | 85% | 80% |
| $2M–$2.5M | 80% | 80% |
| $2.5M–$3M | 80% | 75% |
| $3M–$4M | 75% | 60% |
| $4M–$5M | 65%, on review | 65%, on review |
| $5M–$6M | 60%, on review | 55%, on review |
| $6M–$10M | 60%, on review | 55%, on review |
| $10M–$30M | 55%, on review | 50%, on review |
Second homes run about five points below primary at most sizes. Credit floors rise in the middle bands, to 720 for most of that stretch and 760 for primary-residence purchases between $3,500,000 and $4,000,000. Above those super-jumbo lines, programs add a 700 credit floor, a clean housing payment history, 48 months of seasoning on any credit event, and limits on property type and borrower status. For more on how those steps work, Lendmire’s explanation of leverage limits on a super jumbo bank statement loan goes band by band.
Reserves follow size as well: three months up to $500,000, six months up to $1,500,000, and nine months above that. Add two months for each additional financed property, to a maximum of twelve. First-time investors carry twelve. Cash-out proceeds cannot be used to meet reserves at super-jumbo sizes.
Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
Occupancy and Transaction Type Change the Ceiling
Primary residence, second home, and investment property each have their own ladder, and each transaction type steps down further. On a primary residence between $300,000 and $1,000,000, a purchase and a rate-and-term refinance reach 90 percent through select programs, while cash-out stops at 80 percent. At higher balances the cash-out gap widens: for example, 65 percent for cash-out in the $3,000,000–$3,500,000 band against 75 percent for a purchase.
Cash-out carries separate rules. On the portfolio program, proceeds are unlimited at or below 60 percent LTV, with a $1,500,000 cash-in-hand cap above 60 percent. The bank program publishes no cap. Interest-only terms reach 85 percent on purchases and rate-and-term refinances with a 700 credit floor on the portfolio program, and 60 percent on the bank program. Interest-only never raises a cash-out ceiling.
Investors get a separate comparison in Lendmire’s piece Jumbo Cash-Out vs. Bank Statement Cash-Out With a Low First Mortgage. Investment-property loans are business-purpose. They are reviewed differently from a standard owner-occupied mortgage.
Super Jumbo and Case-by-Case Territory
Every loan above $4,000,000 is reviewed case by case before submission, and any leverage figure at that size is a ceiling on review, not a promise. That includes both programs. The bank portfolio program’s ladder begins above $4,000,000 and overlaps the portfolio program to $6,000,000. Above $6,000,000 it stands alone, with ceilings of 65 percent to $5,000,000, 60 percent to $10,000,000, and 55 percent to $30,000,000 for the primary residence file.
At this size, manual review takes over. The reviewer weighs liquid assets, credit history, the property, and how the borrower’s income is documented. Programs vary, and the wholesale network matters because few lenders specialize here. A broker who sees many guidelines can steer a file toward the program whose overlays fit the borrower, rather than force one program’s rules onto it.
Bank Statement Versus Full-Documentation Jumbo
A bank statement loan fits borrowers whose deposits tell a stronger story than their traditional personal-income documentation. A full-documentation jumbo fits borrowers whose returns are clean and large.
| Factor | Bank statement | Full documentation |
|---|---|---|
| Income basis | Eligible deposits after expense ratio | Traditional income documentation and W-2s |
| Best fit | Self-employed, heavy write-offs | Salaried or clean returns |
| Statement history | 12 or 24 months | Two years of returns |
| Underwriting | Fully underwritten on deposits | Fully underwritten on returns |
The leverage ladder does not depend on which path you choose. Documentation type changes how income is proven and how much of it counts, not where the dollar ceiling sits.
When Another Program Fits Better
Asset-based programs fit borrowers with large liquid balances and uneven deposits. They work for primary and second homes only, at 80 percent maximum. The asset allowance divides liquid assets by 36 months when the loan supplements other income and debt-to-income is at or below 60 percent, by 60 months when debt-to-income is above 60 percent, or by 84 months for a standalone file or any loan above $3,500,000. The assets-only path needs no debt-to-income test when U.S. liquid assets equal the loan amount plus closing costs, plus sixty months of any net loss on other residential property.
Retirement accounts count at 70 percent, or 80 percent at age 59½ and older. Business funds, gifts, most trusts, unvested stock, and cryptocurrency never count.
For rental properties, a DSCR loan is reviewed 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, though leverage and terms adjust. Lendmire’s complete DSCR loans guide explains when that path beats deposit income. If your personal deposits are strong and the rent is thin, bank statements may carry the file. If the rent is strong and your deposits are uneven, DSCR may be the cleaner fit.
Common Misconceptions
- The conforming limit caps non-QM loans. It marks where agency eligibility ends. Programs set the cap.
- There is one national jumbo number. There is a baseline, high-cost county limits, and higher tiers for two to four units.
- Every deposit counts. Transfers, loan proceeds, and gifts come out, and business accounts take an expense ratio.
- More equity always means a bigger loan. Equity adds loan amount only until the leverage ladder or dollar ceiling is reached.
- Non-QM means loose lending. These loans are fully underwritten, with different documents.
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.
Frequently Asked Questions
What is the maximum amount on a jumbo bank statement loan?
Through select wholesale programs, the range runs from $300,000 to $30,000,000, split across two programs. The portfolio non-QM program reaches $6,000,000, and the bank portfolio program carries twelve-month-statement files up to $30,000,000. Every loan above $4,000,000 is reviewed case by case before submission.
Does the jumbo limit differ by county?
Yes. The conforming limit varies by county and unit count, so the same loan can be conforming in one place and jumbo in another. That affects whether a loan is jumbo, not the program’s own dollar ceiling.
Can a bigger down payment raise my loan amount?
Only up to the program’s ceilings. A larger down payment lowers LTV and can ease the review at large balances. Once the dollar ceiling is reached, extra equity does not add loan amount.
Does using 24 months of statements raise what I can borrow?
Sometimes. A 24-month average can help if recent income dipped or older months were stronger. It can hurt if growth is recent, since older months pull the average down. The bank portfolio program uses 12 months only.
Do second homes and investment properties have lower ceilings?
Yes, at most sizes. Second homes run about five points below primary-residence leverage, and investment property sits at or below second homes across the ladder. Second homes are one-unit only, and all figures are subject to full underwriting.
Putting It Together
Start with the property, the occupancy, and the loan size. Those fix the leverage band, the credit floor, and the reserves. Then see which documentation path gives your income the strongest case. Deposits, assets, or property cash flow each qualify under different programs.
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 arranges loans through wholesale programs; it is not the lender, and nothing here is a commitment to lend. 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’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire is a DSCR-focused mortgage brokerage, NMLS# 2371349, placing investor loans across 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed by the lender around a property’s rental income rather than personal income documentation, which fits LLC-held rentals, self-employed investors, and portfolios scaling past conventional financed-property limits. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. HousingWire: conforming loan limit
2. Federal Housing Finance Agency: conforming loan limit values
3. Calculated Risk: baseline conforming limits
4. CFPB: ATR/QM small entity compliance guide
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 Super Jumbo Bank Statement Loan Rules Work for Asset-Rich Retirees · Private Bank Mortgage vs Super Jumbo Bank Statement Loan for an AUM Client · How a La Jolla Bank Statement Jumbo Loan Works
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
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.