The Quick Read: It depends on the program, the loan size and how the property is used, because the down payment is simply 100% minus the maximum loan-to-value the program allows. Through select wholesale programs, subject to full underwriting, a primary residence purchase can run as little as 10% down at or below $1,000,000 and steps up to 25% or more as the balance grows. Second homes and investment property take their own ladders, which differ by band.
- Down payment equals 100% minus the LTV cap for your occupancy, purpose, credit and loan size.
- Primary residence purchases: 90% LTV to $1,000,000, 85% to $2,000,000, 80% to $3,000,000.
- Second homes and investment property take their own ladders, which differ by band.
- Above $4,000,000, leverage is reviewed case by case before submission.
- Reserves and credit score sit on top of the down payment as separate hurdles. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Lendmire is a broker. It arranges these loans through select lenders in its wholesale network and does not lend. Nothing here is a commitment to lend.
What Sets the Down Payment on a P&L Only Jumbo?
No federal rule sets a minimum. A P&L only jumbo is a non-QM product, so each program writes its own leverage grid. The CFPB ATR/QM compliance guide covers documentation standards, including that a lender may use a profit-and-loss statement if a third-party accountant prepared or reviewed it. It does not say how much you put down.
So the number comes from the program. Across the wholesale network, five inputs move it: loan size, occupancy, purpose (purchase, rate-and-term or cash-out), credit score and property type. Lighter income documentation usually pairs with tighter leverage. Lenders offset thinner paperwork with more borrower equity.
Market surveys point the same direction. Scotsman Guide reports that most non-QM loans sit in a 70% to 80% LTV range, which implies roughly 20% to 30% down. The network figures below are the ones that apply to files placed through Lendmire. Every figure varies by lender and program.
What Counts as Jumbo Here?
Jumbo means the loan is above the conforming limit. The one-unit baseline for 2026 is $832,750, up from $806,500 the year before, per Consumer Finance Monitor.
Network sizes run from $300,000 to $30,000,000 through two wholesale programs. The portfolio non-QM program stops at $6,000,000. The bank portfolio program carries twelve-month-statement files to $30,000,000 on its own size ladder. On a primary residence its bands begin above $4,000,000, on a second home above $5,000,000 and on investment property above $3,000,000. It overlaps the portfolio program up to $6,000,000, and above $6,000,000 it stands alone.
How Much Down on a Primary Residence?
Leverage steps down as the loan grows. These are ceilings through select wholesale programs, subject to full underwriting:
| Loan size | Max purchase LTV | Typical down payment | Program |
|---|---|---|---|
| $300K–$1M | 90% | 10% | Portfolio |
| $1M–$1.5M | 85% | 15% | Portfolio |
| $1.5M–$2M | 85% | 15% | Portfolio |
| $2M–$2.5M | 80% | 20% | Portfolio |
| $2.5M–$3M | 80% | 20% | Portfolio |
| $3M–$3.5M | 75% | 25% | Portfolio |
| $3.5M–$4M | 75% | 25% | Portfolio, super-jumbo overlays |
The top cell in each band needs a minimum score: 680 in the first band, 700 in the second, 720 from $1.5M to $3.5M and 760 from $3.5M to $4M. A lower score takes a lower leverage cell in the same band.
Above $4,000,000, everything is reviewed case by case before submission. On a primary-residence purchase, the bank portfolio program’s ladder runs 65% to $5,000,000, 60% to $10,000,000 and 55% to $30,000,000, each on review. That means 35% to 45% down at the high end. Never read these as flat “up to” numbers. Every figure here varies by lender and program.
Rate-and-term refinances track the purchase column closely. Cash-out on a primary residence is lower: 80% LTV to $1,500,000, 75% from $1,500,000 to $2,000,000 and 70% from $2,000,000 to $3,000,000. The bank portfolio program’s cash-out figures run lower still, on review. Guidelines, property type, leverage, and credit profile all apply.
What Changes for Second Homes and Investment Property?
Expect different leverage than a primary residence. On a second-home purchase, the ceiling is 85% LTV to $1,000,000, 80% to $2,500,000 and 75% from $2,500,000 to $3,000,000. On a business-purpose investment property purchase, the ladder is the same through those bands. Then both fall. An investment purchase drops to 60% LTV from $3,000,000 to $4,000,000, where the bank portfolio program covers investment property. A second home purchase drops to 65% from $3,000,000 to $5,000,000 on the portfolio program with super-jumbo overlays, and above $4,000,000 that is reviewed case by case. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
A second home must be a one-unit property. Investment property can be 2-4 units, to 85% LTV within the size bands above.
Here’s the catch for investors. A P&L only path is reviewed around personal business income. If the goal is a rental, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, and skips the personal-income question. Lendmire’s complete DSCR loans guide covers that route. The trade-off is leverage cap against how much personal paperwork you hand over.
Why Is the Down Payment Higher Than a Full-Doc Jumbo?
Lenders price in uncertainty. A P&L is a statement of business performance, not a stack of filed returns. Scotsman Guide notes that non-QM lenders may accept a P&L or expense statement from a third-party tax professional but must still confirm ability to repay. Less verification, more equity. That’s the logic.
Performance data supports the caution. Scotsman Guide, citing dv01, reports the weakest non-QM performance sits in low-doc, low-credit, high-LTV loans. Programs respond by capping leverage as documentation gets lighter.
A self-prepared P&L is the weak point. Third-party preparation or review is the standard, and the preparer’s credentials get checked.
Which Income Paths Exist, and Do They Change the Down Payment?
The network offers several ways to document income, and each interacts with leverage differently:
- Bank statements: 12 or 24 months of deposits, reduced by an expense ratio. Business statements need at least 25% ownership. Fixed ratios of 20%, 40% or 50% depend on business type and staffing, or an accountant-provided ratio may be used.
- P&L method: capped at 80% of the stated figure in the income calculation.
- Owner transfers: moves from your own business into your personal account count at 100%.
- Asset allowance: liquid assets divided by 36, 60 or 84 months supplement or replace income on primary and second homes, 80% maximum.
- Assets-only: no DTI when U.S. liquid assets equal the loan amount plus closing costs.
The leverage ladder applies to the file, not the income path alone. A stronger credit score, lower DTI (up to 50% allowed) and more reserves all help when you sit near a band edge.
What Cash Do You Need Beyond the Down Payment?
Reserves are the second check. Typically 3 months to $500,000, 6 months to $1,500,000 and 9 months above that, plus 2 months per additional financed property up to 12 months. First-time investors typically need 12 months. Above $3,500,000 on a primary residence (and $3,000,000 on a second home or investment property), cash-out proceeds cannot satisfy reserves.
Super-jumbo files also carry a 0x30x24 housing history and 48-month seasoning on any credit event.
No mortgage insurance is typical on these loans, so the down payment and reserves are the real cash hurdle. Plan for closing costs on top.
Where Can the Down Payment Come From?
Expect asset statements to document the down payment and reserves. Large deposits get explained in writing. On the asset-based paths, retirement accounts count at 70% (80% at age 59.5 or older). Business funds, gifts, unvested stock and cryptocurrency never count toward the asset calculation.
Pulling business money into your personal account before applying changes both the statement history and the sourcing trail. Keep transfers documented.
Key Terms Defined
LTV (loan-to-value): the loan amount divided by the property’s value or price, whichever the program uses.
Non-QM: a mortgage outside the qualified-mortgage box, underwritten to the program’s own guidelines.
P&L only: a profit-and-loss statement, prepared or reviewed by a third party, used to document self-employed income.
Super jumbo: a very large balance carrying added overlays, here above $3,500,000 on a primary residence.
Reserves: liquid funds left after closing, counted in months of the monthly obligation.
Worked Example
Picture a self-employed founder buying a primary residence with a $1,800,000 loan and a 760 credit score. The ladder allows 85% LTV on a purchase in that band, so the down payment is at least 15%, with 9 months of reserves, through select wholesale programs, subject to full underwriting. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Now run the same buyer on a second home at the same size. The ceiling drops to 80% LTV, so at least 20% down. Same borrower, same P&L, five points less leverage. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
An investment property with a $3,200,000 loan is where it bites. The purchase LTV falls to 60%, meaning 40% down. Many borrowers at that size compare DSCR financing instead. Each figure is subject to lender guidelines and a complete review of property, leverage, and credit.
How Can You Lower the Cash You Need?
- Improve credit to clear the next tier’s score.
- Stay below a size boundary if the price allows it.
- Document ownership and income cleanly so the file does not drop to a lighter, lower-leverage path.
- Compare bank-statement and asset paths, since they may support different leverage.
- Hold reserves in qualifying accounts, not business or gift funds.
Frequently Asked Questions
Is 20% down required on a P&L only jumbo?
No. There is no regulatory 20% rule. On a primary residence purchase, leverage can reach 90% LTV at or below $1,000,000 through select wholesale programs, subject to full underwriting. From $1,000,000 to $2,000,000 the ceiling is 85%, so 15% down. Twenty percent becomes the practical figure from $2,000,000 to $3,000,000, and the down payment rises beyond that. The exact numbers vary by lender and program.
Does a P&L only loan need more down than a bank statement loan?
Often, yes. Lighter documentation typically pairs with tighter leverage, though lenders differ on whether P&L only is allowed at all. The network compares both paths so you can see which supports more leverage on your file.
Can I put 10% down on a jumbo above $1,000,000?
No. 90% LTV is not available above $1,000,000. The ceiling is 85% from $1,000,000 to $2,000,000, then 80% and 75% as the loan grows. Terms vary by lender guidelines, property type, credit profile, and full file review.
Does the down payment change on a cash-out refinance?
Yes. Cash-out ceilings sit below the purchase column. On a primary residence, the cash-out ceiling is 80% LTV to $1,500,000 and 75% to $2,000,000. Proceeds above 60% LTV are capped at $1,500,000 on the portfolio program. Final terms depend on the lender’s guidelines and the property type.
What if I want a rental, not a residence?
Investment property takes its own ladder, and a DSCR loan may fit better because it qualifies primarily on the property’s rental income, subject to lender guidelines. Tax treatment varies; consult a qualified professional. Lendmire’s piece How Much Can You Borrow With a P&L Only Jumbo Loan? covers the size side of the same question.
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 focused on investor financing, arranging DSCR loans in 40 states plus Washington, D.C. — 41 markets total. Qualification is based primarily on the property’s income rather than personal income documentation, subject to lender guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB ATR/QM Compliance Guide
2. Scotsman Guide: Dispel the Common Non-QM Myths
3. Consumer Finance Monitor: FHFA 2026 conforming limits
4. Scotsman Guide: Rev Up the Engine for Non-QM Lending
5. Scotsman Guide: Warnings flash in low-doc, high-LTV non-QM
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 Big Can an Interest-Only Super Jumbo Bank Statement Loan Be? · How Much Down Payment Does a Jumbo Bank Statement Mortgage Need? · How Much Down Payment Does a Gated Community Home With a Bank Statement Loan Need?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.