The Quick Read: It depends on loan size, occupancy and transaction type, but 10% to 15% down is the best case on a smaller file, and the number climbs fast as the balance grows. Through select wholesale programs, subject to full underwriting, interest-only on a purchase or rate-term file tops out at 85% LTV, which means about 15% down. Above $4,000,000 the answer is reviewed case by case. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
- Best case: about 15% down on an interest-only purchase, with a 700 credit floor.
- Mid-range: a primary residence between $2,000,000 and $3,000,000 typically allows 80% on a purchase, so about 20% down.
- Top of the market: a primary residence from $4,000,000 to $5,000,000 runs 65% on a purchase, on review, so about 35% down.
- Investment property: the gap from a primary residence ranges from none in some size bands to 15 points in others, as the occupancy table below shows.
- Reserves: cash beyond the down payment, stepping up from 3 to 6 to 9 months by loan size.
Key Terms Defined
Super jumbo: a market label for loans above the standard jumbo tier, where lender overlays tighten; no official definition exists.
Bank statement loan: a mortgage that is reviewed on deposits in 12 or 24 months of personal or business statements instead of traditional personal-income documentation.
Interest-only period: the stretch, typically ten years on a 40-year term, when the payment covers interest alone.
LTV: the loan amount as a percentage of the property’s value; the down payment is the remainder.
Reserves: liquid funds, counted in months of payments, that the borrower holds after closing.
The Short Answer: Down Payment Is the Inverse of Maximum LTV
No rulebook sets a minimum down payment for this loan. Each program publishes a maximum LTV, and your down payment is whatever that ceiling leaves over. Three things push the ceiling down: loan size, occupancy and the interest-only feature.
Across Lendmire’s wholesale network, the pattern is consistent. A $1,000,000 home at 85% LTV needs 15% down. The same buyer at $3,500,000 on a primary residence faces a very different ladder. Bigger balances mean less leverage, period. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Market surveys report that bank statement jumbo loans commonly ask for 10% to 20% down, with lower credit scores pushing it higher, per WealthVieu. That range fits the bottom of the network ladder. It does not describe a super jumbo file.
How Loan Size Changes the Required Equity
Leverage steps down in bands, and it steps down faster than most buyers expect. The table shows purchase ceilings on a primary residence through select wholesale programs, subject to full underwriting.
| Loan size | Primary purchase LTV | Typical down payment |
|---|---|---|
| $300K–$1M | 90% | 10% |
| $1M–$2M | 85% | 15% |
| $2M–$3M | 80% | 20% |
| $3M–$4M | 75% | 25% |
| $4M–$5M (on review) | 65% | 35% |
| $5M–$10M (on review) | 60% | 40% |
Credit requirements climb with the ladder too. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
The structure explains the drop at $4,000,000. Two wholesale programs sit behind these numbers. A portfolio non-QM program carries files up to $6,000,000. A separate bank portfolio program carries twelve-month-statement files up to $30,000,000 on its own ladder, which begins above $4,000,000 and overlaps the first program to $6,000,000. That bank program caps at 65% to $5,000,000, 60% to $10,000,000 and 55% to $30,000,000. Every file above $4,000,000 is reviewed case by case before submission, so treat those figures as ceilings, not offers.
Does Interest-Only Change the Down Payment?
Yes, in a specific way. Interest-only is generally offered at lower leverage than a fully amortizing structure, so choosing it can cost you equity at the top of a size band, even though the ceiling looks generous.
On the portfolio program, interest-only runs to 85% LTV on purchase and rate-term files with a 700 credit floor. The typical structure is a 40-year term with a 10-year interest-only period. On the bank program, interest-only is capped at 60% LTV or the band’s ceiling, whichever is lower, on 5- and 7-year fixed-period adjustables. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
That 85% figure is a ceiling for the structure, not a promise at every size. A $2,500,000 purchase on a primary residence still tops out at 80% no matter how you structure the payment. And the interest-only figure never raises a cash-out ceiling.
Why does this matter? Interest-only is a feature that the CFPB lists among the risky features a Qualified Mortgage cannot have. So these loans are non-QM, and each program sets its own overlays. Lenders price that added risk partly through equity.
Occupancy: Primary, Second Home, Investment
Occupancy is the second big lever. Second homes and investment property run at or below the primary-residence ceiling, by anywhere from no gap to 15 points depending on the size band, and the super-jumbo overlays start earlier.
Here is how purchase ceilings compare at three sizes, through select wholesale programs, subject to full underwriting:
| Loan size | Primary | Second home | Investment |
|---|---|---|---|
| $1M–$1.5M | 85% | 80% | 80% |
| $2M–$2.5M | 80% | 80% | 80% |
| $3M–$3.5M | 75% | 65% | 60% |
The gap is small in the middle and wide at the top. At $3,000,000 to $3,500,000, an investment buyer needs about 40% down against 25% for a primary residence. Super-jumbo overlays start 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, 0x30x24 housing history and 48-month seasoning on any credit event. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Second homes are one-unit only. Investment property under this program is business-purpose.
Purchase vs. Cash-Out vs. Rate-Term
Cash-out carries lower ceilings than a purchase at every size. Above $4,000,000 it is 60% or lower, on review.
Proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio program caps cash in hand at $1,500,000. Cash-out proceeds cannot satisfy reserves on super-jumbo files. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
For a refinance, “down payment” really means equity. If your ceiling is 70% on a cash-out, you need at least 30% equity before any cash comes out.
Worked Examples
Run these as illustrations, not offers. All are through select wholesale programs, subject to full underwriting.
Founder buying a primary residence at $1,800,000. The ladder allows 85% on a purchase, so about 15% down. Credit of 720 or better applies at this size. Interest-only fits inside the ceiling, so the borrower keeps the full 85% if the 700 floor is met. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Physician buying a second home at $3,200,000. The second-home ceiling in this band is 65% on a purchase, with a 760 credit tier. That means about 35% down, a far steeper ask than the primary-residence ladder at the same price. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Investor buying a rental at $4,500,000. The ladder shows 65% on a purchase, on review, so about 35% down. The bank program’s interest-only cap at 60% would imply about 40% down if that structure is chosen. The file is reviewed case by case. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Owner refinancing a $2,200,000 primary residence for cash. Cash-out tops out at 70% in that band, so the owner needs at least 30% equity and can pull proceeds without a dollar cap only if the final LTV stays at or below 60%.
What Counts as Down Payment Money?
Funds must be documented, and some sources are cleaner than others. Business funds, gifts and cryptocurrency do not count toward the asset-based paths, though those rules differ from standard bank statement purchase files, where sourcing is reviewed file by file.
Seasoning and a clean paper trail matter more than the source itself. Transfers from your business into a personal account count at 100% of deposits when income is calculated, which helps qualification. Whether those same funds work for the down payment is a separate underwriting question.
Down Payment vs. Reserves vs. Liquidity
The down payment is not the whole cash requirement. Reserves are 3 months to $500,000, 6 months to $1,500,000 and 9 months above that, plus 2 months for each additional financed property up to a 12-month maximum. First-time investors need 12 months.
Interest-only lowers your monthly carry, but it does not lower the cash needed at closing. If anything, the trade runs the other way: lower payments, more cash up front. For borrowers whose income is lumpy, that is a real tradeoff. A larger down payment may improve the file, and so may holding more liquidity. Which matters more depends on how stable your deposits look and how the underwriter reads the file.
Income itself comes from 12 or 24 months of deposits after an expense ratio. Fixed ratios run 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 or a P&L method capped at 80% are alternatives.
Planning for the Reset
When the interest-only period ends, the payment recasts over the remaining term and the principal portion arrives all at once. The CFPB’s ability-to-repay guidance describes how lenders calculate payments on interest-only loans, and it also confirms that income or assets and employment must be verified. Non-QM does not mean no underwriting.
Your down payment sets your starting equity, and equity is what gives you options at the reset. A buyer who puts 35% down has more room to refinance than one who stretched to the maximum LTV. If you plan to hold through the reset, run the numbers on the fully amortizing payment now. The complete DSCR loans guide explains the property-income alternative. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Bank Statement or DSCR for a Rental?
For a rental, the stronger number decides. Bank statement is reviewed on your deposit cash flow. DSCR qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Select DSCR programs offer interest-only with a 120-month interest-only period.
If your deposits are strong and the property rents thin, bank statement can carry the file. If the rent covers the debt comfortably, DSCR avoids the personal-income review altogether. For a personal-use second home, DSCR does not apply, and bank statement is the route.
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.
Why Files Get Stuck
- Unexplained deposits or mixed personal and business accounts.
- Statements that are not consecutive; transaction histories never substitute.
- Credit below the band’s floor, which can force a lower LTV or a different program.
- Reserves counted from cash-out proceeds on a super-jumbo file.
- Asking only one lender. Guidelines differ across the network.
Before applying, gather 12 or 24 months of statements, confirm your ownership share (business statements need at least 25%), and decide whether interest-only or amortizing fits your hold period.
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.
Frequently Asked Questions
Is there one standard down payment for this loan?
No. The figure moves with loan size, occupancy, credit and transaction type. Through select wholesale programs, subject to full underwriting, a primary purchase can run from about 10% down at the low end to 35% or more above $4,000,000, reviewed case by case.
Does choosing interest-only require more down?
Yes, it can. On the portfolio program, interest-only reaches 85% LTV on purchase and rate-term files, but only up to the band’s own ceiling. On the bank program, it is capped at 60% or the band ceiling, whichever is lower, so the implied down payment is at least 40% there. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Can I get 90% financing on a super jumbo?
Not above $1,000,000. The 90% ceiling applies only to primary-residence purchases up to $1,000,000, subject to credit and underwriting.
Does the interest-only ceiling apply to cash-out?
No. Interest-only never raises a cash-out ceiling. Cash-out follows the ladder’s cash-out column, which is 80% at best on a primary residence and lower as the balance and risk rise.
What do I need in cash beyond the down payment?
Reserves, which step from 3 to 6 to 9 months of payments as the loan grows, plus additional months for each other financed property. Closing costs are on top, and requirements vary by file.
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 DSCR-focused mortgage broker that helps arrange investor financing across 41 markets, including Washington, D.C., through wholesale and investor-lending channels. DSCR eligibility is generally reviewed by the lender around the property’s rental income rather than personal income documentation, subject to lender guidelines — which works for self-employed investors, LLC operators, and portfolios above four financed properties. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. WealthVieu – Bank Statement Loan
2. CFPB – What is a Qualified Mortgage?
3. 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 Much Can Musicians Borrow With a Bank Statement Loan? · How Interest-Only Super Jumbo Bank Statement Loan Limits Work · How Much Can Commission-Only Earners Borrow With a Bank Statement Loan?
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.