The Quick Read: It depends on three limits, and on a second home the leverage cap usually binds first: through select wholesale programs, subject to full underwriting, loan amounts run from $300,000 to $30,000,000, but second-home purchase leverage steps down from 85% in the lowest band to 65% by the $3,000,000 band. Every file above $4,000,000 is reviewed case by case before submission. Here is what to take away:
- The loan size is the lowest of three numbers: the leverage cap on the property value, the program’s dollar ceiling, and the payment your deposits support.
- Second homes run about five points lower in leverage than a primary residence at every size.
- Two wholesale programs overlap between $4,000,000 and $6,000,000. Above $6,000,000 only the bank portfolio program applies.
- Stricter overlays apply on a second home, and they vary by scenario: a 700 credit floor, a clean 24-month housing history, and tighter property rules.
- This is not a commitment to lend. Programs change, and every file is underwritten individually.
What Does “Super Jumbo” Actually Mean?
No official definition exists. Each lender draws its own line, and in practice the term starts somewhere in the low millions.
The only fixed marker is the conforming limit, which governs agency-eligible loans. The baseline for a one-unit property is $832,750, and the ceiling in high-cost areas is $1,249,125, per the FHFA release as reproduced by Calculated Risk. That same source notes the limit is not reduced when home prices fall. Anything above it is jumbo. The loans here sit far above that line and live entirely outside the agency framework.
So the ceiling on a super jumbo second-home loan is not a legal number. It is the product of program design and leverage rules. That is why the answer comes as a ladder rather than a single figure.
How Big Can the Loan Get Across the Wholesale Network?
Two wholesale programs cover the range. Lendmire is the broker that compares them. It does not lend.
The non-QM portfolio program carries bank-statement files from $300,000 to $6,000,000. It accepts 12 or 24 months of statements. The bank portfolio program carries twelve-month-statement files up to $30,000,000 on its own size ladder. That ladder begins above $4,000,000 and overlaps the first program up to $6,000,000. Above $6,000,000, it stands alone.
Those are ceilings, not promises. Every file above $4,000,000 is reviewed case by case before submission, so treat any “up to” figure at that size as a starting point for a conversation.
Market surveys put the broad non-QM jumbo range at “up to $3 million or more,” per Scotsman Guide. The network figures above are higher because they include portfolio programs built for larger balances.
The Second-Home Leverage Ladder
On a second home, leverage is the number that bites first. Dollar ceilings only matter if you can clear the leverage cap.
The table shows the best available leverage on a one-unit second home, through select wholesale programs, subject to full underwriting. Bands refer to the loan amount, not the purchase price.
| Loan amount | Purchase | Rate-term | Cash-out | Program |
|---|---|---|---|---|
| $300K–$1M | 85% | 85% | 75% | Portfolio |
| $1M–$1.5M | 80% | 80% | 75% | Portfolio |
| $1.5M–$2M | 80% | 80% | 75% | Portfolio |
| $2M–$2.5M | 80% | 80% | 70% | Portfolio |
| $2.5M–$3M | 75% | 75% | 60% | Portfolio |
| $3M–$3.5M | 65% | 60% | 55% | Portfolio, super-jumbo overlays |
| $3.5M–$4M | 65% | 60% | 55% | Portfolio, super-jumbo overlays |
| $4M–$5M (on review) | 65% | 60% | 55% | Portfolio, super-jumbo overlays |
| $5M–$6M (on review) | 55% | 55% | 50% | Bank portfolio |
| $6M–$10M (on review) | 55% | 55% | 50% | Bank portfolio |
| $10M–$20M (on review) | 50% | 50% | 45% | Bank portfolio |
| $20M–$30M (on review) | 50% | 50% | 45% | Bank portfolio |
Read it left to right. A loan in the $2M–$2.5M band can reach 80% on a purchase. Move up to the $3M–$3.5M band and purchase leverage falls to 65%. In plain terms, a larger price tag demands much more cash down. The first-time buyer who expects 80% at every size is the one who gets surprised.
Credit scores matter too, and they work as a floor plus a tier. The portfolio program’s floor is 660 up to the super-jumbo line and 700 above it. The bank portfolio program keeps its own 680 floor at every size. On top of those floors, each band’s top leverage cell needs a stronger score. The portfolio program’s top cells ask for 700 or 720 through the middle bands and 760 from $3,000,000 to $5,000,000. The bank portfolio program’s top cells need 680. A lower score takes a lower leverage cell in the same band. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
The Three-Limit Rule
The maximum loan is whichever of three numbers is smallest. Work through them in order.
1. The leverage cap. Take the property value and apply the percentage for your loan-size band, occupancy, and transaction type.
2. The program ceiling. The non-QM portfolio program stops at $6,000,000. The bank portfolio program goes to $30,000,000 on its own ladder, with case-by-case review above $4,000,000.
3. The payment your income supports. Your qualifying income has to carry the payment with total debts at or below 50% of income, subject to lender guidelines.
Most second-home buyers with strong equity run into the first limit. A buyer with plenty of equity but thin qualifying deposits runs into the third. That second profile is common among business owners who move most cash through the company account.
How Bank Statement Income Sets Your Ceiling
Your deposits become qualifying income through a short chain. The lender averages eligible deposits across 12 or 24 consecutive months, then removes costs.
For a business account, the lender applies an expense ratio. Most programs in the network use one of these:
- A lower expense ratio for a service business with no employees
- A middle expense ratio for a business with one to five employees
- A higher expense ratio for a business with six or more employees, or any product business
- An accountant-provided ratio, or a profit-and-loss method subject to a program cap
Business statements need at least 25% ownership. Transfers from your own business into a personal account count in full, which helps owners who pay themselves that way. Statements must be consecutive and complete. A transaction history never substitutes.
Here is what that means in practice. Two borrowers have identical deposits. One runs a solo consulting practice at a 20% ratio, so most deposits count as income. The other runs a product business with a 50% ratio, so half do. Same deposits, very different payment capacity, and a very different loan ceiling.
Qualifying income divided by the statement months gives monthly income. Debts up to 50% of that income can go toward housing and other obligations. The result is the most payment your file can carry.
Asset Paths for Thin Deposits
Two asset-based options exist for primary and second homes. Asset allowance divides liquid assets by 36, 60, or 84 months to create supplemental or standalone income. Assets-only needs U.S. liquid assets equal to the loan plus closing costs, with no DTI test. Retirement accounts count at 70%, or 80% at age 59½ or older. Business funds, gifts, unvested stock, and cryptocurrency never count.
Worked Examples (Percentages, Not Payments)
These are illustrative and use the published ladder. They are not offers.
A loan in the $2M–$2.5M band on a second-home purchase. Leverage tops out at 80%, so you fund the other 20% plus closing costs. Credit needs to reach the 720 tier. Reserves run nine months of payments, since the loan is above $1,500,000.
A loan in the $3M–$3.5M band. Purchase leverage drops to 65%, so you fund 35% yourself. The 760 tier applies. You are also over the $3,000,000 second-home overlay line, so the 700 floor, 24-month clean housing history, and 48-month seasoning after any credit event apply.
A loan in the $4M–$5M band. The ladder shows 65% on a purchase, but only on review. Reserves are at least nine months. Compare both programs, because they overlap here.
The Overlay Line: Where Rules Tighten
Overlays kick in above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. On a second home, that arrives a half-million dollars earlier.
Expect these on any file past the line, through select wholesale programs, subject to full underwriting:
- A 700 credit floor
- A 0x30x24 housing history (no 30-day lates in 24 months)
- 48 months of seasoning after any credit event
- U.S. citizens and permanent residents only
- No non-occupant co-borrowers
- No rural property, and ten acres maximum
- Cash-out proceeds cannot satisfy reserves
Other property rules matter too. A second home must be a one-unit property. Warrantable condos run higher on leverage than non-warrantable condos, and condotels run lower still.
Reserves at This Size
Reserves are liquid funds left after closing. They scale with the loan. Most programs in the network want 3 months of payments up to $500,000, 6 months to $1,500,000, and 9 months above that. Each additional financed property adds 2 months, up to a 12-month maximum.
Retirement funds count toward reserves at the same 70% or 80% haircut. Above the overlay line, cash-out proceeds cannot be used to satisfy reserves. If you plan to pull equity from another property to fund the down payment, count that cash separately from your reserve cushion.
Cash-Out on a Second Home
Cash-out leverage is lower than purchase leverage at every band. On the non-QM portfolio program, proceeds are unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. The bank portfolio program has no published cash-out cap, but its ladder is lower. For instance, the second-home cash-out column reads 55% in the $3M–$5M range, and the $4M–$5M figure is on review. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
If Your Target Is Bigger Than the Program
You have several levers, and they work together.
- Put more down. Lower leverage often moves a file into a more flexible band.
- Lower the price or split the loan amount across the line. A loan just under a band boundary sometimes gets a better credit tier and leverage cap.
- Add an asset path. Asset allowance can lift qualifying income when deposits are thin.
- Try the other program. Between $4,000,000 and $6,000,000, the two programs may offer different leverage and documentation rules.
- Reclassify the property honestly. If the home will be rented, it is an investment property, and a DSCR loan may fit better. That product is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. The complete DSCR loans guide walks through it. Some select lenders in the network also offer sub-1.00 coverage programs, though leverage and terms adjust.
Bank Statement vs. DSCR vs. Assets for a Second Home
| Path | What qualifies you | Best fit |
|---|---|---|
| Bank statements | Personal or business deposits after an expense ratio | Self-employed with strong deposits |
| Asset allowance or assets-only | Liquid assets divided over 36–84 months, or loan-plus-costs in liquid assets | Wealthy borrowers with thin deposits |
| DSCR | Rental income versus the payment | Properties that will be rented |
A Short Note on Documentation Rules
Non-QM does not mean no paperwork. Lenders still have to make a good-faith determination that you can repay, and the Federal Register text of the ability-to-repay rule lists the factors they must consider, including income or assets, other debts, and credit history. A bank statement loan is reviewed on documented income under the applicable program, subject to lender guidelines.
On the market side, non-QM has been gaining share. Scotsman Guide reported that non-QM topped 9% of lock volume in a record month, with bank statement and DSCR loans leading the gains.
Key Terms Defined
Super jumbo: A loan far above the conforming limit. No official definition exists, and each lender sets its own line.
LTV (loan-to-value): The loan amount divided by the property value. A 65% LTV means you fund the other 35%. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Non-QM: A mortgage that falls outside the standard qualified-mortgage box, often because it verifies income differently.
Expense ratio: The share of business deposits the lender removes to account for costs before counting income.
Seasoning: The waiting period after a credit event before a lender will consider you again. Here, 48 months on a super jumbo second home.
Reserves: Liquid funds left after closing, measured in months of payments.
Case-by-case review: Individual lender review of a file before submission. It applies to every loan above $4,000,000.
Frequently Asked Questions
What is the biggest second-home loan available on bank statements?
The bank portfolio program carries twelve-month-statement files up to $30,000,000, through select wholesale programs. Second-home leverage there is capped at lower levels as loan size rises, and all of it is reviewed case by case.
Do I need a bigger down payment on a second home than a primary residence?
Yes. Second-home leverage runs lower than primary residence leverage at every size. The gap widens in dollars as the price rises.
Does 24-month documentation raise my loan limit?
Not by itself. The non-QM portfolio program accepts either 12 or 24 months. If your deposits grew over time, 12 months may help. If they were uneven, 24 months can smooth the average. The bank portfolio program takes 12 months only.
Can I use a second-home loan for a property I plan to rent?
Second homes are one unit only and intended for personal use. A property you rent is an investment property, with its own leverage ladder. A DSCR loan may be the better fit.
Is this financing available everywhere?
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. Programs, leverage, and eligibility vary by file.
Next Step
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.
Past a certain price, the question stops being how big the loan can be and becomes how much of your own capital the property demands.
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.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Calculated Risk (quoting the FHFA release)
2. Scotsman Guide – one in 20 mortgages are non-QM
3. Federal Register – ability-to-repay and qualified mortgage standards
4. Scotsman Guide – record month for non-QM volumes
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 as a Founder for a Super Jumbo Bank Statement Loan · How a Super Jumbo Bank Statement Loan Works From Application to Closing · How to Document Founder Distributions on a Super Jumbo Bank Statement Loan
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.