The Quick Read: It depends on four things in order: the eligible assets you hold after deductions, the divisor that spreads them into monthly income, the debt-to-income ceiling, and the loan-size and leverage cap for your property type, so no single dollar maximum applies across programs. Loan sizes run from $300,000 to $30,000,000 through select wholesale programs, subject to full underwriting. Anything above $4,000,000 is reviewed case by case before submission.
- Your assets are counted after the down payment, closing costs and reserves come out.
- A shorter divisor produces more qualifying income from the same portfolio.
- Leverage steps down as the loan grows, and it drops further for second homes and investment property.
- Asset allowance programs cover primary and second homes only. Investment property usually points toward rental-income review framework instead.
What Sets Your Limit?
Four gates sit in a row, and the tightest one wins. First, the assets that count. Second, the divisor. Third, the debt-to-income test against your new housing payment and other debts. Fourth, the program’s own size and leverage grid.
Most buyers assume the first gate decides everything. It rarely does. A large portfolio can clear the income test and still hit a leverage cap, or the reverse. Across a wholesale network, the answer changes by program, so the honest way to size a loan is to find which gate binds for you.
Nothing here requires you to sell anything. The assets stay where they are, invested and untouched. The lender only counts them on paper to build a qualifying income figure.
How Does a Portfolio Turn Into Qualifying Income?
You take eligible assets, subtract what the purchase itself will consume, and divide what is left by a number of months. The result is monthly income you can show without traditional personal-income documentation.
In plain terms:
1. List your liquid assets: checking, savings, brokerage accounts and vested retirement funds.
2. Remove the down payment, closing costs and required reserves.
3. Divide the remainder by the divisor.
4. Run that income against the new housing payment and your other debts.
Across the programs we place files with, retirement accounts count at 70% of their balance, or 80% once you are 59½ or older. Cash and similar liquid accounts carry the cleanest treatment. Several things never count: business funds, gifts, unvested stock, cryptocurrency, and trusts other than a revocable living trust.
That business-funds line trips up founders. Sale proceeds still parked in a company account do not count. Proceeds that have moved into your personal accounts generally can, once the statements show them there.
One more rule: money cannot do two jobs. Cash you spend on the down payment is gone from the pool. A bigger down payment lowers your leverage, but it also shrinks your income figure.
Why the Divisor Changes Everything
The divisor is the biggest lever on the page. Through select wholesale programs, asset allowance uses 36, 60 or 84 months, depending on the file. Same portfolio, very different income.
| Divisor | When it typically applies | Income vs. 84 months |
|---|---|---|
| 36 months | Supplemental income, low DTI | About 2.3x |
| 60 months | Supplemental income, higher DTI | About 1.4x |
| 84 months | Standalone, or any loan above $3,500,000 | 1.00x |
Supplemental means the asset income sits next to other documented income, such as Social Security, a pension or part-time earnings. Standalone means the portfolio is the whole story. Once a loan crosses $3,500,000, the longer 84-month divisor applies regardless.
That last step matters for jumbo buyers. The bigger the loan, the less income each dollar of assets produces. You need more assets, and you get less help from each one.
Trade press describes much longer divisors as the traditional approach to this math. It also notes that some privately funded programs use 60 months, potentially doubling the borrower’s qualifying income. That is the reason the same portfolio can support very different loan sizes depending on which program reviews it.
How Income Becomes a Loan Amount
Income only matters against the payment it has to support. Programs in our network allow debt-to-income up to 50% on most files. Debt-to-income, or DTI, is your monthly debts divided by your monthly income.
So the sequence runs like this. The asset-derived income goes on one side. The proposed housing payment (principal, interest, taxes, insurance and any association dues) plus your other monthly debts go on the other. The loan size that keeps you under the DTI ceiling is your income-based maximum.
Notice what that does to a larger loan. A bigger loan means a bigger payment, which needs more income, which needs more assets. And each additional financed property adds another debt that must fit under the same income figure.
Asset income can also stack with other income. If you have Social Security or a pension, those count alongside the asset figure, and the shorter divisor may apply. That is often the strongest structure for retirees.
What Actually Caps a Jumbo Loan?
Three limits can bind: what your income supports, what your assets cover, and the program’s leverage grid. As loans grow, the grid usually takes over.
Leverage steps down with size. On a primary residence through select wholesale programs, subject to underwriting, purchase ceilings run:
| Loan size | Purchase LTV, primary residence |
|---|---|
| To $1,000,000 | 90% |
| To $2,000,000 | 85% |
| To $3,000,000 | 80% |
| To $4,000,000 | 75% (top credit tier) |
| $4,000,000 and up | On review, case by case |
Loan-to-value, or LTV, is the loan divided by the property’s value. Second homes and investment property run about five points lower at each size, and the step-downs arrive sooner. An investment-property purchase between $3,000,000 and $4,000,000 sits near 60%.
Asset allowance adds its own ceiling: 80% maximum, so the 85% and 90% rows above do not combine with it. Above $4,000,000, each file is reviewed case by case before submission, and above $6,000,000 a bank portfolio program stands alone with its own ladder.
Credit and cash matter too. The floor is 660 on the portfolio program and 700 above the super-jumbo line. That line sits at $3,500,000 on a primary residence and $3,000,000 on a second home or investment property. Reserves run 3 months up to $500,000, 6 months up to $1,500,000 and 9 months above that, subject to full underwriting.
Three Borrowers, Three Different Answers
Same net worth, different borrowing power. These are modeled assumptions, not market data.
The retiree. Picture a 62-year-old with $3,000,000 in checking, savings and brokerage accounts and $1,500,000 in a retirement account. The retirement money counts at 80%, so it adds less than its face value. She also draws Social Security, so asset income is supplemental, and a 36- or 60-month divisor may apply. That can lift her income figure by more than a third over a standalone file, or by more than double. She is buying a primary residence at $2,800,000, so the 80% ceiling for loans to $3,000,000 matters more than the income test.
The founder who just sold. His proceeds sit in a business account, so nothing counts yet. After they move to personal accounts, the pool is large, but the loan is above $3,500,000, so the 84-month divisor applies and leverage sits at 75% at best on a primary residence, only at the top credit tier. Above $4,000,000, it is case by case. His binding limit is the divisor, not the leverage.
The portfolio investor. She wants a rental at $3,500,000. Asset allowance does not cover investment property, so that path is closed. Her options are rental-income review framework or a bank-statement file, and leverage sits near 60% on that purchase size. More on that below.
The Down Payment and Reserves Trade-Off
Putting more down is not free. Every dollar of down payment leaves the asset pool, so it lowers the income you can show.
There is a sweet spot. Too little down and you hit a leverage ceiling or a larger payment that strains DTI. Too much down and the income figure shrinks until the DTI test fails. Run it both ways before you pick.
Reserves work the same way. They come out of the pool before you divide, and they also have to stay in the account after closing. On loans above the super-jumbo line, cash-out proceeds cannot satisfy reserves. Keep liquidity for repairs and surprises too, because a loan sized to the last dollar leaves you exposed.
Working Backward From a Target Price
Start with the home you want, then reverse the steps.
1. Pick the price and the leverage ceiling for your size and occupancy.
2. Estimate the housing payment and your other monthly debts.
3. Work out the income that keeps you under the DTI ceiling.
4. Multiply that income by the divisor. That is the eligible pool you need after deductions.
5. Add back the down payment, closing costs and reserves.
The total is the portfolio you need before you start. If it is more than you hold, you have three levers: a larger down payment (which cuts the loan but also the pool), a shorter divisor through supplemental income, or a different structure.
One alternative needs no income test. Assets-only qualification applies no DTI at all. It asks that your U.S. liquid assets equal the loan amount plus closing costs, plus sixty months of any net loss on your other residential property. A $3,000,000 loan, for instance, calls for liquid assets of more than $3,000,000. It suits borrowers with a large cash position and thin income.
Investment Property: When DSCR Borrows More
DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Trade press confirms that these loans qualify on rental income rather than personal income. Your assets matter for reserves, not for the income test. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust.
So the choice for an investor comes down to the property.
| Structure | Reviewed on | Best fit |
|---|---|---|
| Asset allowance | Your portfolio, divided by months | Primary or second home, thin income |
| Assets-only | Liquid assets vs. loan | Large cash, no DTI wanted |
| Bank statements | Deposits after expense ratio | Business owners with strong deposits |
| DSCR | Rent vs. payment | Rentals that cash-flow |
Each added financed property is another debt under the personal-DTI structures. That is why investors with several rentals tend to lean on property-rent-based lender review. For deeper detail, the complete DSCR loans guide covers how the rental-income path works end to end. If deposits, not assets, are your strongest evidence, Lendmire’s piece Asset Depletion vs Bank Statement Loan on a Jumbo Over One Million walks the tradeoff.
What Cuts a Loan Amount (and How to Fix It)
Pattern from deal flow: loans rarely die on the headline number. They shrink at the margins.
- Business money in the pool. Move it to personal accounts and let the statements show it.
- Retirement over-counted. Count it at 70% (80% past 59½), not face value.
- Thin seasoning of funds. Statements must be consecutive, and a transaction history will not substitute.
- Credit below the tier. Larger sizes need 700 and up, and the top leverage rows want 760.
- Reserves tied up. Money counted as income cannot also serve as reserves.
- Big-loan overlays. Above the super-jumbo line, expect a 0x30x24 housing history and 48 months of seasoning after any credit event.
Documentation is straightforward but strict. The lender verifies the assets it relies on with statements from the institutions holding them. Federal rules require lenders to consider income or assets, list assets such as savings and vested retirement funds, and leave the method to the lender, as the CFPB’s rule text on repayment ability shows. That is why one portfolio gets different answers at different programs.
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 Do Quotes Differ Between Programs?
Because divisors, haircuts, leverage ladders and size ceilings are all program choices. Non-QM lending is a normal part of the market, not a fringe: it is roughly 5% of originations, up from 3% a few years earlier, and the average non-QM borrower has a 776 FICO, per the same Scotsman Guide report. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
To pressure-test any quote, ask five questions. What divisor does it use? How does it count retirement money? Does it count your assets before or after the down payment? What is the leverage cap at your loan size? What reserves does it want after closing? The strictest overlays hit at the top, so ask early, and expect case-by-case review above $4,000,000.
For a related look at the other side of the equation, Lendmire’s piece How Much Equity Jumbo Cash-Out Leaves an Asset-Depletion Retiree covers refinancing a home you already own.
Key Terms Defined
Divisor: The number of months your eligible assets are spread across to produce monthly income.
Eligible assets: Liquid accounts and vested retirement funds a program agrees to count, after the cash the transaction itself will use.
Haircut: The discount a program applies to certain assets, such as retirement accounts.
DTI: Debt-to-income, the share of monthly income that goes to debts, including the new housing payment.
Non-QM: A loan that does not follow standard agency documentation rules and is underwritten to its own program guidelines.
Reserves: Liquid funds you keep after closing, measured in months of payments.
Frequently Asked Questions
Is there a maximum loan amount for asset depletion?
No single figure applies. Loan sizes run from $300,000 to $30,000,000 across two wholesale programs, and asset allowance caps leverage at 80%. Above $4,000,000, each file is reviewed case by case before submission. Your assets and DTI usually bind first.
Do I have to sell my investments?
No. The assets stay invested and are not pledged. The lender counts them on paper to build an income figure and verifies them with account statements.
Which assets count, and which don’t?
Liquid accounts and vested retirement funds count, with retirement at 70% (80% from age 59½). Business funds, gifts, unvested stock, cryptocurrency and most trusts do not, subject to program guidelines.
Can I use this to buy a rental property?
Asset allowance covers primary and second homes only. For a rental, investors usually turn to property-rent-based lender review or bank statements. Leverage on investment property runs about five points lower at each size.
Does a bigger portfolio always mean a bigger loan?
No. Divisor, DTI and the leverage grid can each cap you first. A larger down payment also shrinks the pool that produces your income.
Next Step
If you are financing a high-balance property on your assets rather than income documents and want to see how the numbers work, Lendmire can help you compare super jumbo asset-qualification options based on your liquid assets, the property, credit profile, leverage, and your goals. Reach the team at 828-256-2183.
Every figure above reflects select wholesale programs, subject to full underwriting, and none of it is a commitment to lend. Programs change, and each file is reviewed individually.
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
A non-QM mortgage broker (NMLS# 2371349), Lendmire arranges DSCR financing for real estate investors in 41 markets — 40 states plus Washington, D.C. Because deals are underwritten primarily on property cash flow rather than personal income documentation, the structure suits self-employed buyers and entity-owned portfolios. Lendmire places loans through wholesale investor lenders; it is not a direct lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Scotsman Guide – The White-Hot Loans You Need to Explore
2. Scotsman Guide – Which groups are driving non-QM lending?
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 WVOE Loan for Jumbo Borrowers · How to Use a CPA Letter for a Bank Statement Jumbo Loan · Bank Statement Loan vs Asset Depletion Loan for Physicians
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.