The Quick Read: Usually 700 or higher: through select wholesale programs, a $15 million file faces a 700 super-jumbo credit floor, the bank program’s ladder lists 680 at that size, and case-by-case review before submission weighs score, leverage, reserves and deposits together, subject to full underwriting.
- At this size the score is a gate, not the deal. Leverage, reserves and the property decide how the file is priced and approved.
- On a primary-residence purchase, the ladder cell for loans from $10 million to $20 million shows 55% LTV, on review and case by case.
- Second homes and investment properties run about five points lower at the same size.
- Reserves are often the binding constraint before the score is.
No single published number exists for a loan this large. The score you need depends on occupancy, transaction type and the strength of everything else in the file.
Why There Is No Single Score for Eight-Figure Loans
Most published bank statement minimums are written for ordinary home-buyer loans. Across the wholesale network, a typical bank statement program sets its credit floor at 660 on the portfolio program. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
Above roughly $3.5 million on a primary residence, and $3 million on a second home or investment property, super-jumbo overlays take over. The credit floor becomes 700. Those same overlays add other conditions:
- A clean housing history, with no 30-day late in the past 24 months.
- 48 months of seasoning after any credit event.
- U.S. citizen or permanent resident borrowers only.
- No non-occupant co-borrowers.
- No rural property, and a ten-acre maximum.
At $15 million, a bank portfolio program stands alone. The portfolio non-QM program tops out at $6 million. Above $4 million, every file is reviewed case by case before submission. That is why the honest answer is a floor plus a review, not a grid cell you can look up.
How the Score Requirement Moves With Loan Size
The credit requirement does not rise in a straight line. On a primary residence, through select wholesale programs, the best available leverage cell asks for these scores:
- 680 or higher up to $1 million.
- 700 or higher from $1 million to $1.5 million.
- 720 or higher from $1.5 million to $3.5 million.
- 760 or higher from $3.5 million to $4 million.
Above $4 million the bank program’s own ladder takes over, at 680 or higher in the cell. The 700 super-jumbo floor still applies. All of this is reviewed case by case before submission above $4 million.
The jump to 760 just below $4 million is a cliff. A borrower at 740 can sit in a worse position at $3.8 million than at $4.5 million. The reason is that two different programs set the terms. Wholesale brokers see this often, and a good one tests both sides of a size boundary before choosing a loan amount.
What Leverage Does a $15 Million File Get?
Leverage is where the score shows up in dollars. At $15 million, the cells below are ceilings through select wholesale programs, subject to full underwriting. Each one is reviewed case by case before submission.
| Occupancy | Purchase | Rate-term | Cash-out |
|---|---|---|---|
| Primary residence | 55% | 55% | 50% |
| Second home | 50% | 50% | 45% |
| Investment property | 50% | 50% | 45% |
Every figure is a ceiling, never a flat promise. A borrower below the credit tier, or with a thin file elsewhere, sees lower leverage or a different program.
Never assume 90% leverage at this size. Ninety percent applies only to primary residences of $1 million or less. At $15 million the equity is large, and a five-point leverage difference is a big sum. That is why a score that moves you across a tier boundary can matter more than any other pre-application step. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Interest-only is also available on the bank program, at 60% LTV or the band’s ceiling, whichever is lower. At $15 million that is the 55% purchase and rate-term cell. It is a structure on top of the ladder, and it never lifts a cash-out ceiling. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Which Score Does the Lender Use?
On most files, lenders pull scores from all three credit bureaus and use the middle one. With two borrowers, the lower of the two qualifying scores usually governs. The stronger spouse does not average it up.
At this size, a co-borrower with a weak score can lower the file’s qualifying score. A non-occupant co-borrower is not allowed above the super-jumbo line, so the option to add a stronger relative is gone.
What Underwriters Read Beyond the Number
A 760 with a recent mortgage late can look worse than a 720 with a clean history. At $15 million, reviewers read the whole report. These items matter most:
- Housing history. The overlay is 0x30x24, with no 30-day late in the past 24 months.
- Recent credit events. A bankruptcy, foreclosure or short sale needs 48 months of seasoning on a super-jumbo file.
- Utilization. High revolving balances can pull a score down just before you apply.
- New inquiries. Several new accounts around application time invite questions.
- Explanation letters. A short, factual letter for any recent blemish helps the reviewer.
Credit history also carries legal weight. The CFPB’s Ability-to-Repay and Qualified Mortgage rule requires a lender to make a reasonable, good-faith determination that the borrower can repay. The agency’s compliance guide says credit history is not part of the General QM definition, yet debts must still be verified from reliable third-party records. The rule sets no minimum score. Each investor sets its own floor, and that is why floors vary so widely from one program to another.
Can Deposits, Assets or Reserves Offset a Weaker Score?
Sometimes, but only above the floor. Strong deposits and reserves can support a file that sits at the floor. They cannot lower a floor that a program has set.
Here is what the bank statement income path looks like:
- The program uses 12 or 24 consecutive months of personal or business statements. The bank program uses 12.
- Business statements require at least 25% ownership.
- Qualifying income is eligible deposits divided by the statement months, after an expense ratio.
- The fixed expense ratios depend on the type of business and its staffing, with the lowest ratio applying to a service business with no employees and the highest applying to businesses with six or more employees or any product business.
- An accountant-provided ratio is also accepted, or a profit-and-loss method capped at 80%.
- Transfers from your own business into your personal account count in full.
- Debt-to-income can run to 50%.
Reserves are the other lever. Through select wholesale programs, a typical ladder asks for 3 months to $500,000, 6 months to $1.5 million, and 9 months above that. Each additional financed property adds 2 months, up to a 12-month maximum. First-time investors carry 12. Above the super-jumbo line, cash-out proceeds cannot satisfy reserves.
Asset paths exist for primary and second homes. Asset allowance divides liquid assets by 36, 60 or 84 months. The 84-month version is standalone and applies to any loan above $3.5 million. Assets-only needs U.S. liquid assets equal to the loan plus closing costs. Retirement accounts count at 70%, or 80% at age 59 and a half or older. Business funds, gifts, cryptocurrency and unvested stock never count.
Two Illustrative Borrowers
These are hypotheticals, built to show how the pieces trade off. They are not approvals.
Scenario one: the founder with a strong score. Picture a business owner buying a $15 million primary residence with a 750 score and a clean housing history. Deposits clear the expense ratio comfortably, and reserves sit well above the nine-month level. The program ladder shows 55% on a purchase, on review and case by case. The score is not the constraint here. Liquidity for the equity is.
Scenario two: the borrower at the line. Say a physician with a 695 score applies for the same $15 million. That sits below the 700 super-jumbo floor. Raising the score by a few points before applying can open the program. Waiting a statement cycle after paying down revolving balances often moves the number more than any other step. Without the lift, the options narrow to different structures or lower leverage, subject to lender guidelines.
Bank Statements or Property Cash Flow for a Rental?
For a rental, the first question is not the score. It is which path fits the property. 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. Bank statements qualify on your own deposits. If rent covers the obligation with room to spare, the property may carry the file. If your deposits are strong and the rent is thin, statements may fit better. Lendmire’s complete DSCR loans guide walks through the property-income side.
On the bank statement path, an investment property at $15 million sits at the 50% purchase and rate-term cell, or 45% on a cash-out, through select wholesale programs. Each is on review and case by case. 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.
A Credit Readiness Plan
Start four to six months before you apply. The score moves slowly, and a tier boundary is worth planning for.
1. Pull all three reports. Dispute any real errors early.
2. Pay down revolving balances. Do it before the statement date, not after.
3. Stop opening new credit. Skip new cards, new auto loans and store accounts.
4. Clean the statement accounts. Keep deposits consistent, with no unexplained large transfers and no overdraft activity.
5. Document the story. Write short letters for any blemish in the last four years.
6. Test the size boundary. Ask your broker whether a slightly different loan amount changes the program.
For more on how score tiers change cash required, see Lendmire’s piece How a Lower Credit Score Raises Your Down Payment on a Bank Statement Loan. For smaller sizes, see the minimum credit score on a bank statement loan by loan size.
Key Terms Defined
Super jumbo: a loan large enough that standard jumbo matrices stop, with its own overlays and case-by-case review.
Qualifying score: the single score a program uses to place the file in a tier, often the middle of three bureau scores.
Expense ratio: the share of business deposits set aside as costs before the rest counts as income.
Reserves: liquid money left over after closing, measured in months of the housing obligation.
Seasoning: the waiting period after a credit event, such as a foreclosure, before a lender will consider the file.
Compensating factor: a strength, such as deep reserves or lower leverage, that supports a file with a weaker area.
Frequently Asked Questions
Is 680 enough for a $15 million bank statement loan?
Not on its own. The bank program’s ladder lists 680 at this size, but super-jumbo overlays set a 700 floor above $3.5 million on a primary residence and $3 million on other properties. Plan for 700 as the working minimum, and expect case-by-case review.
Does a higher score lower the down payment at $15 million?
Within a tier, a higher score can support the ceiling cell. At this size the ladder is mostly set by loan size and occupancy, not by score steps. The main benefit of a stronger score is that it keeps you above the floor and supports exceptions.
Do I need a perfect housing history?
Programs at this size ask for 0x30x24 on housing, meaning no 30-day late in 24 months. Other accounts are read more broadly. A late on a credit card is less damaging than one on a mortgage.
Can a spouse with a stronger score carry the file?
Usually not. With two borrowers, the lower qualifying score often governs on most files. A non-occupant co-borrower is not allowed above the super-jumbo line.
How long should I wait after a credit event?
Super-jumbo overlays ask for 48 months of seasoning after a credit event, through select wholesale programs. Review is case by case, and some files need more.
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. Every figure above is a guideline through select wholesale programs, subject to full underwriting, and none is a commitment to lend.
The investors who clear this size are rarely the ones with the highest score. They are the ones who arrive with a clean housing history, deep reserves and a loan amount tested against the size boundaries before the application is filed.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
As a non-QM mortgage broker (NMLS# 2371349), Lendmire facilitates DSCR investor loans across 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed around property-level rental income instead of personal income documentation, subject to lender guidelines, serving LLC-structured portfolios and self-employed borrowers who don’t fit conventional boxes. A two-time Scotsman Guide Top Mortgage Workplace (2025, 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. CFPB – Ability-to-Repay/QM Rule
2. 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: Bank Statement Loan vs Asset Depletion Loan for Actors · How to Get a Super Jumbo Bank Statement Loan With a Law Practice · Bank Statement Loan vs Asset Depletion Loan for Attorneys
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
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.