The Quick Read: Usually 700 at the very least, and the files that get approved at this size tend to sit well above that, because through select wholesale programs a $10 million bank statement loan is reviewed case by case, at low leverage, with heavy reserves, and subject to full underwriting. The score gets you in the door. It does not decide the file.
- Floor: 700 on loans above the super-jumbo line, and the requirement can vary by scenario, depending on whether the property is a primary residence, a second home or an investment property.
- Leverage at this size: lower on a second-home or investment purchase than on a primary-residence purchase, and subject to review.
- Documentation: twelve consecutive months of personal or business bank statements on the bank portfolio program.
- Reserves: nine months of cash and liquid assets once the loan passes $1,500,000.
- Review: every figure above $4,000,000 is case by case before submission, so treat all of these as ceilings, not promises.
Key Terms Defined
A few terms come up in every large-balance conversation. Here they are in plain words.
- Non-QM: a mortgage that falls outside the standard rules for qualified mortgages, so lenders set their own income and credit guidelines.
- LTV (loan-to-value): the loan amount divided by the property value. A 60% LTV means the borrower puts up the other 40%.
- Reserves: cash and liquid assets left over after closing, measured in months of the housing payment.
- Expense ratio: the share of business deposits the lender subtracts as operating costs before counting the rest as income.
- Seasoning: a required waiting period after a credit event, such as a foreclosure or bankruptcy, before a lender will consider you.
- Housing history (0x30x24): zero mortgage or rent payments thirty days late over the last twenty-four months.
- DTI (debt-to-income): monthly debts divided by monthly qualifying income. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
What Score Does $10 Million Actually Take?
Plan on 700 as the hard floor and aim well above it. Across the wholesale network Lendmire works with, a loan this large lands in the strictest overlays. Those overlays require a 700 floor, a clean housing history, and a long wait after any credit event.
Why does a bank program that lists 680 as its base floor ask for 700 here? Because size changes the risk. A small loan can absorb a few blemishes. A $10 million loan cannot.
The score also rises with loan size on the way up. This table shows the typical score tier on a primary-residence purchase, through select wholesale programs, subject to underwriting.
| Loan size | Typical credit tier |
|---|---|
| $300K to $1M | 680+ |
| $1M to $1.5M | 700+ |
| $1.5M to $3.5M | 720+ |
| $3.5M to $4M | 760+ |
| Above $4M | 700 floor, case by case |
Notice the shape. The tiers climb, then the structure changes above $4,000,000. That is where files stop following a printed ladder and start getting individual review.
One market datapoint helps frame this. Scotsman Guide reports an average non-QM borrower score of 776 in its most recent full-year data, against 781 for conventional borrowers. Scotsman also describes 720 or above as the usual jumbo expectation. Those are averages, not minimums, but they show where large-balance borrowers actually live.
Why Isn’t There One National Number?
No regulator sets it. The federal consumer-finance regulator’s repayment-capacity and qualified mortgage guide says credit history is not part of the general qualified mortgage definition. Lenders must still verify debts with reliable third-party records, such as a credit report. The score floor is therefore an investor overlay. Each program picks its own.
That is why a broker earns a fee on a file like this. Wholesale programs differ on floors, on how they treat a score that sits just under a line, and on which credit events they forgive. Lendmire shops those differences across its network and does not lend directly. Many large banks and depository institutions publish a single jumbo ladder and stop there. A broker can compare several.
What Else Gets Reviewed Besides the Score?
At $10 million, the rest of the file carries as much weight as the number. A 790 with thin reserves loses to a 730 with deep liquidity. Reviewers look at five things.
Income from deposits. Qualifying income is eligible deposits divided by the number of statement months, after an expense ratio. The fixed ratios depend on the business type and the number of employees: a service business with no employees, a service business with a few employees, and a larger or product-based business each carry a different ratio. An accountant-provided ratio can replace them. Transfers from your own business into your personal account count at 100%. Business statements require at least 25% ownership.
Reserves. Three months up to $500,000, six months up to $1,500,000, and nine months above that. Add two months per additional financed property, up to a twelve-month maximum. First-time investors need twelve. On a cash-out loan at this size, the proceeds cannot count toward reserves.
Debt-to-income. Up to 50% on these programs, subject to underwriting.
Housing and credit history. The super-jumbo overlays want 0x30x24 on housing. After any credit event they require 48 months of seasoning.
Borrower and property profile. The overlays require U.S. citizens or permanent residents, no non-occupant co-borrowers, no rural property, and ten acres at most.
Yes, that is a long list. It is also why a score by itself never answers the question.
How Much Leverage Can You Expect at $10 Million?
Expect low leverage, and expect it to depend on occupancy. The table shows ceilings for loans between $6 million and $10 million, through select wholesale programs. Everything above $4,000,000 is reviewed case by case before submission, so these are ceilings on review, never flat guarantees.
| Occupancy | Purchase | Rate-term | Cash-out |
|---|---|---|---|
| Primary residence | 60% | 60% | 55% |
| Second home | 55% | 55% | 50% |
| Investment property | 55% | 55% | 50% |
A loan just above $10 million steps down again. On a primary residence it drops to 55% on purchase and rate-term, and 50% on cash-out. Second homes and investment property drop to 50% and 45%. So a loan at exactly $10 million sits at the edge of a band.
Interest-only is available on the bank program at 60% LTV or the band’s ceiling, whichever is lower. It never raises a cash-out ceiling. The portfolio non-QM program, by contrast, carries files only to $6,000,000, so it matters for the lower half of this conversation, not for $10 million itself. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
A Hypothetical $10 Million File, Start to Finish
Consider a founder who sold a majority stake in a services company and now runs a smaller holding business with three employees. Her traditional personal-income documentation shows heavy write-offs, so they understate what she actually earns. She wants to buy a $10 million primary residence.
Run the file this way. Her score is 742, comfortably above the 700 floor. She submits twelve consecutive months of statements. The deposits from her holding company land in her personal account, so they count at 100%. The lender applies a 40% expense ratio for a business with one to five employees, which sets qualifying income.
Leverage lands near 60% on review. Reserves are nine months of the housing obligation, with cash-out proceeds ruled out as a source. Her DTI needs to clear 50%.
Every number here is a modeled assumption, not a promise. But the lesson is real. A 742 file with clean deposits and deep reserves is a very different conversation from a 702 file with the same income. Nothing in this example is a commitment to lend.
Can Assets Replace Income?
Yes, on some files. Two asset-based paths exist through select wholesale programs, and they matter for borrowers whose deposits are lumpy.
Asset allowance divides your liquid assets by 36, 60, or 84 months to create qualifying income. At 36 months it is supplemental, with DTI at or below 60%. At 60 months it is supplemental with DTI above 60%. At 84 months it can stand alone, and it is the required method for any loan above $3,500,000. It is limited to primary and second homes, with an 80% maximum.
Assets-only needs no DTI. You qualify when U.S. liquid assets equal the loan amount plus closing costs plus sixty months of any net loss on other residential property.
Retirement accounts count at 70%, or 80% once you are 59.5 or older. Business funds, gifts, trusts other than a revocable living trust, unvested stock, and cryptocurrency never count.
What If Your Score Sits Just Under a Line?
Fix first, then submit. On a file this size, a score at 698 against a 700 floor is not a rounding error. It is a different answer.
The practical move is to pull your reports before anyone else does. Then look for the fast levers: paying down revolving balances and correcting errors. Wait until the updated score posts before applying. Larger credit events are different. The 48-month seasoning period on a foreclosure or bankruptcy is not something you can compress.
Honestly, this is a toss-up in some cases. A borrower with a 695 and a strong asset position might still be reviewed on the file’s overall strength. But on a $10 million balance, expecting an exception to cover a missed floor is a poor plan. The stronger play is to hit the number, then bring the exception conversation only for what remains.
Business-Purpose Loans: Does the Score Change?
Not at the program level. But the loan’s purpose matters for how it is reviewed.
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. Regulation Z exempts credit extended primarily for a business purpose. Whether a given loan is reviewed depends on the loan’s purpose, not simply the property type, so talk to counsel before assuming either way.
If you are buying a rental and your cash flow is stronger than your personal income, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Lendmire’s complete DSCR loans guide explains how that path works. The choice between the two comes down to which income is stronger, yours or the property’s. Lendmire’s piece DSCR Loan Vs Bank Statement Loan For Investors goes deeper on that decision.
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.
Common Mistakes at This Loan Size
- Treating the base floor as the real floor. The 660 and 680 figures apply to smaller loans. Above the super-jumbo line, 700 is the floor.
- Assuming the score offsets thin reserves. It does not.
- Counting cash-out proceeds as reserves. The overlays rule this out.
- Ignoring housing history. One 30-day late in the last 24 months can end the conversation.
- Applying first and checking credit later. Pull your own reports before a lender does.
For readers weighing smaller balances, Lendmire’s piece Minimum Credit Score on a Bank Statement Loan by Loan Size covers the lower rungs.
Frequently Asked Questions
Is 680 enough for a $10 million loan?
Usually not. The bank program lists 680 as its base floor, but loans above the super-jumbo line carry a 700 floor. A 680 file at this size would need a different structure or a smaller loan. Every file above $4,000,000 is reviewed case by case, subject to full underwriting.
Does a higher score raise my leverage at $10 million?
Not much. At this size, leverage follows the size band and occupancy more than the score. The score keeps you eligible. Reserves, deposits, and the property drive how close you get to the ceiling, which is 60% on a primary-residence purchase and on review.
Can I use twenty-four months of statements instead of twelve?
The portfolio non-QM program accepts twelve or twenty-four months. The bank portfolio program, which carries files at $10 million, uses twelve. Which one is better depends on whether your recent deposits are stronger than your older ones.
Does the same score apply to a rental property?
The floor is the same 700 above the super-jumbo line, which begins at $3,000,000 for investment property. Leverage runs about five points lower than on a primary residence at every size, so expect 55% on a purchase at this level, on review.
Is this available everywhere?
No. 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. If your state is not on that list, the program may not be available to you.
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. You can reach the team at 828-256-2183. Program figures here describe ceilings through select wholesale programs, subject to full underwriting, and are not a commitment to lend.
A $10 million file rewards the borrower who treats credit as the first checkpoint and liquidity as the real finish line.
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 specializing in DSCR investor loans, helping arrange financing across 41 markets, including Washington, D.C., through wholesale and investor-lending channels. The model centers on property-level rental income reviewed by the lender rather than W-2 documentation, subject to lender guidelines, suiting entity-owned and multi-property investors. Lendmire holds Scotsman Guide Top Mortgage Workplace recognition for 2025 and 2026.
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References
1. Scotsman Guide: Non-QM Loans Prove a Stable Option
2. Scotsman Guide: Take a Jumbo Slice of the Pie
3. CFPB Ability-to-Repay and Qualified Mortgage Compliance Guide
4. CFPB Regulation Z, Section 1026.3
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 Get a Super Jumbo Bank Statement Loan on Sales or Commission · Bank Statement Loan vs Asset Depletion Loan for Musicians · How to Use a CPA Letter for a Bank Statement Jumbo Loan
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.