The Quick Read: Usually 15% to 25% down on loans up to $1,000,000, depending on how you will use the unit, because building height does not set the number. Leverage is set by loan size, occupancy, credit, and whether the building passes project review. Through select wholesale programs, subject to full underwriting:
- Primary residence purchase: the size ladder reaches 90% LTV to $1,000,000, but a condo’s property cap governs. Warrantable condos run to 85% LTV and non-warrantable condos to 80%, so 15% down is the best case on a tower unit.
- Second home or investment condo: about five points lower at each size.
- Condotels run to 75% LTV on a purchase.
- Above $4,000,000, every file is reviewed case by case before submission.
- Qualification runs on 12 or 24 months of deposits, assets, or a profit-and-loss path instead of traditional personal-income documentation. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
A high-rise is just a condo project. The lender prices the borrower, the occupancy, and the building together. Here is how those three pieces move your cash to close.
Why the Building Gets Its Own Review
The tower is underwritten separately from you. Your deposits, credit, and debt ratios make up one review. The building’s financial health makes up another. Either one can limit your leverage or stop the deal.
On the building side, lenders look at the HOA budget and reserves, pending litigation, master insurance, delinquent dues, commercial space at the base, and how many units are investor-owned. They also look for hotel-style operations. A building that fails the standard agency project tests is called non-warrantable. That label is not a legal category. It simply means the project sits outside agency rules, so a portfolio or non-QM program has to take the risk.
Across Lendmire’s wholesale network, non-warrantable does not mean unfinanceable. Warrantable condos run to 85% LTV through select programs. Non-warrantable condos run to 80%. Condotels, which operate like hotels, run to 75% on a purchase. Whichever test is stricter controls. If the borrower’s size ladder says 90% but the condo cap is 85%, you put down at least 15%. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
One more wrinkle. The agency world has been loosening and tightening condo rules at the same time. Fannie Mae’s recent guidance retired the 50% investor-concentration cap for established projects under full review and raised reserve minimums, so some towers that were once non-warrantable may now qualify for agency loans. That is context only. A bank statement loan is not an agency product, and individual lenders can keep their own overlays.
What Sets Your Down Payment
Your down payment is 100% minus the maximum LTV the program allows for your loan size, occupancy, property type, and credit. Here is the primary-residence purchase size ladder, which is a ceiling and not a promise. On a condo, the property cap (85% warrantable, 80% non-warrantable) applies on top of it wherever it is lower:
| Loan size | Max purchase LTV (size ladder) | Credit for this leverage |
|---|---|---|
| $300K–$1M | 90% | 680+ |
| $1M–$1.5M | 85% | 700+ |
| $1.5M–$2M | 85% | 720+ |
| $2M–$3M | 80% | 720+ |
| $3M–$4M | 75% | 720+ |
| $4M–$5M | 65%, on review | 680+ |
Second homes and investment property run about five points lower at most sizes. A second-home purchase to $1,000,000 tops out at 85% with a 700 credit score for that leverage. An investment condo in the $1,000,000 to $1,500,000 band reaches 80% with a 680 score for that leverage. Above $4,000,000, treat every figure as a starting point for case-by-case review. Never assume a flat “up to” number at that size. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
The network figures above are more specific, and they step down with size in a way a single range hides.
Credit matters inside each band. A 660 score is the floor on the portfolio non-QM program, and 700 applies above the super-jumbo line. Reserves run 3 months through $500,000, 6 months through $1,500,000, and 9 months above that. Each additional financed property adds 2 months, up to 12.
How Tower Features Move the Number
Height itself changes nothing. These features do:
| Building feature | Effect on financing | What to ask |
|---|---|---|
| Heavy investor ownership | May trigger a lower LTV cap | Owner-occupancy share |
| Commercial space at the base | Can make the project non-warrantable | Percent of commercial space |
| Pending HOA litigation | Often a hard stop or lower cap | Open suits and assessments |
| Hotel-style rentals | Condotel limits: 75% purchase | Rental program rules |
| Thin HOA reserves | May raise overlays | Latest reserve study |
Short-term rental towers deserve extra care. Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income. Minimum-stay rules or rental bans in the declaration can end an investor’s plan before the loan matters.
Worked Examples
Run the numbers on three towers. These use ratios and percentages only. Actual terms depend on underwriting.
A founder buys a primary-residence condo at $900,000 in a warrantable tower. The loan falls in the $300,000 to $1,000,000 band, where the size ladder reaches 90% LTV. The warrantable condo cap is 85%, so that cap governs and the down payment is as low as 15%. Reserves run 3 months or 6 months depending on the final loan amount. This is the best case for a tower unit. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
A physician buys a second-home condo at $1,800,000 in the same kind of tower. The second-home ladder lands at 80% LTV at this size with 700+ credit. That means 20% down at minimum. If the tower is non-warrantable, the project cap of 80% happens to match, so the number holds. Reserves step up to 9 months above $1,500,000. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
An attorney buys an investment condo at $3,200,000. The investment ladder in the $3,000,000 to $3,500,000 band is 60% on a purchase. That means 40% down. The super-jumbo overlays also apply above $3,000,000 for investment property, including a 700 credit floor. The investment condo needs far more cash than the primary-residence version of the same unit. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Cash Beyond the Down Payment
The down payment is not your cash to close. Add closing costs, prepaid items, escrow funding, and any earnest money already posted. Then keep reserves separate, because reserves are verified assets, not settlement funds. On cash-out files, proceeds cannot satisfy reserves above the super-jumbo line.
Tower ownership adds recurring costs that also hit your qualification. High HOA dues raise the monthly obligation and shrink your debt-to-income cushion, which can reach 50% on these programs. Special assessments and master-policy changes matter too. Ask for the HOA budget and the condo questionnaire before you write the offer, since management controls how fast those documents arrive.
Also plan for the appraisal gap. If the unit appraises below the contract price, leverage applies to the lower value. You cover the difference in cash or renegotiate.
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.
Income Path: How a Bank Statement Loan Qualifies You
A bank statement loan is reviewed on documented income under the applicable program, subject to lender guidelines. The lender uses 12 or 24 consecutive months of personal or business statements. Business accounts need at least 25% ownership. Eligible deposits are divided by the statement months after an expense ratio of 20%, 40%, or 50% depending on employee count and business type, or an accountant-provided ratio. A profit-and-loss method is capped at 80%. Transfers from your own business into a personal account count at 100%.
Bank statements are an accepted way to verify repayment ability. Alternative-documentation loans had already become the largest non-QM subsector by the time of the Seasoned QM final rule.
If you have strong liquid assets but uneven deposits, asset-based paths exist for primary and second homes. Assets-only requires liquidity equal to the loan plus closing costs. Asset allowance divides liquid assets by 36, 60, or 84 months. The 84-month version is standalone and applies to any loan above $3,500,000.
When Another Path Fits Better
Bank statement programs are built for primary residences and second homes, with investment property available at lower leverage. A pure rental purchase often belongs in a different lane. DSCR loans are designed for non-owner-occupied investment properties, and a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Because HOA dues feed that payment, a high-dues tower can weaken coverage. Select lenders in the network offer sub-1.00 coverage programs, but leverage and terms adjust when they do.
The choice comes down to the borrower. A self-employed buyer who will live in the unit usually does better on bank statements. An investor buying for rent should compare both. Lendmire’s complete DSCR loans guide lays out the investment-property side. 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.
Key Terms Defined
Bank statement loan: A mortgage that is reviewed around averaged deposits from personal or business accounts instead of traditional personal-income documentation.
Non-warrantable condo: A building that fails standard agency project tests and needs a portfolio or non-QM program.
LTV (loan-to-value): The loan amount divided by the property’s value or price, which sets your minimum down payment.
Condotel: A condo building that runs like a hotel, usually with a lower leverage cap.
Reserves: Verified liquid assets you hold after closing, counted in months of the monthly obligation.
For deeper background on the mechanics discussed here, see Freddie Mac Seller/Servicer Guide §5701.3 and Fannie Mae Project Standards FAQ.
Frequently Asked Questions
Does a high-rise condo need more down payment than a low-rise?
Not because of height. The same ladder applies, and the building’s project profile is what can lower the cap. A tower with heavy investor ownership, commercial space, or litigation may sit at the 80% non-warrantable cap instead of 85%. A low-rise with the same problems would be treated the same way.
Can I put 10% down on a high-rise condo with a bank statement loan?
Not on a condo. The size ladder reaches 90% LTV on a primary residence purchase to $1,000,000, but the condo cap of 85% for a warrantable building governs, so the best case is 15% down. That is through select wholesale programs, with 680+ credit and a full file review. A second home or investment condo runs lower still. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
What changes if the building is non-warrantable?
Leverage typically tops out at 80% through select programs, instead of 85% for warrantable condos. Reserve and overlay requirements may also tighten. The lender reviews the project case by case, so ask for the condo questionnaire early.
Do I need more down for a short-term rental condo?
Often yes. Condotels run to 75% on a purchase and 65% on cash-out through select programs, with a lower cash-out ceiling on the bank portfolio program. Investment-use leverage is already lower than primary residence at every size.
What happens above $4,000,000?
Every file is reviewed case by case before submission. The bank portfolio program’s ladder is 65% to $5,000,000, 60% to $10,000,000, and 55% to $30,000,000. Treat those as starting points, not commitments.
Reach the team at 828-256-2183 or request a quote. Consumer mortgage lending is available in 16 states, and nothing here is a commitment to lend.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Freddie Mac Seller/Servicer Guide §5701.3
2. Fannie Mae Project Standards FAQ
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 Influencers Borrow With a Bank Statement Loan? · How Much Can Content Creators Borrow With a Bank Statement Loan? · How Much Down Payment Does a Super Jumbo Self-Employed Mortgage Need?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.