The Quick Read: Yes, but it is a lender-specific, size-dependent product, not a single off-the-shelf loan. Through select wholesale programs, subject to full underwriting, Florida borrowers can qualify on 12 or 24 months of personal or business bank deposits instead of traditional personal-income documentation, with files running from $300,000 to $30,000,000. Nothing about the loan type changes in Florida. The friction sits in the property, especially condos and insurance.
- Income is proven by eligible deposits after an expense ratio, not by traditional personal-income documentation.
- Two wholesale programs cover the range: a portfolio non-QM program to $6,000,000 and a bank portfolio program to $30,000,000.
- Every loan above $4,000,000 is reviewed case by case before submission.
- Florida condos, insurance and flood coverage decide more files than the loan type does.
- Lendmire is licensed for consumer lending in 16 states, and Florida is one of them.
Here is the plain version. “Jumbo” and “bank statement” answer two different questions. One is about loan size. The other is about how you prove income. A loan can be both, and in Florida it often is.
What Does “Super Jumbo” Actually Mean?
“Jumbo” is a size test. The Federal Housing Finance Agency set the 2026 baseline one-unit conforming limit at $832,750, and its high-cost ceiling is 150% of that baseline. Any loan above the limit for the county is jumbo. Which county limit applies is a lookup in FHFA’s county table, so check it before you assume.
“Super jumbo” has no official definition. It is a lender pricing and overlay tier. In our network it starts to matter above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. That is where the extra overlays kick in:
- 700 credit floor
- 0x30x24 housing history
- 48-month seasoning on 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 also cannot be used to satisfy reserves at those sizes.
How Does a Bank Statement Loan Work at This Size?
The lender replaces traditional personal-income documentation with 12 or 24 consecutive months of personal or business statements. The bank portfolio program uses 12. Statements must be consecutive, and a transaction history never substitutes.
Underwriters scrub the deposits first. Transfers between your own accounts, refunds, gifts and loan proceeds come out. What is left gets divided by the number of statement months to produce qualifying income.
On business statements, you need at least 25% ownership, and the lender applies an expense ratio:
| Business profile | Typical expense ratio |
|---|---|
| Service business, no employees | 20% |
| 1-5 employees | 40% |
| 6+ employees or any product business | 50% |
| Accountant-provided ratio | Per the letter |
A profit-and-loss method is also available, capped at 80%. Transfers from your own business into a personal account count at 100%, which is why many borrowers use personal statements.
Think of a physician-owned practice with a service model. Deposits arrive in the business account, the practice pays the owner through regular transfers, and those transfers land in the personal account. Those transfers count in full. The borrower avoids the expense-ratio haircut that business deposits would take. Whether that path fits your file depends on the program and the underwriter.
The rest of underwriting still happens. Debt-to-income can run up to 50%. Federal ability-to-repay rules, explained in the CFPB’s small-entity compliance guide, require a reasonable, good-faith look at repayment ability across at least eight factors. They don’t prescribe one underwriting model. So “bank statement” does not mean “no review.” It means a different way of documenting income.
Is It Available Across Florida?
Florida is one of the 16 states where Lendmire’s consumer mortgage lending is licensed: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Lendmire is the broker that shops the file across wholesale programs. It is never the lender.
What changes by file is size and occupancy. Leverage steps down as the loan grows, and second homes and investment property run on their own ladders. Here is how a few bands read through select wholesale programs, subject to full underwriting. The credit figure is the score that band’s top leverage needs, not a program floor.
| Loan size | Primary purchase | Credit for this leverage |
|---|---|---|
| $300K-$1M | 90% | 680+ |
| $1M-$1.5M | 85% | 700+ |
| $2M-$2.5M | 80% | 720+ |
| $3M-$3.5M | 75% | 720+ |
| $3.5M-$4M | 75% | 760+ |
The actual floors are 660 on the portfolio non-QM program, 680 on the bank portfolio program and 700 above the super-jumbo line. A lower score takes a lower leverage cell inside the same band.
Above $4,000,000, everything is reviewed case by case before submission. On a primary-residence purchase, the bank portfolio program’s ladder shows 65% from $4,000,000 to $5,000,000, and 60% from $5,000,000 to $10,000,000, both on review. At $10,000,000 to $30,000,000 it is 55% on review. Never assume 90% on any loan above $1,000,000.
A second home on a purchase runs lower. At $3,000,000 to $5,000,000 the ladder shows 65% on review with a 760 credit score for that leverage. On an investment property purchase, $2,500,000 to $3,000,000 is 75% with 720 credit. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
What Will Lenders Ask For?
Expect a documentation package built around cash flow:
- 12 or 24 consecutive months of personal or business statements
- Proof of at least 25% ownership if you use business accounts
- An explanation of large or unusual deposits
- An accountant-provided expense ratio, if you want one used
- Credit, plus a housing history that meets the program’s rule
- Reserves of 3 months up to $500,000, 6 months up to $1,500,000, and 9 months above that
Add 2 months for each additional financed property, to a 12-month maximum. First-time investors need 12 months.
What Are the Florida-Specific Hurdles?
Condos are where Florida files stall. The loan type is not the issue. Condo project eligibility, insurance, structural inspection criteria and reserve-funding rules all affect whether a building passes review. RealtyTimes lists insurance, inspection criteria and reserve funding as the main drivers behind non-warrantable condo status.
Non-warrantable doesn’t mean unfinanceable. Through select wholesale programs, warrantable condos run to 85% and non-warrantable to 80%, and condotels to 75% on a purchase. Stack a non-warrantable condo on top of a super jumbo balance, though, and that is the hardest combination. It is approved case by case.
Waterfront and coastal homes bring flood and wind coverage into the picture. Those costs can change rental economics on an investment file. Budget for them early, and get insurance quotes in before you submit.
Practitioner note: on high-balance Florida files, the property review usually sinks a deal before the income does. Borrowers spend weeks perfecting statements and then learn the building’s reserves are thin. Check the condo questionnaire early.
Who Is This Loan For, and Who Should Look Elsewhere?
It fits founders, physicians, attorneys, entertainers and investors whose traditional income documentation understates cash flow. Aggressive write-offs shrink taxable income, but deposits tell the real story. It works best on a primary residence or second home.
For a pure rental, DSCR is often the simpler fit. A bank statement loan is reviewed around personal cash flow. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Each additional financed property adds a payment to your debt-to-income on a bank statement file. DSCR typically doesn’t, depending on the program. If your deposits are falling, DSCR may also be a cleaner path. Lendmire’s comparison of DSCR and bank statement loans for investors walks through that choice.
The honest alternatives:
| Path | Best for | How income is proven | Main drawback |
|---|---|---|---|
| Bank statement | Self-employed, strong deposits | Eligible deposits after expense ratio | Counts toward DTI |
| Asset allowance | Large liquid assets | Assets divided by 36, 60 or 84 months | Primary and second homes only |
| Assets-only | Wealthy, thin income | No DTI; liquidity equals loan plus costs | Needs large U.S. liquid assets |
| DSCR | Rental property | Property rent vs. payment | Investment property only |
For asset allowance, the 36-month divisor applies when pre-asset DTI is at or below 60%. The 60-month divisor applies above that. The 84-month divisor applies standalone or on any loan above $3,500,000. The combined ratio must still fit the 50% DTI ceiling. Retirement accounts count at 70%, or 80% at age 59.5 and older. Business funds, gifts, cryptocurrency and unvested stock never count.
How Much Can You Pull Out on a Refinance?
Cash-out proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio non-QM program caps cash in hand at $1,500,000. The bank portfolio program publishes no cap. On a primary-residence cash-out, the ceiling is 80% from $300,000 to $1,500,000, and it steps down with size. Interest-only structures, where offered, are a separate feature. They never raise a cash-out ceiling. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Key Terms Defined
Jumbo loan: A mortgage above the conforming limit for the county, so agencies can’t buy it.
Super jumbo: An informal tier above ordinary jumbo, set by each lender’s overlays rather than by any regulator.
Non-QM: A loan that doesn’t fit the standard qualified-mortgage box. The Scotsman Guide notes these loans can’t be bought by the GSEs or the federal government, so lenders hold them or sell privately.
Expense ratio: The share of business deposits treated as costs rather than income.
Reserves: Liquid funds left after closing, counted in months of payments.
Non-warrantable condo: A condo project that fails standard agency eligibility, often over insurance, reserves or litigation.
Frequently Asked Questions
Can I use a bank statement loan for a super jumbo in Florida?
Yes, through select wholesale programs, subject to full underwriting. The portfolio non-QM program runs to $6,000,000, and the bank portfolio program carries twelve-month-statement files to $30,000,000. Above $4,000,000 every file is reviewed case by case before submission.
Personal or business statements?
Either works. Business statements need at least 25% ownership and take an expense ratio. Transfers from your own business into your personal account count at 100%, so personal statements can produce higher qualifying income on some files.
Does it work for a second home or investment property?
Yes, on separate ladders with lower leverage than a primary residence. Second homes are 1-unit only. Super-jumbo overlays begin at $3,000,000 on both. Take each figure from that occupancy’s own ladder.
Are reserves required?
Yes. Expect 3 months up to $500,000, 6 months up to $1,500,000 and 9 months above that. Each additional financed property adds 2 months, to a 12-month maximum. Above the super-jumbo line, cash-out proceeds can’t count toward reserves.
Is a Florida condo eligible?
Often, but review is stricter. Warrantable condos run to 85% and non-warrantable to 80%, through select wholesale programs. A non-warrantable condo at super jumbo size is approved case by case.
For the wider picture, start with the complete DSCR loans guide. If your file is Florida-specific, Lendmire’s guide to super jumbo bank statement loans in Florida goes deeper. Programs change, nothing here is a commitment to lend, and every file is underwritten individually. Tax treatment varies; consult a qualified professional.
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
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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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. FHFA – 2026 conforming loan limit news release
2. CFPB – ATR/QM Small Entity Compliance Guide
3. RealtyTimes – Non-Warrantable Condos
4. Scotsman Guide – Unique Loan Scenarios Demand Specialized Expertise
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: IO ARM vs Fixed Super Jumbo Bank Statement Loan for a Short Hold · How Much Asset Depletion Adds to a Super Jumbo Bank Statement Loan · How a 10-Year ARM Super Jumbo Bank Statement Loan Works
Guides: Super Jumbo Bank Statement Loans in Florida
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.