The Quick Read: No official line defines a super jumbo, so each lender draws its own, and through select wholesale programs the maximum LTV steps down in loan-size bands, read by the loan amount rather than the purchase price, with every loan above $4,000,000 reviewed case by case before submission. Credit, reserves, occupancy and property type shift with each band. Every figure below is a ceiling, subject to full underwriting.
- Leverage is set by the loan amount, the occupancy (primary, second home or investment) and the transaction type.
- On a primary-residence purchase, the top ceiling is 90% and it stops at $1,000,000. Nothing above that size gets 90%.
- The ladder is not one smooth slope. It can drop sharply at a line, and it can even step back up where a different program takes over.
- Qualifying income comes from deposits, assets or property cash flow, not traditional personal-income documentation, subject to lender guidelines.
Key Terms Defined
Jumbo loan: a mortgage whose loan amount is above the county conforming limit.
Super jumbo: a lender’s own label for the largest jumbo loans. It has no legal definition.
Bank statement loan: a mortgage that qualifies a self-employed borrower on 12 or 24 months of deposits instead of traditional personal-income documentation.
Non-QM: a mortgage that follows investor or portfolio guidelines instead of the standard government-backed documentation path.
LTV: loan-to-value, the loan amount as a percentage of the property’s value.
Reserves: liquid cash left after closing, counted in months of housing payment.
Overlay: an extra lender rule stacked on top of the base program, such as a higher credit score or a tighter property limit.
Case-by-case review: a file the lender weighs individually before submission, so the published ceiling is a starting point, not a promise.
Seasoning: the waiting period after a credit event, such as a foreclosure, before a lender will consider the file.
How Underwriting Treats the File, Step by Step
Underwriting here tests you, not the tax return. A lender reads your deposits, your credit, your cash on hand and the property, in that order. Each step feeds the next, and the loan size sets the strictness of every one.
Step one: choose the statement window. Programs in the network use 12 or 24 consecutive months of personal or business bank statements. The bank portfolio program uses 12. Scotsman Guide describes the same market setup: a self-employed borrower with no W-2 supplies a year or two of statements. Transaction histories never substitute.
Step two: clean the deposits. Underwriters strip out loan proceeds, refunds and one-time windfalls. They also strip transfers between your own personal accounts. Transfers from your own business into your personal account are different. Those count at 100%.
Step three: apply the expense ratio. Business statements need at least 25% ownership. Eligible deposits are divided by the statement months after an expense ratio. The fixed ratios are 20% for a service business with no employees, 40% for one to five employees, and 50% for six or more employees or any product business. An accountant-provided ratio is another route, as is a profit-and-loss method capped at 80%.
Step four: test debt-to-income. Bank statement income is personal income, so every existing debt and the new housing payment count. Debt-to-income can run to 50%.
Step five: match credit to the band. The score each band lists is what its top leverage needs. It is not a program floor. The portfolio program’s floor is 660 up to the super jumbo line and 700 above it. The bank portfolio program keeps a 680 floor at every size. A lower score does not mean a decline. It usually means a lower-leverage cell in the same band.
Step six: test reserves separately. Deposits prove income. They do not prove cash on hand. Reserves run 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. First-time investors carry 12 months.
Two other paths exist. An asset allowance divides liquid assets by 36, 60 or 84 months to create income. Assets-only needs U.S. liquid assets equal to the loan plus closing costs, with no debt-to-income test. Both are primary and second home paths only.
Where Does “Super Jumbo” Start?
It starts wherever the lender says. The only official line in this space is the conforming loan limit. FHFA set the one-unit baseline at $832,750 for most of the country, with a high-cost ceiling of $1,249,125. A loan above your county’s limit is jumbo. Anything past that is pricing and overlay territory.
The limit applies to the loan amount, not the price. That is the same logic our ladder uses. Compute the price times the leverage first. Then read the band for that loan.
Why do these loans sit in non-QM at all? Bank statement income is not part of the standard QM documentation path, and the QM rule itself moved from a fixed debt-to-income cap to a price-based test. So the guidelines come from investors and portfolio lenders. Across a wholesale network, that means several ladders that overlap. One is a portfolio non-QM program carrying files to $6,000,000. The other is a bank portfolio program carrying twelve-month-statement files to $30,000,000.
The Loan-Size Ladder
Here is the purchase ladder, by band, for each occupancy. Read it by loan amount. “P” is the portfolio non-QM program. “B” is the bank portfolio program. Every figure is a ceiling through select wholesale programs, subject to full underwriting.
Purchase LTV ceilings by loan band
| Loan band | Primary | Second home | Investment |
|---|---|---|---|
| $300K–$1M | 90% (P) | 85% (P) | 85% (P) |
| $1M–$1.5M | 85% (P) | 80% (P) | 80% (P) |
| $1.5M–$2M | 85% (P) | 80% (P) | 80% (P) |
| $2M–$2.5M | 80% (P) | 80% (P) | 80% (P) |
| $2.5M–$3M | 80% (P) | 75% (P) | 75% (P) |
| $3M–$3.5M | 75% (P) | 65% (P) | 60% (B) |
| $3.5M–$4M | 75% (P) | 65% (P) | 60% (B) |
| $4M–$5M, case by case | 65% (B) | 65% (P) | 65% (P) |
| $5M–$6M, case by case | 60% (B) | 55% (B) | 55% (B) |
| $6M–$10M, case by case | 60% (B) | 55% (B) | 55% (B) |
| $10M–$20M, case by case | 55% (B) | 50% (B) | 50% (B) |
| $20M–$30M, case by case | 55% (B) | 50% (B) | 50% (B) |
Cash-out LTV ceilings by loan band
| Loan band | Primary | Second home | Investment |
|---|---|---|---|
| $300K–$1M | 80% (P) | 75% (P) | 75% (P) |
| $1M–$1.5M | 80% (P) | 75% (P) | 75% (P) |
| $1.5M–$2M | 75% (P) | 75% (P) | 75% (P) |
| $2M–$2.5M | 70% (P) | 70% (P) | 70% (P) |
| $2.5M–$3M | 70% (P) | 60% (P) | 60% (P) |
| $3M–$3.5M | 65% (P) | 55% (P) | 55% (B) |
| $3.5M–$4M | 65% (P) | 55% (P) | 55% (B) |
| $4M–$5M, case by case | 60% (B) | 55% (P) | 55% (P) |
| $5M–$6M, case by case | 55% (B) | 50% (B) | 50% (B) |
| $6M–$10M, case by case | 55% (B) | 50% (B) | 50% (B) |
| $10M–$20M, case by case | 50% (B) | 45% (B) | 45% (B) |
| $20M–$30M, case by case | 50% (B) | 45% (B) | 45% (B) |
Now the credit scores, which belong in prose. On a primary residence, the top cell needs 680 or better up to $1,000,000, then 700 up to $1,500,000. It needs 720 from there to $3,500,000, and 760 from $3,500,000 to $4,000,000. Second homes and investment properties run their own scores by band. The bank program’s cells each need 680. A lower score drops you one cell inside the band.
Rate-and-term refinances usually match purchase leverage. The exceptions sit in the super jumbo overlay zone. On a primary residence between $3,500,000 and $4,000,000, rate-and-term tops out at 70% against 75% on a purchase. On a second home or investment property, the portfolio program’s rate-and-term ceiling at $3,000,000 and above sits five points under purchase.
Why Do the Ceilings Step Down?
No regulator sets these numbers. It is risk management. A very large loan sits on a high-value property with a thinner pool of buyers. If a lender has to sell it, the sale takes longer and the price is less certain. So the lender cuts leverage, asks for more cash behind the file and tightens overlays as the balance grows.
Notice that the table is not a clean slope. Between $3,000,000 and $4,000,000, an investment property purchase tops out at 60% on the bank program. Between $4,000,000 and $5,000,000, the portfolio program’s super jumbo overlays put the investment ceiling at 65%, on review and with a 760 score. The ceiling went up. Different programs take over at different lines, and each has its own appetite. That is why each band deserves its own look.
What Else Changes at the Same Lines
Leverage is only one dial. The super jumbo overlays start above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. They include:
- A 700 credit floor.
- A 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 that cannot satisfy reserves.
That last one catches planners off guard. If you plan to pay for reserves out of a cash-out refinance at this size, the file will not work as written. Reserves also step from 3 to 6 to 9 months as the loan grows. A move across one line can change your cash need in three places at once: down payment, credit tier and reserves.
Structures and Variations
Interest-only. This is a structure, not extra leverage. On the portfolio program it reaches 85% LTV with a 700 floor, on purchase and rate-and-term files. That means a 40-year term with a 10-year interest-only period. The bank program caps interest-only at 60% or the band’s own ceiling, whichever is lower, using 5- and 7-year fixed-period adjustables. A 10-year fixed-period adjustable is fully amortizing. Interest-only never raises a cash-out ceiling. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Cash-out limits. Proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio program caps cash in hand at $1,500,000. The bank program publishes no cap. Tax treatment varies; consult a qualified professional. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Two programs, one size. From $4,000,000 to $6,000,000, both programs can price the same loan. They use different statement windows and different ladders. A broker with several wholesale channels sees both. A single lender sees one.
Where the General Rule Breaks
The investment cliff at $3,000,000. On a purchase of an investment property, the ceiling falls sharply once the loan amount moves from the $2.5M–$3M band into the $3M–$3.5M band. That is a large drop in a single step. A primary residence in the same two bands also steps down, but by a much smaller margin.
The step back up. An investment property purchase moves between the bank program and the portfolio program as the loan amount climbs from $3,500,000 into the $4,000,000 to $5,000,000 band, with the portfolio program available on review. A primary residence goes the other way, from the portfolio program to the bank program.
Property type. Warrantable condos reach 85%, non-warrantable condos 80%, and 2–4 units 85%. Condotels take 75% on a purchase and 65% on a cash-out, and 50% on the bank program. Second homes are one unit only. Rural property tops out at 80% on ten acres or less, and never above $3,000,000. A Texas 50(a)(6) home-equity loan takes a 5-point LTV reduction and stops at $3,000,000 on the portfolio program.
Lumpy or falling deposits. They pull the averaged income down, even if your year was strong. If your rental income is solid and your own income is irregular, the property-level path may fit better. See Lendmire’s complete DSCR loans guide, where qualification rests primarily on property-level rental income covering the payment, subject to lender guidelines.
Business purpose. Investment-property files on these programs are business-purpose loans, so they are reviewed differently from an owner-occupied mortgage.
Where you live. Consumer bank-statement lending is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA.
Worked Examples
These use only percentages and loan bands.
Just under, then over, $1,000,000. On a primary residence purchase, a loan up to $1,000,000 can reach 90% LTV with a score of 680 or better. A loan just above that falls to 85% and wants 700. That is 10% down against 15% down, and a tighter credit tier, for a few extra dollars of loan. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
The investor who crosses $3,000,000. Picture an investor buying a rental whose loan lands in the $2.5M–$3M band: 75% on an investment purchase through the portfolio program, 25% down. Raise the loan above $3,000,000 and the ceiling becomes 60% on the bank program, 40% down. The same investor now also meets super jumbo overlays and a bigger reserve tier. The loan did not change much. The file did. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Primary residence at $3.5M–$4M. Say you have a 760 score and a clean housing history. A primary purchase can reach 75%, rate-and-term 70% and cash-out 65% through the portfolio program. A 720 score takes a lower cell in that band. Above $4,000,000, everything goes on review. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Strategies Near a Line
Start by computing the loan, not the price: price times leverage. If the result lands in a lower band than you assumed, redo the math at that band’s ceiling. It is a common error on a first pass.
Then weigh four moves:
1. Add down payment. A larger down payment can drop the loan into a lower band. That band may carry a lower credit tier, fewer reserve months and a lighter review.
2. Choose the transaction. Rate-and-term runs higher than cash-out in nearly every band. If you only need to restructure, do not take cash you do not need.
3. Match the occupancy. Read the ladder for your occupancy, never by subtracting from the primary figure. The other ladders are not simply lower. Some bands match the primary ceiling, and in others the gap is 15 points.
4. Compare the test. A bank statement loan tests your deposits. A DSCR loan tests the property. For a self-employed investor whose rents are strong and whose deposits are not, that choice can matter more than any one band.
Lendmire’s piece on how a bank statement lender sets LTV by loan tier and occupancy goes deeper on the ladder itself. To plan cash, see How Reserves Are Set by Loan Size on a Super Jumbo Bank Statement Loan.
Frequently Asked Questions
Is there a maximum super jumbo loan amount?
Through select wholesale programs, files run to $30,000,000. The portfolio non-QM program carries files to $6,000,000, and the bank portfolio program carries twelve-month-statement files to $30,000,000. Everything above $4,000,000 is reviewed case by case before submission.
Does 90% LTV exist above a certain loan size?
No. A 90% ceiling exists only on a primary residence purchase or rate-and-term refinance up to $1,000,000, with a 680 credit score or better. Above that size the top ceiling is 85%, then it keeps stepping down as the band rises. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Why does cash-out leverage run lower than purchase?
Cash-out removes equity from the property, which leaves the lender with less cushion. In nearly every band the cash-out ceiling sits below the purchase ceiling. Interest-only does not change that.
Do I need more reserves on a bigger loan?
Yes. Required reserves step up as the loan amount moves into a higher band. Each additional financed property also adds 2 months, up to a 12-month maximum. First-time investors carry 12 months.
Does the threshold change for a second home or investment property?
Yes. The super jumbo overlays begin above $3,500,000 on a primary residence but above $3,000,000 on a second home or investment property. Each occupancy also has its own ladder, so read your own column.
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. Reach the team at 828-256-2183.
Above the first few bands, the published ladder is a starting point and the real answer comes from review. That is where a broker who can place a file across several programs earns the work.
Lendmire’s self-employed mortgages page presents both super jumbo programs, portfolio and bank portfolio, side by side.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of tax returns, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines.
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References
1. Scotsman Guide – Rev Up the Engine for Non-QM Lending
2. FHFA – 2026 Conforming Loan Limit announcement
3. CRS (Library of Congress) – QM Rule and Recent Revisions
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 Qualify for a Super Jumbo Bank Statement Loan in Pennsylvania · How to Get a Super Jumbo Bank Statement Loan as a Bootstrapped Founder · Can You Get a Fixed Super Jumbo Bank Statement Loan Instead of an ARM?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.