The Quick Read: Yes, a super jumbo bank statement loan has a credit score floor, but no law sets it; each wholesale program sets its own, typically 660 on the portfolio program, 680 on the bank portfolio program, and 700 above the super-jumbo line on the portfolio program, and the best leverage at each loan size needs a higher score. Meeting the floor gets a file considered. It does not unlock top leverage. All figures here are through select wholesale programs, subject to full underwriting, and none is a commitment to lend.
- The floor depends on the program that fits your loan size, not on one number for the whole market.
- A score just above the floor usually lands in a lower leverage cell, so you bring more cash to closing.
- Above $4,000,000, every file is reviewed case by case before submission.
- Your deposits, reserves, and housing payment history are read alongside the score.
- If your score sits near the floor, a property-income (DSCR) loan or an asset-based path may fit better.
If you are self-employed, a physician, an attorney, an entertainer, or an investor whose traditional personal-income documentation understates what you earn, this is the question that decides how much house you can finance. Here is how the floor works, where it moves, and what to do with it.
Key Terms Defined
Super jumbo is a market label for very large mortgages, and each lender decides where it starts. No statute defines it. On the programs in Lendmire’s wholesale network, the overlays begin above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
Bank statement loan is a mortgage that is reviewed around documented deposits over 12 or 24 consecutive months of personal or business statements instead of traditional personal-income documentation. Qualification runs on income documented under the applicable program, subject to lender guidelines.
Non-QM means a loan that sits outside the standard qualified-mortgage box and is underwritten under the lender’s own guidelines.
Credit floor is the lowest score at which a program will consider your file at all.
Leverage cell is one box on a program’s grid: a loan size band, an occupancy type, a transaction type, and the maximum loan-to-value allowed there. Higher scores are required for the top cells.
Overlay is an extra rule a program adds on top of its base guidelines, usually as loan size rises.
Expense ratio is the share of business deposits an underwriter removes to estimate what the business spends before counting the rest as income.
Is There One Credit Floor?
No. A loan’s size and structure decide which program carries it, and each program has its own floor. Lendmire is a broker that shops these programs, so the pattern below comes from placing files across them.
| Program | Loan sizes | Credit floor |
|---|---|---|
| Portfolio non-QM program | $300,000 to $6,000,000 | 660, rising to 700 above the super-jumbo line |
| Portfolio non-QM, interest-only | Per the program’s grid | 700 |
| Bank portfolio program | Twelve-month-statement files, bands begin above $4,000,000 on a primary residence, to $30,000,000 | 680 at every size |
The bank portfolio program begins its bands at $4,000,001 on a primary residence, $5,000,001 on a second home, and $3,000,001 on investment property. It overlaps the portfolio program up to $6,000,000 and stands alone above that. Loan size, not your preference, decides which ladder applies.
Debt-to-income can run up to 50% on these programs. Reserves typically run 3 months to $500,000, 6 months to $1,500,000, and 9 months above, with more for each additional financed property. Those are typical ranges, subject to underwriting.
Market-wide, the picture is similar in spirit. Scotsman Guide, reporting on dv01 data, puts the average non-QM loan at a 741 weighted-average FICO and 67.4% LTV across about 125,000 loans (Scotsman Guide). Non-QM describes how income is documented. It does not describe weak credit. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Why the Floor Is Not the Score You Need
The floor decides whether a file is considered. The leverage grid decides how much a lender will lend against it. Those are different tests, and borrowers confuse them constantly.
Take a primary-residence purchase with a loan up to $1,000,000. The top cell is 90% LTV, and it needs a score of 680 or better. A 660 score clears the portfolio program’s floor, but that file moves to a lower cell in the same band. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Climb the ladder and the score needed for each band’s best cell changes:
- $1,000,000 to $1,500,000, primary residence purchase: 85% LTV needs 700+.
- $1,500,000 to $2,000,000, primary residence purchase: 85% LTV needs 720+.
- $3,500,000 to $4,000,000, primary residence purchase: 75% LTV needs 760+ on the portfolio program with super-jumbo overlays.
- $4,000,000 to $5,000,000, primary residence purchase, bank portfolio program: 65% LTV, on review and case by case, needs 680+. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
That last line shows why you cannot read the grid as a simple staircase. The bank portfolio program takes over above $4,000,000 with its own floor and its own leverage, so its best cell is reachable at a lower score and a lower LTV. Each band stands on its own.
A cash-out refinance on a primary residence in that same $4,000,000 to $5,000,000 band tops out at 60% LTV, on review. In the $5,000,000 to $10,000,000 range it sits at 55%, also on review. Cash-out proceeds are unlimited at or below 60% LTV; above 60%, the portfolio program caps cash in hand at $1,500,000. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Investment property and second homes run on their own ladders. Do not subtract a few points from the primary-residence figure and assume you have the answer. Read each occupancy’s own grid. For a primary-residence loan in the $3,500,000 to $4,000,000 band, Lendmire’s piece How High a Credit Score Does a Super Jumbo Bank Statement Loan Need? walks through the band-by-band reading.
What Arrives With the Super Jumbo Line
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, credit is one rule among several. The overlays on the portfolio program include:
- A 700 credit floor.
- A 0x30x24 housing history, meaning no 30-day mortgage or rent lates in the prior 24 months.
- 48 months of seasoning after 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 be used to satisfy reserves.
Past $4,000,000, everything is reviewed case by case before submission. That means a leverage figure on a loan that size is a ceiling for the best-qualified file, never a flat promise. Any figure above $4,000,000 here is on review.
The practical effect is that your score and your housing history are read together. A high score with a recent mortgage late can read worse than a slightly lower score with a clean 24 months. Underwriters weigh both.
Does Any Law Set the Number?
No. A regulator does not set a minimum score for these loans, and borrowers often assume one does.
The federal ability-to-repay rule requires a lender to make a reasonable, good-faith determination that you can repay. The CFPB’s General QM final rule gives standard qualified mortgages certain protections and swapped the old 43% debt-to-income cap for a price-based test, as the Consumer Finance Monitor summarizes. Neither document sets a credit-score minimum.
Non-QM loans sit outside those protections, so the lender carries the risk of the loan. That is why programs write their own floors, and why they get stricter as loans get larger. There is no agency to resell a giant loan to, and a default hurts more.
Why Floors Rise With Size
Performance data show why lenders guard the low end. Scotsman Guide’s coverage of dv01 data says non-QM borrowers under 660 had impairment rates nearing 20%, and borrowers under 700 accounted for over 80% of the monthly rise in impairments (Scotsman Guide). The same report says DSCR investor loans stayed stable around 6%, while bank statement impairments kept rising.
So the floors are not arbitrary. On a $5,000,000 loan, a lender wants the strongest evidence it can get that the borrower pays on time.
What Lenders Read Besides the Score
A score is one number. The underwriter reads the file around it.
Deposits. The program counts 12 or 24 consecutive months of statements (the bank program uses 12). Transaction histories never substitute for statements. Underwriters strip out transfers between your own accounts, loan proceeds, tax refunds, cash advances, and one-time asset sales. Transfers from your own business into your personal account count at 100%.
Expense ratio. Business statements need at least 25% ownership. Fixed ratios on these programs are 20% for a service business with no employees, 40% for 1-5 employees, and 50% for 6+ employees or any product business. An accountant-provided ratio is also accepted. A strong score cannot rescue income that the expense ratio has shrunk.
Credit history. Housing payment history, recent credit events, and how long ago they happened can matter as much as the headline number at the top of the grid. Some programs also care about how many active tradelines you carry.
Reserves. More loan means more months of reserves, and some overlays bar cash-out proceeds from counting toward them.
If two people sign, ask the lender before applying which score the program uses. Programs treat that differently, and it can shift your cell.
Two Scenarios
A strong-deposit, mid-score borrower. Picture a founder with a loan request in the $3,500,000 to $4,000,000 band on a primary-residence purchase. Her business deposits are strong and her expense ratio is 40%. Her score is just above 700. She clears the portfolio program’s super-jumbo floor. The top cell of 75% LTV needs 760+, so she lands in a lower cell and brings more cash. The file is considered, not penalized, but the structure changes. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
A high-score borrower with a recent late. Consider a physician with a score above 760 and a 30-day late on his mortgage within the last 24 months. The score looks like a top-cell score, but the 0x30x24 housing overlay is not met at this size. His underwriter will read the late payment before reading the score. He may be steered toward a different band, a lower leverage tier, or a wait until the history ages.
Both examples show the same point. The score opens the door, and the rest of the file decides where you stand inside.
If You Are Below the Line
If your score sits under the floor for the loan size you want, you have several options.
- Move to a lower band. A smaller loan on a larger down payment can put you on a ladder with a lower floor. The portfolio program’s floor is 660 up to the super-jumbo line.
- Use the bank portfolio program. Its floor is 680 at every size and it carries 12-month-statement files to $30,000,000. It runs on its own leverage ladder.
- Qualify on assets. Asset allowance divides liquid assets by 36, 60, or 84 months to produce income. Assets-only qualifies without a debt-to-income ratio when U.S. liquid assets equal the loan plus closing costs and a sixty-month cushion for any net loss on other residential property. Retirement accounts count at 70%, or 80% at age 59.5 and over. Business funds, gifts, and cryptocurrency never count.
- Use property cash flow. If the target is a rental, a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. The loan is built around the property instead of your deposits. Lendmire’s complete DSCR loans guide explains the structure. Select lenders in the network also review sub-1.00 coverage, with leverage and terms adjusted.
- Work the score. Pay down revolving balances, wait out a credit event, or season a housing history. Raising a score toward the next tier often matters more than hunting for the lowest floor.
Interest-only changes the picture too. The portfolio program carries a 700 floor for it, and the bank program caps its interest-only leverage at 60%. Lendmire’s article How High a Credit Score Does an Interest-Only Super Jumbo Bank Statement Loan Need? covers that structure. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Frequently Asked Questions
Is super jumbo a legal term?
No. It is a market label, and each lender chooses where it starts. On the programs Lendmire places files with, the overlays begin above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
Can a high score override a late mortgage payment?
Not reliably. At super jumbo sizes, the 0x30x24 housing history and the 48-month seasoning after a credit event are separate overlays. A strong score helps, but it does not waive a rule the program applies by loan size.
Why would two lenders have different floors on the same product?
Each program sets its own risk limits. In the network, the portfolio program starts at 660 and the bank portfolio program at 680, so the same borrower can fall under one program’s floor and above the other’s. The loan size band decides which ladder applies.
Does meeting the floor mean I get the highest LTV?
No. The floor makes a file eligible for consideration. The top cell in each band needs a higher score, and a lower score takes a lower leverage cell inside the same band. Above $4,000,000, leverage is on review either way.
What if my income does not show up on traditional personal-income documentation?
That is what the bank statement path is built for. The program reviews your file on 12 or 24 months of consecutive statements after an expense ratio, subject to lender guidelines. If your deposits are thin, asset-based paths and property-income loans are the next places to look.
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.
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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References
1. Scotsman Guide, non-QM gaps widen between full-doc and alt-doc loans
3. Consumer Finance Monitor, CFPB finalizes ability-to-repay qualified mortgage rules
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 Support a Rural Cabin Appraisal on a Super Jumbo Bank Statement Loan · How to Get a Super Jumbo Bank Statement Loan Without Selling Stock · Can a Founder Ahead of an Exit Get a Super Jumbo Bank Statement 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.