The Quick Read: A super jumbo bank statement cash-out refinance lets a self-employed or high-net-worth owner pull equity from a high-balance property using deposits instead of tax returns. Through select wholesale programs, subject to full underwriting, a broker matches the file to a program, packages the statements, and submits it for review. Leverage falls as the loan grows, so the cash left after the ladder, reserves and costs matters more than the headline percentage.
- Income comes from 12 or 24 months of consecutive statements, after an expense ratio is applied.
- Cash-out leverage on a primary residence steps down from the smallest loan band to the largest, per the ladder below.
- Credit floors start at 660 on the portfolio program and rise to 700 above the super-jumbo line.
- Reserves run 3, 6 or 9 months by loan size, and cash-out proceeds cannot count toward them at super-jumbo sizes.
- Every loan above $4,000,000 is reviewed case by case before submission.
Lendmire is a mortgage broker, not a lender. It shops multiple wholesale programs and matches the scenario to the one that fits. Qualification, pricing and approval belong to the lender. Nothing here is a commitment to lend.
What Counts as “Super Jumbo”?
Super jumbo has no official definition. The only regulatory size line is the annual conforming limit, and FHFA set the 2026 one-unit baseline at $832,750, with a higher ceiling in high-cost counties. Anything above a county’s limit is jumbo. Where “super” begins is each lender’s own choice.
Trade press describes non-QM super jumbo lending as running roughly $3 million to $30 million at some lenders, per Scotsman Guide. Lendmire’s network follows its own structure, and it matters because the requirements change with size.
Two wholesale programs cover the range, from $300,000 to $30,000,000:
- A portfolio non-QM bank-statement program carries files to $6,000,000.
- A bank portfolio jumbo program carries twelve-month-statement files to $30,000,000 on its own ladder. It begins above $4,000,000 and overlaps the portfolio program to $6,000,000. Above $6,000,000 it stands alone.
Key Terms Defined
Super jumbo: a lender’s label for loans well above the conforming limit, usually starting around the $3,000,000 range in this network.
Bank statement loan: a mortgage that qualifies the borrower on documented deposits instead of tax returns.
Expense ratio: the share of business deposits treated as operating cost before income is counted.
Cash-out refinance: a refinance that pays off the old loan and returns the extra equity to the borrower as cash.
Seasoning: how long the borrower has held title before a cash-out is allowed.
Reserves: liquid funds left after closing, measured in months of the full housing payment.
Cash-in-hand cap: a ceiling on the cash a borrower may take at closing.
How Does Underwriting Treat Bank Statement Income?
Underwriters turn deposits into qualifying income through a fixed sequence. The result is a monthly figure, not an average of whatever the account shows.
1. Gather consecutive statements. The file needs 12 or 24 consecutive months of personal or business statements. The bank program uses 12. Transaction histories never substitute for statements.
2. Scrub the deposits. Transfers between your own accounts, loan proceeds, refunds, gifts and one-off items come out. Deposits that cannot be identified as income do not count. This is the step where most files stall.
3. Average the eligible deposits over the statement months.
4. Apply the expense ratio. On business statements, fixed ratios of 20% (service business, no employees), 40% (1-5 employees) or 50% (6+ employees or any product business) apply. An accountant-provided ratio is another option, as is a profit-and-loss method capped at 80%.
5. Adjust for ownership. Business statements need at least 25% ownership, and income is prorated to your share.
6. Test the rest of the file. Debt-to-income can run up to 50%, alongside credit, reserves and appraised value.
Personal statements work differently. Transfers from your own business into your personal account count at 100%, because the business has already absorbed its expenses.
Run it as a pattern, not a quote. A founder with strong, steady deposits in a service business with no employees keeps most of each deposit as income after a 20% ratio. A product business with a large payroll keeps half. The same gross deposits can qualify very differently depending on the business, which is why an accountant-provided ratio can change the outcome.
Twelve months tends to flatter rising income. Twenty-four months smooths seasonal or lumpy income. Both use the same documents. The choice depends on which period tells the stronger, truer story.
What Cash-Out Leverage Looks Like by Loan Size
Cash-out leverage falls as the loan grows, and the ladder differs by occupancy. Every figure below is a ceiling through select wholesale programs, subject to full underwriting. The bands are loan amounts, not purchase prices. Multiply price by leverage first, then read the band for that loan.
| Loan band | Cash-out LTV | Program |
|---|---|---|
| $300K–$1M | 80% | Portfolio |
| $1M–$1.5M | 80% | Portfolio |
| $1.5M–$2M | 75% | Portfolio |
| $2M–$2.5M | 70% | Portfolio |
| $2.5M–$3M | 70% | Portfolio |
| $3M–$3.5M | 65% | Portfolio |
| $3.5M–$4M | 65% | Portfolio, super-jumbo overlays |
| $4M–$5M | 60% (on review) | Bank portfolio |
| $5M–$6M | 55% (on review) | Bank portfolio |
| $6M–$10M | 55% (on review) | Bank portfolio |
| $10M–$20M | 50% (on review) | Bank portfolio |
| $20M–$30M | 50% (on review) | Bank portfolio |
Credit scores work as a leverage lever. The top cell in each band needs a specific score: 680 or higher at the smallest band, 700 or higher from $1M to $1.5M, 720 or higher from $1.5M through $3.5M, and 760 or higher from $3.5M to $4M. Those are the scores the top cell needs, not program floors. A lower score takes a lower leverage cell inside the same band.
Second home and investment property use their own ladders, and the figures are not the primary figure minus a fixed amount. Some bands match the primary residence and others sit well below it. For example, a second-home cash-out tops out at 75% in the $300K–$2M range, then steps to 70%, 60% and 55% in the bands above. Investment property cash-out runs 75% from $300K to $2M, 70% from $2M to $2.5M, 60% from $2.5M to $3M, and 55% from $3M to $4M. Above $4M, all of these are reviewed case by case before submission.
An investment-property cash-out is business-purpose credit. Business-purpose lending is treated differently from consumer lending, a point the CFPB’s exempt-transactions rule addresses. Your counsel and the lender decide how a specific file is classified.
Cash-Out Limits, Reserves and Overlays
Cash-out 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. These are the numbers that decide how much cash actually reaches you, so test them against your goal before you chase a headline percentage. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Reserves scale with size: 3 months to $500,000, 6 months to $1,500,000, and 9 months above. Add 2 months per additional financed property, up to a 12-month maximum. First-time investors need 12 months.
Super-jumbo overlays apply above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property:
- 700 credit floor.
- 0x30x24 housing history.
- 48-month seasoning after any credit event.
- U.S. citizens and permanent residents only.
- No non-occupant co-borrowers, no rural property, ten acres maximum.
- Cash-out proceeds cannot satisfy reserves.
That last overlay trips borrowers up. If you plan to use the cash for a down payment elsewhere, the reserves still have to exist beyond the refinance.
The credit floor is 660 on the portfolio program up to the super-jumbo line and 700 above it. The bank program keeps its own 680 floor at every size.
Interest-only exists on some files, but it never raises a cash-out ceiling. The interest-only structure applies to purchase and rate-and-term files. A cash-out still tops out at the ladder’s cash-out column.
Asset-Based Paths When Deposits Fall Short
Deposits are not the only evidence. Two asset paths exist for primary and second homes:
- Asset allowance divides liquid assets by 36, 60 or 84 months to create qualifying income. The divisor is 36 when debt-to-income before the asset income is at or below 60%, and 60 when it is above. It is 84 for standalone use or any loan above $3,500,000. The final ratio must still fit the 50% ceiling.
- Assets-only needs no debt-to-income test when U.S. liquid assets equal the loan amount, closing costs, and sixty months of any net loss on other residential property.
Retirement accounts count at 70%, or 80% at age 59.5 and up. Business funds, gifts, unvested stock, cryptocurrency and trusts other than a revocable living trust never count.
Where the Rule Breaks: Edge Cases
A decline from a big bank is not always a credit problem. A bank statement path can rescue a file that failed on how income was measured, such as low taxable income after write-offs. It cannot fix a leverage, credit or value problem. Know why you were declined before you switch programs.
Rental owners can choose a different evidence set. DSCR financing qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Bank statement financing is reviewed on your deposits. The choice usually turns on whether the property’s rent or your cash flow is the stronger proof. Lendmire’s complete DSCR loans guide covers the rental side.
Consumer and business purpose can sit side by side. The same borrower may have a consumer-purpose primary-residence cash-out and a business-purpose investment-property cash-out. Ask counsel before assuming either way.
Property type shifts the ceiling. Warrantable condos go to 85% and non-warrantable to 80%. Condotels reach 75% on a purchase and 65% on a cash-out (50% on the bank program). Two-to-four unit properties go to 85%, second homes are one-unit only, and rural property stops at 80% on ten acres or less and never above $3,000,000. Texas 50(a)(6) home-equity loans take a 5-point LTV reduction and stop at $3,000,000 on the portfolio program.
Everything above $4,000,000 is case by case. Treat any leverage figure at that size as a starting point for a conversation, not a promise.
What a Broker Does, and Where It Adds Nothing
A broker matches your file to a wholesale program, packages the documents, and submits the scenario for full underwriting. The broker does not set the guidelines. Trade coverage frames non-QM as a space where originators win by knowing the program landscape, per Scotsman Guide.
| Factor | Through a broker | Single direct lender |
|---|---|---|
| Program access | Several wholesale programs | One program menu |
| Scenario matching | Fits file to program | Fits file to one set |
| Underwriting | Wholesale lender | The lender |
| Where it adds little | Simple, conforming-sized files | Strong existing relationship |
The best program depends on your property, credit, leverage need and documents. A broker earns its place when the file crosses program lines, such as a loan that fits the portfolio program on one cell and the bank program on another. It adds little when your file is simple and one lender already fits it.
Banks have also tightened on non-QM jumbo loans, per Scotsman Guide’s reporting on a Federal Reserve survey. That is why many of these files land in the non-bank wholesale channel.
Choosing Between Bank Statement, DSCR, Assets and Full Documentation
| Path | Evidence it uses | Fits when |
|---|---|---|
| Bank statement | Deposits after expense ratio | Tax returns understate cash flow |
| DSCR | Property rent vs. payment | Rental owner, rent is strong |
| Asset allowance | Liquid assets over 36/60/84 | Deposits uneven, assets large |
| Assets-only | Liquid assets ≥ loan + costs | Large liquidity, no DTI test |
| Full documentation | Tax returns and W-2s | Returns show strong income |
Pick the path whose evidence is strongest. A founder with heavy write-offs often looks weak on returns and strong on deposits. A rental owner with solid rent may find DSCR cleaner. For a deeper look at the business-owner version, see Lendmire’s article on super jumbo bank statement cash-out refinance for business owners.
Bank statement borrowers are not a subprime pool. Average non-QM borrowers had a 776 FICO and 75% LTV in 2024, in line with conforming production, per Scotsman Guide. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Why Files Stall
- Unexplained deposits. Large, unsourced deposits get stripped out, which shrinks income. Document the source before submission.
- Commingled accounts. Mixed personal and business activity makes deposits hard to classify.
- Wrong leverage band. Reading the ladder by purchase price instead of loan amount overstates what you can take.
- Reserves that are really proceeds. At super-jumbo sizes, cash-out cannot satisfy reserves.
- Trust or entity vesting. Trusts other than a revocable living trust do not count toward assets, and vesting needs to be settled before submission.
- A decline reason that is not about income. A bank statement program fixes the measurement problem, not the leverage, credit or value problem.
Frequently Asked Questions
How many months of statements does a super jumbo cash-out need?
Twelve or twenty-four consecutive months of personal or business statements, through select wholesale programs. The bank program uses twelve. Statements must be consecutive, and transaction histories never substitute.
Can I use business statements if I own part of the company?
Yes, if you own at least 25%. Qualifying income is prorated to your ownership share after the expense ratio. A lower documented ratio, supported by an accountant letter, can raise qualifying income.
Do cash-out proceeds count toward reserves?
Not at super-jumbo sizes. Above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, proceeds cannot satisfy reserves. Plan for liquid funds that exist beyond the refinance.
What is the minimum credit score?
The portfolio program starts at 660 and moves to 700 above the super-jumbo line. The bank program keeps a 680 floor at every size. Higher scores unlock higher leverage inside each band.
Is bank statement financing the same as no documentation?
No. Complete statements, deposit sourcing and an appraisal are all required. It is reviewed on documented income under the applicable program, subject to lender guidelines.
Next Step
Reach the team at 828-256-2183 or request a quote. Consumer mortgage lending is licensed in 16 states, and the right program for you depends on your file and current lender guidelines. Tax treatment varies; consult a qualified professional.
For the mechanics of pulling equity out of a rental property, see Lendmire’s guide to cash-out refinance on an investment property.
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 broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting.
Scotsman Guide named Lendmire a Top Mortgage Workplace in 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 limits
2. Scotsman Guide – Banking upheaval creates new opportunities
3. CFPB – § 1026.3 Exempt transactions
4. Scotsman Guide – Rev up the engine for non-QM lending
5. Scotsman Guide – Which groups are driving non-QM lending
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 a Super Jumbo Bank Statement Refinance Costs to Close · Should a Retiree Refinance a Super Jumbo Bank Statement Loan? · Super Jumbo Bank Statement Refinance vs Hold on a Loan Under Two Years
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.