Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
The Quick Read: It depends on the new loan amount, not the score alone. A 700 score clears the credit floor at every size, but on a new loan from $1,500,000 to $3,000,000 the top cash-out leverage needs 720, so 700 lands in a lower leverage cell, and above $3,000,000 there is no cash-out at all, subject to underwriting and lender guidelines. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
- 700 meets the program floor at every loan size, including the 700 minimum above $3,000,000.
- On a new loan up to $1,000,000, the cash-out ceiling is 75% on a standard rental, through select wholesale programs.
- From $1,000,000 to $1,500,000, the top cash-out cell is 70% and needs 700, so this is where 700 is enough.
- From $1,500,000 to $3,000,000, the top cash-out cell is 60% and needs 720.
- Above $3,000,000, cash-out is off the table whatever the score. Resize the new loan instead.
Most investors with a seven-figure rental ask the wrong question. They ask whether 700 is good enough. The better question is where the new loan lands on the size ladder, because the ladder sets leverage, appraisals, and proceeds limits together. This piece walks through that ladder from the broker’s side of the desk, across the lenders in Lendmire’s wholesale network.
What Does “Super Jumbo” Mean for a DSCR Loan?
“Super jumbo” is a market label, not a regulated category. No agency defines it, so each program draws its own size bands. In Lendmire’s network, the DSCR ladder runs from $150,000 to $10,000,000, and the standard program stops at $3,000,000. The super jumbo tier is what carries qualified investors past that line, subject to underwriting.
A DSCR cash-out refinance replaces your current loan with a larger one and pays you the difference. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, rather than on personal tax returns. DSCR itself is rent divided by the full monthly obligation: principal, interest, taxes, insurance, and any HOA dues.
DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. Anyone new to the product can start with Lendmire’s complete DSCR loans guide.
What Does a 700 Score Actually Do?
A 700 score is a gate that picks your leverage cell. It is not a pass/fail line at this size. No federal minimum score exists for these loans. Floors are set by the investor behind each program.
Here is how the network reads it:
- The floor is 660 on loans to $3,000,000.
- The floor is 700 above $3,000,000, part of the super-jumbo overlay.
- Inside each band, the top leverage cell needs a specific score. A lower score drops you to a lower cell in the same band. It does not deny the file.
So 700 clears the floor everywhere. What it does not do is unlock the best cell everywhere. The band decides that.
How Does Loan Size Change the Cash-Out Rules?
The bands below are NEW LOAN amounts, never purchase prices or property values. Compute value times leverage first, then read the band for the resulting loan. The table shows cash-out leverage by band for a DSCR of 1.00 or higher, as a ceiling, subject to underwriting.
| New loan band | Cash-out leverage (ceiling) | Purchase / rate-term |
|---|---|---|
| $150K–$1M | 75% | 80% |
| $1M–$1.5M | 70% | 75% |
| $1.5M–$2M | 60% | 75% |
| $2M–$3M | 60% | 75% |
| $3M–$4M | No cash-out | 65% |
| $4M–$6M | No cash-out | 60% on review |
| $6M–$10M | No cash-out | 60% on review |
The scores that top cells need, in plain terms: 660 for the top cell to $1,000,000, 700 from $1,000,000 to $1,500,000, and 720 from $1,500,000 to $3,000,000. From $3,000,000 up, 700 is both the floor and what the top purchase or rate-and-term cell needs.
Two more limits matter at size. On cash-out, proceeds are unlimited at or below 60% LTV and capped at $1,500,000 above 60%. Borrowers at 680 and below get no cash-out on loans above $1,500,000. Above $2,000,000, expect two appraisals. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Above $4,000,000, every request is reviewed case by case before submission, and it is purchase or rate-and-term only.
Which Limit Binds First?
Several gates apply at once, and the tightest one sets your number. Run them in this order.
| Your situation | Limit that binds |
|---|---|
| New loan above $3,000,000 | No cash-out at any score |
| Score of 680 or lower, new loan above $1,500,000 | No cash-out |
| Score of 700, new loan $1.5M–$3M | 60% cash-out cell, not the top score tier |
| Cash-out above 60% LTV | $1,500,000 proceeds cap |
| Rent covers less than the payment | Lower leverage, subject to underwriting |
| Little equity | Value times leverage caps the loan |
Read the table top to bottom. The size ceiling comes first because it ignores your score. Credit comes second. Equity and coverage come after.
Three Worked Scenarios at 700
These are modeled examples, not market data. Each uses a property value, a leverage percentage, and a coverage ratio. Figures are ceilings, subject to underwriting.
Scenario one: the loan stays under $1,500,000. Picture an LLC that owns a $1,800,000 rental and wants cash-out at 70%. The new loan is $1,260,000 by value times leverage, which sits in the $1,000,000 to $1,500,000 band. That band’s top cash-out cell is 70% and needs 700. With rent covering the payment at 1.00x or better, a 700 score fits the top cell. This is the band where 700 is enough. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Scenario two: the loan lands in the 720 band. Say an investor holds a $3,000,000 property and asks for 70% cash-out. That puts the new loan at $2,100,000, inside the $2,000,000 to $3,000,000 band, where the top cash-out cell is 60% and needs 720. A 700 score does not deny this file. It means the request must fit the 60% cell, which holds the new loan near $1,800,000. Two appraisals apply above $2,000,000. Because 60% is at or below the unlimited-proceeds line, the proceeds are not capped. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Scenario three: the request crosses the ceiling. Consider a $4,000,000 property. At 80%, the new loan lands above $3,000,000, so cash-out is gone. At 60%, the new loan is $2,400,000, which is inside the cash-out range. The same property, resized, goes from no cash-out to a workable file. The cutoff applies to the new loan, not the property value. Resize before you submit, not after a decline.
Why Cash-Out Proceeds Do Not Count as Reserves
Reserves are six months of PITIA on the subject property, or ITIA on an interest-only loan. First-time investors carry twelve months. Above $3,000,000, cash-out proceeds never satisfy the reserve requirement. Nobody can borrow their way to reserves on the same file. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
The practical result: keep liquid assets outside the property. If the plan is to pull cash out and park it as reserves, that plan fails above the super-jumbo line, and the file stalls on a preventable gap. The network adds no extra reserve months for your other financed properties. The program allows up to 20 financed properties.
What Else Do Underwriters Read Behind the Score?
At large balances, the score is one input among several. These items often matter as much.
- Housing history. Above $3,000,000 the overlay asks for 0x30x24 housing history.
- Credit events. Above $3,000,000, event seasoning is 48 months.
- Borrower status. Above $3,000,000, citizens and permanent residents only.
- Property limits. Above $3,000,000: no rural property, and no more than ten acres on a non-rural one. On loans to $3,000,000, rural collateral (five acres or less) runs to 75% and acreage to twenty acres.
- Entity. Entity vesting is welcome in the network, with no layered entities.
- Appraisal and rent. Expect a full interior appraisal, plus a rent schedule on one-unit homes. Small multifamily uses an operating income form.
- Seasoning. Inside a lender’s seasoning window, cash-out is often sized on cost basis plus documented improvements, not appraised value. This is lender policy, not law, and it varies by program.
Short-term rentals sit tighter. They need coverage of 1.00 or higher, loans to $2,000,000, experienced investors, and income at 80% of gross from documented operating history. 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.
What If the Property Is Not Covering Its Payment?
A cash-out raises the payment, which pulls the coverage ratio down. Run the new coverage before you pick a number. Rent covering the new payment at 1.00x or better earns full leverage.
Coverage from 0.75 to 0.99 is a real path through select programs, to $2,000,000, but LTV and terms adjust, subject to underwriting. No-ratio files exist through a handful of lenders in the network, to $2,000,000, with a seven-year clean housing history and 0x30x24, subject to underwriting and the envelope of LTV, credit, and reserves. Interest-only helps here: a 120-month interest-only period on 30- and 40-year terms, to 75%, qualifying at coverage of 0.75 or better on ITIA.
Treat that as a stronger-file benchmark. In the network, 1.00 or better earns full leverage, through select wholesale programs.
How the Business-Purpose Frame Fits
The file works because the loan is for a rental business. Federal rules treat credit extended to acquire, improve, or maintain non-owner-occupied rental property as business purpose, per CFPB Reg Z §1026.3. The rule text itself is at eCFR 12 CFR 1026.3. Personal use of the property can weaken that footing, and owner-occupied rentals fall under different rules. DSCR is for investment property only.
If 700 Is Not Enough, What Are the Options?
Run these levers in order.
1. Shrink the request. Drop to the 60% cell for your band. This is the most common fix, and it keeps the loan inside cash-out range.
2. Move the loan under a band line. A smaller new loan can sit in a band with a better cash-out cell. A $1,000,000 line or $1,500,000 line is the one to watch.
3. Raise the score. Moving from 700 to 720 opens the top cell from $1,500,000 to $3,000,000. Pay revolving balances down and avoid new accounts and card closures before the pull.
4. Switch to rate-and-term. Above $3,000,000 this is the route. Purchase and rate-and-term leverage run higher than cash-out in every band.
5. Improve coverage. Raise rents or trim the new loan so the ratio clears 1.00x.
Prepayment penalties are common on business-purpose loans and are set by each note, so weigh them against your hold plan.
For the mid-size version of this question, see DSCR cash-out refinance requirements with a 700 credit score. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
DSCR vs. conventional financing
There are two common ways to finance an investment property, and they qualify you differently — here’s how investors weigh them.
Why investors choose it
- Qualifies on the property’s rental income — no personal tax returns, W-2s, or pay stubs needed to document income.
- No personal debt-to-income ceiling to clear, so existing mortgages and obligations don’t cap your borrowing the same way.
- Can be closed in an LLC, keeping the property inside a business entity.
- Built for scaling — not held to the limit on number of financed properties that conventional financing applies.
- Underwriting centers on the deal: generally qualifies when the rent covers the payment, a 1.00x coverage ratio being a common baseline (confirmed in underwriting).
- Designed specifically for investment property, including long-term and, where the program allows, short-term rentals.
Where it’s strong
- Often the lowest ongoing financing cost for a buyer who fully qualifies on personal income — a fit for a first property or a cost-first purchase.
Trade-offs for investors
- Requires full personal income documentation and must fit within a debt-to-income limit — salary, existing debts, and other mortgages all count.
- Typically held in your personal name rather than a business entity.
- Caps how many financed properties you can carry, which can become a ceiling as a portfolio grows.
- Evaluates you as a borrower as much as the property, which usually means more paperwork.
How investors usually choose: a first or single property often optimizes for the lowest financing cost; portfolio builders often optimize for leverage, vesting in an LLC, and scaling past conventional caps. The right answer depends on your goals, the property, and current guidelines — both paths run through select lenders in Lendmire’s wholesale network, with eligibility and terms confirmed in underwriting.
Key Terms Defined
Super jumbo: an informal label for very large loans, with size bands that differ by program.
New loan amount: the balance of the replacement loan, which sets the band, not the property value.
Leverage cell: the maximum LTV a score and loan band allow together.
PITIA: principal, interest, taxes, insurance, and any association dues, the full monthly obligation.
Seasoning: the lender-set waiting period or event window before certain loan terms apply.
Frequently Asked Questions
Is 700 enough for a super jumbo DSCR cash-out?
Sometimes. It clears the floor at every size, and it fits the top cash-out cell from $1,000,000 to $1,500,000. From $1,500,000 to $3,000,000 the top cell needs 720, so a 700 score takes a lower cell. Above $3,000,000, no score unlocks cash-out. All of it is subject to underwriting.
What is the biggest new loan that can take cash-out?
$3,000,000. A $4,000,000 property at 60% produces a loan under $3,000,000 and can still take cash-out, while the same property at 80% cannot.
Can an LLC borrow at this size?
Yes, subject to program terms. Entity vesting is welcome in the network, with no layered entities, and loans usually come with a personal guaranty. Above $3,000,000 the borrower must be a citizen or permanent resident.
Does DSCR mean no underwriting?
No. Qualification runs on property-level rental income covering the payment, not personal tax returns, but credit, reserves, appraisals, and entity documents are all reviewed. There is no personal income documentation, and the file is still underwritten individually.
Can a first-time investor qualify?
Often, with a larger cushion. Reserves rise from six months to twelve for first-time investors, and short-term-rental files require experience.
Next Step
If you are buying or refinancing a high-balance rental property and want to see how the numbers work, Lendmire can help you compare super jumbo DSCR loan options based on the property income, the loan balance, credit profile, leverage, and investor goals. Call 828-256-2183 or request a quote at Lendmire. Business-purpose investment financing is arranged across 41 markets, including Washington, D.C.
A deeper walk-through of investment-property equity extraction lives in Lendmire’s guide to cash-out refinance on an investment property.
For current guidelines and terms, see Lendmire’s super jumbo DSCR 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 focused on DSCR investor financing, helping arrange programs through wholesale and investor-lending channels in 41 markets, including Washington, D.C. DSCR loans are evaluated by the lender on property cash flow rather than personal income, subject to lender guidelines, supporting LLC closings and accommodating investors with four or more financed properties. Scotsman Guide 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
This article is part of Lendmire’s super jumbo DSCR loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Best Super Jumbo DSCR Cash-Out Refinance Program to Pay for Renovations · Super Jumbo DSCR Cash-Out Refinance Requirements in a Beach Resort Market · Super Jumbo DSCR Cash-Out Refinance Requirements When Two Appraisals Are Required
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.