The Quick Read: Yes, a commissioned agent can usually pursue a super jumbo bank statement cash-out refinance through select wholesale programs, subject to full underwriting, because the loan is judged on the deposits landing in the agent’s accounts rather than on tax-return net income. The catch is size. Only agents whose deposits stay large after the lender’s expense ratio will fit.
- Qualifying income is eligible deposits over 12 or 24 months, divided by the months in the window, after any expense ratio.
- Cash-out leverage steps down as the loan grows. On a primary residence, the cash-out ceiling is 80% on loans up to $1,500,000 and falls to 70% between $2,000,000 and $3,000,000.
- Every loan above $4,000,000 is reviewed case by case before submission.
- Reserves, credit and the 50% debt-to-income ceiling still apply after the cash-out.
- Agents who own rentals may find a property-income route fits better than a personal-income one.
This article walks through how an agent’s deposits are read, what gets stripped out, and where the size limits bite. It also covers when another loan type fits better. Lendmire is a mortgage broker. It shops the file across multiple wholesale programs and does not lend.
Key Terms Defined
Super jumbo means a loan above the standard jumbo range. No official line exists, so each program sets its own.
Bank statement loan is a mortgage that is reviewed around deposits in your bank statements instead of tax returns.
Expense ratio is the share of business deposits the lender treats as operating cost, not income.
Cash-out refinance replaces your current mortgage with a larger one and pays you the difference.
Reserves are liquid assets left over after closing, counted in months of the new housing obligation.
Cash-in-hand cap is a ceiling on how much cash you can take at closing above a set leverage level.
Case-by-case review means a person reviews the whole file before it is submitted. A fixed leverage grid does not apply.
Why Agents Fit This Program, and Why Most Won’t Reach It
Agents fit the documentation method well. They are paid on commission, they write off real business costs, and their tax returns often show far less than their bank accounts do. A bank statement program reads the deposits, not the return.
Loan size is a separate question. A typical agent’s earnings sit far below what a super jumbo payment requires. Only experienced, high-volume producers realistically clear the income test at this size. A top producer with a team, a strong pipeline and a large equity position is the profile that works. The same program makes little sense for an agent with a short track record or irregular closings.
Two other borrowers show up often in agent files. One is the agent who also owns rentals and wants to pull equity from one. The other is the agent whose family home has appreciated well past the jumbo range. Both can work, but the numbers have to be run on the right route.
What Changes at Super Jumbo Size
Programs in this range run from $300,000 to $30,000,000 through two wholesale channels. A portfolio non-QM program carries files to $6,000,000. A bank portfolio program carries twelve-month-statement files to $30,000,000 on its own size ladder, which begins above $4,000,000 and overlaps the first program to $6,000,000. Every figure below is a ceiling through select wholesale programs, subject to full underwriting.
On a primary residence cash-out, the leverage ceiling steps down with the loan amount:
- Up to $1,500,000: 80% on a cash-out.
- From $1,500,000 to $2,000,000: 75%.
- From $2,000,000 to $3,000,000: 70%.
- From $3,000,000 to $4,000,000: 65%.
- From $4,000,000 to $5,000,000: 60%, on review, through the bank portfolio program.
- From $5,000,000 to $10,000,000: 55%, on review.
The bands are loan amounts, not purchase prices. Work out the loan you need first, then read the band for that loan.
Investment property takes its own ladder. On an investment-property cash-out, the ceiling is 75% for loans up to $2,000,000 and 70% from $2,000,000 to $2,500,000. It drops to 60% from $2,500,000 to $3,000,000 and to 55% from $3,000,000 to $4,000,000. Second homes have their own grid as well. Read each figure from the occupancy’s own ladder, not by subtracting from the primary figure.
Credit works the same way. The score listed for a band is what that band’s top leverage needs, not a program floor. The top primary-residence cash-out cell needs 680 or better up to $1,000,000, 700 or better to $1,500,000, and 720 or better from $1,500,000 to $3,000,000. It needs 760 from $3,500,000 to $4,000,000. A lower score generally takes a lower leverage cell in the same band. Program floors are 660 on the portfolio program up to the super jumbo line, 700 above it, and 680 on the bank portfolio program at every size.
Overlays tighten above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. Expect a 700 credit floor, a clean housing payment history and 48 months of seasoning after any credit event. Borrowers must be U.S. citizens or permanent residents, and cash-out proceeds cannot satisfy reserves.
Cash-out has its own limits. Proceeds are unlimited at or below 60% leverage. Above 60%, the portfolio program caps cash in hand at $1,500,000. The bank portfolio program publishes no cap. Texas 50(a)(6) home-equity loans take a five-point leverage reduction. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
How Does a Lender Read an Agent’s Deposits?
The account that receives your commission decides the math. Most agents are paid by their brokerage into a personal account. Others route payouts through an LLC or S-corp. Team leaders also pay out to people behind them.
| Agent setup | How deposits are treated | What to document |
|---|---|---|
| Paid into personal account | Personal statements, no business ratio | Commission statements |
| Paid to own entity | Business statements, expense ratio applies | 25%+ ownership, license |
| Team leader | Business statements, ratio or CPA ratio | Split and payout records |
Business statements require at least 25% ownership of the business. The fixed expense ratios are 20% for a service business with no employees and 40% with one to five employees. The ratio is 50% for six or more employees or any product business. A CPA-provided ratio can replace the fixed one. A profit-and-loss method is also available, capped at 80%.
Transfers from your own business into your personal account count at 100%. That helps agents who pay themselves from an entity, because the transfer is read as your income, not as an internal move. Statements must be consecutive. Transaction histories never substitute.
Team leaders should think hard here. If you pay agents or assistants out of the same account, the default ratio may undercount or overcount your real margin. A CPA letter can help where the program allows it.
Which Deposits Don’t Count
Lenders do not average every dollar that touches your account. They separate commission income from everything else.
| Deposit type | Counts as income? |
|---|---|
| Brokerage commission payout | Yes |
| Transfer from your own business | Yes, at 100% |
| Transfer between your own accounts | No |
| Earnest money or escrow pass-through | No |
| Refunds and loan proceeds | No |
| One-time or unexplained large deposits | Usually no, until explained |
The earnest money and escrow items matter for agents more than for most borrowers. If a trust or escrow deposit passes through an account you control, it looks like income and is not. Referral fees and team-member payouts need paper trails that tie each deposit to a source.
Pending closings do not count either. Income is what already landed, not what is under contract. If your best months are still in the pipeline, wait to apply.
A Worked Illustration
Say you are a top producer paid into a personal account. You pick a 24-month window because your volume grew steadily. The lender totals eligible deposits and removes transfers between your accounts, refunds and one-time items. The remainder is divided by 24. That is your qualifying income.
Now change one fact. Your commissions run through an LLC you own entirely, and you have no employees. The lender applies the 20% expense ratio, so one fifth of eligible deposits is treated as cost. With one to five employees, the ratio is 40%. At six or more, or any product business, it is 50%.
The same deposits can therefore produce very different qualifying income, depending on how you are paid and staffed. A CPA-prepared ratio can narrow that gap, subject to the program. The new housing obligation then goes against that income, with the 50% debt-to-income ceiling as the limit.
Lumpy income changes the window choice. Closings cluster in certain months, so a 12-month window can flatter a strong year or punish a slow one. A 24-month average smooths the swings but pulls in older, weaker months. The bank portfolio program uses 12 months only.
What the Cash-Out Itself Adds to the File
A cash-out refinance does two things. It pays off the existing loan, and it hands you the difference. The new loan also becomes your new housing obligation, so debt-to-income is tested after the cash-out, not before.
Reserves scale with size: 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 need 12 months. Above the super jumbo overlay line, cash-out proceeds cannot count toward reserves, so plan other liquid assets.
Agents who own several rentals should know that every financed property adds to debt-to-income on a bank statement file. Lendmire’s piece on how a high debt-to-income ratio affects a super jumbo bank statement cash-out covers that pressure in more detail.
Interest-only structures exist, but they never raise a cash-out ceiling. The cash-out column of the ladder governs.
Why Tax Returns Understate Agent Income
Agents report commissions on their return, then subtract business costs like marketing, mileage and desk fees. That lowers net income, which is the number a conventional lender reads. Deposits tell a different story.
The IRS instructions for Forms 1099-MISC and 1099-NEC say commissions paid to nonemployee salespersons are reported as nonemployee compensation in box 1a of Form 1099-NEC. That total is gross to the agent. It is not net of expenses, and the lender does not take it as your qualifying income. It reads the deposits, then applies any ratio. Tax treatment varies; consult a qualified professional.
If your commissions are paid to a corporation, you may not receive a 1099 at all. The income then shows in the entity’s business account, and the ownership share and business-statement rules apply.
Does a Bank Statement Loan Skip Underwriting?
No. Qualification still rests on documented income under the applicable program, and the file is fully underwritten. The CFPB’s ATR/QM Small Entity Compliance Guide lists tax returns, bank statements and other records as acceptable ways to verify income. It also says seasonal income can be considered when it is verified with reasonably reliable records.
That matters for agents with lumpy years. It also explains why the lender strips unexplained deposits. Each program sets its own expense ratio and statement window.
When Is a Different Route Better?
Bank statements qualify the person. If your cash-out comes from a rental and the property’s rent is strong, a DSCR loan may fit better. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, so your personal commission deposits matter less. Lendmire’s complete DSCR loans guide explains how that route works.
Compare the two when you have several rentals and irregular personal income. Which one fits depends on the rent, the leverage you need and your other debt.
Skip the bank statement route if you have under a year of deposits, because a 12-month window needs 12 consecutive months of statements. A strong tax-return income may also point toward a conventional-style file. A new agent whose closings are still ramping up should wait, because the averaging only works once the pattern exists.
The right program for your situation depends on property type, credit, leverage and how your income is documented. That is the point of working with a broker. Lendmire’s piece on what changes when you go through a broker for a super jumbo bank statement cash-out explains how the matching works. Consumer mortgage lending is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA.
Documentation Checklist
- 12 or 24 consecutive months of personal or business statements, complete with every page.
- Commission statements and 1099s tied to the larger deposits.
- Business license or proof of self-employment history.
- Proof of 25% or greater ownership for business statements.
- A CPA letter, if you want an accountant-provided expense ratio.
- Payoff statement, title work and appraisal.
- Reserve assets in your own name, outside the cash-out proceeds.
- Written explanations for large or unusual deposits.
Retirement accounts count toward assets at 70%, or 80% at age 59.5 and older. Business funds, gifts, cryptocurrency and unvested stock never count.
Asset-Based Options for Agents with Thin Deposits
Some agents have more liquid wealth than steady income. An asset allowance divides liquid assets by 36, 60 or 84 months to create qualifying income. It is limited to primary and second homes, with 80% as the maximum leverage. An assets-only path needs no debt-to-income test. It requires U.S. liquid assets equal to the loan plus closing costs plus sixty months of any net loss on other residential property.
These paths suit agents who sold a large book of business or hold substantial savings. Qualification is subject to program guidelines in each case.
This article is general information, not legal or tax advice. Consult a qualified professional, such as an attorney or CPA, about your own situation.
Frequently Asked Questions
Can a 1099 agent get this loan?
Yes, in most cases. A 1099 agent is self-employed for lending purposes, so the file runs on bank statements. The lender reads deposits, not the 1099 total. Programs differ on details, and every file is underwritten individually.
Can I use business statements instead of personal ones?
Yes, if you own at least 25% of the business. Business statements take an expense ratio of 20%, 40% or 50%, or an accountant-provided ratio. Transfers from your business into your personal account count in full on a personal-statement file.
What if my income dropped last year?
A decline weakens the file, because the lender averages the whole window. A 12-month window may show the drop more sharply, and a 24-month window may soften it. Which window fits depends on your pattern. Waiting until deposits stabilize may be the stronger move.
Can cash-out proceeds count as reserves?
Not on the super jumbo overlays. Above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, cash-out proceeds cannot satisfy reserves. You need liquid assets outside the loan.
What if I am a new agent?
Short history is the main obstacle. A bank statement file needs 12 consecutive months of statements, and the volume has to support the payment at this size. Most new agents will not reach super jumbo scale on commissions alone.
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. Reach the team at 828-256-2183. All terms are subject to full underwriting and are not a commitment to lend.
For the mechanics of pulling equity out of a rental property, see Lendmire’s guide to cash-out refinance on an investment property.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, 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. 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. IRS Instructions for Forms 1099-MISC and 1099-NEC
2. CFPB ATR/QM Small Entity Compliance Guide (March 2016)
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: Super Jumbo Bank Statement Cash-Out Refinance Requirements After One Year Self-Employed · How to Cash Out a Paid-Off Property on a Super Jumbo Bank Statement Loan · Best Super Jumbo Bank Statement Cash-Out Refinance Program Without an Escrow Account
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- 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.