The Quick Read: It depends on the lender’s leverage cap, not on the co-borrower. The cash is the new loan minus the payoff on your current liens, minus closing costs and any required reserves. A co-borrower who does not live in the home usually helps you qualify. It does not raise the ceiling, and on some loans it lowers it.
What Sets the Cash Number
The cash you receive is arithmetic, and the lender controls one input: the maximum loan against the appraised value.
Jumbo cash-out estimate
Enter the value, the balance, and the cash wanted; choose the occupancy and the structure; the lanes, the payment, and the reserves follow.
Editable benchmark: 7.18% as of November 5, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a jumbo cash-out refinance quote.
Illustrative starting assumptions: a $2,000,000 home value in the jumbo range, a $1,000,000 current balance, a principal residence on a thirty-year fixed structure at the current Freddie Mac conforming benchmark, and property taxes and insurance estimated at typical national rates. Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conforming benchmark, a market reference and not a jumbo cash-out refinance quote; a jumbo loan is priced by the lender at lock. The lanes shown are the wholesale cash-out lanes behind this page as of the snapshot date; the calculator reads each lane’s leverage, loan maximum by occupancy, cash-in-hand cap, and reserves as the lane table states them, and a Lendmire loan officer confirms the lane on the file. The cash available is the loan the lane allows less the balances paid off, before closing costs, which are not included; on most lanes a jumbo cash-out begins one dollar above the conforming limit for the county, and two lanes start at a stated dollar floor instead. The HELOC line is the line program’s combined loan-to-value ceiling applied to the same value and balance. Taxes and insurance are editable estimates. Licensed in sixteen states for consumer mortgages.
Net cash = new loan, minus the payoff of your first mortgage and any other liens, minus closing costs and prepaids, minus any reserves or escrows the lender requires.
Take each piece in order.
1. Appraised value. Everything starts here. A low appraisal shrinks the cap, and the cash with it.
2. Maximum combined loan-to-value (CLTV). The lender multiplies value by its cap for the occupancy and purpose. Cash-out gets lower leverage than a purchase.
3. Payoff. The existing first mortgage and any second lien or HELOC come off the top.
4. Costs. Closing costs and prepaids reduce what lands in your account. Costs rolled into the new balance still use up room under the cap.
5. Reserves. Some jumbo lanes require months of full payments in reserve, and the requirement rises with the loan amount.
Here’s the catch most borrowers miss. Rolling closing costs into the loan is not “cash out.” It just fills part of the room under the cap before you see a dollar.
Where Jumbo Limits Sit
A loan is jumbo when it starts one dollar above the county’s conforming limit. That limit varies by county and changes yearly, so look yours up rather than assuming. The limit has a baseline and a higher ceiling for high-cost counties. Loans above it fall outside the Fannie Mae and Freddie Mac eligibility framework.
That matters for this question. Agency rulebooks do not govern a jumbo. Each wholesale lender writes its own leverage caps, ratio limits and co-borrower policy.
Across the wholesale jumbo programs Lendmire places files with, the envelope looks like this:
- A 660 decision score on the headline lane.
- Leverage up to a 90% LTV ceiling. Several lanes reach 89.99% CLTV, and the rest stop at 80%. LTV and CLTV are different labels, and the two figures are not interchangeable.
- Loans up to $5,000,000 on the largest lanes.
- A 50% ratio ceiling on the fixed lanes, 45% on the adjustable lane, and 43% on the interest-only lane.
- Cash-out at lower leverage than purchase, with a cash cap on two of the largest lanes.
- Reserves in months of the full payment, and two appraisals above a lane’s threshold amount. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Those are the program’s ceilings. Your file may land well below them. Every figure is subject to lender guidelines and full file review, and none of it is a commitment to lend. Lendmire’s jumbo cash-out refinance program page lays out the lanes.
Does a Co-Borrower Raise the Cash?
No. The cap is a percentage of appraised value. A co-borrower changes who qualifies, not how much equity the lender will lend against.
Think of two separate gates. The first is the leverage gate: value times the cap, minus the payoff. The second is the qualifying gate: credit, ratios and reserves for everyone on the note. A second signer helps with the second gate only.
| Factor | Without co-borrower | With non-occupant co-borrower |
|---|---|---|
| Leverage cap | Lane maximum | Same, or lower |
| Qualifying income | Yours only | Possibly combined |
| Ratio test | Your debts | Everyone’s debts |
| Credit review | Your scores | All borrowers’ scores |
| Liability | You | Both, fully |
Two points on that table.
First, the “same, or lower” cell is the honest answer. On agency loans, Fannie Mae’s non-occupant fact sheet describes extra conditions for manually underwritten loans: a 90% maximum LTV, and the occupant borrower’s own debt-to-income ratio held to 43% on their income and debts alone. That sheet is dated 2019, so treat it as background, not as current jumbo policy. Some jumbo lanes follow a similar logic and some do not.
Second, a co-borrower’s debts count along with their income. Someone with heavy obligations can shrink your qualifying capacity, not grow it.
Non-Occupant vs. Non-U.S. Resident
“Non-resident” gets used for two different situations. Sort out which one you mean before talking to a lender.
A non-occupant co-borrower is a U.S. person who signs the note but will not live in the home. A parent helping a child is the classic case. The agency benchmark is that Fannie Mae’s Selling Guide B2-2-04 permits non-occupant borrowers on purchase, limited cash-out and cash-out refinances. Permitted means “with conditions,” and a jumbo lender can be stricter.
A co-borrower who lives outside the U.S. is a different file. Agency rules do not address it in a way that carries over to jumbo. It is lender-specific, and it often needs a different product. Expect harder documentation of income, credit and assets. Some jumbo lanes will not take it at all.
A third case gets mixed up with the second. A non-citizen who lives in the U.S. is usually not the problem people fear. Fannie Mae buys loans to lawful permanent and non-permanent residents under the same terms available to U.S. citizens. Eligibility turns on legal presence and a Social Security number or ITIN. Lenders can add overlays, and income continuity can matter for visa holders.
The mix-up is easy to make. A borrower says “non-resident” and means a parent in another state. The file changes completely once the lender knows which one it is, so say it in the first conversation.
A Walkthrough in Percentages
No dollar figures here. Use ratios and let the structure show.
Picture a homeowner whose home appraises at some value, with a first mortgage that sits at a modest share of it. Call the payoff 50% of value. The lane the file fits caps cash-out leverage at 80% CLTV. The room under the cap is the cap minus the payoff: 30% of value. Closing costs and prepaids come out of that 30%. If the lender wants reserves, those are held back or must be shown separately. What remains is net cash. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Now add a non-occupant co-borrower. The 80% cap does not move. The payoff does not move. The 30% of room does not move. Net cash is the same. What changes is whether the file now clears the ratio test, because the second borrower’s income may count.
Now flip it. Suppose the lender applies a lower cap when the non-occupant’s income is needed to qualify. Say the cap drops to 75%. Room under the cap shrinks to 25% of value, and the cash shrinks with it. That is the “with vs. without” trade, and it is the question to put to every lender.
Two practical consequences:
- If you qualify on your own income, leave the co-borrower off. You keep the higher cap and avoid sharing liability.
- If you need the co-borrower to qualify, ask for the leverage cap that applies with their income counted, not the headline cap.
Why Cash-Out Gets Less Leverage
Cash-out is treated as its own category because it is riskier for the lender. On agency loans, Fannie Mae’s cash-out rules apply a pricing adjustment to certain cash-out transactions based on LTV and credit score, and the maximum ratios sit in the agency’s eligibility matrix. Jumbo lenders do the same thing in their own way: lower caps, and sometimes a cash cap on the largest loans.
The result is a gap between what a purchase would allow and what a cash-out allows on the same home. Plan around the cash-out cap, not the purchase cap.
Cash-out also differs from limited cash-out. A refinance that returns only a small amount counts as limited cash-out under agency rules. Above the cash-back limit, the stricter full cash-out rules apply. Jumbo lenders draw their own lines, so ask where the line is.
One more point on what the lender can take for granted: ability to repay. Federal rules require a reasonable, good-faith repayment determination on virtually all residential mortgages. “Jumbo” does not mean “no rules.” Every borrower on the note gets reviewed.
Seasoning, Title and Documents
Cash-out files stall on paper more than on math. These are the usual gaps.
- Seasoning. Agency benchmark: the loan being paid off should be at least 12 months old, note date to note date, and a borrower should have held title for six months. A jumbo lender may use different clocks. Confirm before you assume either way.
- Title. Whether the co-borrower goes on title or only on the note is the lender’s call and a legal one. Ask both questions separately. Signing the note means full liability. Being on title means ownership.
- Co-borrower documents. Expect pay records, tax documents, asset statements and a credit pull. A co-borrower abroad adds translation, currency and verification steps.
- Appraisal. Larger loans can trigger two appraisals above a lane’s threshold amount. The lower value or the reconciled value drives the cap.
- Reserves. Months of full payments, rising with the loan amount. Cash-out proceeds may or may not count toward them, depending on the lender.
Your Rights at Closing
On a primary residence, a refinancing borrower has until midnight of the third business day to cancel. Cash is typically disbursed after that window ends. That right does not apply in every case where a home secures a loan, and second homes and investment properties generally do not have it.
Here’s the part co-borrowers should read twice. Under Regulation Z, when more than one consumer has the right to rescind, any of them may cancel on behalf of all. If your co-borrower owns an interest in the home, they hold that power too. If you cancel a refinance, you still owe the original loan.
What the Extra Cash Costs You
The CFPB’s housing equity guide notes that your monthly payment may increase, since you replace your current mortgage with a larger loan. The same guide says lenders typically want you to keep 10% to 20% of your home’s value as equity. That is a useful sanity check against any cap you are quoted.
Think about three exposures before you add a co-borrower:
1. Shared liability. They sign the note and owe the full debt, not half of it.
2. Credit effects. The loan reports on their credit. Late payments hurt both of you.
3. Exit. Removing them later usually means refinancing without them, and you would need to qualify alone at that point.
Thinking it through out loud: if the co-borrower only makes the ratios work at the margin, a smaller cash-out on your own income may be the better trade. You give up some cash and keep a clean, single-signer loan. If the cash is needed for something that cannot wait, the co-borrower route is reasonable, as long as everyone understands the exit.
Key Terms Defined
Non-occupant co-borrower: a person who signs the note and shares liability but does not live in the home.
CLTV (combined loan-to-value): all loans against the home added together, divided by the appraised value.
Net cash: what you receive after the payoff, closing costs, prepaids and any required reserves come out of the new loan.
Seasoning: how long you have held the loan or title before a lender allows a cash-out.
Reserves: liquid funds, measured in months of the full payment, that a lender wants you to hold after closing.
Limited cash-out: a refinance returning only a small amount of cash, treated more favorably than full cash-out.
What to Ask a Lender
Bring this short list to the first call:
1. What is the maximum CLTV for cash-out on my occupancy, with and without a non-occupant co-borrower?
2. Is there a cash cap on this loan size?
3. Does the co-borrower’s income count, and does that change the cap?
4. Is a co-borrower living outside the U.S. accepted at all?
5. What seasoning clocks apply to the loan and the title?
6. How many months of reserves, and can the proceeds count toward them?
7. Will a second appraisal be needed at this amount?
Frequently Asked Questions
Does adding a co-borrower increase how much cash I can take out?
No. The cap is a percentage of the appraised value, and a second signer does not change it. The co-borrower can help you meet the ratio and credit tests. On some loans the lender applies a lower cap when the co-borrower’s income is needed.
Can a non-occupant co-borrower be on a jumbo cash-out refinance?
Sometimes. Agency rules allow non-occupants on cash-out with conditions, but a jumbo is not sold under that rulebook. Each wholesale lender sets its own policy, so the answer depends on the lane and the file.
What if my co-borrower lives outside the United States?
That is a separate, harder case. Agency rules do not cover it in a way that carries over to jumbo, and many lanes will not accept it. Where a lender does, expect added documentation of income, credit and assets.
Do closing costs reduce the cash I receive?
Yes. Costs paid from proceeds reduce the cash directly. Costs rolled into the balance use up room under the leverage cap first. Either way, net cash ends up lower than the headline equity number.
Can my co-borrower cancel the loan after closing?
On a primary residence, any joint owner with the right to cancel can do so within three business days, and the cancellation applies to everyone. That right does not generally extend to second homes or investment properties.
If you are weighing a cash-out refinance against keeping the loan you have, Lendmire can help you compare the programs and the equity each one reaches.
For your own numbers, request a scenario review with Lendmire.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage broker that arranges FHA, VA, conventional and jumbo home purchase and refinance financing in 16 states through wholesale lenders. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
For the program’s current guidelines, see jumbo loan programs.
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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. Fannie Mae Non-Occupant Borrower Fact Sheet
2. Fannie Mae Selling Guide B2-2-04: Non-occupant borrowers
3. HousingWire: Non Citizen Borrower Eligibility
4. Fannie Mae’s cash-out rules
5. Fannie Mae Selling Guide B2-1.3-02
6. Federal Register, 2020 General QM final rule
8. CFPB: Regulation Z § 1026.23 right of rescission
9. CFPB: Using home equity guide
This article is part of Lendmire’s jumbo cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How Lenders Underwrite a Jumbo Cash-Out Refinance With No Mortgage · Jumbo Cash-Out Refinance Requirements Right After Buying · How to Qualify and Apply for a Jumbo Cash-Out Refinance With an Out-of-Home Co-Borrower
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.