The Quick Read: The best program for your situation depends on the size of the new loan, because cash-out leverage steps down as the balance climbs and stops entirely above $3,000,000. Through select wholesale programs, cash-out on an investment property runs up to 75% LTV to $1,000,000, 70% to $1,500,000, and 60% to $3,000,000, all subject to underwriting. Above $1,500,000, cash-out also depends on credit, since a score of 680 or below does not qualify for it. Qualification runs primarily on property-level rental income covering the payment, subject to lender guidelines.
- Super jumbo is a lender-defined tier, not a regulated one.
- Cash-out leverage falls from 75% to 60% as the loan grows, and none is offered above $3,000,000.
- Proceeds are unlimited at or below 60% LTV, while a $1,500,000 cap applies above that.
- Two appraisals are required above $2,000,000, and reserves cannot come from the cash-out itself.
- The tighter of the equity test and the rent test sets your cash. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Lendmire is a mortgage broker. It arranges these loans through select lenders in its wholesale network across 41 markets, including Washington, D.C. The brokerage does not lend. Lenders review every file individually, and nothing here is a commitment to lend. For the broader framework, see the complete DSCR loans guide.
Key Terms Defined
Super jumbo: A loan balance above whatever line a given lender sets for its top tier, with no agency definition behind it.
Conforming limit: The maximum balance Fannie Mae and Freddie Mac can buy, set by the regulator; anything above it is a jumbo loan.
DSCR: The property’s monthly rent divided by its full monthly housing obligation, which is how a DSCR loan measures whether the rent covers the debt.
Cash-out refinance: A new loan that pays off the old one and returns the leftover equity to the owner.
Reserves: Liquid assets held after closing, counted in months of the subject property’s payment.
Seasoning: How long you have held title before a lender will refinance on the full appraised value.
What Counts as Super Jumbo?
Nobody official draws the line. The FHFA sets conforming loan limits and calls loans above them jumbo. Past that point, “super jumbo” is a tier each lender defines for itself. Some start the label around $2,000,000, and others near $3,000,000.
For contrast, SmartAsset reports the baseline conforming limit for a one-unit property at $832,750 in most counties. A DSCR loan sits outside that frame entirely. Scotsman Guide notes that DSCR loans focus on the property’s rental income rather than personal income, and that non-QM programs often exceed conforming limits.
In the wholesale network, the portfolio investor program runs from $150,000 to $10,000,000. Lendmire’s standard DSCR program stops at $3,000,000, and the larger ladder carries qualified investors past it.
How Underwriting Treats a Super Jumbo Cash-Out, Step by Step
1. Size the loan against appraised value. The new loan equals the LTV ceiling for its band times the appraised value. Payoff, closing costs, and any prepayment charge come out of that amount. What is left is your cash.
2. Pick the band by loan amount. Bands are loan amounts, never purchase prices. Multiply value by leverage first, then read the band that loan lands in. A property worth $4,000,000 refinanced at 60% produces a loan in the $1,500,000-to-$3,000,000 band, where cash-out still exists. The same property at higher leverage pushes the loan past $3,000,000, where it does not.
3. Retest coverage on the bigger payment. Pulling cash raises the balance and the payment, so the ratio drops. Coverage of 1.00 earns the full leverage shown in the ladder that follows. Select programs also reach into the 0.75-to-0.99 range, but at reduced leverage, with LTV and terms adjusting, subject to underwriting.
4. Order the appraisal and rent figure. Rent usually comes from the appraiser’s market rent analysis. Above $2,000,000, two appraisals are required.
5. Verify reserves. Most programs want 6 months of PITIA on the subject property, and 12 for first-time investors. On interest-only loans, reserves are measured on interest, taxes, and insurance. Cash-out proceeds never count toward reserves.
6. Assemble the entity file. Vesting in an LLC is welcome subject to program terms, though layered entities are not.
The Leverage Ladder by Loan Size
The table shows ceilings through select wholesale programs for DSCR of 1.00 or higher. Every figure is subject to underwriting.
| Loan band | Purchase | Rate-term | Cash-out |
|---|---|---|---|
| $150K–$1M | 80% | 80% | 75% |
| $1M–$1.5M | 75% | 75% | 70% |
| $1.5M–$2M | 75% | 75% | 60% |
| $2M–$3M | 75% | 75% | 60% |
| $3M–$4M | 65% | 65% | — |
| $4M–$6M (on review) | 60% | 60% | — |
| $6M–$10M (on review) | 60% | 60% | — |
Read the credit side in prose. The top cell in each band needs a certain score: 660 or better at the 80% and 75% cells to $1,000,000, 700 in the $1,000,000-to-$1,500,000 band, and 720 for the top cells between $1,500,000 and $3,000,000. The $3,000,000-to-$4,000,000 band needs 700 at its top cell. A lower score takes a lower leverage cell within the same band. The program floor is 660 on loans to $3,000,000 and 700 above $3,000,000.
The $3,000,000-to-$4,000,000 band is purchase or rate-and-term only, with no cash-out. Above $4,000,000, every request is reviewed case by case before submission, and those loans are likewise purchase or rate-and-term only, with the figures in the table shown on review.
Where Cash-Out Proceeds Get Capped
Proceeds are unlimited at or below 60% LTV. Above 60%, they are capped at $1,500,000. Borrowers with credit of 680 or below lose cash-out entirely on loans above $1,500,000. There is no cash-out above $3,000,000 at all. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
That produces a counterintuitive result. A modest-leverage refinance on a high-value property can return more cash than a high-leverage one, because staying at or under 60% removes the proceeds cap.
Above $3,000,000: The Super-Jumbo Overlay
Past $3,000,000, the overlay tightens. It requires a 700 credit score, 0x30x24 housing history, and 48-month seasoning from credit events. Borrowers must be citizens or permanent residents. Above $3,000,000: no rural property, and no more than ten acres on a non-rural one. Below that size, rural collateral of five acres or less is available to 75%, and acreage reaches twenty acres on loans to $3,000,000. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
How Coverage Limits the Cash You Take
On a high-value property with modest rent, the rent test can bind before the equity test does. Picture a luxury rental where equity would support a 60% cash-out, but the rent clears only about 0.9x on the larger payment. Select programs can review coverage in the 0.75-to-0.99 range, and LTV and terms adjust, subject to underwriting. The structure changes the cash, not just the approval.
Interest-only helps here. Through select programs, a 120-month interest-only period is available on 30- and 40-year terms, to a 75% maximum, qualified on interest, taxes, and insurance with coverage of 0.75 or better. The interest-only period lifts early-year coverage, though principal payments return after it ends.
No-ratio files reach $2,000,000 only through a handful of lenders in the network, with a seven-year clean housing history and 0x30x24, subject to underwriting. No minimum ratio is published for them.
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.
Property and Entity Variations
Short-term rentals. These qualify on documented operating history, counted at 80% of gross rent. A refinance uses twelve months of operating history, and a purchase uses the appraisal’s short-term-rent analysis. Coverage must be 1.00 or higher, loans reach $2,000,000, and the borrower needs experience: twelve months owning income property in the last thirty-six. Cash-out on short-term-rental collateral runs to 70% in the band where standard rentals take 75%, so confirm which applies. Municipal permission is documented for each property. 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.
Condos. Warrantable and non-warrantable condos are both considered. Non-warrantable units reach 75% and $1,500,000. Condotels reach 75% on a purchase and 65% on a refinance, to $1,500,000, with $250,000 cash-in-hand.
Entities. LLC vesting is welcome, subject to program eligibility. The entity documents, operating agreement, and good standing need to be clean before the file goes in.
Portfolio size. Borrowers can hold up to 20 financed properties, and no extra reserves are required for the others.
When Cash-Out Isn’t Available at Your Target Size
If the balance lands above $3,000,000, plan differently. Cash-out does not exist there, so the options narrow.
| Situation | Structure to consider |
|---|---|
| Loan above $3M | Lower the balance into a cash-out band |
| Need more than the cap | Split into a smaller loan plus a second source |
| Credit 680 or below, over $1.5M | Smaller loan or rate-and-term |
| Coverage below 1.00 | Reduced-leverage select program, or interest-only |
Rate-and-term runs higher on leverage than cash-out in every band, so refinancing without taking cash often fits a large balance better. Check any prepayment penalty against your hold plan. Prepayment charges are common on DSCR loans.
Document Checklist
- Entity or vesting documents.
- Lease or market rent schedule.
- Insurance, tax, and HOA figures for PITIA.
- Asset statements for reserves.
- Payoff statement on the current loan.
- Use-of-proceeds explanation, since these are business-purpose loans.
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. Personal tax returns and W-2s are not the core qualifier, but credit, assets, and the appraisal still are.
How Brokers Judge “Best”
No single lender wins every file. The right program depends on loan band, coverage, credit, property type, and entity structure. A broker that places files across several wholesale lenders matches the scenario to the program whose envelope fits. Compare programs on four things: the cash-out band your loan lands in, whether proceeds are capped, how reserves are measured, and how the program treats your property type.
Common mistakes follow the same pattern. Borrowers read the headline LTV instead of the band for their actual loan. They forget that cash-out cannot satisfy reserves. They skip the coverage retest on the larger payment. And they assume a city allows short-term rentals without documenting it.
Frequently Asked Questions
Is there a cash-out refinance above $3,000,000?
No. Cash-out ends at $3,000,000 in this program. Above that size, loans run as purchase or rate-and-term, and above $4,000,000 each request is reviewed case by case before submission.
Does the conforming limit cap a super jumbo DSCR loan?
No. DSCR loans are non-QM and set their own sizes. The conforming limit matters only as the line where the FHFA begins calling loans jumbo.
Can cash-out proceeds count toward reserves?
No. Reserves of 6 months of PITIA on the subject property must come from other assets, and first-time investors need 12 months. This is subject to underwriting.
What credit score does a super jumbo cash-out need?
It depends on the band. The floor is 660 to $3,000,000, but the top cash-out cells need 700 to 720 in the larger bands. Above $1,500,000, credit of 680 or below loses cash-out entirely.
Can an LLC take a super jumbo cash-out?
Yes, subject to program eligibility. Single-layer entity vesting is welcome. Layered entities are not.
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. Request a quote at Lendmire or call 828-256-2183.
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 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
1. FHFA Conforming Loan Limits
3. Scotsman Guide, “One out of 20 mortgages are non-QM”
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: Top Super Jumbo DSCR Cash-Out Refinance Providers on a Property With an Accessory Dwelling · Best Super Jumbo DSCR Cash-Out Refinance Program When the Lender Requires a Rent Roll · How to Plan and Use a Super Jumbo DSCR Cash-Out Refinance to Recover Original Investment
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.