Super Jumbo Bank Statement Loans In Nantucket — The Quick Read: A super jumbo bank statement loan is reviewed for a borrower off deposit history instead of traditional personal-income documentation, which matters on an island where nearly every purchase clears the conforming loan limit by a wide margin. Underwriters average 12 or 24 months of bank statements, apply an expense factor to business deposits, and size leverage down as the loan gets bigger. Above $4,000,000, every file gets a case-by-case look before it’s even submitted. The whole point is simple: your bank account tells a truer income story than a tax return built to minimize what you owe.
Key Takeaways
- Nantucket’s median sale price sits well north of $3 million, which puts almost every purchase into jumbo or super-jumbo territory before a lender even looks at income.
- Deposit-based programs run 12 or 24 consecutive months of statements, not a snapshot — that matters for seasonal or business-driven income.
- Leverage steps down as the loan size climbs; a $900,000 primary residence purchase and a $4,500,000 one are underwritten on completely different ladders.
- Above $4,000,000, files move to case-by-case review before submission — there’s no flat percentage to quote at that size.
- Deposits alone don’t approve a loan. Underwriters still review credit, reserves, debt, and the property itself.
The Island’s Price Point Makes This the Default Path, Not a Workaround
Nantucket property values leave almost no room for conventional financing. Market reporting for mid-2026 pointed to a median sale price well into the millions — a meaningful jump from the prior period — according to a local brokerage market report. A separate spring report from the same season showed substantial year-to-date sales volume against a similarly high median, with inventory sitting at historic lows, per John Trudel Realty. At those levels, the entry tier isn’t modest. Some reporting periods have shown only a couple of single-family listings under $2 million on the entire island.
That reality collides with the federal conforming loan limit. The baseline one-unit limit sits at $832,750, with a high-cost ceiling of $1,249,125. A typical Nantucket purchase clears that ceiling several times over before a buyer even picks a lender. Jumbo isn’t the exception here — it’s the starting point, and for larger purchases, super jumbo is where the file actually lands.
What a Bank Statement Loan Actually Is
A bank statement loan reviews a borrower’s deposit history instead of traditional personal-income documentation. It’s built for people whose real cash flow doesn’t match what their tax return shows. That includes business owners, self-employed professionals, and investors whose write-offs shrink taxable income on paper — even while their bank balance tells a different story.
This isn’t a stripped-down or lightly underwritten product. Non-QM lending — the category bank statement loans fall under — is now the largest securitized non-agency mortgage product in the market, and 2024-vintage non-QM loans closed at an average 75% loan-to-value with a 776 credit score, according to Scotsman Guide. Those numbers look almost identical to conforming production. The borrower profile skews strong; the documentation path is just different. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Key Terms Defined
Non-QM (non-qualified mortgage): a loan that doesn’t fit the standard federal underwriting box, so it’s priced and reviewed through private wholesale programs instead of agency guidelines.
Expense factor: the percentage of business deposits assumed to cover overhead, payroll, and supplies before what’s left counts as personal qualifying income.
Interest-only period: a stretch of the loan term where payments cover interest only, with no principal reduction, used on some higher-leverage or larger-balance files.
Asset depletion (asset allowance): an income calculation that divides a borrower’s liquid assets by a set number of months instead of using deposits or traditional personal-income documentation at all.
Reserves: liquid funds a borrower must have left over after closing, held in months of housing payment equivalent, not spent.
How Underwriting Actually Treats Your Deposits
The process runs through a specific sequence, and skipping a step is where files fall apart.
Step one: pick the lookback window. Most programs run either 12 or 24 consecutive months of statements. Twelve months is faster to compile; 24 smooths out a rough stretch and often produces a stronger average for a business with seasonal swings — relevant on an island economy where a big share of local income concentrates in the summer months.
Step two: separate personal from business accounts. This single choice reshapes the math. Personal-account deposits generally count close to face value, since the borrower already paid personal expenses with after-tax money before the deposit landed.
Step three: apply the expense factor on business deposits. Business accounts get a haircut because part of every deposit covers overhead, not personal income. Across the wholesale network Lendmire works with, that factor generally scales with staffing and business type — running lowest for a service business with no employees and moving higher as employee counts grow or for product-based businesses. An accountant-provided ratio or a profit-and-loss method can replace the fixed figure when the file supports it. Transfers moving from the borrower’s own business account into their personal account count at full value, since that money already passed through the business’s books once.
Step four: trace and exclude. Underwriters don’t total every deposit blindly. Transfers between the borrower’s own accounts, loan proceeds, and one-time credits get pulled out before the remaining eligible deposits get averaged across the statement period. Statements must be consecutive — a transaction history printout never substitutes for the actual statements.
Step five: underwrite the whole file, not just the deposits. A qualifying income figure is one input among several. Credit, debt-to-income, reserves, the property itself, and occupancy all get reviewed before anything closes. An account balance by itself proves nothing about eligibility.
Size and Leverage: Two Programs on One Ladder
Loan size runs from $300,000 to $30,000,000 through two separate wholesale programs — a portfolio non-QM bank-statement program carrying files to $6,000,000, and a bank portfolio jumbo program that carries 12-month-statement files all the way to $30,000,000 on its own ladder: 65% loan-to-value to $5,000,000, 60% to $10,000,000, and 55% up to $30,000,000, with interest-only capped at 60% or the band’s ceiling, whichever is lower. These are two different rulebooks, not one number stretched across the whole range.
On a primary residence, leverage steps down as the loan gets bigger, subject to lender guidelines and full underwriting through select wholesale programs:
| Loan Size | Purchase LTV | Cash-Out LTV | Credit Floor |
|---|---|---|---|
| $300K–$1M | 90% | 80% | 680+ |
| $1.5M–$2M | 85% | 75% | 720+ |
| $3M–$3.5M | 75% | 65% | 720+ |
| $4M–$5M | 65% (case by case) | 60% (case by case) | 680+ |
| $10M–$30M | 55% (case by case) | 50% (case by case) | 680+ |
Second homes and investment properties generally run about five points lower at comparable sizes, with their own credit tiers layered in. On investment property specifically, purchase leverage tops out at 85% in the $1M–$1.5M band and steps down through the same size-driven pattern, review case by case above $4,000,000. None of these figures apply above $30,000,000 — that’s simply outside the program’s range.
Above $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, additional overlays kick in. These include a 700 credit floor, a clean 24-month mortgage history, 48-month seasoning on any credit event, and no non-occupant co-borrowers. At that tier, cash-out proceeds can’t be used to satisfy reserve requirements either. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Structures and Variations Beyond Straight Deposit Averaging
Deposit averaging isn’t the only path for a borrower whose income doesn’t fit a W-2 box. An asset allowance divides liquid assets by 36, 60, or 84 months to produce a supplemental or standalone income figure. The 84-month term applies on any loan above $3,500,000, and this path is limited to primary and second homes at up to 80% loan-to-value. An assets-only path skips a debt-to-income calculation entirely. But it requires liquidity equal to the loan amount, plus closing costs, plus 60 months of coverage on any net loss from other residential property. Retirement accounts count toward that liquidity at 70%, rising to 80% once the borrower is past 59½. Business funds, gifts, unvested stock, and cryptocurrency never count.
Interest-only structuring exists too. The portfolio program allows interest-only to 85% loan-to-value with a 700 credit floor. It’s structured as a 40-year term with a 10-year interest-only period. The bank program caps interest-only at 60% loan-to-value, typically through 5- or 7-year fixed-rate periods before the loan adjusts. A 10-year fixed period on that program is fully amortizing from day one.
Cash-out works differently depending on the loan-to-value band. Below 60% loan-to-value on the portfolio program, cash-out proceeds are effectively unlimited. Above 60%, the portfolio program caps cash-in-hand at $1,500,000. The bank program carries no published cap of its own.
Where the General Rule Breaks
A few situations pull a file off the standard path.
Deposits that look too clean don’t always help. Any single deposit that exceeds roughly the average monthly deposit amount usually needs to be sourced — a large one-time transfer without a paper trail behind it gets excluded rather than credited, which is exactly why documenting a large deposit properly before it ever shows up on a statement matters more at this loan size than at a conventional one.
Business entity structure can complicate the picture. When deposits flow through an LLC, a trust, or a partnership rather than a sole proprietorship, underwriters need to see the ownership percentage and trace how funds move before the personal-versus-business split even applies — a topic worth understanding before assuming large entity deposits will sail through review the way a personal paycheck would.
Short-term rental income doesn’t fit the standard rent form. The industry-standard rent-verification document for a one-unit investment property, Fannie Mae’s Form 1007, covers long-term rent comparables — appraisers using it are explicitly not asked to assess business income, which means short-term rental cash flow needs a different documentation path entirely. That’s relevant given how much of Nantucket’s rental economy runs on peak-season weekly bookings rather than a signed annual lease.
The island’s own community character cuts both ways for a deposit story. Nantucket is classified as a seasonal community in Massachusetts, with roughly 60% of its housing units in seasonal, recreational, or part-time use, according to Commonwealth Beacon. A 24-month lookback usually tells a fairer story than 12 months for a borrower whose income concentrates heavily in a few summer weeks.
Wholesale bank-statement files tend to move cleanest when they pair a longer lookback with a business narrative that matches the deposits on paper. A one-line explanation of what the business does — and why deposits look the way they do — attached upfront tends to shorten follow-up questions an underwriter would otherwise ask later. Files stall almost always for the same reason: a big deposit shows up with no context, and the borrower assumes the underwriter will just take it on faith.
Deposits vs. Property Income: Two Different Qualification Paths
A bank statement loan is reviewed on the borrower’s personal or business cash flow. A different structure exists for investors who’d rather qualify the loan on the property itself, without touching personal deposits at all. That’s the logic behind Lendmire’s complete DSCR loans guide, which qualifies primarily on whether the property’s rental income covers the payment, subject to lender guidelines. For a straight owner-occupied Nantucket purchase, bank statement financing is usually the only relevant path, since DSCR programs are built for non-owner-occupied investment property. For an investor buying a rental on the island, both paths are worth comparing before choosing one.
Tax treatment depends on how the funds are used and how title is held; investors should keep clean records and talk to a qualified tax professional before relying on any deduction.
The Practical Decision
For a borrower whose traditional income documentation understate real income — the profile this product exists for — the decision usually comes down to three questions: how many months of clean statements can you actually produce, does the business run through a personal or business account, and how close to $4,000,000 does the purchase price sit. Below that threshold, the leverage ladder gives a fairly clear answer up front. Above it, expect a case-by-case conversation before the file even gets submitted, and expect the credit and reserve bar to rise with it.
Lendmire is a broker, not a direct lender. It arranges bank statement and super jumbo financing through select lenders in its wholesale network. Consumer mortgage lending is licensed in 16 states — Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia, and Washington. If you’re buying or refinancing, call 828-256-2183 or request a quote. You’ll find out how your deposit history and loan size line up with current program guidelines.
Frequently Asked Questions
Do I need two full years of self-employment history to qualify?
Programs vary, and the exact requirement depends on the lender and the file’s overall strength. What matters more consistently is a clean, traceable deposit pattern over the chosen lookback window — a shorter operating history with strong compensating factors elsewhere in the file can still work, subject to underwriting.
Can rental income from a Nantucket property count toward my qualifying deposits?
It can, but the treatment depends on how that rental income arrives and what kind of property it is. Long-term rent typically shows up as a straightforward recurring deposit; short-term rental payouts need closer tracing since they don’t fit the standard one-unit rent form the way a signed annual lease does.
Does a 24-month lookback ever hurt more than it helps?
Yes, if the earlier 12 months were meaningfully weaker than the recent 12. A borrower with a strong upward trend sometimes qualifies for more using just the most recent 12 months rather than blending in a softer earlier year — this is a case-by-case call underwriting makes based on which window produces the more accurate income picture.
What happens if my business deposits include large one-time transfers?
Those get flagged and generally excluded or sourced separately rather than folded into the average. Preparing a short explanation and paper trail before submitting the file — rather than after an underwriter asks — tends to keep the review moving.
Is there a minimum credit score for a bank statement loan at this size?
The portfolio program generally starts around a 660 floor, the bank program around 680, and files above the super-jumbo threshold typically need 700 or higher. These are program guidelines, not guarantees, and every file is still reviewed individually.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
Self-employed borrowers can compare both super jumbo programs on Lendmire’s self-employed mortgages page.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage focused on investor financing, arranging DSCR loans in 39 states plus Washington, D.C. — 40 markets total. Qualification is based on the property’s income rather than personal income documentation, subject to lender guidelines, making it a fit for LLC-held rentals and scaling portfolios.
Lendmire’s Top Mortgage Workplace recognition is documented by Scotsman Guide 2026 Top Mortgage Workplace.
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References
1. John Trudel Realty: Spring 2026 Market Report
2. Scotsman Guide: Which groups are driving non-QM lending?
3. Fannie Mae: Form 1007 Single-Family Comparable Rent Schedule
4. Commonwealth Beacon: A stormy season for short-term rentals on Nantucket
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.
