The Quick Read: It depends on loan size, because your ceiling is the lowest of three limits: the leverage cap for a second home, the program’s dollar ceiling, and the payment your documented deposits can support, with second-home purchase leverage stepping down from 85% to 50% as the loan grows, on select programs and subject to underwriting. Every file above $4,000,000 is reviewed case by case before submission. Most buyers are limited by equity and reserves, not by income.
- Second-home purchase leverage runs 85% at the smallest sizes and falls to 65% by $3,000,000 through select wholesale programs, subject to full underwriting.
- Cash-out on a second home runs lower than a purchase at every size.
- Qualifying income is eligible deposits, after an expense ratio, averaged over 12 or 24 months.
- Above $3,000,000 on a second home, the credit floor is 700 and tighter overlays apply. The top 65% purchase cell in that range needs 760.
- Total programs span $300,000 to $30,000,000, but no single program covers that whole range.
What Counts as “Super Jumbo” on a Second Home?
Super jumbo has no official definition. The only official line is the conforming limit, which the FHFA sets by county. The one-unit baseline is $832,750, and the high-cost ceiling is $1,249,125, according to an Orrick summary of the FHFA announcement. The ceiling is 150% of the baseline, as the FHFA release quoted by Calculated Risk explains.
Above that line, each lender draws its own “super jumbo” boundary. Across Lendmire’s wholesale network, it usually falls in the low-to-mid millions. The practical line for this article is $3,000,000 on a second home. That is where the stricter overlays begin.
Two kinds of programs cover the space. A portfolio non-QM bank-statement program carries files from $300,000 to $6,000,000. A bank portfolio jumbo program takes twelve-month-statement files on its own ladder. That ladder begins above $4,000,000, overlaps the first program to $6,000,000, and stands alone above $6,000,000, running to $30,000,000. Lendmire is the broker that shops both. It is not the lender.
The Three-Limit Rule: How the Maximum Loan Is Set
Your maximum loan is the smallest of three numbers. First is the leverage cap for your occupancy and loan size. Second is the program’s dollar ceiling. Third is the loan your qualifying income and reserves can support.
Most borrowers at this level hit the first limit. Take a second-home purchase in the $3,000,000 to $4,000,000 band. The ceiling is 65% through select wholesale programs. That means at least 35% of the price comes from you, before reserves and closing costs. Strong deposits do not move that cap. Only a smaller loan, a primary-residence classification (honestly declared), or a different band moves it.
Income becomes the binding limit less often, but it happens. Deposits must support the full monthly obligation on the new home and every other debt, with debt-to-income up to 50% on the portfolio program. A borrower with large cash flow and heavy existing debt can run out of income room before running out of leverage room.
The Second-Home Ladder by Loan Size
Leverage on a second home steps down as the loan grows. Second homes and investment property take their own ladders, which sit below the primary-residence figures at most sizes. A primary residence runs 90% on a purchase to $1,000,000, then 85%, 80% and 75% in the bands above that.
The credit column shows the score that band’s top leverage needs. It is not a program floor. A lower score takes a lower leverage cell inside the same band.
| Loan size | Purchase LTV | Cash-out LTV | Credit for this leverage |
|---|---|---|---|
| $300K–$1M | 85% | 75% | 700+ |
| $1M–$1.5M | 80% | 75% | 680+ |
| $1.5M–$2M | 80% | 75% | 700+ |
| $2M–$2.5M | 80% | 70% | 720+ |
| $2.5M–$3M | 75% | 60% | 720+ |
| $3M–$4M | 65% | 55% | 760+ |
| $4M–$5M | 65%, on review | 55%, on review | 760+ |
Beyond that, the bank portfolio ladder governs. Second-home purchase leverage is 55% from $5,000,000 to $10,000,000 and 50% from $10,000,000 to $30,000,000, all on review. These are ceilings through select wholesale programs, subject to full underwriting. They are not guarantees. Programs change, and each file is underwritten on its own facts.
The table shows why the cash-out column matters. A second-home cash-out at $2,500,000 to $3,000,000 tops out at 60%, fifteen points below the purchase cap in the same band. On the portfolio program, cash-out proceeds are unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
How Deposits Become Qualifying Income
Deposits become income through a fixed sequence. The steps below are how most programs in the network calculate it.
1. Choose 12 or 24 months of statements. Personal or business statements both work. Statements must be consecutive, and a transaction history never substitutes for them. The bank portfolio program uses 12 months.
2. Remove deposits that are not income. Transfers between your own accounts, loan proceeds, refunds and one-time windfalls come out.
3. Apply ownership and the expense ratio to business deposits. You need at least 25% ownership of the entity. Income is prorated to your share if you own less than 100%. The expense ratio is typically 20% for a service business with no employees, 40% for one to five employees, and 50% for six or more employees or any product business. An accountant-provided ratio can replace those. A profit-and-loss method is also available, capped at 80%.
4. Count personal-account transfers in full. Money your business pays into your personal account counts at 100%, with no expense factor. That is why a borrower who pays themselves from their entities often is reviewed on personal statements.
5. Average the result. The formula is eligible deposits, times ownership percentage, times one minus the expense ratio, divided by the number of statement months.
Run the logic without dollars. A business owner with a 40% expense ratio keeps 60 cents of every eligible business deposit as qualifying income. Two owners with identical deposits can land far apart if one runs a service firm and the other sells product.
Trends matter too. Averaging smooths a lumpy year, but a clear decline in recent months can hurt the file. If receipts are split across several accounts, an underwriter who reads only one account will understate your income. Put all relevant accounts in the package.
Reserves, Credit and Debt Stack
Reserves are a second ceiling that borrowers underestimate. Through select wholesale programs they run 3 months of obligations 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.
Retirement accounts count toward reserves at 70%, or 80% at age 59½ and older. Business funds, gifts, unvested stock and cryptocurrency never count. Above the super jumbo line, cash-out proceeds cannot satisfy reserves.
Credit requirements depend on the program and the band. The floor is 660 on the portfolio program and 680 on the bank portfolio program, and 700 above the super jumbo line. Within each band, the table shows the score the top leverage needs. At $3,000,000 to $5,000,000 on a second home that score is 760, while a lower score, down to the 700 floor, takes a lower leverage cell. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
The debt stack includes your current housing payment, the new payment, taxes, insurance, HOA dues and every other debt. A borrower keeping the old home carries both.
What Changes Above $3,000,000 on a Second Home
Past $3,000,000 on a second home, a package of overlays applies through select programs:
- A 700 credit floor. The 65% purchase cell at $3,000,000 to $5,000,000 needs 760.
- A clean 24-month housing history, meaning no 30-day lates.
- 48 months of seasoning after any credit event.
- No non-occupant co-borrowers.
- No rural property, and a ten-acre maximum.
- U.S. citizens and permanent residents only.
Above $4,000,000, every figure is also on review. Treat any posted maximum as a ceiling that you may or may not reach. Lendmire’s piece How Much Lenders Hold Back on a Super Jumbo Bank Statement Second Home covers where the haircuts usually appear.
Property Rules That Cap the Loan
Second homes are one-unit only. A warrantable condo reaches 85% and a non-warrantable condo 80%, as ceilings on small loans. A condotel runs 75% on a purchase and 65% on a cash-out, or 50% on the bank program. Rural property is capped at 80% on ten acres or less and never exceeds $3,000,000. A Texas 50(a)(6) home-equity loan takes a 5-point reduction and stops at $3,000,000 on the portfolio program.
Occupancy has to be real. A second home is for personal use, and the file is reviewed that way.
When Assets Raise the Ceiling
Some borrowers have uneven deposits but large liquid balances. Two asset paths exist through select wholesale programs, on primary and second homes only, at up to 80% LTV. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
An asset allowance divides liquid assets by 36, 60 or 84 months to create income. It is supplemental at 36 months when DTI before the asset income is at or below 60%, and at 60 months when that ratio is above 60%. The qualifying ratio with the asset income counted must still fit the 50% ceiling. The 84-month version is standalone, and it applies to any loan above $3,500,000. Assets-only needs no DTI. It requires U.S. liquid assets equal to the loan amount, plus closing costs, plus sixty months of any net loss on other residential property.
Athletes, founders after an exit and executives with lumpy payouts often fit here better than on deposits alone.
Bank Statement or DSCR?
If you intend to rent the home, the better fit may be DSCR. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines, with no personal DTI test. A bank statement loan on a personal-use second home is reviewed on your deposits and includes a DTI test. Pick the one that matches how you will actually use the property, because occupancy drives the paperwork. The complete DSCR loans guide explains the rental-income path.
What Bank Statement Underwriting Still Requires
This is not a no-doc loan. Every file gets full underwriting on credit, deposits, debt and reserves. A bank statement loan on a personal-use second home is also a consumer mortgage. The CFPB’s ATR/QM Small Entity Compliance Guide says creditors must make a reasonable, good-faith determination of repayment ability. It does not dictate a particular underwriting model. A non-QM loan is simply one that falls outside the qualified mortgage definition. Expect a full appraisal, sometimes two, plus extra review at size.
Key Terms Defined
Super jumbo: a lender-defined tier above the conforming and jumbo lines, with no official definition.
Expense ratio: the share of business deposits treated as operating cost and removed before income is counted.
Overlay: an extra restriction a program adds on top of its base guidelines, usually as loan size grows.
Reserves: liquid assets left after closing, measured in months of the new housing obligation.
Case-by-case review: a pre-submission look at a file above $4,000,000, before any leverage figure is treated as available.
How to Find Your Number
1. Fix the price and occupancy. Decide the purchase price, and be honest that it is a second home.
2. Match the band. Find the leverage cap for that band in the ladder above. That sets the minimum equity.
3. Add reserves. Count only assets that qualify as reserves, at their reserve value.
4. Run the deposits. Scrub the statements, apply the ownership share and expense ratio, and average.
5. Stack the debts. Add the new obligation to what you already pay, and check against 50% DTI.
6. Compare programs. In the $4,000,000 to $6,000,000 overlap, both programs may apply, and their ladders differ.
Tax treatment can depend on how the funds are used and how the property is held. Keep clear records and speak with a qualified tax professional before relying on any deduction.
Common Mistakes
- Treating total deposits as income. The expense ratio and exclusions come off first.
- Assuming the posted maximum is the offer. Above $4,000,000, maximums are ceilings under review.
- Planning around income and ignoring equity. Required down payment rises quickly past $3,000,000.
- Counting cash-out proceeds as reserves on files above the overlay line.
- Using a stale conforming limit. Pages still circulate with older figures. Check the current FHFA number.
Frequently Asked Questions
Can a super jumbo bank statement loan finance a second home?
Yes, through select wholesale programs. Second homes are one-unit properties for personal use. Leverage, credit tiers and reserves are set by loan size, and every file is underwritten individually.
What is the most I can borrow on a second home?
Programs span $300,000 to $30,000,000, but the cap depends on price, equity and income. At $3,000,000 to $4,000,000, second-home purchase leverage tops out at 65%. Above $4,000,000, figures are reviewed case by case before submission.
Is a second home treated like an investment property?
Close, but not identical. Both run below a primary residence at most sizes. In the $3,000,000 to $3,500,000 band, a second-home purchase allows 65% at 760+ credit. An investment purchase allows 60% at 680+ credit.
Which statements can I use?
Twelve or 24 months of consecutive personal or business statements. Business statements need at least 25% ownership and an expense ratio. Personal statements work well when you pay yourself from your entities.
What if my deposits are uneven?
An asset allowance or assets-only path may fit. Both look at liquid assets rather than deposit averages. They apply to primary and second homes at up to 80% LTV through select programs, subject to underwriting. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Where This Leaves a Second-Home Buyer
Lendmire’s 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. 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. Nothing here is a commitment to lend.
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 DSCR-focused mortgage broker that helps arrange investor financing across 41 markets, including Washington, D.C., through wholesale and investor-lending channels. DSCR eligibility is generally reviewed by the lender around the property’s rental income rather than personal income documentation, subject to lender guidelines, which works for self-employed investors, LLC operators, and portfolios above four financed properties. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Orrick: FHFA announces 2026 increases to conforming loan limits
2. Calculated Risk: FHFA announces baseline conforming loan limit
3. CFPB ATR/QM Small Entity Compliance Guide
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: How Much Can K-1 Partners Borrow With a Bank Statement Loan? · How to Qualify for a Super Jumbo Bank Statement Loan in California · How Much Can Yacht Owners Borrow With a Bank Statement Loan?
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.