The Quick Read: Your credit score does not decide whether your deposits qualify you. It decides how much of the property’s value a lender will let you borrow against. On a cash-out refinance, the required score climbs with loan size, and a few points can move you into a lower leverage tier.
- Through select wholesale programs, a primary-residence cash-out refinance reaches 80% LTV (loan-to-value, the loan as a share of the home’s value) on loans from $300,000 to $1,000,000 with a 680+ score, subject to full underwriting.
- Score floors vary by scenario: one portfolio non-QM program sets its own floor, and a bank portfolio program sets 680. Both programs are explained below. The floor rises to 700 once a file crosses the super jumbo line.
- Between $1,500,000 and $3,500,000, the primary-residence cash-out tiers call for 720+. From $3,500,000 to $4,000,000, they call for 760+.
- Deposits set your income, the score sets your leverage, and housing payment history can override a strong score.
- Every file above $4,000,000 is reviewed case by case before submission, so treat any figure at that size as a starting point. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
What This Loan Actually Is
A super jumbo bank statement cash-out refinance replaces your current mortgage with a larger one and pays you the difference. The loan is large enough to sit above standard jumbo limits. You prove income with bank deposits instead of traditional personal-income documentation.
This path suits founders, physicians, attorneys, entertainers, athletes and investors whose traditional personal-income documentation understates what they earn. Write-offs shrink taxable income. Deposits show the real cash flow.
Two wholesale programs carry these files. The portfolio non-QM program (a loan outside standard qualified-mortgage rules, held by the lender) handles loans from $300,000 to $6,000,000. The bank portfolio program carries twelve-month-statement files up to $30,000,000 on its own size ladder. Its ladder begins above $4,000,000, overlaps the first program to $6,000,000, and stands alone above that. Lendmire is the broker that shops both, and everything here is through select wholesale programs, subject to full underwriting.
How Underwriting Treats Your Score, Step by Step
Step 1: The lender pulls credit and picks one qualifying score. Most files use a tri-merge report, which combines all three bureaus. The lender takes the middle of the three scores. When two borrowers are on the loan, the lender typically builds the file around the lower qualifying score.
Step 2: The score is matched to a leverage tier. Each loan-size band has a minimum score for its top cash-out leverage. Fall short and the lender trims the LTV for that band. The loan can still exist, but you borrow less against the home.
Step 3: Cash-out lowers the ceiling again. A cash-out file gets a lower ceiling than a purchase or rate-and-term refinance at the same size. A primary-residence purchase from $300,000 to $1,000,000 can reach 90% LTV. The cash-out ceiling in that same band is 80%. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Step 4: Income is documented separately. The lender uses 12 or 24 months of personal or business statements. It totals eligible deposits and applies an expense ratio. Transfers from your own business into your personal account count in full. Unexplained one-off deposits do not.
Step 5: Credit history is read, not just scored. The lender looks at late payments on your housing history, collections, judgments and any bankruptcy or foreclosure. A 780 score with a recent mortgage late can lose to a 740 with a spotless record.
Step 6: Reserves and DTI close the file. DTI (debt-to-income ratio) can run up to 50% on these programs. Reserves are liquid funds left after closing. They run 3 months on loans to $500,000, 6 months to $1,500,000 and 9 months above that, subject to full underwriting.
What Score Do You Need at Each Size?
The required score rises with loan size. This table shows primary-residence cash-out ceilings through select wholesale programs. Each is a ceiling, not a promise.
| Loan size | Max cash-out LTV | Typical score tier |
|---|---|---|
| $300K–$1M | 80% | 680+ |
| $1M–$1.5M | 80% | 700+ |
| $1.5M–$2M | 75% | 720+ |
| $2M–$3M | 70% | 720+ |
| $3M–$3.5M | 65% | 720+ |
| $3.5M–$4M | 65% | 760+ |
Second homes and investment properties run about five points lower at every size. On an investment property, for example, a cash-out from $300,000 to $1,000,000 tops out at 75%, with a 700+ tier.
Above $4,000,000, the ladder is reviewed case by case before submission. A primary-residence cash-out from $4,000,000 to $5,000,000 sits near 60% LTV on review. From $5,000,000 to $10,000,000 it sits near 55% on review. The 700 floor above the super jumbo line still applies to those files. Lendmire’s piece Cash-Out Refinance Rules on a $4M Super Jumbo Bank Statement Loan covers that size in more detail. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
The Super Jumbo Overlay Line
An overlay is an extra rule a program adds on top of its basic guidelines. Across the wholesale network, the line sits above $3,500,000 on a primary residence. On a second home or investment property it sits above $3,000,000. Past that line, expect these conditions:
- A 700 credit floor.
- A 0x30x24 housing history, meaning no 30-day mortgage lates in the last 24 months.
- 48 months of seasoning after any credit event.
- U.S. citizens and permanent residents only, with no non-occupant co-borrowers.
- No rural property, with a ten-acre maximum.
- Cash-out proceeds that cannot be counted toward reserves.
That last item surprises people. You cannot cash out the equity and then point to the cash as your safety net. Reserves have to come from other liquid funds.
Cash-Out Limits That Interact With Your Score
On the portfolio non-QM program, cash-out proceeds are unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. The bank portfolio program publishes no cap, but each file is reviewed individually. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
This is why score and leverage tighten together. A higher score buys a higher LTV tier. Past 60% LTV, the proceeds cap can limit your cash even when the tier allows more. Lendmire’s piece Rate-and-Term vs Cash-Out on a Super Jumbo Bank Statement Refinance is useful if you are deciding between the two. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Credit Events and Seasoning
Seasoning is the waiting period after a credit event before a lender will treat you as recovered. Bankruptcies, foreclosures and short sales are credit events. Above the overlay line, the wait is 48 months.
The wait can matter more than the score. A borrower who rebuilt to a 740 after a foreclosure can still be inside the seasoning window. Below the overlay line, programs tend to be more flexible.
Does Your Score Even Matter If Deposits Carry the Income?
Yes, because income and credit answer different questions. Deposits show you can repay. The score shows how you have handled debt before. A lender that approves your income can still limit your leverage because of credit.
Two asset-based paths change the income side only. An asset allowance divides liquid assets by 36, 60 or 84 months to create qualifying income. It is available on primary and second homes, with an 80% maximum. An assets-only file needs no DTI calculation when U.S. liquid assets equal the loan amount plus closing costs plus sixty months of any net loss on other residential property. Credit still applies on both paths.
Retirement accounts count at 70% of value, or 80% at age 59½ and older. Business funds, gifts, cryptocurrency and unvested stock do not count.
A Worked Example: Two Borrowers, One House
Picture a self-employed attorney refinancing a primary residence with a requested loan amount in the $2,000,000 to $2,500,000 band. The cash-out ladder for that band allows up to 70% LTV with a 720+ score tier. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
If the attorney scores 740, the file fits the tier. The leverage question becomes how much cash-out is needed and whether it clears the proceeds cap above 60% LTV. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Now say a second borrower has the same house and the same deposits but a 700 score. That score meets the tier for a $1,000,000 to $1,500,000 loan, but not for this one. The file does not sit in the 70% cell. Leverage comes down, or the deal works to a program with a different credit tier. Underwriting decides how far.
Same home, same income and a 40-point score gap. The only thing that changed was how much equity the borrower could reach.
Where the General Rule Breaks
A smaller file clears, a larger one does not. The same 700 score works at one size and fails at the next. Scores tier up with loan size, so always check the band your loan lands in.
A low score narrows the field sharply. The portfolio non-QM program has a 660 floor. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. Few programs at this size accept weak credit, and those that do cut leverage hard.
Occupancy changes the tier. A rental, a vacation home and your primary residence get different ceilings at the same size. Never read a primary-residence figure as applying to an investment property.
Different programs, different floors. Two programs can quote different score requirements for the same file. That is the main reason to compare programs instead of asking one lender.
Rental property can use a different path. Investor loans for rental property are business-purpose, which means they are reviewed differently from an owner-occupied mortgage. A DSCR cash-out refinance qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. That moves the focus from your deposits to the property. Lendmire’s complete DSCR loans guide walks through it.
Is There a Federal Minimum Score?
No federal rule sets a minimum credit score. The CFPB’s Regulation Z interpretation says lenders must consider credit history. It does not require a consolidated score or prescribe a floor. The federal regulation text lists credit history as one of the factors a lender weighs when judging repayment ability.
So the floors you see come from lender and investor guidelines, not law. That is why they differ from program to program.
Is Non-QM Subprime?
No. Scotsman Guide reports that the average non-QM borrower in the latest full-year data had a 776 FICO score. Borrowers with weaker scores perform differently, which is why lenders tighten rules on them. Dv01 data covered by Scotsman Guide shows impairment of about 22% below 660 and under 5% at 741 and above. The network’s own tiers follow the same logic. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
How to Strengthen Your Score Before You Apply
1. Pull your own reports and dispute errors before a lender sees them.
2. Pay down revolving balances, since high utilization drags a score down.
3. Keep old accounts open. Age of credit helps.
4. Ask your broker about a rapid rescore once balances are paid. It updates the bureaus after changes.
5. Confirm the middle score, not just your best one.
6. Gather 12 or 24 consecutive statements and identify any large transfers.
Common Mistakes
- Opening new credit. A new card or car loan adds a hard inquiry and a new balance. A cash-out application also triggers a hard inquiry that can lower your score temporarily.
- Paying off and closing cards just before applying. Closing cards can shrink your available credit and push utilization up.
- Assuming a high score unlocks maximum cash-out. Size, occupancy and the proceeds cap still apply.
- Counting cash-out as reserves. Above the overlay line, it does not count.
- Ignoring a housing late. One recent mortgage late can matter more than 30 points of score.
- Mixing personal and business deposits carelessly. Lenders strip out transfers they cannot identify. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Key Terms Defined
Super jumbo: A loan large enough to sit above standard jumbo limits. No regulation defines it, so each program draws its own line.
Qualifying score: The single score a lender uses for your file, usually the middle of three bureau scores.
Seasoning: The waiting period after a credit event before a program treats you as recovered.
Reserves: Liquid funds you keep after closing to cover payments if income dips.
Housing history: Your record of mortgage or rent payments. Programs often want no 30-day lates in the last 24 months.
Cash-out refinance: A new, larger mortgage that pays off the old one and gives you the difference in cash.
Frequently Asked Questions
What credit score do I need for a super jumbo bank statement cash-out refinance?
The floor is 660 on the portfolio non-QM program and 680 on the bank portfolio program. Above the super jumbo line it is 700. The tier for top leverage is higher: 720+ from $1,500,000 to $3,500,000 on a primary residence, then 760+ to $4,000,000. All figures come through select wholesale programs, subject to full underwriting.
Which score does the lender use if I have three?
Most files use the middle of the three bureau scores. With two borrowers, the lower qualifying score typically drives the leverage tier. Check your middle score before you apply, not your best one.
Can strong deposits make up for a lower score?
Deposits establish income, but they do not raise your score tier. A lower score usually means less leverage at the same loan size. Strong assets or a lower loan amount can help, but each file is underwritten individually.
Do cash-out proceeds count toward my reserves?
Not above the overlay line, which is $3,500,000 on a primary residence and $3,000,000 on a second home or investment property. Reserves must come from other liquid funds. Retirement accounts count at 70%, or 80% at age 59½ and older.
Does a recent bankruptcy or foreclosure rule me out?
Above the overlay line, a credit event needs 48 months of seasoning. Below it, treatment varies by program. The wait is often the deciding factor, so a rebuilt score alone may not be enough.
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. Tax treatment can depend on how the funds are used and how the property is held; investors should keep clear records and speak with a qualified tax professional before relying on any deduction. Consumer mortgage lending is licensed in AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA, and every program described here is through select wholesale programs, subject to full underwriting and not a commitment to lend.
A deeper walk-through of investment-property equity extraction lives in Lendmire’s guide to cash-out refinance on an investment property.
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 40 states plus Washington, D.C. — 41 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. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB Regulation Z, section 1026.43 (official interpretation)
3. Scotsman Guide, “Which groups are driving non-QM lending?”
4. Scotsman Guide, Warnings flash in the low-doc, low credit score, high LTV corner of non-QM lending
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 to Cash-Out Refinance a Super Jumbo Home on Bank Statements · Super Jumbo Bank Statement Cash-Out Refinance for Business Owners · Super Jumbo Cash-Out Refinance Documentation Using Bank Statements
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.