The Quick Read: It depends on three things, loan size, how the property will be used and your credit score, but through select wholesale programs the minimum down payment on a primary-residence purchase is lowest at the smaller loan sizes and rises steadily on large balances, which are reviewed case by case, and wealth alone does not shift that range. The down payment is simply the purchase price minus the maximum loan-to-value (LTV, the loan as a share of the property’s value) that the program allows. Net worth helps with reserves and compensating factors. It does not raise the LTV cap. Every figure here is a ceiling subject to full underwriting and is not a commitment to lend.
- A primary-residence purchase up to $1,000,000 can reach 90% LTV, so the minimum is typically 10% down, with a 680 credit score or higher.
- Second homes and investment property run about five points lower in leverage at most sizes, so expect roughly 15% to 20% down on mid-size loans.
- Leverage steps down as the loan grows, and everything above $4,000,000 is reviewed case by case before submission.
- Reserves and closing costs come on top of the down payment, and on asset-based paths the cash you use is removed from the pool that qualifies you.
Is a “High Net Worth Bank Statement Loan” Really One Product?
Not quite. The phrase blends two qualification methods, and the down payment question works differently for each.
A bank statement loan is reviewed around deposits. The lender reads 12 or 24 months of consecutive personal or business statements, applies an expense ratio to business deposits, and arrives at qualifying income. It suits founders, physicians, attorneys, entertainers, athletes and investors whose traditional personal-income documentation shows far less than they actually earn.
An asset-based loan is reviewed around wealth. The lender takes your eligible liquid assets and divides them over a set number of months to produce income on paper. It suits a borrower with large holdings and little or uneven monthly income.
Many high-net-worth files use one path or the other, and a few use a mix. Across the wholesale network Lendmire works with, the documentation path changes how your income is proven. It does not set the minimum equity. The LTV ladder for the property does that.
How Down Payment Requirements Work on a High Net Worth Bank Statement Loan
Programs do not publish a down payment. They publish a maximum LTV, and your equity is whatever remains. A 90% LTV ceiling means 10% down. A 65% ceiling means 35% down. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Five things move that ceiling.
- Loan size. Leverage steps down as the balance rises.
- Occupancy. A primary residence gets the most leverage, and second homes and investment property get less.
- Transaction type. A purchase and a rate-and-term refinance usually carry higher ceilings than a cash-out.
- Credit score. Each leverage tier carries a minimum score, and a lower score drops you to a lower tier.
- Property type. Warrantable condos, non-warrantable condos, condotels, rural land and 2-4 unit buildings each carry their own limits.
Most programs in the network work this way, so the same file can show very different equity requirements depending on which of those five levers you pull.
The Leverage Ladder, Size by Size
Larger balances need more equity. The table shows purchase ceilings by loan size and use, through select wholesale programs and subject to full underwriting.
| Loan size | Primary residence | Second home | Investment property |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 85% |
| $1M–$2M | 85% | 80% | 80% |
| $2M–$2.5M | 80% | 80% | 80% |
| $2.5M–$3M | 80% | 75% | 75% |
| $3M–$3.5M | 75% | 65% | 60% |
| $3.5M–$4M | 75% | 65% | 60% |
| $4M–$5M (on review) | 65% | 65% | 65% |
Read the table as a purchase ceiling, so subtract from 100 to get the minimum equity. On a primary-residence purchase between $1,000,000 and $2,000,000, the ceiling is 85% LTV, which means 15% down. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Between $3,500,000 and $4,000,000, a primary-residence purchase tops out at 75% LTV, while a second-home purchase sits at 65% and an investment-property purchase at 60%. Those upper bands also come with a 760 credit tier for the top primary-residence leverage. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Credit tiers matter at every step. On a primary residence, the top leverage typically requires a 680 score or higher up to $1,000,000, 700 or higher to $1,500,000, 720 or higher from there to $3,500,000, and 760 or higher between $3,500,000 and $4,000,000. The portfolio non-QM program, which carries bank statement files to $6,000,000, sets a 660 floor. Above the super-jumbo line, which sits at $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, the floor rises to 700. Drop below a tier and the ceiling steps down, and the size of the step depends on the lender’s matrix.
What Happens Above $4,000,000?
Every file above $4,000,000 is reviewed case by case before it is submitted, so treat any leverage figure at that size as a starting point for discussion, not a quote.
The bank portfolio program takes over the top of the market. Its ladder begins above $4,000,000 and overlaps the portfolio non-QM program up to $6,000,000. Above $6,000,000, it stands alone. On a primary-residence purchase, it runs 65% LTV to $5,000,000, 60% to $10,000,000 and 55% to $30,000,000, each on case-by-case review. Second homes and investment property take their own ladders, and each band’s figure comes from that occupancy’s own ladder, so the $4M–$5M row in the table above is a starting point for review, not a quote. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
The practical effect is large. A buyer at the top of the range typically brings 35% to 45% or more in equity, and sometimes more on second homes and investment property. That is a real consideration for a borrower who also wants to keep cash invested elsewhere.
The super-jumbo overlays also tighten. Above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, programs typically want a 700 credit floor, a clean 0x30x24 housing history, and 48 months of seasoning after any credit event. They also require U.S. citizens or permanent residents, no non-occupant co-borrowers, no rural property and a ten-acre maximum. Cash-out proceeds cannot be used to satisfy reserves.
Primary, Second Home, Investment: Why Use Changes the Number
Use is the lever investors feel most. A second home or an investment property carries less leverage than a primary residence at most sizes, often about five points. That is why a purchase that needs 10% down as an owner-occupied home can need 15% or more as a rental. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Investment property here means a business-purpose purchase. 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. A bank statement loan on a rental is still reviewed against deposits rather than the rent, which is the main difference from a DSCR file.
A few property rules matter for equity as well.
- Warrantable condos can reach 85% LTV and non-warrantable condos 80%.
- Condotels reach 75% on a purchase and 65% on a cash-out (50% on the bank program).
- Multi-unit property of 2-4 units can reach 85%, and second homes are one unit only.
- Rural property reaches 80% on ten acres or less and never above $3,000,000. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
On a cash-out, expect a lower ceiling than on a purchase. A primary-residence cash-out up to $1,000,000 reaches 75% LTV, and a cash-out on an investment property up to $2,000,000 reaches 75%. Cash-out proceeds are unlimited at or below 60% LTV and are capped at $1,500,000 above 60% on the portfolio non-QM program. If you are weighing a refinance instead, the same ladder logic applies to your equity left in the property. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
What the Federal Rules Say (and Don’t)
On consumer-purpose files, meaning a primary residence or second home, the ability-to-repay requirement in Regulation Z, section 1026.43 says the lender must make a reasonable, documented judgment that you can repay. The CFPB’s compliance guide to the rule lists eight underwriting factors, and none of them is a minimum down payment.
That rule is also why statements are accepted. A bank statement program reviews your file on documented income under the applicable program, subject to lender guidelines. Equity requirements come from each program’s own risk matrix. For market context, Scotsman Guide reports that bank statement loans made up a notable share of non-QM volume in a recent monthly report from Optimal Blue.
How the Asset-Based Path Changes the Down Payment Math
On an asset-based file, your down payment competes with your qualifying income. The cash you put down, plus closing costs and reserves, comes out of your liquid assets before the lender runs the numbers.
Asset allowance divides liquid assets by 36 months (supplemental income, when debt-to-income before the asset income is at or below 60%), 60 months (supplemental, when that ratio is above 60%) or 84 months (standalone, or any loan above $3,500,000). The qualifying ratio with the asset income counted must still fit the 50% ceiling. It is limited to primary and second homes at an 80% maximum. Assets-only qualification needs no DTI. It requires U.S. liquid assets equal to the loan amount, closing costs and sixty months of any net loss on other residential property.
So a bigger down payment can shrink your imputed income. Picture a borrower putting 25% down on a purchase when the minimum is 15%. That extra cash leaves the pool, and the divisor stays the same. The two paths pull in opposite directions, so it pays to run both before choosing your equity. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Not every asset counts. Retirement accounts count at 70%, or 80% at age 59½ and older. Business funds, gifts, trusts other than a revocable living trust, unvested stock and cryptocurrency never count.
Cash You Need Beyond the Down Payment
The down payment is one of three cash needs. Reserves and closing costs are the other two.
Reserves on most files run 3 months to $500,000, 6 months to $1,500,000 and 9 months above that. Add 2 months for each additional financed property, to a 12-month maximum. First-time investors typically need 12 months.
Funds are sourced and seasoned. Lenders want statements showing where the cash came from, and large deposits need an explanation. Sale proceeds, business accounts and retirement funds each leave a different paper trail, so gather the history before you submit. If you borrow against another property to raise the cash, that new obligation typically enters your DTI, which these programs cap at 50%.
One practitioner pattern shows up often with high-net-worth files. The down payment is fine, and the file stalls on reserves or on a business account that was never documented as a transfer. Transfers from your own business into a personal account count at 100%, but statements must be consecutive and a transaction history never substitutes for them.
How Much Should You Put Down?
The minimum is rarely the best number, and it is rarely the worst. The decision is a trade between liquidity and flexibility.
Putting down more can improve how a program views the file, depending on the program and your profile, and it keeps the loan inside a more forgiving leverage band. The reverse is true as well. Cash locked in one property is cash you cannot deploy into the next, so for an investor scaling a portfolio, a lower down payment often wins even when the structure costs a little more.
Interest-only structures change the picture on purchase and rate-and-term files. The portfolio non-QM program offers interest-only up to 85% LTV with a 700 credit floor, and the bank program offers it up to 60%. Those are structure ceilings, not cash-out ceilings. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Honestly, this is a genuine toss-up for many borrowers. If your deposits are strong and your cash is plentiful, a larger down payment buys cushion. If your cash is working elsewhere, the lower-equity structure keeps it there, and the extra reserves you must hold are the price.
When property cash flow is the stronger story, a DSCR loan may fit better because it is reviewed on the rental income covering the payment instead of your deposits. Some select lenders in the network also review sub-1.00 coverage, but LTV and terms adjust when they do. The complete DSCR loans guide explains how that path compares.
Mistakes That Stall a High-Balance File
Most delays trace back to a short list of avoidable errors.
- Assuming wealth lowers the down payment. The ladder sets it, and wealth only helps reserves and compensating factors.
- Sizing the loan without checking the credit tier, then discovering the top leverage needed a higher score.
- Leaving out reserves, which grow with loan size and with each additional financed property.
- Counting assets that do not count, such as business funds, gifts, unvested stock or cryptocurrency.
- Moving large sums between accounts without a paper trail.
- Treating a number above $4,000,000 as a quote when it is a case-by-case review.
Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
Key Terms Defined
LTV (loan-to-value): The loan amount divided by the property’s value. A 90% LTV means 10% down. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Bank statement loan: A mortgage that is reviewed around 12 or 24 months of deposits instead of traditional personal-income documentation.
Expense ratio: The share of business deposits the lender treats as costs, leaving the rest as qualifying income.
Asset allowance: A method that divides eligible liquid assets over 36, 60 or 84 months to produce qualifying income.
Reserves: Liquid funds you must keep after closing, counted in months of the full housing payment.
Seasoning: The length of time funds have been in your account, which shows they are yours and not borrowed.
Super-jumbo: Loan sizes above $3,500,000 on a primary residence or $3,000,000 on a second home or investment property, where overlays tighten.
Frequently Asked Questions
Can I put 10% down on a high-balance bank statement loan?
Only at the low end of the size range. Through select wholesale programs, a primary-residence purchase up to $1,000,000 can reach 90% LTV with a 680 credit score or higher. Above $1,000,000, the ceiling steps down, and no loan above $1,000,000 reaches 90%. Second homes and investment property do not reach it at any size.
Does a high net worth lower my down payment?
Not by itself. The leverage ladder sets the minimum equity based on loan size, use and credit. Wealth supports your reserves, your DTI and compensating factors, and on an asset-based path it can be the income source. It does not raise the LTV cap.
How much down for an investment property on a bank statement loan?
Typically 15% to 20% on mid-size loans. An investment-property purchase reaches 85% LTV up to $1,000,000, 80% from $1,000,000 to $2,500,000, and 75% to $3,000,000. Between $3,000,000 and $4,000,000 it drops to 60%. Above $4,000,000 every file is reviewed case by case.
Can gift funds or retirement accounts cover the down payment?
It depends on the program. Gifts never count toward asset-based qualification, and retirement accounts count at 70%, or 80% at 59½ and older. For the down payment itself, lenders want sourced and seasoned funds, so ask before you move money.
Is a bank statement loan the same as a DSCR loan?
No. A bank statement loan is reviewed against deposits, while a DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Equity requirements vary by program and loan size, so the two can land in different places on the same property.
See How the Numbers Work on Your Deal
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. Lendmire is a mortgage broker that shops multiple wholesale programs, and its consumer mortgage lending is licensed in AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Reach the team at 828-256-2183. Programs change, every file is underwritten individually, and 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 is a non-QM mortgage brokerage (NMLS# 2371349) arranging DSCR investor loans in 41 markets, including Washington, D.C., through wholesale and investor-lending channels. DSCR loans are evaluated by the lender on rental income rather than personal income, subject to lender guidelines — a fit for LLC-owned portfolios, self-employed investors, and operators scaling beyond conventional loan caps. Recognized as a Scotsman Guide Top Mortgage Workplace in 2025 and 2026.
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References
1. CFPB ATR/QM Small Entity Compliance Guide (2013)
2. Scotsman Guide, “Non-QM momentum cools in January…”
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: Can You Buy a Condotel Below 20% Down on a Bank Statement Loan? · How Much Down Payment Does an Interest-Only Super Jumbo Bank Statement Loan Need? · How Much Can You Borrow With a Super Jumbo Bank Statement Loan?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.