The Quick Read: It depends on loan size, occupancy and credit, but through select wholesale programs a primary-residence purchase typically needs about 10% down up to $1,000,000 and 15% to 25% down as the loan grows toward $4,000,000. Second homes and investment properties typically need more equity than a primary residence, by a margin that changes with loan size, subject to full underwriting. Above $4,000,000, every file is reviewed case by case before submission. Down payment is only one piece of the cash you bring, because reserves and closing costs sit on top of it.
- Size drives the number. The bigger the loan, the lower the maximum leverage, so the required down payment rises in steps.
- Occupancy adds equity. Second homes and investment properties typically run lower in leverage than a primary residence. The gap is zero in some bands and as wide as 10 to 15 points in others.
- Credit sets the tier. The best leverage cells call for credit scores of roughly 680 to 760, depending on size and occupancy.
- Reserves are separate. Reserves are cash left after closing, and they do not count as your down payment.
- No federal rule sets a minimum. Each program’s own guidelines set the figure, and every file is underwritten individually.
Key Terms Defined
Jumbo loan: a mortgage larger than the conforming loan limit set by the Federal Housing Finance Agency, which is why it falls outside standard agency loan programs. The 2026 baseline limit for a one-unit property is $832,750, and $1,249,125 in high-cost areas, per Orrick’s summary of the FHFA announcement. The ceiling is 150% of the baseline, and limits vary by county and unit count, per CalculatedRisk’s report quoting FHFA.
Bank statement loan: a mortgage that is reviewed around deposits in your personal or business bank statements instead of traditional personal-income documentation.
LTV (loan-to-value): the loan amount divided by the property’s value. A 90% LTV means a 10% down payment. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Reserves: liquid cash you still hold after closing, counted in months of the full housing payment.
PITIA: principal, interest, taxes, insurance and association dues, which together make up the full monthly housing payment.
Expense ratio: the share of your deposits the lender subtracts as business costs before it counts the rest as income.
Non-QM: a loan that does not follow the standard qualified-mortgage documentation rules, often because income is documented in another way.
What Is a Jumbo Bank Statement Mortgage?
It is a large loan for a borrower whose traditional personal-income documentation understates real income. Think founders, physicians, attorneys, entertainers, athletes and investors with heavy write-offs.
Because these borrowers’ documented income often understates what they actually earn, each program sets its own equity rules.
Across the wholesale network Lendmire works through, loan amounts run from $300,000 to $30,000,000 on two program types. A portfolio non-QM program carries files up to $6,000,000. A bank portfolio program carries twelve-month-statement files up to $30,000,000 on its own, tighter ladder. Neither is one flat “up to” number, and the larger the loan, the more review it gets.
You qualify through deposits, assets or, for an investor, the property’s cash flow. Income comes from 12 or 24 months of personal or business statements. That path decides your income, and the size and occupancy ladder below decides your down payment. Lendmire’s complete DSCR loans guide covers the property-cash-flow path in depth.
What Are the Down Payment Requirements for a Jumbo Bank Statement Mortgage?
The requirement is the leverage ladder turned upside down. A 90% maximum LTV means 10% down, and an 85% maximum means 15% down. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Here are the typical purchase ceilings by loan amount and occupancy, through select wholesale programs and subject to full underwriting:
| Loan amount | Primary residence | Second home | Investment property |
|---|---|---|---|
| $300K–$1M | 90% LTV | 85% LTV | 85% LTV |
| $1M–$2M | 85% LTV | 80% LTV | 80% LTV |
| $2M–$2.5M | 80% LTV | 80% LTV | 80% LTV |
| $2.5M–$3M | 80% LTV | 75% LTV | 75% LTV |
| $3M–$4M | 75% LTV | 65% LTV | 60% LTV |
| $4M–$6M | 65% to 60%, on review | 65% to 55%, on review | 65% to 55%, on review |
Read each cell as a ceiling for a purchase. Your actual leverage can land lower after underwriting. Above $4,000,000, every figure is reviewed case by case before submission, and nothing there is a flat “up to” promise.
Beyond $6,000,000, the bank program stands alone. On a primary-residence purchase, its ladder runs 60% to $10,000,000 and 55% to $30,000,000, again on review. Second homes and investment properties sit five points lower in those bands, at 55% and 50%.
No primary-residence loan above $1,000,000 reaches 90%. If a borrower tells you otherwise, ask which loan size they mean.
Credit tiers shift these cells too. The $300,000 to $1,000,000 primary cell wants a 680 score, while the $3,500,000 to $4,000,000 cell wants 760. A lower score generally drops you to a lower-leverage cell in the same band.
What Moves Your Down Payment Up or Down?
Six factors decide the number. They interact, and the final down payment is whatever satisfies all of them at once. Here they are, roughly in order of influence:
1. Loan amount. Size is the biggest lever. Maximum LTV steps down at $1,000,000, $2,000,000, $3,000,000 and again past $4,000,000.
2. Occupancy. A rental has no owner living in it, so a second home or investment property typically needs more equity than a primary residence. The table shows the gap: 5 points in the smallest band, none from $2,000,000 to $2,500,000, and 10 to 15 points from $3,000,000 to $4,000,000.
3. Credit tier. A higher score can unlock a higher-leverage cell. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
4. Transaction type. Cash-out ceilings run lower than purchase ceilings. On a primary residence, cash-out tops out at 80% in the smallest bands and falls from there.
5. Property type. Warrantable condos reach 85%, non-warrantable condos 80%, and two- to four-unit properties 85%. Rural property is capped at 80% on ten acres or less, and rural loans stop at $3,000,000 for every occupancy. All of those still sit under the size ladder.
6. Documented income and reserves. Debt-to-income can run to 50%. Thin reserves or a high ratio can push you toward a stronger tier.
Texas home-equity loans under Section 50(a)(6) take a five-point LTV reduction and stop at $3,000,000 on the portfolio program. That is a niche case, but it shows how property and state details can move the number.
Why Does an Investment Property Need More Down?
Because the lender is pricing a rental’s vacancy and payment-shock risk, and no owner lives there to protect the asset. How much more equity it asks for depends on the size band, and the table above shows each step.
Above $3,000,000 on a second home or investment property, and above $3,500,000 on a primary residence, extra overlays apply. These include a 700 credit floor, a 0x30x24 housing history, 48 months of seasoning after any credit event, U.S. citizens and permanent residents only, no non-occupant co-borrowers and a ten-acre maximum. Cash-out proceeds also cannot be used to satisfy reserves at those sizes.
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. The federal ability-to-repay framework, described in the CFPB’s ATR/QM Small Entity Compliance Guide, asks lenders to verify the information they rely on, but it sets no down payment figures. That is why leverage comes from program guidelines and not from regulation.
A DSCR loan is reviewed for a property primarily on property-level rental income covering the payment, subject to lender guidelines.
How Much Total Cash Do You Need at Closing?
Plan for three buckets: the down payment, closing costs and reserves. Investors who budget only for the first are the ones who get surprised.
Three modeled scenarios show the shape. They use percentages and months, not dollar totals, because costs vary by file. Every figure below is a ceiling through select wholesale programs, subject to full underwriting.
Scenario one: a primary-residence purchase with a loan in the $1,000,000 to $1,500,000 band. The ceiling is 85% LTV, so you put down at least 15%. Credit of 700 or higher is typical for that cell. Reserves run six months of PITIA. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Scenario two: an investment-property purchase with a loan in the $2,500,000 to $3,000,000 band. The ceiling is 75% LTV, so the down payment is at least 25%. Credit of 720 or higher is typical there. Reserves run nine months, plus two months for each additional financed property, up to a 12-month maximum. First-time investors are asked for 12 months. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Scenario three: a second-home purchase with a loan in the $3,000,000 to $3,500,000 band. The ceiling is 65% LTV, so the down payment is at least 35%. That cell wants credit of 760 or higher, and the super-jumbo overlays apply. Cash-out proceeds from another property cannot be used to satisfy reserves. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Reserves are measured after closing. The lender wants to see the down payment and closing costs covered, and then the reserve months still sitting in your accounts. Reserve rules by size are 3 months to $500,000, 6 months to $1,500,000 and 9 months above.
Where Can the Down Payment Come From?
The money normally has to be traceable and seasoned. Lenders review your asset statements to see where the funds sat and where they came from.
Large or unexplained deposits get documented or excluded. A lender cannot count a deposit it cannot identify. Gift funds are often restricted on investment purchases, and retirement or brokerage balances are often counted at a haircut, meaning only a percentage of the balance counts.
Here is the trap worth knowing. Pulling the down payment from the same business account that supports your income can shrink the balances and deposit history the lender is reading. Transfers from your own business into your personal account count at 100% of the deposit. That makes a clean paper trail worth building, but a large one-time draw can still draw questions about the business’s cash position.
For asset-based qualification specifically, retirement accounts count at 70% (80% from age 59.5), and business funds, gifts, most trusts, unvested stock and cryptocurrency never count. That rule applies to the asset path, not necessarily the down payment, so ask which rule applies to your file.
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.
How Does Bank Statement Income Interact With Your Down Payment?
A larger down payment does not change how your income is calculated. It lowers the loan, which lowers the housing payment your income has to cover. That helps when your debt-to-income ratio, which can run to 50%, is the tight spot.
Your income is eligible deposits divided by the number of statement months, after an expense ratio. Fixed ratios vary with the type and size of the business, with a lower ratio for a service business with no employees and higher ratios as headcount grows or when the business sells products. A lender may also accept an accountant-provided ratio, or a profit-and-loss method capped at 80%. Business statements require at least 25% ownership, and statements must be consecutive.
That sets up a real trade-off. A higher expense ratio lowers qualifying income. Putting more down shrinks the payment side of the same equation. If your ratio is the problem, equity may be the cleaner fix than waiting a year.
Some borrowers skip deposits altogether. An asset allowance divides liquid assets by 36, 60 or 84 months. An assets-only path needs U.S. liquid assets equal to the loan plus closing costs, with no debt-to-income test. Both apply to primary and second homes.
Which Borrower Type Are You?
The down payment comes from size, occupancy and credit, not from your job title. Your profile mostly decides the path used to document income.
| Borrower | Typical path | What sets the down payment |
|---|---|---|
| Founder with heavy write-offs | 12 or 24 months, business statements | Loan size and credit tier |
| 1099 professional | Personal statements, expense ratio | Loan size and occupancy |
| Business owner moving cash personally | Transfers counted at 100% | Loan size and reserves |
| Asset-rich borrower | Asset allowance or assets-only | Occupancy and liquidity |
| Rental investor | Bank statements, or rent-based DSCR | Occupancy and property type |
What Changes Mid-Process?
The number you hear at the start is a ceiling, not a final answer. Four things commonly move it:
- A lower appraisal, since leverage is based on value.
- A re-tiered credit score or housing history.
- A different expense ratio after the income analysis.
- A property-type issue, such as a non-warrantable condo or rural acreage.
A short appraisal means you either bring more cash or the loan shrinks. Check your cell on the ladder against the lowest credible value, not just the contract price.
Should You Put More Down Than the Minimum?
Sometimes, and this one is a real judgment call. More equity can lower the payment, help debt-to-income and move you toward a stronger tier. It can also drain liquidity you may need for reserves.
A thinner reserve cushion is harder on a rental than on a home you live in. A vacancy month is a payment you still make. Many investors keep the minimum down and hold the rest as reserves. Others put more down to reach a safer coverage level. Both are defensible if the reserves still clear the program’s months.
Can a Second Lien Cut the Cash Down?
Split-financing structures, where a first and second lien combine, are common in full-documentation jumbo lending. On bank statement files, availability is program-specific, so do not plan a purchase around one until a lender confirms it in writing. Second liens also add their own qualification steps.
For very large loans, the more reliable lever is the program ladder itself.
Agency conforming guidelines do not govern these files, so a conventional down payment figure tells you nothing about a non-QM jumbo.
Pre-Application Checklist
Gather these before you ask for a quote:
- 12 or 24 consecutive months of personal or business statements
- Your ownership percentage in any business whose statements you will use
- Two to three months of asset statements showing the down payment
- A written explanation for any large deposit
- Your current credit scores and housing history
- The target loan size, occupancy and property type
- A count of any other financed properties, since each adds reserve months
Frequently Asked Questions
Is 20% down enough on a jumbo bank statement loan?
For a primary-residence purchase, 20% down fits loans up to $3,000,000 on the ladder. Above $3,000,000, a primary residence needs about 25%, and a loan above $4,000,000 is reviewed case by case. For an investment property, 20% fits up to $2,500,000, and larger loans need more. All of this is through select wholesale programs, subject to full underwriting. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Does an investment property need more down than a primary residence?
Usually, though the gap changes with loan size. Through select wholesale programs, the gap varies by size band: the smallest band asks for more down, the $2,000,000 to $2,500,000 band asks for no more, and the $3,000,000 to $4,000,000 bands ask for substantially more. Check your own size band in the table above.
Can gift funds or business funds cover the down payment?
It depends on the program. Gifts are often restricted on investment purchases, and business funds raise questions about the account supporting your income. On the asset-qualification paths, gifts and business funds never count. Confirm the rule for your file before you move any money.
Do reserves count toward my down payment?
No. Reserves are cash left after closing, measured in months of the full housing payment, and they are separate from the down payment. They run 3 months to $500,000, 6 months to $1,500,000 and 9 months above, with added months for each additional financed property.
Will a bigger down payment help me qualify?
Often, because a smaller loan lowers the payment your income has to cover. It cannot fix a missed credit floor. Credit tier and loan size decide which leverage cell you are in.
Next Step
Consumer mortgage lending, which covers primary-residence and second-home loans, is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Availability elsewhere depends on the loan purpose and program.
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 broker, not a lender, 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 (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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References
1. Orrick, FHFA 2026 conforming limits
2. CalculatedRisk (quoting FHFA)
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 to Qualify for a Super Jumbo Bank Statement Loan in Montana · How a High Net Worth Bank Statement Mortgage Works in Florida · Is a Super Jumbo Bank Statement Loan Available in California?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.