The Quick Read: The down payment is the inverse of the maximum loan-to-value ratio, and that ceiling drops as the loan gets larger. Through select wholesale programs, subject to full underwriting, a primary-residence purchase can run as high as 90% LTV (10% down) up to $1,000,000, then steps down to 85%, 80% and 75% as the balance climbs. Second homes and investment property generally run lower than the primary-residence figure, and the size of that gap varies by band. Above $4,000,000, every figure is reviewed case by case before submission.
- Primary-residence purchase: 90% LTV to $1,000,000, 85% to $2,000,000, 80% to $3,000,000.
- Second homes and investment property: generally lower than the primary-residence figure, with a gap that is not flat and can narrow or disappear in some bands.
- Above $4,000,000: leverage is reviewed case by case, and the ladder varies by scenario.
- Reserves of 3, 6 or 9 months sit on top of the down payment and are a separate requirement.
- Qualification runs on deposits, assets or a P&L instead of traditional personal-income documentation, subject to lender guidelines. Not a commitment to lend.
What Sets the Down Payment on a Super Jumbo Loan?
No agency sets a down payment for this loan type. The lender’s guideline matrix does, and it ties a maximum LTV to loan size, occupancy, transaction type and credit score. Down payment is simply the purchase price (or appraised value, if lower) minus the maximum loan.
“Jumbo” is a size label. FHFA’s baseline conforming limit for a one-unit property is $832,750, and the high-cost ceiling is $1,249,125, as Orrick’s bulletin on the FHFA limits reports. Loans above the applicable limit are jumbo. “Super jumbo” has no regulatory definition. Each program draws its own line. In the wholesale network Lendmire works with, the super-jumbo overlays begin above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
Why does the cushion grow with size? Jumbo and non-QM loans sit outside agency purchase eligibility, so the investor holding the loan carries the risk. A bigger balance is a thinner pool of buyers if the property has to be sold. Lower leverage is how the program prices that in.
How Does the Down Payment Step Up by Loan Size?
On a purchase, maximum LTV steps down in bands as the balance rises. Through select wholesale programs, subject to full underwriting, the ladder looks like this. It is a lookup, not a promise.
| Loan band | Primary purchase | Second home purchase | Investment purchase |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 85% |
| $1M–$1.5M | 85% | 80% | 80% |
| $1.5M–$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% |
Read the table as ceilings. The score each band’s top leverage needs is not a program floor. A borrower at 90% needs a 680 credit score on a primary residence in the lowest band. At $1,500,000 and up the file typically wants 720. On a primary purchase from $3,500,000 to $4,000,000, the ladder asks for 760. A lower score takes a lower cell in the same band.
The gap between primary and non-primary is not a flat number. It is zero in the $2,000,000 to $2,500,000 band and ten points or more in the $3,000,000 to $4,000,000 range, where investment property steps down harder than a second home. Check the cell, not a rule of thumb.
The rows above come from a portfolio non-QM bank-statement program, which carries files to $6,000,000. A separate bank portfolio program takes over above $4,000,000 and carries twelve-month-statement files to $30,000,000 on its own ladder.
What Changes Above $4,000,000?
Everything is reviewed case by case before submission. Treat any figure here as a ceiling on review, never a flat “up to.”
On a primary residence, the bank portfolio program’s ladder is 65% on a purchase from $4,000,000 to $5,000,000, 60% from $5,000,000 to $10,000,000 and 55% from $10,000,000 to $30,000,000, all on review. Second homes and investment property run lower: on review, a purchase between $5,000,000 and $10,000,000 is 55% and a purchase from $10,000,000 to $30,000,000 is 50%.
The practical read: at $6,000,000 on a primary purchase, the borrower should plan on roughly 40% of the price in equity, not 10%. At that size the down payment is a capital-planning question, not a rounding error.
Purchase, Rate-Term or Cash-Out: Which Number Applies?
Cash-out always carries a lower ceiling than a purchase or rate-term refinance. On a primary residence up to $1,500,000, cash-out tops out at 80%. At $2,000,000 to $3,000,000 it runs 70%, and it drops to 65% by $3,000,000 to $4,000,000. On an investment property, cash-out is typically 75% through $2,000,000 and steps down from there.
On the portfolio program, cash-out proceeds are unlimited at or below 60% LTV and capped at $1,500,000 in hand above 60%. Cash-out proceeds cannot satisfy reserves on files above the super-jumbo line. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
One more trap: the interest-only structure. It can reach 85% LTV with a 700 score on the portfolio program for purchase and rate-term files. That figure caps the interest-only structure. It never lifts a cash-out ceiling. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Does the Income Path Change the Down Payment?
Bank statement files use 12 or 24 consecutive months of personal or business statements. Qualifying income is eligible deposits divided by the statement months, after an expense ratio. Fixed ratios depend on the business type and staffing, with a lower ratio for a service business with no employees and higher ratios as headcount grows or for any product business. An accountant-provided ratio or a P&L capped at 80% are alternatives. Business statements need at least 25% ownership. Transfers from the borrower’s own business into a personal account count at 100%.
The asset paths work differently. Asset allowance divides liquid assets by 36, 60 or 84 months, on primary and second homes only, at up to 80% LTV. Assets-only qualifies with no DTI when U.S. liquid assets equal the loan plus closing costs. Retirement accounts count at 70%, or 80% at age 59.5 and up. Business funds, gifts and crypto never count toward that asset test. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
That matters for the down payment too. Files that lean on assets need the liquidity to cover the down payment and the asset test at the same time.
What Counts as an Acceptable Source of Funds?
Personal liquid funds that are documented and seasoned are the safe answer. Statements show the balance and its history. Large unexplained deposits get questions.
Business funds are the sticking point. Paying a down payment out of a business account can reduce the deposits that feed the income calculation, and a program may not accept them for the asset test at all. Gifts do not count toward asset qualification. If the down payment comes from a business account, raise it before the file goes in and have the underwriter confirm treatment.
Down Payment, Reserves and Closing Costs Together
The down payment is only one of three cash needs. Reserves are separate: 3 months up to $500,000, 6 months up to $1,500,000 and 9 months above that, through select wholesale programs. Add 2 months per additional financed property, to a 12-month maximum. First-time investors typically need 12 months.
Run a combined number before you commit capital. Down payment, plus reserves in liquid funds, plus closing costs, equals the cash you need on hand.
A low appraisal can raise the cash due. The loan is sized on the lower of price or appraised value. If a $4,000,000 contract appraises light, the shortfall is yours.
Why Advertised Minimums Mislead
The 10% down figure is real, and it is narrow. It applies to a primary-residence purchase at or below $1,000,000, with a 680 score. Most super jumbo files never see that cell. Once the balance passes $3,500,000, the 700 credit floor, 0x30x24 housing history, 48-month seasoning on credit events, U.S. citizen or permanent resident status and no-rural-property overlays all apply as well. The exact numbers vary by program and follow a full review of property, leverage, and credit.
Bank Statement or DSCR for an Investor?
If the property is a rental, compare both. A bank statement loan is reviewed on the borrower’s deposits. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Through select lenders in the network, DSCR programs below 1.00 coverage are available, with LTV and terms adjusting.
Which one gives more leverage depends on the file. A borrower with strong deposits and a thin-yielding property often prefers the statements. A borrower with a high-yielding rental and messy income often prefers DSCR. Lendmire’s complete DSCR loans guide covers how coverage is calculated.
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.
How to Lower the Cash You Need
- Move from investment or second-home occupancy to a primary residence where that is the truth. Never misstate occupancy.
- Choose the program with the higher ceiling in your loan band. A 700 or 720 credit score unlocks the higher cells.
- Reduce the loan below a band line. A file just over $2,000,000 may sit at 80%, while the band below holds 85%.
- Keep cash-out at or under 60% LTV where possible to avoid the proceeds cap.
- Use the interest-only structure, where it applies, to ease carry. It does not reduce the down payment. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Key Terms Defined
Super jumbo: a loan above the point where a program applies extra overlays; no regulator defines it.
LTV (loan-to-value): the loan amount divided by the lesser of price or appraised value.
Bank statement loan: a loan that qualifies income from 12 or 24 months of deposits rather than traditional personal-income documentation.
Reserves: liquid funds, counted in months of payments, that remain after closing.
Asset allowance: a path that divides liquid assets by 36, 60 or 84 months to add qualifying income.
Pre-Application Checklist
1. Pull 12 or 24 consecutive months of statements for every account the file will use.
2. Identify the down payment source and its seasoning.
3. Confirm credit score against the band you are targeting.
4. Total reserves for this loan and each other financed property.
5. Decide occupancy and loan size before choosing a program.
Lenders must still make a reasonable, good-faith determination of repayment ability, as the CFPB’s ability-to-repay rule page explains. Bank statement loans are alternative documentation, not light documentation.
Frequently Asked Questions
Can I put 10% down on a super jumbo bank statement loan?
Only on a primary-residence purchase at or below $1,000,000, with a 680 score, through select wholesale programs. Above that size the ceiling falls to 85%, 80% and 75%. Above $4,000,000, leverage is reviewed case by case. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Does an investment property need more down than a primary home?
Yes, in most bands. The gap is zero in the $2,000,000 to $2,500,000 band and widens past $3,000,000, so read the exact cell for your loan size and transaction type.
Can business funds cover the down payment?
It depends on the program and on how the transfer affects the income calculation. Business funds never count toward the asset-qualification paths. Confirm treatment before submission.
Does the down payment count toward reserves?
No. Reserves are separate liquid funds held after closing. They run 3, 6 or 9 months by loan size, and cash-out proceeds cannot satisfy reserves on files above the super-jumbo line.
What is the difference between jumbo and super jumbo?
Jumbo means above the FHFA conforming limit. Super jumbo has no official line. In the wholesale network it begins above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property.
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 arranging financing through select lenders in its wholesale network, and consumer lending is licensed in 16 states. 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, 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 primarily on the property’s income rather than personal income documentation, subject to lender guidelines. 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. CFPB – Ability-to-Repay/Qualified Mortgage Rule
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: Does a Margin Loan Count as Debt on a Super Jumbo Bank Statement Loan? · How Much Asset Depletion Adds to a Super Jumbo Bank Statement Loan · How High a Credit Score Does a Super Jumbo Bank Statement Second-Home Loan Need?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.