The Quick Read: This is a non-QM mortgage that is reviewed against bank deposits, your liquid assets, or both, instead of your traditional personal-income documentation. Non-QM means a loan outside the standard agency mortgage box, underwritten to the lender’s own rules. “High net worth bank statement mortgage” is an informal label, not a formal product name. In practice it blends two documentation paths, and the lender still underwrites credit, debt, reserves, and the property in full.
- Deposits path: 12 or 24 months of personal or business statements, averaged after an expense ratio, through select wholesale programs, subject to full underwriting.
- Assets path: liquid assets are converted into monthly income, or the file is reviewed on assets alone.
- Loan sizes run from $300,000 to $30,000,000 across two wholesale programs, and every loan above $4,000,000 is reviewed case by case before submission.
- Leverage steps down as the loan grows, and it depends on whether the home is a primary residence, a second home, or an investment property.
- Mechanics are the same in every state. Michigan is one of 16 states where Lendmire’s consumer mortgage lending is licensed, but nothing in the underwriting changes at the state line.
What Does “High Net Worth” Mean in This Loan?
It means your finances look stronger than your tax return does. No program asks you to prove a net worth threshold. The file is reviewed on documented deposits or documented liquid assets, subject to lender guidelines.
The typical borrower is a founder, physician, attorney, entertainer, athlete, or investor. These borrowers often write off a large share of income, so adjusted income on the return looks thin. The bank account tells a different story. Deposits show what actually came in. Brokerage and savings statements show what you actually hold.
Lendmire is a mortgage broker, not a lender. It shops several wholesale programs to find where a file fits. Most programs in that network handle the same file differently, which is why shopping matters.
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 Does Underwriting Treat Your Bank Statements, Step by Step?
Underwriters turn deposits into income through a short, repeatable sequence. The result is only as good as the statements behind it. Here is the sequence on most files we place.
1. Pick the statement period. Most programs take 12 or 24 consecutive months of personal or business statements. The bank portfolio program uses 12. Transaction histories never substitute for statements.
2. Confirm ownership. Business statements need at least 25% ownership by the borrower.
3. Scrub the deposits. The underwriter removes transfers between your own accounts, refunds, gifts, loans, and one-time cash infusions. What remains is eligible deposits.
4. Apply the expense ratio. Business deposits are not profit, so a share is deducted for costs.
5. Average over the months. Eligible deposits after the ratio, divided by the statement months, give monthly qualifying income. Lumpy or falling deposits pull the average down.
6. Test debts and credit. Debt-to-income (DTI), which compares monthly debts to monthly income, can run to 50% on most files.
7. Check reserves and the property. Reserves are liquid funds left after closing. The appraisal and property type then decide the leverage cell.
One rule helps you in step 3. Transfers from your own business account into your personal account count in full, at 100%. That matters if you pay yourself from an operating company and the personal account is the cleaner record.
How Does the Expense Ratio Work?
The expense ratio is the share of business deposits the lender assumes went to costs. It decides how much of your cash flow counts as income. Across Lendmire’s wholesale network the standard options are fixed ratios of 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.
Two other options exist. You can supply an accountant-provided ratio. You can also use a profit-and-loss method, which is capped at 80%. A lower ratio produces more qualifying income, so a supported custom ratio can move a file. The underwriter checks it against what the statements and the line of business support. Treat no single ratio as typical.
Consider a 40% ratio. Qualifying income is 60% of eligible deposits, divided across the statement months. At 50%, the share drops to half. That gap is why the ratio deserves attention before you pick a program.
What If Your Wealth Sits in Assets Instead of Deposits?
The programs described here apply to primary and second homes, at a maximum of 80% leverage on the asset allowance. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Asset allowance turns liquid assets into monthly income. The divisor depends on the file:
- 36 months, as supplemental income, when your DTI before the asset income is at or below 60%.
- 60 months, as supplemental income, when that pre-asset DTI is above 60%.
- 84 months, when assets are the standalone income source or the loan is above $3,500,000.
The 60% test only picks the divisor. With the asset income counted, the qualifying ratio must still fit the 50% DTI ceiling.
Assets-only carries no DTI test. 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 you own.
Not every dollar counts. Retirement accounts count at 70%, or 80% at age 59.5 and older. Business funds, gifts, trusts other than a revocable living trust, unvested stock, and cryptocurrency never count. You do not sell or pledge the portfolio. The lender simply documents it.
Some files combine strong deposits with large holdings. Because those files are reviewed individually, it can pay to run both paths and let the stronger one lead.
How Much Can You Borrow, and at What Leverage?
Size drives everything. Two wholesale programs cover the range. A portfolio non-QM program carries files from $300,000 to $6,000,000. A bank portfolio program carries twelve-month-statement files to $30,000,000 on its own ladder. On a primary residence that ladder begins above $4,000,000 and overlaps the first program to $6,000,000. On investment property the bank program also takes files from $3,000,000, as the investment table below shows. The bank program’s ceilings are 65% to $5,000,000, 60% to $10,000,000, and 55% to $30,000,000, with interest-only at 60% or the band’s ceiling, whichever is lower.
The tables below show purchase ceilings. Each figure is available through select wholesale programs, subject to full underwriting. 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 in the same band.
Primary residence, purchase
| Loan size | Max purchase LTV | Credit for this leverage | Program |
|---|---|---|---|
| $300K–$1M | 90% | 680+ | Portfolio |
| $1M–$1.5M | 85% | 700+ | Portfolio |
| $1.5M–$2M | 85% | 720+ | Portfolio |
| $2M–$3M | 80% | 720+ | Portfolio |
| $3M–$3.5M | 75% | 720+ | Portfolio |
| $3.5M–$4M | 75% | 760+ | Portfolio, super-jumbo overlays |
| $4M–$5M | 65% | 680+ | Bank portfolio, case by case |
| $5M–$10M | 60% | 680+ | Bank portfolio, case by case |
| $10M–$30M | 55% | 680+ | Bank portfolio, case by case |
Investment property, purchase (business-purpose)
| Loan size | Max purchase LTV | Credit for this leverage | Program |
|---|---|---|---|
| $300K–$1M | 85% | 700+ | Portfolio |
| $1M–$1.5M | 80% | 680+ | Portfolio |
| $1.5M–$2M | 80% | 700+ | Portfolio |
| $2M–$2.5M | 80% | 720+ | Portfolio |
| $2.5M–$3M | 75% | 720+ | Portfolio |
| $3M–$4M | 60% | 680+ | Bank portfolio (investment cell) |
| $4M–$5M | 65% | 760+ | Portfolio, super-jumbo overlays, case by case |
| $5M–$10M | 55% | 680+ | Bank portfolio, case by case |
| $10M–$30M | 50% | 680+ | Bank portfolio, case by case |
Notice that the best cell can step up again where a different program takes over, so leverage does not simply fall in a straight line. Second homes take their own ladder, and it sits 0 to 15 points under the primary figure depending on the band. Read each figure from the occupancy’s own ladder.
On a cash-out refinance of a primary residence, the best ceiling is 80%, for loans from $300,000 to $1,500,000. Proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio program caps cash in hand at $1,500,000. Interest-only exists on purchase and rate-and-term files, up to 85% LTV with a 700 score on the portfolio program, and 60% on the bank program. Interest-only never raises a cash-out ceiling. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
What Are the Credit, DTI, and Reserve Requirements?
Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Credit floors differ by program: 660 on the portfolio program, 680 on the bank portfolio program, and 700 above the super-jumbo line. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. DTI runs up to 50% on most files.
Reserves scale with loan size. The typical schedule is 3 months of reserves up to $500,000, 6 months up to $1,500,000, and 9 months above that. Each additional financed property adds 2 months, up to a 12-month maximum. First-time investors need 12 months. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Larger files carry extra overlays. Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, programs typically require:
- a 700 credit floor and a 0x30x24 housing history;
- 48 months of seasoning after any credit event;
- U.S. citizens or permanent residents only, with no non-occupant co-borrowers;
- no rural property and a ten-acre maximum;
- cash-out proceeds that cannot satisfy reserves.
Those overlays sit on top of the portfolio program’s super-jumbo bands. The bank portfolio program’s rows in the tables above show that program’s own 680 score for the leverage in that band. Where the two sets of figures meet above $4,000,000, the file is reviewed case by case, so confirm the score your specific file needs before you plan around any one cell.
Above $4,000,000, every file is reviewed case by case before submission. Treat every leverage figure at that size as a starting point for that review, not a promise.
Which Path Fits Your Situation?
The right path depends on where your strength shows up. Use this table to sort it out.
| Path | What the lender reviews | Best fit | Main trade-off |
|---|---|---|---|
| Bank statements | Deposits after expense ratio | Business owners with big write-offs | Manual, deposit-driven file |
| Asset allowance | Liquid assets over 36, 60, or 84 months | Strong holdings, uneven income | Primary and second homes only |
| Assets-only | Liquid assets versus the loan | Retirees, recent sellers | Needs liquidity near the loan size |
| DSCR (rental income) | The property’s rent versus its payment | Pure rental purchases | Personal income not the test |
A bank statement or asset file tests you. A DSCR file tests the property. 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 rental of that kind qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. Some select lenders in the network will review coverage below 1.00, but loan-to-value and terms adjust when they do.
The business-purpose treatment has a limit. Under the CFPB‘s rule on non-owner-occupied rental property, the presumption fails if you expect to occupy the property for more than 14 days in the coming year. A property you will use personally belongs on a bank statement or asset file, not a DSCR file.
There is also a scaling point. Each bank statement mortgage adds to your personal DTI. DSCR loans are generally underwritten to the property, which is why investors adding many rentals often move to that path. Reporting practices vary by lender. The complete DSCR loans guide walks through that side in depth.
Where Does the General Rule Break?
Five edge cases come up often.
- Commingled accounts. A personal account that also runs business expenses has to be scrubbed line by line. A separate business account makes for a cleaner file.
- Business funds as reserves. Money trapped inside a company does not count as your assets. A file can have strong deposit income and still fail reserves.
- Declining deposits. Underwriters average the full period, so a falling trend lowers qualifying income. Some files fit better on assets or DSCR when the trend is down.
- Large unexplained deposits. A big deposit with no paper trail is usually removed. A gift or a loan is excluded entirely.
- Property type. Warrantable condos run to 85%, non-warrantable to 80%, and 2-4 unit properties to 85%. Condotels are 75% on purchase and 65% on cash-out, or 50% on the bank program. Second homes are one-unit only. Rural property runs to 80% on ten acres or less and never above $3,000,000.
Key Terms Defined
Non-QM loan: A mortgage that falls outside the standard agency box and follows the lender’s own documentation and underwriting rules.
Expense ratio: The share of business deposits deducted for costs before the rest counts as income.
Asset allowance: A method that divides liquid assets over a set number of months to create qualifying income.
Assets-only: A path that is reviewed on liquid assets alone, with no DTI test.
Reserves: Liquid funds you still hold after closing, measured in months of payments.
DTI: Debt-to-income ratio, which compares your monthly debts to your monthly income.
LTV: Loan-to-value, the loan amount as a percentage of the property’s value or price.
What Should You Prepare Before You Apply?
Preparation shapes the outcome more than the application itself. Gather every consecutive statement for the period, personal or business, and keep the gaps closed. Add asset statements for reserves. Write down the source of any large deposit before the underwriter asks. Move money between your own accounts as little as possible in the months before you apply. If your accountant can support an expense ratio, get that in writing early.
Then compare programs. One lender may like your deposits and another may like your holdings. Lendmire’s role is to line those options up against your file.
Frequently Asked Questions
Is a high net worth bank statement mortgage a no-documentation loan?
No. It replaces traditional personal-income documentation with other records, not underwriting. The file is reviewed on documented income under the applicable program, subject to lender guidelines. Credit, DTI, reserves, and the appraisal are all reviewed.
Can I use my brokerage account instead of deposits?
Often yes, on a primary or second home. An asset allowance divides liquid assets by 36, 60, or 84 months, and assets-only needs liquidity equal to the loan plus closing costs. Retirement funds count at 70%, or 80% at 59.5 and older. Crypto, gifts, and unvested stock never count.
Does the Michigan location change the underwriting?
Not the mechanics. Michigan is among the 16 states where Lendmire’s consumer mortgage lending is licensed. Deposit scrubbing, expense ratios, leverage ladders, and reserves work the same everywhere. State-specific items can still apply, so each file is reviewed individually.
How much can I borrow on a primary residence?
Loans run from $300,000 to $30,000,000 through select wholesale programs, subject to full underwriting. The best purchase leverage is 90% up to $1,000,000, and it steps down as the loan grows. Above $4,000,000, leverage is reviewed case by case before submission.
Should I use this loan or a DSCR loan for a rental?
A pure rental you will not occupy usually fits DSCR better, since the property’s rent carries the file. If you will live in the property or use it personally, a bank statement or asset path is the right tool. Mixed situations are worth reviewing with a broker.
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. You can reach the team at 828-256-2183. Nothing here is a commitment to lend, and programs change.
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 broker licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. CFPB
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 a Lake Tahoe Bank Statement Jumbo Loan Works · How a High Net Worth Bank Statement Mortgage Works in Virginia · How a Bank Statement Jumbo Loan Works in Vail
Guides: Super Jumbo Bank Statement Loans in Michigan
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.