The Quick Read: A jumbo loan is any loan above the county conforming limit, but nothing official caps how large it can go: each lane, meaning a program with its own rulebook, sets its own ceiling, and the real maximum is the lowest result of the leverage, credit, reserve, income and cash-out tests.
- Jumbo starts when the loan amount, not the purchase price, passes the county’s conforming limit.
- No official super jumbo line exists. Across the wholesale network Lendmire works with, extra requirements begin above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
- On a primary-residence purchase, leverage steps down by size: 90% to $1,000,000, 85% to $2,000,000, 80% to $3,000,000, and 75% at the top credit tier to $4,000,000, through select wholesale programs, subject to full underwriting.
- Every loan above $4,000,000 is reviewed case by case before submission. A bank portfolio program carries twelve-month-statement files to $30,000,000.
Where Jumbo Starts (and Why It Moves)
Jumbo starts one dollar above the county conforming limit. The test uses the loan amount, never the price. That limit is the only official number in the process. Everything above it is set by lenders and the investors who buy their loans.
In most of the country the one-unit baseline is $832,750, per the published conforming loan limit values. In high-cost counties the local limit climbs higher. The ceiling is 150% of the baseline, which works out to $1,249,125, as Compliance Alliance confirms. Limits also scale up with unit count, so a four-unit building can carry a larger conforming balance than a single-family home.
Two-county math shows why this matters. Picture a buyer paying $1,800,000 with 40% down. In a baseline county, that loan is jumbo. In a high-cost county where the local limit is higher, the same loan may fit under it. Same price. Same down payment. Different lane. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Here is the catch for investors: a bigger down payment can pull a loan back under the line. Many high-net-worth buyers never notice they crossed it, because the underwriting path they already use does not depend on the line.
What a Lane Actually Is
A lane is a loan program with its own rulebook: its own documentation path, its own size ladder, its own leverage and reserve rules. The same borrower gets a different maximum in each lane. That is the whole reason a single jumbo maximum does not exist.
Four lanes come up most often for investors and high-income owners:
- Conforming. Capped at the county limit. Underwritten on traditional personal-income documentation.
- Conventional jumbo. Above the limit, still built on traditional personal-income documentation and debt-to-income ratios. Income that traditional personal-income documentation understates hurts here.
- Portfolio non-QM bank statement. Non-QM means a loan that uses documentation outside the standard tax-return box. This portfolio program carries files from $300,000 to $6,000,000.
- Bank portfolio jumbo. A separate program that carries twelve-month-statement files to $30,000,000 on its own size ladder.
A fifth lane serves investors: the DSCR loan. DSCR stands for debt service coverage ratio. The lender divides the property’s monthly rent by its full monthly obligation, which covers principal, interest, taxes, insurance and any HOA dues. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Sizes vary by lender, and this article’s figures come from the bank statement lanes. Lendmire’s complete DSCR loans guide covers that lane in full.
The bank statement lanes lead with the qualification path, so start there. Qualifying income is eligible deposits across 12 or 24 consecutive months, divided by the months, after an expense ratio. Fixed ratios run 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. An accountant-provided ratio or a profit-and-loss method capped at 80% are alternatives. Transfers from your own business into a personal account count at 100%. The bank program uses 12 months.
How Is a Maximum Actually Set?
A maximum is the lowest answer from five tests run at once. You can pass four and still be capped by the fifth. Most borrowers hear one number from a lender and assume it is the whole story. It is only the test that bit first.
| Test | What it limits | Typical setting |
|---|---|---|
| Income | Qualifying income and DTI | 12 or 24 months of deposits, DTI to 50% |
| Leverage | Max loan as % of value | Falls into a lower cell by band |
| Credit | Which leverage cell opens | 660 to 760 depending on cell |
| Reserves | Cash left after closing | 3, 6 or 9 months by size |
| Cash-out cap | Proceeds in hand | $1,500,000 above 60% LTV |
LTV, short for loan-to-value, is the loan divided by the property’s value. Reserves are liquid funds you hold after closing, counted in months of the full housing payment. On the portfolio program, reserves are 3 months to $500,000, 6 months 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 hold 12 months. Debt-to-income, the share of income that goes to debt, can run to 50%.
Lendmire’s piece on super jumbo reserve requirements on a purchase versus cash-out walks through how those reserve rules shift by transaction type. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
One practitioner pattern: borrowers fixate on the headline LTV and overlook the credit cell attached to it. Across the programs Lendmire places files with, the top leverage in each band asks for a specific score, and a lower score simply drops you to a lower cell inside the same band. It does not take you out of the band.
The Size Ladder, Band by Band
On a primary residence, the best available leverage steps down with loan size, then resets where the bank program takes over. The bands are loan amounts, never purchase prices. Multiply price by leverage first, then read the band that loan lands in.
These are ceilings through select wholesale programs, subject to full underwriting. Nothing here is a commitment to lend.
| Loan band | Program | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|---|
| $300K–$1M | Portfolio | 90% | 90% | 80% |
| $1M–$1.5M | Portfolio | 85% | 85% | 80% |
| $1.5M–$2M | Portfolio | 85% | 85% | 75% |
| $2M–$2.5M | Portfolio | 80% | 80% | 70% |
| $2.5M–$3M | Portfolio | 80% | 80% | 70% |
| $3M–$3.5M | Portfolio | 75% | 75% | 65% |
| $3.5M–$4M | Portfolio, super-jumbo overlays | 75% | 70% | 65% |
| $4M–$5M | Bank portfolio | 65%, on review | 65%, on review | 60%, on review |
| $5M–$6M | Bank portfolio | 60%, on review | 60%, on review | 55%, on review |
| $6M–$10M | Bank portfolio | 60%, on review | 60%, on review | 55%, on review |
| $10M–$20M | Bank portfolio | 55%, on review | 55%, on review | 50%, on review |
| $20M–$30M | Bank portfolio | 55%, on review | 55%, on review | 50%, on review |
Rate-and-term means refinancing the balance without taking cash out. Cash-out means borrowing more than you owe and keeping the difference. Every row above $4,000,000 is reviewed case by case before submission. Between $4,000,000 and $6,000,000 both programs can carry a file, and the table shows the bank program’s ladder.
Credit shows up as what each top cell needs, not as a program floor. The $300,000 to $1,000,000 band needs 680 or better for its best cell. The $1,000,000 to $1,500,000 band needs 700. From $1,500,000 to $3,500,000 the top cell needs 720. The $3,500,000 to $4,000,000 top cell needs 760. The portfolio program’s floors are 660 up to the super-jumbo line and 700 above it. The bank program keeps its own 680 floor at every size.
The portfolio program’s interest-only option is a separate structure. Interest-only runs to 85% on a purchase or rate-and-term refinance on the portfolio program, with a 700 floor, a 40-year term and a 10-year interest-only period. The bank program’s interest-only tops out at 60%. Interest-only never raises a cash-out ceiling.
Occupancy and Purpose Move the Numbers
Primary residence, second home and investment property each have their own ladder. Read every figure from the occupancy’s own column. Never subtract from the primary figure to guess the others.
Here is how far apart they sit on a purchase:
- $1.5M–$2M band: 85% on a primary residence, 80% on a second home, 80% on an investment property.
- $3M–$3.5M band: 75% on a primary residence, 65% on a second home, 60% on an investment property.
- $4M–$5M band: 65% on a primary residence under the bank program, 65% on a second home and 65% on an investment property under the portfolio program with super-jumbo overlays, all on review.
So the gap runs from zero to as much as 15 points. That last row surprises people: investment-property purchase leverage steps back up from 60% in the $3.5M–$4M band to 65% in the next, because a different program takes over.
Purpose matters too. On a primary residence, cash-out in the first band is 80%, while a purchase in that band reaches 90%. Second homes are one-unit only. Investment property is business-purpose, which brings us to the DSCR lane’s logic.
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 CFPB’s assessment of its ability-to-repay rule notes that rule does not reach credit extended primarily for a business purpose, even when a dwelling secures it. That is also why the conforming limit does not cap a business-purpose loan.
Where Does Super Jumbo Start?
Nowhere official. No agency defines it. Each lender and each program sets its own line, and one loan can be jumbo in one lane and super jumbo in another.
| Zone | Who sets the edge | What changes |
|---|---|---|
| Conforming | County limit, set annually | Agency-eligible, tax-return based |
| Jumbo | Anything over that limit | Lender-set leverage and reserves |
| Super jumbo | The lane’s own overlays | Tighter credit, residency and property rules |
In the wholesale network Lendmire works with, the practical line shows up as a set of overlays. They begin above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. A buyer at $3,250,000 on a primary residence is jumbo but not yet under those overlays. The same loan on an investment property crosses them. (The label drifts with whoever is speaking, which is the honest reason to ask each lender where its lines fall.)
Lendmire’s breakdown of where the rules change between jumbo and super jumbo covers the comparison in more detail.
What Changes at the Super Jumbo Line
Past that line, the file gets stricter in specific, checkable ways. These apply through select wholesale programs, subject to full underwriting:
- A 700 credit floor.
- A 0x30x24 housing history, meaning no 30-day late payment on housing in 24 months.
- 48 months of seasoning, the waiting period after a credit event such as a foreclosure.
- U.S. citizens and permanent residents only.
- No non-occupant co-borrowers.
- No rural property, and a ten-acre maximum.
- Cash-out proceeds cannot satisfy reserves.
Above $4,000,000, everything is also reviewed case by case before submission. Expect that at every figure at that size. Think of the printed leverage as the opening position in a conversation, not a posted price.
Where the General Rule Breaks
The ladder is the rule. These are the exceptions that rewrite it:
- Condos. Warrantable condos reach 85% and non-warrantable condos reach 80%. Condotels reach 75% on a purchase and 65% on a cash-out, and 50% on the bank program.
- Small multifamily. Two to four units reach 85%.
- Rural property. Up to 80% on ten acres or less, never above $3,000,000.
- Cash-out size. On the portfolio program, proceeds are unlimited at or below 60% LTV, with a $1,500,000 cash-in-hand cap above that. The bank program publishes no cap.
- Asset paths. Asset allowance divides liquid assets by 36, 60 or 84 months. Assets-only needs U.S. liquid assets equal to the loan plus closing costs, plus sixty months of any net loss on other residential property. Both are for primary and second homes, with allowance capped at 80%. Retirement accounts count at 70%, or 80% at 59.5 and older. Business funds, gifts, cryptocurrency and unvested stock never count. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Across the programs a broker sees, the best files hold the highest number of cushions at once: deposits that comfortably cover qualifying income, liquid reserves that meet the band’s months, and a credit score matching the top cell. Missing one usually moves the file to the next lane, not off the map.
Find Your Zone Before You Apply
Work it backward. Do the loan math first, then read the lane.
1. Look up your county’s conforming limit and unit count. Compare your loan amount, not the price. 2. Choose the occupancy: primary, second home or investment property. 3. Compute price times leverage to get the loan, then read that band’s cell. 4. Match your credit score to the cell’s top leverage. A lower score takes a lower cell in the same band. 5. Count reserves by the band’s months, plus 2 per additional financed property. 6. Check the super jumbo overlays if the loan is above the line for your occupancy. 7. If the loan is above $4,000,000, plan for case-by-case review.
Key Terms Defined
Lane: a loan program with its own documentation path, size ladder and rules.
LTV: the loan amount divided by the property value.
Conforming limit: the county-by-county loan size above which a loan is jumbo.
Overlay: an extra lender requirement layered on top of a program’s base rules.
Reserves: liquid money you hold after closing, counted in months of payments.
Rate-and-term refinance: a refinance that changes the loan’s terms without taking cash out.
Frequently Asked Questions
Is there a maximum jumbo loan amount?
Not one number. Each lane has its own. Across the two wholesale programs described here, files run from $300,000 to $30,000,000, and every loan above $4,000,000 is reviewed case by case before submission.
Can a loan be jumbo in one county and conforming in another?
Yes. County limits run from the baseline to a ceiling of 150% of it. The same loan amount can sit under a high-cost county’s limit and over a baseline county’s.
Do reserves rise with loan size?
Yes, on the portfolio program. Reserves are 3 months to $500,000, 6 months to $1,500,000 and 9 months above, plus 2 months per additional financed property to a 12-month maximum.
Does a bigger loan always mean lower leverage?
Mostly, but not in every step. On an investment-property purchase, the $4M–$5M band reaches 65% on review, above the 60% in the $3.5M–$4M band, because a different program takes over.
Is cash-out treated differently from a purchase?
Yes. On a primary residence, the first band reaches 80% on cash-out against 90% on a purchase. On the portfolio program, proceeds above 60% LTV are capped at $1,500,000 in hand. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
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. Lendmire’s consumer mortgage lending is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Lendmire is a broker that shops multiple wholesale programs, not a lender, and each file is underwritten individually, so available programs can vary from one borrower to the next.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
As a mortgage broker (NMLS# 2371349), Lendmire helps self-employed and high-net-worth borrowers in 16 states qualify on bank statements, a profit-and-loss statement, 1099s or liquid assets instead of traditional income documentation, through wholesale lenders. Lendmire is never the lender; program terms are set by the lender and its guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. FHFA news release, conforming loan limit values
2. Compliance Alliance, reprint of FHFA release
3. CFPB’s assessment of its ability-to-repay 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: Is a Super Jumbo Bank Statement Loan Available in California? · How Owner Draws Work on a Super Jumbo Bank Statement Loan for a Bootstrapped Founder · How to Package an Estate Appraisal for a Super Jumbo Loan
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.