Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Terms vary by lender guidelines, property type, leverage, and credit profile, and every file gets a full review.
The Quick Read: On the wholesale network Lendmire places files through, the maximum cash-out loan is $3,000,000, and above that size cash-out is not offered at all, subject to underwriting. The effective ceiling is whichever of three limits binds first: the size-based leverage cap, the proceeds cap, and the rent-to-payment coverage test. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
- Cash-out leverage steps down with size: 75% to $1,000,000, 70% to $1,500,000, and 60% from $1,500,000 to $3,000,000, through select wholesale programs.
- Proceeds are unlimited at or below 60% LTV, but capped at $1,500,000 above 60% LTV.
- Credit of 660 is the floor at the smallest tier, rising to 700 and 720 as the loan grows.
- Above $3,000,000, a loan can still be a purchase or rate-and-term refinance, reviewed case by case above $4,000,000. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Investors holding luxury rental property usually ask one question first: how big a check can I pull? The honest answer has layers. Nobody sets one official number. Lenders set it, and the number moves with loan size, credit, and rent.
Key Terms Defined
Super jumbo: a lender-defined size tier above the standard program, which on this network varies by scenario.
DSCR (coverage): monthly rent divided by the full monthly payment, including principal, interest, taxes, insurance, and any HOA dues.
Cash-out refinance: a new loan that pays off the old one and returns money to the investor beyond payoff and costs.
Rate-and-term refinance: a new loan that covers only the payoff and closing costs, with no cash back.
Proceeds cap: a dollar limit on the cash you can take, separate from the leverage limit.
Case-by-case review: a pre-submission look at unusually large requests, used above $4,000,000.
Reserves: liquid funds held after closing, typically six months of payments on the subject property.
Is There an Official Maximum?
No. Super jumbo is a size label, not a legal category. The only official reference point is the conforming limit, which FHFA set at $832,750 for a one-unit property in its latest announcement. That figure governs agency-backed loans. DSCR loans never go to those agencies, so it does not cap them.
Jumbo generally begins at that conforming line. Super jumbo begins wherever a given lender says it does. Across the network Lendmire works with, the practical super jumbo tier starts where the standard DSCR program stops, at $3,000,000. Another lender could draw the line elsewhere, and cash-out caps differ from one lender to the next. That variability is why a single national answer would mislead you.
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, and the loan is sized on the property’s income rather than your personal debt-to-income ratio.
How the Maximum Works on a Cash-Out Refinance
Think of three gates in a row. The tightest gate sets your number.
Gate one: the leverage ladder. Cash-out leverage falls as the loan grows. The ceilings below apply to a DSCR of 1.00 or higher, through select wholesale programs, subject to underwriting.
| Loan size | Cash-out LTV | Credit floor |
|---|---|---|
| $150K to $1M | 75% | 660+ |
| $1M to $1.5M | 70% | 700+ |
| $1.5M to $3M | 60% | 720+ |
| Above $3M | No cash-out | Not applicable |
A $2,500,000 property does not yield the same percentage as a $700,000 one. That surprises investors who assume the top-tier percentage scales upward.
Gate two: the proceeds cap. Proceeds are unlimited at or below 60% LTV. Above 60% LTV on a cash-out, proceeds are capped at $1,500,000. Credit at or below 680 gets no cash-out above $1,500,000. So the largest checks go to borrowers who keep leverage at or below 60% and the loan at or below $3,000,000. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Gate three: coverage. Rent has to support the new payment. On the standard long-term-rental path, 1.00 coverage earns full leverage. Coverage from 0.75 to 0.99 is a real select-program path to $2,000,000 at reduced leverage; LTV and terms adjust, subject to underwriting.
Whichever limit binds first wins. If rent barely covers a bigger loan, the lender can size the loan below the maximum LTV to lift coverage.
Why Is Cash-Out Tighter Than a Purchase at the Same Size?
Lenders treat money leaving the property as added risk. Taking cash out means less equity cushion on the same collateral, so the ladder steps down faster for cash-out than for a purchase or rate-and-term.
| Loan size | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|
| $150K to $1M | 80% | 80% | 75% |
| $1M to $2M | 75% | 75% | 70% then 60% |
| $2M to $3M | 75% | 75% | 60% |
| $3M to $4M | 65% | 65% | — |
| $4M and up | 60%, on review | 60%, on review | — |
The gap widens as balances grow. At $3,000,000 and below, the cash-out line sits 15 points under purchase at the upper tiers. Above $3,000,000, the gap becomes total. Never assume the purchase figure carries over to cash-out. The moment you take cash beyond payoff and costs, cash-out limits apply.
Above $4,000,000, every request is reviewed case by case before submission, and only as a purchase or rate-and-term. Any figure up there is a review outcome, never a flat entitlement.
How Rent Sets Your Practical Ceiling
Coverage can bind before leverage does. Say a luxury rental carries rent that clears the payment comfortably at 40% LTV, roughly 1.9x on a modeled illustration. Push to 60% and coverage might sit near 1.3x. Push to 75% and it drifts toward 1.0x. These are illustrative ratios, not a quote. The takeaway: a bigger loan raises the payment faster than rent can follow. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
Here’s the catch for high-value coastal or resort-area properties. Price per dollar of rent is often steep, so coverage runs thin well before the leverage cap bites. An investor who is reviewed on paper at 60% LTV may find the number clears only at 50%. Better to learn that before ordering appraisals.
Interest-only helps. A 120-month interest-only period is available on 30- and 40-year terms, up to 75% maximum, with coverage of 0.75 or better, qualified on the interest, taxes, and insurance. It lifts coverage because principal drops out of the test. It does not raise the cash-out ceiling, which still follows the ladder.
Property Type, Rental Model, and Vesting
The ladder above describes standard long-term rentals. Variations change the ceiling:
- Short-term rentals: loans reach $2,000,000, need coverage of 1.00 or higher, and count income at 80% of gross. A refinance needs twelve months of operating history, and the investor must have owned income property for twelve of the last thirty-six months. Cash-out on short-term-rental collateral tops out at 70%, while standard rentals follow the 75% tier at the smaller sizes. Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income.
- Condos: warrantable and non-warrantable both qualify, with non-warrantable capped around 75% and $1,500,000. Condotels run 75% on purchase or 65% on refinance, up to $1,500,000.
- Rural property: five acres or less can reach 75%. Larger parcels step down. Rural property is excluded above $3,000,000.
- Entity vesting: LLC-held property is welcome, with no layered entities, subject to lender program eligibility. For how vesting changes the cash-out amount, see Lendmire’s piece How Trust vs LLC Vesting Changes a Super Jumbo DSCR Cash-Out Amount.
Manufactured, log, and barndominium properties are not offered.
Appraisals, Reserves, Seasoning, and Review
Prepare for four practical items.
Appraisals. Above $2,000,000, two appraisals are required. Budget the time and the cost before you commit to a size.
Reserves. Six months of payments on the subject property are typical, and twelve for first-time investors. Cash-out proceeds do not count toward reserves on the largest loans, so you need liquid funds from another source. No extra reserves apply for other financed properties. An investor can have up to 20 financed properties.
Seasoning. Roughly six months from title recording is typical. Before that point, the loan is sized off cost basis: the purchase price plus documented rehab spending. After it, sizing moves to appraised value. Delayed financing is limited to documented cost, so appreciation and forced equity add no room.
Credit and housing history. The 660 floor rises to 700 above $3,000,000, with 0x30x24 housing history, 48-month event seasoning, and citizen or permanent-resident status. Those gates apply to purchase and rate-and-term at that size, since cash-out is not offered there.
A practitioner note: files in this tier tend to stall on documents, not math. Two appraisals, reserve sourcing, and entity paperwork are where the schedule slips. Gather them first.
DSCR vs. conventional financing
There are two common ways to finance an investment property, and they qualify you differently — here’s how investors weigh them.
Why investors choose it
- Qualifies on the property’s rental income — no personal tax returns, W-2s, or pay stubs needed to document income.
- No personal debt-to-income ceiling to clear, so existing mortgages and obligations don’t cap your borrowing the same way.
- Can be closed in an LLC, keeping the property inside a business entity.
- Built for scaling — not held to the limit on number of financed properties that conventional financing applies.
- Underwriting centers on the deal: generally qualifies when the rent covers the payment, a 1.00x coverage ratio being a common baseline (confirmed in underwriting).
- Designed specifically for investment property, including long-term and, where the program allows, short-term rentals.
Where it’s strong
- Often the lowest ongoing financing cost for a buyer who fully qualifies on personal income — a fit for a first property or a cost-first purchase.
Trade-offs for investors
- Requires full personal income documentation and must fit within a debt-to-income limit — salary, existing debts, and other mortgages all count.
- Typically held in your personal name rather than a business entity.
- Caps how many financed properties you can carry, which can become a ceiling as a portfolio grows.
- Evaluates you as a borrower as much as the property, which usually means more paperwork.
How investors usually choose: a first or single property often optimizes for the lowest financing cost; portfolio builders often optimize for leverage, vesting in an LLC, and scaling past conventional caps. The right answer depends on your goals, the property, and current guidelines — both paths run through select lenders in Lendmire’s wholesale network, with eligibility and terms confirmed in underwriting.
A Worked Example
Run the numbers on a luxury rental valued at $2,400,000, standard long-term use, strong credit. These inputs are modeled assumptions, not market data.
- Tier: a property valued at $2,400,000, so the loan sits at or below 60% LTV, with 720+ credit, subject to underwriting.
- Proceeds: at or below 60% LTV, proceeds are unlimited, so the check is the new loan minus payoff, costs, and holdbacks.
- Appraisals: the number of appraisals depends on the final loan amount and lender guidelines, so confirm the requirement once the loan size is set.
- Coverage: needs 1.00 or better on the full payment, with interest-only possible to lift it. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Now flip it. The same investor wants 70% LTV. That sits above the 60% line, so proceeds cap at $1,500,000, and the 60% tier ceiling still applies at this size. The request fails the ladder before coverage is even tested. Reducing the ask to 60% keeps it inside every limit. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
If Your Number Is Above the Ceiling
You have four realistic paths, and the right one depends on what you need the cash for.
1. Take less. Dropping leverage to 60% often unlocks unlimited proceeds and lifts coverage.
2. Split the collateral. Two or three loans, each sized under $3,000,000, can each carry their own cash-out.
3. Pair structures. A rate-and-term refinance on the large asset, plus a separate cash-out on a different property.
4. Wait or restructure. A property still inside seasoning may size better later, off appraised value.
Cross-collateral and exposure limits are lender policy on total balance with one borrower. No regulator caps how many DSCR cash-out refinances you can do. If the desired check is far above $3,000,000 on a single asset, the plain read is that this ladder is the wrong tool, and a private-bank or full-documentation route may fit better. The flip point comes when your personal income documents cleanly and you need more than the ladder allows.
For program basics, the complete DSCR loans guide covers the full structure. 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.
Frequently Asked Questions
Is there an official cap on a super jumbo DSCR cash-out?
No regulator sets one. The cap is program-specific. On Lendmire’s wholesale network, cash-out stops at $3,000,000, subject to underwriting. Lenders draw the line elsewhere.
Does cash-out have its own limit separate from leverage?
Yes. Proceeds are unlimited at or below 60% LTV and capped at $1,500,000 above 60%. Leverage and proceeds are separate tests, and credit adds a further limit on proceeds. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Can an LLC borrow at this size?
Generally yes, subject to lender program eligibility. Entity vesting is welcome, though layered entities are not. Vesting can change the amount available, so structure it before applying.
Can cash-out proceeds count as reserves?
No. On the largest loans, cash-out proceeds do not satisfy reserves, so investors should plan on liquid funds from another source. Six months of payments on the subject property is typical.
What if my coverage is below 1.00?
Select lenders in the network offer programs from 0.75 to 0.99 coverage up to $2,000,000, but LTV and terms adjust, subject to underwriting. Rent that cannot support the payment often signals a smaller loan is the better structure.
If you are buying or refinancing a high-balance rental property and want to see how the numbers work, Lendmire can help you compare super jumbo DSCR loan options based on the property income, the loan balance, credit profile, leverage, and investor goals. Reach the team at 828-256-2183 or request a quote. Qualification is subject to lender guidelines, and nothing here is a commitment to lend.
For current guidelines and terms, see Lendmire’s super jumbo DSCR loan programs page.
Self-employed borrowers can compare super jumbo options on Lendmire’s self-employed mortgages page.
About Lendmire
Lendmire is a DSCR-focused mortgage brokerage, NMLS# 2371349, placing investor loans across 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed by the lender around a property’s rental income rather than personal income documentation, which fits LLC-held rentals, self-employed investors, and portfolios scaling past conventional financed-property limits. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Investors weighing their equity options can start with Lendmire’s guide to cash-out refinance on an investment property.
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References
1. FHFA, 2026 conforming loan limit values
This article is part of Lendmire’s super jumbo DSCR loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: How a Founder Uses a Super Jumbo DSCR Cash-Out Refinance After a Sale · Asset Qualification vs DSCR on a Super Jumbo Purchase vs Cash-Out Refinance · DSCR Ratio Needed for a Super Jumbo DSCR Cash-Out Refinance
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.