The Quick Read: A super jumbo bank statement cash-out is reviewed around deposits instead of tax returns, and closing costs can often be financed into the new loan. Financed costs sit inside the same leverage ceiling as your payoff and your cash, so every dollar rolled in comes out of your net proceeds or your headroom.
- Qualifying income comes from 12 or 24 months of personal or business deposits, after an expense ratio, through select wholesale programs, subject to full underwriting.
- Cash-out leverage on a primary residence steps down as the loan grows, with the lowest ceilings applying at the top of the super jumbo range and everything at the largest loan sizes reviewed case by case.
- Rolling costs in raises the note, and a bigger note can cross a size band or the leverage line where cash-in-hand limits begin.
- Above the super jumbo line, cash-out proceeds cannot count toward reserves.
- The right program depends on your deposits, property, credit and how much cash you need.
You run a company, a practice or a book of deals. Your tax returns show far less than your bank accounts do. This guide covers how lenders in the wholesale network Lendmire works with treat that file, then shows what rolled-in closing costs do to the math.
What Are the Super Jumbo Bank Statement Cash-Out Refinance Requirements?
Most programs want 12 or 24 consecutive months of statements, a credit score that fits the leverage you want, reserves scaled to loan size, and enough equity to stay under the cash-out ceiling for your band. Each program sets its own numbers. These are the ones that matter most across the programs Lendmire places files with.
Two wholesale programs cover this size range. The first is a portfolio non-QM bank statement program, which carries loans from $300,000 to $6,000,000. The second is a bank portfolio jumbo program, which takes twelve-month-statement files to $30,000,000 on its own ladder. That ladder begins above $4,000,000 on a primary residence and overlaps the first program up to $6,000,000. Above $6,000,000 it stands alone. Lendmire is the broker that matches your file to one of them. It is not the lender.
Here is the short list of terms, available through select wholesale programs and subject to full underwriting:
- Documentation: 12 or 24 consecutive months of personal or business statements (the bank program uses 12).
- Credit: the floor is 660 on the portfolio program up to the super jumbo line and 700 above it. The bank program keeps a 680 floor at every size.
- Debt-to-income: up to 50%.
- Reserves: 3 months to $500,000, 6 months to $1,500,000, and 9 months above. Add 2 months per additional financed property, to a 12-month maximum. First-time investors need 12 months.
- Cash-out limits: unlimited proceeds at or below 60% LTV. Above 60% on the portfolio program, cash in hand is capped at $1,500,000. The bank program publishes no cap. Every figure here varies by lender and program, and guidelines, property type, leverage and credit profile all apply.
Those are floors, not promises. Your score also decides which leverage cell you get inside a band, and that matters more than the floor.
How Does Underwriting Turn Bank Statements Into Income?
The lender totals eligible deposits, removes the non-income items, applies an expense ratio to business accounts, and divides by the number of statement months. The result is your monthly qualifying income. No tax return is involved.
Here is how it works, step by step.
1. Choose the account type and window. Personal or business accounts, over 12 or 24 months. Statements must be consecutive. A transaction history printout never substitutes for them.
2. Strip out deposits that are not income. Transfers between your own accounts, loan proceeds and refunds come out. Large unexplained deposits get a written explanation request.
3. Apply the expense ratio to business accounts. Business statements require at least 25% ownership. The programs Lendmire places with use fixed ratios: 20% for a service business with no employees, 40% with 1 to 5 employees, and 50% with 6 or more employees or any product business. An accountant-provided ratio is also accepted. The expense factor is set by lenders, not federal rule, and HousingWire’s non-QM guide notes it depends on business type, staffing and structure.
4. Count owner transfers in full. Money moved from your business into your personal account counts at 100%. Personal-account deposits that are not business transfers are handled as personal income.
5. Divide by months and test against debt. Total debts over qualifying income can run to 50%.
A profit-and-loss path also exists. It is capped at 80% of the P&L figure.
Index it to 100. If eligible business deposits equal 100 units and the ratio is 50%, qualifying income is 50 units before dividing by months. A service business with no employees at 20% keeps 80. Same deposits, very different loan size. That is why the ratio matters before anything else.
Which Cash-Out Ceiling Applies to Your Loan?
The ceiling depends on loan size, because the bands are loan amounts, not purchase prices. Occupancy changes the ladder, and so does your credit score inside each band. Work out the new loan first, then read the band it lands in.
This is the primary residence cash-out ladder, through select wholesale programs, subject to full underwriting. Every figure is a ceiling.
| Loan amount band | Cash-out ceiling | Program |
|---|---|---|
| $300K–$1M | 80% | Portfolio program |
| $1M–$1.5M | 80% | Portfolio program |
| $1.5M–$2M | 75% | Portfolio program |
| $2M–$2.5M | 70% | Portfolio program |
| $2.5M–$3M | 70% | Portfolio program |
| $3M–$3.5M | 65% | Portfolio program |
| $3.5M–$4M | 65% | Portfolio program, super jumbo overlays |
| $4M–$5M | 60%, on review | Bank portfolio program |
| $5M–$6M | 55%, on review | Bank portfolio program |
| $6M–$10M | 55%, on review | Bank portfolio program |
| $10M–$20M | 50%, on review | Bank portfolio program |
| $20M–$30M | 50%, on review | Bank portfolio program |
Credit sets the top cell in each band. Reaching 80% on a primary residence at $1,000,000 or less needs a 680 score or better, and 700 or better from $1,000,000 to $1,500,000. The 75% cell from $1,500,000 to $2,000,000 needs 720. The 65% cells from $3,000,000 to $4,000,000 need 720 and then 760. In the bank program the top cell needs 680. A lower score drops you to a lower cell in the same band. Every loan above $4,000,000 is reviewed case by case before submission, so treat those figures as starting points.
Second homes and investment property run their own ladders. The purchase ceiling matches the primary figure in some bands and sits well under it in others, so read the row for your occupancy rather than subtracting from this table. Second homes are one-unit only. Investment property is business-purpose lending, and its cash-out ceilings and score requirements follow their own table.
What Do Rolled-In Closing Costs Actually Do?
Rolled-in costs increase the new note, and the leverage ceiling applies to that whole note. The money comes from the same pool as your cash-out, so financing costs either shrink your net proceeds or use headroom you would have left unused.
Think of the new note as a stack:
- the payoff of your existing loan,
- any financed closing costs,
- escrow deposits and prepaids if they are financed,
- the cash you receive.
That total must fit under the ceiling for your band and occupancy. If costs are paid from your own cash at closing, the note is smaller by that amount. If they come out of proceeds, you simply receive less. If they are rolled in, the note grows, and you carry the cost as debt.
Can costs be financed into a super jumbo bank statement cash-out? On most files placed through the wholesale network, yes, as long as the program allows it and the full note stays inside the ceiling. Each program has its own rules, so confirm this at the structuring stage.
Does a rolled-in amount count toward the leverage ceiling? Yes. Treat the whole note as the number being tested.
Can it push you across a band? It can, and this is the edge case most borrowers miss. Say your note would land just under $2,000,000 on a primary residence. The cash-out ceiling in that band is 75%. Add financed costs and cross $2,000,000, and the ceiling on that same home drops to 70%. A thin cushion can disappear.
Can it trigger the cash-in-hand limit? It can. Unlimited proceeds apply at or below 60% LTV. A note that sits at 59% before costs and 61% after has crossed that line. Whether financed costs count toward the cash-in-hand figure varies by program, so ask before you assume.
Roll In, Pay Cash, or Take It From Proceeds?
All three work. The right choice depends on how much room is left under your ceiling, how much cash you want in hand, and whether you want the costs on the note for years.
| Factor | Roll costs in | Pay cash at closing | Net from proceeds |
|---|---|---|---|
| New note | Larger | Smaller | Same as base |
| Cash due at closing | Lowest | Highest | Lowest |
| Cash you receive | Same as planned | Same as planned | Reduced |
| Leverage test | Uses headroom | Preserves headroom | Preserves headroom |
| Reserve effect | Same requirement | Cash leaves your accounts | Less cash received |
Rolling in preserves your cash and costs you headroom. Paying in cash preserves headroom and costs you liquidity. Taking costs from proceeds is the simplest, though it shrinks the check you receive.
Lendmire’s piece on whether a bank statement refinance is worth the closing costs covers the break-even question. This page covers how the mechanics change the structure.
A Net-Proceeds Walk-Through
These are illustrative percentages of value, not a quote. Say the new loan will land in the $2,000,000 to $2,500,000 band on a primary residence. The cash-out ceiling is 70% for a borrower with a 720 or better score, through select wholesale programs, subject to full underwriting.
- Ceiling: 70% of value.
- Existing payoff: 45% of value.
- Cash you want: 20% of value.
- Subtotal: 65% of value.
- Room left for costs and prepaids: 5% of value.
If costs and prepaids come in at or under that 5%, you can roll them in and still receive the cash you planned. Run it again with the costs paid in cash. The note is 65%, you leave 5% of headroom unused, and you bring cash to the table. If costs come in over 5%, something has to give. You can take less cash, pay the excess out of pocket, or accept a lower payoff target by paying down debt elsewhere.
Now check three things. First, the note has not crossed a band boundary. Second, if it sits above 60%, the cash-in-hand cap applies. Third, the new note must still fit the debt-to-income limit of 50%, since the larger balance carries a larger monthly obligation.
Reserves, Seasoning and Overlays at Super Jumbo Size
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, extra overlays apply through select wholesale programs, subject to full underwriting.
- 700 credit floor.
- 0x30x24 housing history, meaning no late payments in the last 24 months.
- 48 months of seasoning after any credit event.
- 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.
That last point catches people. You may be receiving a large check at closing, but lenders at this size want reserves held separately. Count them from accounts outside the transaction.
Reserves are not the same as cash to close. Cash to close is what you bring at the table. Reserves are what you still hold afterward. Financing closing costs lowers the first number and does nothing to the second.
A major bank’s research arm analysis, reported by HousingWire, found loans above $1 million are about 28% of recent non-QM production and loans above $1.5 million about 15%. Large loans are a meaningful slice of the market, and that is why overlays like these exist.
When Does the General Rule Break?
A few situations change the usual playbook.
Investment property. A cash-out on a rental you do not live in is business-purpose lending, and the programs differ. Lendmire’s complete DSCR loans guide explains when each path fits.
A mixed-purpose use of funds. If you take cash from a rental for personal use, the loan may be classed differently. The CFPB’s official comment on Regulation Z says creditors decide purpose transaction by transaction, and credit for non-owner-occupied rental property is generally treated as business purpose. 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 Register’s ability-to-repay rule places business and investment-purpose loans outside those provisions. Your own residence is a consumer-purpose loan.
Non-warrantable or special property. Warrantable condos run to 85% and non-warrantable to 80% in the general property rules. Condotels run 75% on a purchase and 65% on a cash-out, or 50% on the bank program. Two- to four-unit properties run to 85%. Texas 50(a)(6) home-equity loans take a 5-point reduction and stop at $3,000,000 on the portfolio program.
Above $4,000,000. The bank program’s ladder takes over, and every file is reviewed case by case before submission. Expect more documentation, more questions and less published certainty.
Interest-only. The interest-only structure goes to 85% LTV on purchase and rate-and-term files on the portfolio program, with a 700 floor. It never raises a cash-out ceiling. On the bank program it runs to 60%. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
What If Deposits Do Not Tell the Whole Story?
Two asset-based paths exist. Both are subject to full underwriting and apply to primary and second homes.
- Asset allowance is reviewed on liquid assets divided by 36, 60 or 84 months. The divisor depends on your debt-to-income before the asset income and the loan size. At 84 months it applies as a standalone, or on any loan above $3,500,000. The qualifying ratio with asset income counted must still fit under 50%.
- Assets-only needs no debt-to-income test. U.S. liquid assets must equal the loan plus closing costs plus sixty months of any net loss on other residential property.
Retirement accounts count at 70%, or 80% at age 59½ and up. Business funds, gifts, unvested stock, cryptocurrency and trusts other than a revocable living trust never count.
What Documents Should You Gather?
Build the file before you apply. A clean file keeps the review short on questions, even though no one can promise a timeline.
- Consecutive statements for the full window, every page.
- Written explanations for large or irregular deposits.
- A profit-and-loss statement or accountant letter if you want to use an expense ratio other than the fixed ones.
- Proof of business ownership of at least 25% for business accounts.
- A payoff statement and a mortgage history for the property.
- A use-of-proceeds explanation.
- Asset statements for reserves, held outside the transaction.
For the full list, Lendmire’s guide to documents for a super jumbo bank statement cash-out on a home goes line by line.
Common Mistakes
- Assuming a high score unlocks the maximum cash-out. Score picks the cell inside a band. Size and occupancy pick the band.
- Counting cash-out proceeds as reserves above the super jumbo line.
- Sizing the loan before costs, then discovering the note crossed a band.
- Using a personal-account average that includes transfers and refunds.
- Forgetting that the expense ratio can cut qualifying income in half.
- Treating a bank statement loan as a loan with no standards. It is reviewed on documented income under the applicable program, subject to lender guidelines.
A Simple Plan
1. Decide how much cash you need and what it is for. 2. Pull 12 and 24 months of statements and compare qualifying income both ways. 3. Estimate the note, including costs, and find its band. 4. Check that the note fits under the ceiling for your occupancy and credit. 5. Test the 60% line and the cash-in-hand cap. 6. Confirm reserves outside the transaction. 7. Compare rolling in against paying cash. 8. Ask a broker to match the file to a program.
Key Terms Defined
Super jumbo: a loan above the size most lenders treat as standard jumbo. The line is set by each lender, not by an agency.
Bank statement loan: a mortgage that is reviewed around deposits in your statements instead of tax returns.
Expense ratio: the share of business deposits treated as operating cost before income is counted.
Cash-out refinance: a new loan that pays off the old one and gives you the difference in cash.
Rolled-in closing costs: costs added to the new loan balance instead of paid at closing.
Cash in hand: the money you receive at closing after payoff and costs.
Reserves: liquid money you must still hold after closing.
Frequently Asked Questions
Can I roll closing costs into a super jumbo cash-out?
Usually, if the program allows it and the full note stays under the leverage ceiling for your band and occupancy. The costs share headroom with your payoff and cash. Lendmire confirms the structure with the wholesale program before you commit.
Do financing costs lower my cash out?
Not by itself, but it uses headroom. If you ask for the maximum cash, there is no room left and the costs must come from proceeds or your pocket. If you leave a cushion, you can roll costs in and still receive the cash you planned.
Is a bank statement loan a no-doc loan?
No. It is reviewed on documented income under the applicable program, subject to lender guidelines. You supply consecutive statements, explain unusual deposits, and meet credit, reserve and leverage standards.
Can I use business statements?
Yes, with at least 25% ownership. An expense ratio is applied, either a fixed one or one from your accountant. Owner transfers from the business to your personal account count in full.
What happens above the top published size?
Every loan above $4,000,000 is reviewed case by case before submission, and the bank portfolio program carries files to $30,000,000 on its own ladder. Expect leverage near the figures in the table and individual questions on assets and deposits.
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 is a mortgage broker, not a lender, and its 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. Your cash-out ceiling will move with the size of the note, so the best next step is to size it before you commit.
Investors weighing their equity options can start with Lendmire’s guide to cash-out refinance on an investment property.
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. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. HousingWire — Non-QM loans guide
2. HousingWire — Bank of America Securities non-QM forecast
3. CFPB — Official interpretation of Regulation Z section 1026.3
4. Federal Register — Ability-to-Repay and Qualified Mortgage final 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: Super Jumbo Bank Statement Refinance Worth the Closing Costs · Can You Get Approved for a Super Jumbo Bank Statement Cash-Out Refinance After Delisting?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.