The Quick Read: Yes, a super jumbo bank statement loan is available in California, because deposit-based mortgages are lender programs rather than state-restricted products. Through select wholesale programs, Lendmire can place files from $300,000 up to $30,000,000, each underwritten individually, with anything above $4,000,000 reviewed case by case before submission. You qualify on 12 or 24 months of deposits instead of traditional personal-income documentation, and the terms tighten as the balance grows.
- Who it fits: founders, physicians, attorneys, entertainers, athletes and investors whose traditional personal-income documentation understates what actually comes in.
- Two programs: a portfolio non-QM program (a mortgage held by the lender instead of sold to the agencies) reaches $6,000,000, and a bank portfolio program carries twelve-month-statement files to $30,000,000.
- Leverage steps down with size: on a primary residence purchase, the maximum loan-to-value ratio becomes more conservative as the loan amount rises, through select wholesale programs, subject to full underwriting.
- Credit: the floor is 660 on the portfolio program up to the super jumbo line and 700 above it. The bank portfolio program keeps its own 680 floor at every size.
- California changes licensing, not availability. The state does not ban the product.
Key Terms Defined
You will see these words throughout, so here they are once, in plain English.
- Conforming limit: the yearly dollar ceiling on the size of loans that can be sold into the standard conventional mortgage market. Loans above it are called jumbo.
- Super jumbo: lender shorthand for the very large end of the jumbo range. No official definition exists, and each program draws its own line.
- Non-QM: a loan that sits outside the standard Qualified Mortgage box. It is still fully underwritten, only with different income documents.
- Bank statement loan: a mortgage that measures income from deposits in your bank accounts instead of traditional personal-income documentation.
- Expense ratio: the share of business deposits the lender subtracts to account for the cost of running the business.
- LTV (loan-to-value): the loan amount divided by the property value. A 75% LTV means you put 25% down.
- Seasoning: the waiting period after a credit event, such as a foreclosure, before a lender will consider you again.
- Reserves: liquid cash left over after closing, counted in months of housing payments. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
How Do Deposits Become Qualifying Income?
The lender totals your eligible deposits over the statement window, subtracts an expense ratio when the account is a business account, and divides by the number of months. That monthly figure is your qualifying income. Everything else, including debt-to-income, is measured against it.
Here is the sequence across the programs we place files with:
1. Pick the window. Twelve or 24 consecutive months of personal or business statements. The bank portfolio program uses 12.
2. Pick the account type. Business statements require at least 25% ownership of the business. Personal statements skip the expense ratio.
3. Remove what is not income. Transfers between your own accounts, loan proceeds and one-time windfalls come out.
4. Apply the expense ratio. Fixed ratios are 20%, 40% or 50%, depending on the business. An accountant-provided ratio is also accepted. A profit-and-loss method exists too, capped at 80%.
5. Divide by the months. The result is monthly qualifying income, tested against a debt-to-income ceiling of up to 50%.
| Business profile | Fixed expense ratio | Share of eligible deposits counted |
|---|---|---|
| Service business, no employees | 20% | 80% |
| Service business, 1-5 employees | 40% | 60% |
| 6+ employees, or any product business | 50% | 50% |
Picture a consultant with no employees whose deposits run steady month to month. At the 20% ratio, qualifying income lands at 80% of that monthly deposit figure. An accountant-provided ratio can beat the fixed ratios when your real costs run lower.
One detail matters for business owners. Money you move from your own business account into your personal account counts at 100% on a personal-statement file. You are not penalized twice. Statements must also be consecutive months, and a transaction history printout never substitutes for the statements themselves.
Why does this path exist? Write-offs, depreciation and entity structures can leave taxable income looking small next to real cash flow. 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.
What Changes as the Loan Gets Larger?
Leverage steps down as the balance rises, and the credit score needed for the top leverage in each band shifts with the program that covers it. The tables below show ceilings through select wholesale programs, subject to full underwriting. They are not offers. Every loan above $4,000,000 is reviewed case by case before submission, so treat any figure at that size as a starting point for review.
Read the credit column carefully. It shows the score that band’s top leverage needs, not the program floor. A lower score takes a lower leverage cell inside the same band.
Primary residence
| Loan size | Purchase / cash-out ceiling | Credit for this leverage |
|---|---|---|
| $300K-$1M | 90% / 80% | 680+ |
| $1M-$1.5M | 85% / 80% | 700+ |
| $1.5M-$2M | 85% / 75% | 720+ |
| $2M-$3M | 80% / 70% | 720+ |
| $3M-$3.5M | 75% / 65% | 720+ |
| $3.5M-$4M | 75% / 65% | 760+ (portfolio program) |
| $4M-$5M | 65% / 60% on review | 680+ (bank portfolio program) |
| $5M-$10M | 60% / 55% on review | 680+ (bank portfolio program) |
| $10M-$30M | 55% / 50% on review | 680+ (bank portfolio program) |
Second home and investment property take their own ladders, and the best cells ask for 680 to 760 depending on band and program. Second homes are one-unit only. Investment loans here are business-purpose loans.
| Loan size | Second home: purchase / cash-out | Investment: purchase / cash-out |
|---|---|---|
| $300K-$1M | 85% / 75% | 85% / 75% |
| $1M-$2M | 80% / 75% | 80% / 75% |
| $2M-$2.5M | 80% / 70% | 80% / 70% |
| $2.5M-$3M | 75% / 60% | 75% / 60% |
| $3M-$4M | 65% / 55% | 60% / 55% |
| $4M-$5M | 65% / 55% on review | 65% / 55% on review |
| $5M-$10M | 55% / 50% on review | 55% / 50% on review |
| $10M-$30M | 50% / 45% on review | 50% / 45% on review |
Notice that the ladder is not a straight downhill slope. The bank portfolio program begins above $4,000,000 and overlaps the portfolio program up to $6,000,000. Above $6,000,000 it stands alone. That overlap is why some cells step back up when a larger band comes under the bank program, and why one broker can show you different answers for the same file depending on which program the file is priced under.
The overlays at the top
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, the portfolio program adds super jumbo overlays:
- A 700 credit floor. (The bank portfolio program keeps its own 680 floor at every size.)
- A 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, with no non-occupant co-borrowers.
- No rural property, and ten acres maximum.
- Cash-out proceeds cannot be used to satisfy reserves.
Reserves, cash-out and other limits
Reserves run 3 months up to $500,000, 6 months up to $1,500,000, and 9 months above that. Add 2 months per additional financed property, to a 12-month maximum. First-time investors need 12 months.
On cash-out, proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio program caps cash in hand at $1,500,000. The bank portfolio program publishes no such cap. Properties matter too: warrantable condos run to 85%, non-warrantable condos to 80%, and 2-4 unit properties to 85%. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Our best-practice read after placing many of these files: the leverage ladder, not the income calculation, is what usually decides whether a large-balance file works. Test the loan size against the ladder before you spend time on documents.
Where Does Super Jumbo Start in California?
There is no official super jumbo threshold. The only fixed line is the conforming limit, and “super jumbo” is a pricing tier lenders draw above it. A loan that is jumbo in one county can be conforming in another, so your county sets where the jumbo band begins.
The Federal Housing Finance Agency sets the limits yearly. The latest baseline limit is $832,750, up from $806,500, with a high-cost ceiling of $1,249,125 for one-unit homes. The high-cost limit applies where 115% of local median home value exceeds the baseline, and the ceiling is capped at 150% of the baseline, with Los Angeles County as an example at the full one-unit figure. Limits are higher for 2-4 unit properties.
For California borrowers, this means a $1,100,000 loan can be conforming in a high-cost county and jumbo elsewhere. A loan crosses into what most programs treat as super jumbo territory well above those lines. In our programs, the super jumbo overlays begin at $3,500,000 on a primary residence and $3,000,000 on second homes and investment property.
What Do Lenders Strip Out of Your Statements?
Underwriters treat bank statements as evidence that must be explained, so expect them to question anything that does not look like recurring income. Non-QM is verified lending. A creditor that sees an unidentified deposit must take steps to confirm it is the borrower’s income, according to the Consumer Financial Protection Bureau’s compliance guide, and that rule shapes how carefully underwriters read your accounts.
Plan to document or remove:
- Transfers between your own accounts, other than business-to-personal transfers on a personal-statement file.
- Loan proceeds, refunds and one-time windfalls.
- Returned items or overdrafts, which raise questions on their own.
- Business and personal money mixed in one account.
- Deposits into a business account you own less than 25% of.
Asset sources are screened as well. Retirement accounts count at 70%, or 80% once you are 59.5 or older. Business funds, gifts, trusts other than a revocable living trust, unvested stock and cryptocurrency never count toward asset-based qualification.
Bank Statement, Full-Doc, Assets or DSCR: Which Fits?
Choose by what carries the loan. If your traditional income documentation shows the income, a full-documentation loan is usually the simpler path. If deposits tell the story better, use bank statements. If the property itself pays the loan, a rental-income program may fit best.
| Path | Best when | Watch out for |
|---|---|---|
| Full-doc | conventional personal-income paperwork shows strong income | Write-offs shrink qualifying income |
| Bank statement | Deposits exceed taxable income | Expense ratio and statement scrubbing |
| Asset allowance | Large liquid balances | Primary and second homes only, 80% max |
| Assets-only | Liquidity covers the loan | Liquid assets must equal loan plus closing costs |
| DSCR | Rent covers the property’s payment | Investment property only |
On the asset paths, an allowance divides liquid assets by 36, 60 or 84 months to create income. Divide by 36 when your debt-to-income before the asset income is at or below 60%. Divide by 60 when it runs above 60%. Use 84 for standalone files or any loan above $3,500,000. The qualifying ratio with the asset income counted must still fit the 50% ceiling. Assets-only needs no debt-to-income test when U.S. liquid assets equal the loan plus closing costs plus sixty months of any net loss on other residential property.
DSCR loans qualify primarily on property-level rental income covering the payment, subject to lender guidelines. For a detailed look, see the complete DSCR loans guide.
One note on rental purchases
Bank statement loans for rental property are business-purpose loans, which are reviewed differently from a standard owner-occupied mortgage. Credit to buy a non-owner-occupied rental is treated as business purpose, according to a Federal Reserve letter. A consumer-purpose cash-out on a primary residence stays in the consumer category. The purpose of the loan, not only the property type, decides the category, so confirm yours with counsel.
California Considerations
California is a high-cost state, which shifts the jumbo line upward in many counties. It does not block the product. The practical differences are licensing, since California licenses mortgage brokers and lenders at the state level, and appraisals. Unique estates with few comparable sales can draw deeper appraisal review at large balances. That is a property issue, not a program issue.
Lendmire is a broker, never the lender. It shops multiple wholesale programs on your behalf and is licensed for consumer mortgage lending in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. For deeper California coverage, see Lendmire’s complete guide to super jumbo bank statement loans in California.
Why Do Files Stall?
Most stalls come from three things. Statements do not show consistent deposits, so the income calculation falls short. The loan size needs more reserves than the borrower has set aside. Or the credit profile misses an overlay, such as a recent credit event or a late housing payment.
Trade press describes non-QM borrowers as people with strong credit but unconventional documentation. That matches what we see. The fix is usually preparation: separate personal and business accounts early, explain unusual deposits in writing, and check the leverage ladder before choosing a purchase price.
What to Prepare Before You Apply
- Twelve or 24 consecutive months of statements for every account you plan to use.
- Proof of ownership percentage for any business account.
- An accountant-provided expense ratio or profit-and-loss statement, if you want one instead of the fixed ratios. Lendmire’s How to Write a CPA Letter for a Super Jumbo Bank Statement Loan walks through that step.
- Documentation of liquid assets, and the months of reserves your loan size requires.
- A list of financed properties you already own, since each adds to the reserve requirement.
- Credit review, especially for any late payments in the past 24 months. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Frequently Asked Questions
Can I do a cash-out refinance with a super jumbo bank statement loan?
Yes, through select wholesale programs. Cash-out proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio program caps cash in hand at $1,500,000, and the bank portfolio program publishes no cap. Cash-out ceilings are lower than purchase ceilings in every band, and above $4,000,000 each file is reviewed case by case. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Can I use bank statements for a second home or investment property?
Yes, though these occupancies use their own ladders. Second homes are limited to one unit, and investment loans are business-purpose. Above $3,000,000 the portfolio program’s super jumbo overlays apply, including a 700 credit floor and the 0x30x24 housing history, while the bank portfolio program keeps its own 680 floor. Everything remains subject to full underwriting.
Can I qualify on assets instead of deposits?
Yes, on primary and second homes. An asset allowance divides liquid assets by 36, 60 or 84 months to create supplemental or standalone income. Assets-only requires no debt-to-income test when U.S. liquid assets equal the loan amount plus closing costs. Retirement accounts count at 70%, or 80% at 59.5 and older.
Do transfers from my business count as income?
Transfers from your own business into a personal account count at 100% on a personal-statement file. Transfers between your own personal accounts do not count, since they are movement of money, not new income. Business statements apply an expense ratio and require at least 25% ownership.
Should I use a bank statement loan or a DSCR loan for a rental?
It depends on what should carry the loan. A bank statement loan is reviewed on your personal income through deposits, and a DSCR loan is reviewed primarily on the property’s rental income covering the payment, subject to lender guidelines. Many investors keep both tools available and choose per property.
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. Programs change, every file is underwritten individually, and nothing here is a commitment to lend.
California investors tend to see the most useful comparison when they test the loan size against the leverage ladder before choosing a purchase price, because the band you land in often matters more than the documentation path you choose.
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. Orrick: FHFA announces conforming loan limit increases
2. CalculatedRisk: FHFA baseline conforming limit mechanics
3. CFPB ATR/QM Small Entity Compliance Guide
4. Federal Reserve: Regulation Z summary
5. Scotsman Guide: Rev Up the Engine for Non-QM Lending
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 to Qualify for a Super Jumbo Bank Statement Loan in Florida · How to Qualify for a Super Jumbo Bank Statement Loan in Texas · Can a W-2 Salary and Bank Statement Income Share One Super Jumbo Loan?
Guides: Super Jumbo Bank Statement Loans in California
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.