The Quick Read: You qualify by showing twelve or twenty-four months of consecutive bank statements, where eligible deposits, after an expense ratio, produce the income number, and then by clearing the credit, reserve and leverage limits that tighten as the loan grows. Everything below comes through select wholesale programs, subject to full underwriting, and nothing here is a commitment to lend.
- Income comes from deposits, not traditional personal-income documentation, but it is still documented income that the lender verifies.
- Business accounts take an expense ratio of 20%, 40% or 50%, or an accountant-provided ratio.
- Credit floors vary by scenario, with a 660 minimum on the portfolio program, 680 on the bank portfolio program, and 700 above the super jumbo line.
- Every loan above $4,000,000 is reviewed case by case before submission.
- Reserves run 3, 6 or 9 months by loan size, and cash-out proceeds cannot satisfy them at the top end.
The people who use this loan are founders, physicians, attorneys, entertainers, athletes and investors. Lendmire’s consumer mortgage business is licensed in 16 states, and Ohio is one of them. The mechanics below do not change at the Ohio border.
Key Terms Defined
Jumbo loan: a mortgage above the conforming limit, which is the ceiling for loans that the large government-sponsored buyers will purchase.
Super jumbo: a lender-defined tier of very large balances. No law draws the line, so each program sets its own.
Non-QM loan: a mortgage that does not fit the standard agency box and is underwritten under that program’s own guidelines.
Bank statement loan: a non-QM loan that sets your income from the deposits in your account statements instead of your traditional personal-income documentation.
Expense ratio: the share of business deposits the lender assumes went to running costs, so it does not count as your income.
Eligible deposit: money that is real income. Transfers between your own accounts and loan proceeds do not count.
Reserves: liquid assets that remain in your name after closing, measured in months of the housing payment.
Seasoning: the waiting period after a credit event, such as a foreclosure, before a program will lend.
DTI (debt-to-income ratio): your monthly debts, including the new payment, divided by your qualifying monthly income.
How Underwriting Reads Your Deposits, Step by Step
The underwriter turns a stack of statements into one monthly income figure, then runs that figure through the same DTI test as any other mortgage. Here is how that happens, in order.
1. Choose the window. Programs read 12 or 24 consecutive months. The bank portfolio program uses 12. Statements must be consecutive, and a transaction history never substitutes for a statement.
2. Scrub the deposits. The underwriter removes transfers between your own accounts, loan proceeds, refunds and anything large that you cannot explain. What remains is the eligible deposit total.
3. Apply the account treatment. Personal statements generally count eligible deposits, adjusted for your ownership share. Business statements take an expense ratio.
4. Divide by the months. Eligible deposits divided by the statement months, after the expense ratio, gives qualifying monthly income.
5. Test DTI. Your other debts plus the new payment are measured against that income. Programs reach up to 50% DTI.
6. Check credit, assets and reserves. The loan size sets which tier applies, and each tier has its own limits.
Here is the math in plain terms. With a 40% expense ratio, 60% of your eligible business deposits becomes income. With a 50% ratio, half does. A move from 50% to 40% therefore lifts qualifying income by a fifth, with no change in the account.
Trade press confirms the general approach. Scotsman Guide reports that bank statement and 1099 programs let underwriters average 12 to 24 months of deposits in place of traditional income documentation.
Personal vs. Business Statements, and 12 vs. 24 Months
Business statements get an expense ratio, and personal statements get a cleaner count. Across Lendmire’s wholesale network, the right choice depends on where your income lands first and how steady it has been. Here is how the two account types compare.
| Factor | Personal statements | Business statements |
|---|---|---|
| Ownership | Your own account | At least 25% ownership |
| Expense treatment | Ownership-share adjustment | Expense ratio applied |
| Best fit | Income routed to you | Income retained in the entity |
| Common friction | Mixed-in transfers | Ratio set too high |
The expense ratios are fixed by business type. A service business with no employees uses 20%. A business with one to five employees uses 40%. A business with six or more employees, or any product business, uses 50%. An accountant can provide a ratio instead, and a profit-and-loss method is also available, capped at 80%.
Transfers from your own business into your personal account count at 100%, even though other transfers between your own accounts are removed. That surprises many borrowers. If you pay yourself regularly from the business, personal statements may produce a better number than business statements with an expense ratio.
The 12-month versus 24-month choice comes down to trajectory. If income grew over the past year, twelve months shows the stronger average. If income is lumpy, twenty-four months smooths the swings but may pull in a weak stretch. Declining deposits draw extra scrutiny under either window.
Where “Super Jumbo” Begins
No agency or statute defines super jumbo. The starting point is the conforming limit set by the Federal Housing Finance Agency, which defines when a loan becomes jumbo. The one-unit baseline limit is $832,750 in most of the country, and the high-cost ceiling for one-unit properties is $1,249,125. Check the limit lookup for your county, because Ohio buyers should confirm which figure applies to their property.
Above that limit, a lender chooses its own line for super jumbo. In Lendmire’s network, the practical break comes at $3,500,000 on a primary residence and $3,000,000 on a second home or investment property. That is where the stricter overlays begin.
Two wholesale programs cover the size range from $300,000 to $30,000,000. A portfolio non-QM bank-statement program carries files up to $6,000,000. A bank portfolio jumbo program takes twelve-month-statement files up to $30,000,000 on its own ladder. Its ladder begins above $4,000,000 and overlaps the portfolio program to $6,000,000. Above $6,000,000 it stands alone.
The Leverage Ladder for a Primary Residence
Leverage depends on loan size, occupancy and transaction type. The table shows ceilings for a primary residence through select wholesale programs, subject to full underwriting. The credit column shows the score that band’s top leverage needs, not a program floor. A lower score takes a lower leverage cell inside the same band.
| Loan size | Purchase | Cash-out | 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 (portfolio, overlays) | 75% | 65% | 760+ |
| $4M–$5M (bank program, on review) | 65% | 60% | 680+ |
| $5M–$10M (bank program, on review) | 60% | 55% | 680+ |
| $10M–$30M (bank program, on review) | 55% | 50% | 680+ |
The $3.5 million to $4 million row also allows 70% on a rate-and-term refinance. Everything above $4,000,000 is reviewed case by case before submission, so treat those percentages as ceilings on review, not offers. Nothing above $1,000,000 reaches 90%.
Second homes and investment property use their own ladders, and you cannot get there by subtracting from the primary figures. On an investment-property purchase, the ceiling is 85% to $1,000,000, 80% from $1,000,000 to $2,500,000, and 75% from $2,500,000 to $3,000,000. From $3,000,000 to $4,000,000, the ceiling on an investment-property purchase is 60%. On an investment-property cash-out, the ceiling is 75% to $2,000,000 and steps down from there. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
The Overlays That Start at the Super Jumbo Line
Once a file crosses $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, the program adds overlays. Most files that stall do so here. Across the network, the typical set is as follows:
- A 700 credit floor.
- A 0x30x24 housing history, meaning no 30-day 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 ten acres maximum.
- Cash-out proceeds cannot satisfy reserves.
Ohio buyers shopping lakefront or acreage homes should read the property overlays closely. Rural property reaches 80% on ten acres or less, and never above $3,000,000. Lendmire’s piece Can a Twenty-Acre Property Qualify for a Super Jumbo Bank Statement Loan? walks through the acreage question in detail.
Credit, DTI and Reserves
The credit floors are 660 on the portfolio program and 680 on the bank portfolio program. Above the super jumbo line, the floor is 700. Market surveys report that the average non-QM borrower carries a 776 FICO, per Scotsman Guide, so this is not a subprime product. Within Lendmire’s network, those floors are the minimum, and the top leverage cells ask for more. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
DTI runs up to 50%. Reserves scale with the loan:
- 3 months of the housing payment on loans up to the lower loan-size tier.
- 6 months on loans in the middle tier.
- 9 months on loans in the highest tier.
- 2 additional months for each other financed property, up to a 12-month maximum.
- 12 months for first-time investors.
Reserves must be your own liquid money. Business funds and gifts generally do not count toward them, and cash-out proceeds cannot satisfy them above the super jumbo line.
Structures and Variations
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 program publishes no cap. 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. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Interest-only. The portfolio program offers interest-only up to 85% LTV on purchase and rate-and-term files, with a 700 credit floor, a 40-year term and a 10-year interest-only period. The bank program offers interest-only up to 60%, through 5- and 7-year fixed-period adjustables. A 10-year fixed-period adjustable is fully amortizing. This structure never raises a cash-out ceiling. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Asset allowance. Liquid assets divided by 36, 60 or 84 months can supplement or replace deposit income. The 36-month divisor applies when your DTI before the asset income is at or below 60%. The 60-month divisor applies above that. The 84-month divisor applies to standalone use or any loan above $3,500,000. The final ratio must still fit the 50% ceiling. This path is for primary and second homes only, up to 80%.
Assets-only. No DTI test applies when your U.S. liquid assets equal the loan amount, plus closing costs, plus sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% at age 59.5 and over. Business funds, gifts, trusts other than a revocable living trust, unvested stock and cryptocurrency never count.
Property types. Warrantable condos reach 85% and non-warrantable condos reach 80%. Condotels reach 75% on purchase, and 2-4 unit properties reach 85%. Second homes must be one unit.
Where the General Rule Breaks
The rules above assume a clean file. These edge cases bend them.
- Commingled accounts. When personal and business money share one account, the underwriter must reconstruct income across every account. Route income through one clean account long before you apply.
- Business funds for the down payment. Treatment varies by program. Many programs discount business funds or want them seasoned in a personal account, and they never count toward reserves.
- Declining deposits. A falling trend over the window invites questions. An accountant letter explaining the cause can help.
- Short self-employment history. Programs generally look for a documented history in the business. A new venture may not have it.
- Partnership income. Pass-through income that stays in the entity creates its own question.
- Credit events. Seasoning of 48 months applies above the super jumbo line.
Bank Statement or Another Route?
A bank statement loan is not the only path. Choose based on where your documented strength actually sits.
| Route | What it reads | Fits when |
|---|---|---|
| Bank statements | Deposits after expense ratio | Cash flow beats conventional personal-income paperwork |
| Asset allowance | Liquid assets over 36, 60 or 84 months | Large liquid holdings |
| Assets-only | Liquid assets versus the loan | Little or no earned income |
| DSCR | The property’s rent versus its payment | Rental purchase, strong rent |
For a rental, DSCR deserves a look first. 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. Under federal rules, whether a transaction is primarily for a business purpose is determined in each case, as the CFPB’s interpretation of Regulation Z explains.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Programs below 1.00 coverage are available through select lenders in the network, but LTV and terms adjust. A bank statement loan on an investment property is a different path, since it still reads your personal income. Lendmire’s complete DSCR loans guide covers when each fits.
What to Do in the 90 Days Before You Apply
Most of the work happens before the application.
- Route income through one clean account.
- Document any large deposit with a source.
- Ask an accountant for an expense-ratio letter early if you believe your ratio should be lower.
- Keep reserves in your own name, in liquid form.
- Avoid new debt, which raises DTI.
- Decide on 12 or 24 months based on your income trend.
- Pull your credit and check it against the tier you need.
Tell your broker about every financed property you own. Each one adds two months of reserves, up to the 12-month maximum.
Frequently Asked Questions
Do I need standard personal-income documentation for a super jumbo bank statement loan?
Not for the income calculation. The program documents income from bank statements, which is verified documented income, not an absence of documentation. Some programs may still pull tax transcripts as a check, and the lender may ask for other items depending on your file.
How many months of statements do I need?
Twelve or twenty-four consecutive months of personal or business statements. The bank portfolio program uses twelve. You cannot substitute a transaction history for a statement, and a missing month will stall the file.
Can cash-out proceeds count as reserves?
Above the super jumbo line, no. On loans above $3,500,000 on a primary residence, or $3,000,000 on a second home or investment property, cash-out proceeds cannot satisfy reserves. Keep other liquid assets in your name for that purpose.
Is Ohio’s jumbo limit different by county?
The federal limit is set by county, so confirm the figure for your property using the FHFA lookup. The super jumbo tier is a lender line, not a legal one, and it begins well above the conforming limit for each program.
Can business funds be used for my down payment?
It depends on the program. Many programs discount business funds or ask that they season in a personal account first. They never count toward asset-based qualification or reserves in the network’s asset paths.
Next Step
Call 828-256-2183 or request a quote at Lendmire’s quote page.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. 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
2. Federal Housing Finance Agency, conforming loan limits
3. CFPB, Regulation Z section 1026.3 interpretations
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: Does a Margin Loan Count as Debt on a Super Jumbo Bank Statement Loan? · Does a Retirement Account Count Toward a Super Jumbo Bank Statement Loan? · Should an HNW Executive Use IO on a Super Jumbo Bank Statement Loan?
Guides: Super Jumbo Bank Statement Loans in Ohio
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.