The Quick Read: You qualify by documenting 12 or 24 consecutive months of bank statements. The lender turns eligible deposits into monthly income after an expense ratio, then checks credit, reserves, and leverage that tighten as the loan grows. All of this runs through select wholesale programs and is subject to full underwriting.
- Qualification path: deposits, assets, or property cash flow stand in for traditional personal-income documentation, depending on the program and the property.
- Leverage steps down with size: on a primary residence purchase, the maximum loan-to-value ratio tightens as the loan amount grows, with the largest loans carrying the lowest ceilings.
- Credit and cash: the program floors are 660 to 700 depending on program and size, debt-to-income runs to 50%, and reserves run 3 to 9 months.
- Above $4,000,000: every file is reviewed case by case before submission.
- Washington: Lendmire’s consumer mortgage lending is licensed in 16 states, Washington among them.
Super jumbo files are built for founders, physicians, attorneys, entertainers, athletes, and investors. These are people whose traditional personal-income documentation understates what actually moves through their accounts. Business write-offs and depreciation shrink the income on paper. Bank statement underwriting reads the cash instead.
Key Terms Defined
Super jumbo: a loan size tier above standard jumbo. No official definition exists, so each lender sets its own line, and many files in the network treat roughly $3,000,000 to $3,500,000 and up as super jumbo.
Bank statement loan: a non-QM mortgage that is reviewed around documented deposits instead of tax-return income, subject to lender guidelines.
Non-QM: a loan that sits outside the standard qualified-mortgage box. Lenders still verify repayment ability, only by a different method.
Expense ratio: the share of business deposits the lender treats as operating cost, not income. The rest becomes qualifying income.
Eligible deposit: a deposit that counts as real business or personal earnings. Transfers between your own accounts and loan proceeds do not count.
Reserves: liquid money left over after closing. It is a cushion the lender wants to see, measured in months of housing payments.
How Does a Bank Statement Loan Qualify You?
The loan is reviewed for you, the person, by measuring the cash that flows through your accounts. A lender takes 12 or 24 months of statements, removes what is not income, applies an expense ratio, and divides by the number of months. That monthly figure goes into a debt-to-income test alongside your other obligations.
This is different from a DSCR loan, which qualifies the property primarily on rental income covering the payment, subject to lender guidelines. A bank statement loan counts your other debts, including existing mortgages. Many high-net-worth borrowers use one for the home they live in and the other for the rentals.
The documentation is not thin. Statements must be consecutive and show every page. Printed transaction histories never substitute. Verification is heavy. It is simply built on deposits instead of a tax return.
Where Does Jumbo End and Super Jumbo Begin?
Jumbo starts at the annual conforming loan limit, which varies by county. Super jumbo has no regulatory definition. Lenders use it as shorthand for a size tier with stricter overlays on credit, reserves, and leverage.
Orrick’s summary of the latest limit update puts the baseline one-unit limit at $832,750 and the high-cost ceiling at $1,249,125. In Washington, some counties carry a higher limit than the statewide baseline, so look up your own county before assuming where jumbo starts.
The network Lendmire works with draws its own lines. A portfolio non-QM bank statement program carries files to $6,000,000. A separate bank portfolio program takes twelve-month-statement files to $30,000,000 on its own size ladder. That ladder begins above $4,000,000 and overlaps the first program up to $6,000,000. Above $6,000,000 it stands alone.
How Underwriting Turns Deposits Into Income
Underwriting follows the same seven steps on almost every file. The details change with the program.
1. Pick the window. Most programs take 12 or 24 consecutive months. The bank portfolio program uses 12.
2. Choose the account type. Personal statements are read close to raw deposits. Business statements get an expense ratio. Business statements need at least 25% ownership.
3. Scrub the deposits. Transfers between your own accounts, loan proceeds, and one-off credits come out. On personal statements, transfers from your own business count at 100%.
4. Apply the expense ratio. The fixed ratios are 20% for a service business with no employees, 40% with one to five employees, and 50% with six or more employees or any product business. An accountant-provided ratio is another option. So is a profit-and-loss method, capped at 80%.
5. Divide by the months. That gives qualifying monthly income.
6. Test debt-to-income. Every other monthly obligation goes in. Debt-to-income can run to 50% through select wholesale programs, subject to full underwriting.
7. Verify the rest. Credit, assets, reserves, and the appraisal get checked alongside income.
That last step is not optional. The federal rule behind consumer mortgages asks lenders to weigh eight factors, including income or assets, employment, other debts, and credit history. The CFPB’s compliance guide lists them. Bank statement lending is one method of meeting that duty, not a way around it.
One related myth deserves a correction. Many borrowers believe a federal 43% debt-to-income cap applies to every loan. That figure belonged to the old qualified-mortgage definition, which the CFPB later replaced with a price-based test, as the Federal Register history describes.
If your income includes partnership earnings you never took out, see Lendmire’s piece Does Undistributed K-1 Income Qualify on a Super Jumbo Bank Statement Loan?.
A Modeled Example: From Deposits to Qualifying Income
Take a founder with 24 months of business statements and a staff of six. The model below is an illustration, not a quote. It uses no real figures.
| Deposit type | Counts? |
|---|---|
| Customer payments | Yes, after expense ratio |
| Transfer to own personal account | Yes, 100% on personal statements |
| Transfer between own accounts | No |
| Loan or line-of-credit draw | No |
| One-off lump sum, no history | Usually no |
The expense ratio drives the result. Per dollar of eligible deposits, a 20% ratio leaves 80 cents as income. A 40% ratio leaves 60 cents. A 50% ratio leaves 50 cents. The same deposit history can therefore qualify very differently.
So the founder’s ratio depends on the business type and headcount. Because six employees puts the business at 50%, an accountant-provided ratio or a profit-and-loss method (capped at 80%) can sometimes read the business more favorably. Whether it does depends on the numbers, and the lender decides.
After the ratio, divide by 24 months and run the debt-to-income test against the full list of monthly obligations.
Personal or Business Statements?
Use business statements when most of your income runs through a company you own at least 25% of. Use personal statements when you pay yourself from the business and the deposits are clean. Mixed accounts are the usual trouble spot, because underwriters may apply the harsher ratio or ask for clean statements.
| Factor | Personal statements | Business statements |
|---|---|---|
| Expense ratio | Not applied | Applied |
| Ownership needed | None | At least 25% |
| Business transfers | Count at 100% | Not applicable |
| Cleanliness burden | Deposits must be earnings | Account must be business-only |
Routing income through one clean account and moving money out by transfer can simplify the file. That is a planning choice, not a rule.
How Much Leverage at Each Size?
Leverage steps down as the loan grows, but not in a straight line. The table shows purchase ceilings by occupancy through select wholesale programs, subject to full underwriting.
| Loan size | Primary purchase | Second home purchase | Investment purchase |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 85% |
| $1M–$2M | 85% | 80% | 80% |
| $2M–$2.5M | 80% | 80% | 80% |
| $2.5M–$3M | 80% | 75% | 75% |
| $3M–$4M | 75% | 65% | 60% |
| $4M–$5M, on review | 65% | 65% | 65% |
| $5M–$10M, on review | 60% | 55% | 55% |
| $10M–$30M, on review | 55% | 50% | 50% |
Each figure is the best case for that occupancy and size, not a promise. The portfolio non-QM program stops at $6,000,000. The bank portfolio program carries the ladder from $4,000,000 to $30,000,000. Every loan above $4,000,000 is reviewed case by case before submission. Nothing above $1,000,000 reaches 90%.
Credit sets which cell you land in. On a primary residence purchase, the top cell needs 680+ at 90% (loans to $1,000,000), 700+ at 85% ($1M to $1.5M), 720+ through $3.5M, and 760+ at 75% from $3.5M to $4M. A lower score takes a lower leverage cell in the same band.
Cash-out follows its own column. On a primary residence, cash-out tops out at 80% to $1.5M, 75% to $2M, 70% to $3M, and 65% to $4M. Above $4M, the figures are 60% to $5M, 55% to $10M, and 50% to $30M, all reviewed case by case.
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 cap. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Interest-only is a structure, not a bigger ceiling. On purchase and rate-and-term files, the portfolio program allows interest-only up to 85% LTV with a 700 score, using a 40-year term with a 10-year interest-only period. The bank portfolio program caps interest-only at 60% LTV. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Credit, Debt-to-Income, and Reserves
Debt-to-income can run to 50%.
Reserves scale with size: 3 months through $500,000, 6 months through $1,500,000, and 9 months above that. Each additional financed property adds 2 months, up to a 12-month maximum. First-time investors need 12 months.
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, super-jumbo overlays apply. They are:
- a 700 credit floor and a 0x30x24 housing history,
- 48 months of seasoning after any credit event,
- U.S. citizens and permanent residents only,
- no non-occupant co-borrowers,
- no rural property, with ten acres the maximum, and
- cash-out proceeds that cannot satisfy reserves.
Those overlays are where most borrowers learn that this is not a stretched version of a standard jumbo.
Property and Occupancy Rules
Property type changes the leverage you can reach. Across the network, warrantable condos run to 85%, non-warrantable condos to 80%, and condotels to 75% on a purchase and 65% on a cash-out (50% on the bank program). Two- to four-unit properties run to 85%. Second homes must be one unit. Rural property runs to 80% on ten acres or less and never above $3,000,000.
For how acreage plays out at this size, see Lendmire’s piece Can a Twenty-Acre Property Qualify for a Super Jumbo Bank Statement Loan?.
Occupancy matters for a second reason. 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. An owner-occupied super jumbo is a consumer loan with the full consumer paperwork.
Where the Rules Break
A few situations change the usual path.
- Business younger than the statement window. The asset paths below often fit better. The lender decides case by case.
- Mixed personal and business accounts. Expect the stricter ratio or a request for clean statements.
- Entity ownership. Business statements require at least 25% ownership, and an entity borrower is reviewed under program guidelines.
- Credit event. Above the super-jumbo line, a 48-month seasoning period applies.
- Non-citizens. Above the super-jumbo line, only U.S. citizens and permanent residents qualify.
If Deposits Don’t Fit: Asset Paths and DSCR
Two asset-based paths exist. Asset allowance divides liquid assets by 36, 60, or 84 months and adds the result as income. It applies to primary and second homes only, up to 80% LTV. The divisor is 36 months when the file’s debt-to-income before the asset income is 60% or lower, and 60 months when it is higher. It is 84 months for a standalone file or any loan above $3,500,000. The final ratio must still fit 50%. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Assets-only needs no debt-to-income test. U.S. liquid assets must equal the loan amount plus closing costs plus sixty months of any net loss on other residential property. Retirement accounts count at 70% (80% from age 59.5). Business funds, gifts, trusts other than a revocable living trust, unvested stock, and cryptocurrency never count.
For the rentals themselves, a DSCR loan is usually the better fit. Lendmire’s complete DSCR loans guide walks through how that works. 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.
Document Checklist
- 12 or 24 consecutive months of statements, every page
- A business license or proof of ownership of at least 25%
- A profit-and-loss statement or accountant letter if you use either path
- Statements for the liquid assets used for reserves
- Written explanations for large or unusual deposits
- Credit history and housing history
Why Files Stall
Most stalls trace back to a few causes. Large unexplained deposits send underwriters hunting. Missing pages break the consecutive-statement rule. Reserves sourced from cash-out proceeds fail above the super-jumbo line. A credit event inside 48 months blocks the top cells. Mixed accounts draw the stricter ratio.
Fix these before you apply, not after. Label transfers, keep one clean income account, and pull every statement page.
Frequently Asked Questions
How many months of statements do I need?
Most programs take 12 or 24 consecutive months of personal or business statements. The bank portfolio program uses 12. Twenty-four months can help when income fluctuates, but a 12-month window may show a stronger recent run.
Can I use personal statements for a business I own?
Often yes. On personal statements, transfers from your own business into a personal account count at 100%. The deposits must still be genuine earnings, and mixed accounts draw extra scrutiny.
What credit score do I need?
The floors are 660 on the portfolio non-QM program, 680 on the bank portfolio program, and 700 above the super-jumbo line. Each leverage cell also has its own score, so a lower score takes a lower leverage cell in the same band.
Do I need traditional personal-income documentation?
Not for the standard path. The loan is reviewed on documented income under the applicable program, subject to lender guidelines. Some borrowers supply an accountant-provided ratio or a profit-and-loss statement to adjust the income calculation.
Is Lendmire licensed to arrange this loan in Washington?
Washington is one of 16 states where Lendmire’s consumer mortgage lending is licensed. Lendmire is the broker, so it shops several wholesale programs. It does not lend or approve.
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. Reach the team at 828-256-2183.
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 2026 increases to conforming loan limits
2. CFPB — ATR/QM Small Entity Compliance Guide
3. Federal Register — 2020 CFPB rule document
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 Much Can You Borrow With a Super Jumbo Bank Statement Loan? · 12 vs. 24 Months on a Super Jumbo Bank Statement Loan With Mixed Accounts · Can a Portfolio Operator Get a 40-Year Super Jumbo Bank Statement Loan?
Guides: Super Jumbo Bank Statement Loans in Washington
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.