The Quick Read: The word “limit” means three different things on these loans (the annual conforming line, the lender’s maximum loan size, and the leverage ceiling at your loan size), and on a second home the leverage ceiling is the one that usually decides how much you can borrow, through select wholesale programs, subject to full underwriting.
- Loan sizes run from $300,000 to $30,000,000 across two wholesale programs, and every file above $4,000,000 is reviewed case by case before submission.
- Leverage falls as the balance rises, and a second home typically runs about five points below a primary residence at the same size.
- Qualifying income comes from 12 or 24 months of bank deposits after an expense ratio, not from traditional personal-income documentation.
- Rent from the property does not qualify you on a second-home loan.
- Credit floors, reserves and housing-history rules all tighten at the super jumbo line.
Key Terms Defined
Super jumbo is a lender-defined size tier far above the conforming line. No rule sets one dollar amount for it, and each program draws its own line.
Bank statement loan is a mortgage that is reviewed around deposits into your personal or business accounts instead of traditional personal-income documentation.
Expense ratio is the share of business deposits a lender assumes goes to operating costs, so only the remainder counts as your income.
Leverage ceiling is the highest loan-to-value percentage a program allows at a given loan size, occupancy and purpose.
Cash-in-hand cap is a dollar limit on the cash you can take out at closing on a cash-out refinance.
Reserves are liquid funds you must hold after closing, counted in months of the monthly housing obligation.
Seasoning is the waiting period after a credit event before a lender will treat your credit as recovered.
What Makes a Loan Super Jumbo?
A loan becomes jumbo when it exceeds the conforming limit, and it becomes super jumbo when the lender says so. That second line is a business decision, not a legal one.
Across the wholesale network Lendmire works with, the practical picture looks like this. A portfolio non-QM program (a program the lender holds on its own books) carries bank statement files from $300,000 to $6,000,000. A separate bank portfolio program carries twelve-month-statement files up to $30,000,000 on its own size ladder. The bank program’s ladder begins above $4,000,000, overlaps the portfolio program to $6,000,000, and stands alone above that.
So there is no single super jumbo number. Which program fits depends on your loan size, your occupancy, and your deposits.
How Do Bank Deposits Become Qualifying Income?
Lenders add up eligible deposits, subtract an expense ratio, and divide by the number of months. The result is your monthly qualifying income. Your personal debt-to-income ratio (DTI) is then run against it, and DTI can go up to 50% through select programs.
Here is the sequence on most files:
1. You provide 12 or 24 consecutive months of personal or business statements. The bank program uses 12. Transaction histories never substitute for statements.
2. The lender strips out anything that is not income, such as transfers between your own accounts, loan proceeds, refunds and one-time items.
3. For business accounts, the lender applies an expense ratio. Common fixed ratios are set by business type and size, with the lowest for a service business with no employees, a higher ratio for a business with a small number of employees, and the highest for larger staffs or any product business.
4. An accountant-prepared ratio can replace the fixed one, and a profit-and-loss method is available, capped at 80%.
5. Business statements require at least 25% ownership, and only your share counts.
Transfers from your own business into your personal account count in full, which is a real advantage for owners who pay themselves that way.
The choice between 12 and 24 months matters. Twelve months shows recent growth sooner. Twenty-four months smooths seasonal swings, though a weak first year can drag the average down. The expense ratio is the biggest single lever on your income, so it is worth asking an accountant which method fits your books.
The Three Limits People Mean
Most confusion comes from using one word for three separate ceilings. The table separates them.
| Limit | Who sets it | What it governs |
|---|---|---|
| Conforming limit | Federal regulator, annually | Agency eligibility |
| Maximum loan amount | Each lender or program | Largest balance offered |
| Leverage ceiling | Program ladder by size | Highest LTV at that size |
The first is public. The FHFA’s addendum sets a baseline one-unit limit of $832,750, and local limits rise in high-cost counties where 115 percent of the local median home value exceeds the baseline. They cannot exceed 50 percent above it. Anything over your county’s limit is non-conforming.
That line only marks where jumbo starts. It does not set any non-QM program’s ceiling, so a change in the conforming limit does not lift super jumbo caps. The second and third limits come from the lender.
How Does Leverage Step Down With Loan Size?
Leverage falls as balances rise because a bigger loan leaves the lender holding more risk against a smaller pool of buyers. The table shows typical ceilings through select wholesale programs, subject to full underwriting. These are ceilings, not promises.
| Loan size | Primary purchase | Second-home purchase | Second-home cash-out |
|---|---|---|---|
| $300K–$1M | 90% | 85% | 75% |
| $1M–$2M | 85% | 80% | 75% |
| $2M–$2.5M | 80% | 80% | 70% |
| $2.5M–$3M | 80% | 75% | 60% |
| $3M–$4M | 75% | 65% | 55% |
| $4M–$5M | 65%, case by case | 65%, case by case | 55%, case by case |
| $5M–$10M | 60%, case by case | 55%, case by case | 50%, case by case |
Every row above $4,000,000 is reviewed case by case before submission. Treat those cells as the upper edge of what a reviewer may consider, not a flat offer.
The gap between a primary residence and a second home is widest in the $3,000,000 to $4,000,000 band. A second-home purchase there tops out at 65%, and credit expectations climb to 760 or higher on the ladder. Lendmire’s piece How Much Lenders Hold Back on a Super Jumbo Bank Statement Second Home goes deeper on that gap.
Why a Second Home Is Treated Differently
A second home is judged on occupancy first, and income second. It must be a one-unit property that you occupy for part of the year, that is suitable for year-round use, and that you control exclusively. A bank statement loan changes how you prove income. It does not change the occupancy rule.
That means the property’s rent cannot qualify you. If you plan to rent it out heavily, lenders treat it as an investment property instead, which is a different loan with its own leverage ladder.
The overlay line also arrives sooner. Above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property, the portfolio programs typically require:
- a 700 credit floor
- a 0x30x24 housing history, meaning no 30-day lates in 24 months
- 48 months of seasoning after any credit event
- U.S. citizen or permanent resident status, with no non-occupant co-borrowers
- no rural property, and ten acres at most
- cash-out proceeds that cannot satisfy reserves
For a walkthrough of how the occupancy tests play out, see Lendmire’s explanation of how to meet second-home rules on a super jumbo loan.
Cash-Out and Reserves at This Size
On the portfolio program, cash-out proceeds are unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. The bank program publishes no cash-out cap. Cash-out ceilings step down faster than purchase ceilings, as the table shows. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Reserves scale with the balance. Most programs ask for 3 months to $500,000, 6 months to $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.
Where the General Rule Breaks
Four edge cases change the usual picture.
Above $4,000,000. Everything is reviewed case by case before submission. A published ladder shows the ceiling, and your file decides where you land under it.
Asset-based paths. If deposits understate your wealth, an asset allowance divides liquid assets by 36, 60 or 84 months to create income. It is available on primary and second homes, to 80% LTV. An assets-only path needs no DTI when your U.S. liquid assets 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 and cryptocurrency never count. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Down payment alone. Lenders must verify income or assets, so a big down payment without verified income or assets does not carry a file. The CFPB’s ability-to-repay guide says the lender must consider and verify income or assets and debts. A Lexology review of non-QM rules adds that lenders weigh eight underwriting factors and verify what they rely on through reliable third-party records.
Unexplained deposits. Large transfers, one-time inflows and brand-new accounts get pulled or questioned.
Bank statement loans are not no-paperwork loans. The file still needs credit, reserves, an appraisal and a full deposit review.
A Worked Example Across Three Price Points
Run the numbers on a founder with 24 months of business statements, a 50% expense ratio, strong credit and a one-unit vacation home. These are modeled assumptions, not market data.
At $3,500,000, the second-home purchase ceiling falls to 65%. The overlay line has been crossed, so a 700 credit floor, 0x30x24 housing history and 9 months of reserves apply. The ladder expects a 760 score in that band. The same price on a primary residence would allow 75%. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
At $5,500,000, the second-home purchase ladder drops to 55%, on review. Funds beyond the down payment must also cover reserves, and cash-out proceeds cannot count toward them.
Same borrower, same deposits. The property price alone moved the required cash by a wide margin.
Bank Statement, DSCR or Asset-Based?
The right path follows how you will use the property.
| Your plan | Best-fit path |
|---|---|
| Part-time personal use | Bank statement or asset-based |
| Pure rental | DSCR loan |
| Deposits understate wealth | Asset allowance or assets-only |
A DSCR loan tests the property’s rent against its payment instead of your deposits. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust. The complete DSCR loans guide covers how that path works.
Before You Apply
- Pull 12 and 24 months of statements and compare the average of each.
- Flag every transfer, refund and one-time deposit.
- Ask your accountant about an expense ratio.
- Decide whether the home is truly for personal use.
- Total your liquid assets against the reserve tier for your loan size.
- Check your credit against the 660 portfolio floor and the higher bands above the overlay line.
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 a maximum loan amount on a super jumbo bank statement loan?
Yes, but it depends on the program. The portfolio program reaches $6,000,000, and the bank program reaches $30,000,000 on its own ladder. Above $4,000,000, each file is reviewed case by case before submission, so the ladder is a ceiling and not a promise. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Do second homes get lower leverage than primary residences?
Yes. Second homes typically run lower than primary residences at the same loan size. The gap is widest between $3,000,000 and $4,000,000, where a second-home purchase tops out at 65% against 75% on a primary residence, through select programs.
Can rental income count toward qualifying?
No, not on a second-home loan. Deposits or assets carry the file. A property you plan to rent heavily is treated as an investment property, and a DSCR loan, which tests the rent against the payment, usually suits it better.
How much cash can I take out on a second-home refinance?
On the portfolio program, proceeds are unlimited at or below 60% LTV, and above 60% cash in hand is capped at $1,500,000. Second-home cash-out ceilings are lower than purchase ceilings at every size. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Does the conforming limit change these caps?
No. The conforming limit only marks where jumbo begins. Non-QM program ceilings come from each lender’s own ladder.
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 broker that shops multiple wholesale programs and is not the lender. 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. Nothing here is a commitment to lend, and every file is underwritten individually.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire is a non-QM mortgage brokerage (NMLS# 2371349) arranging DSCR investor loans in 41 markets, including Washington, D.C., through wholesale and investor-lending channels. DSCR loans are evaluated by the lender on rental income rather than personal income, subject to lender guidelines — a fit for LLC-owned portfolios, self-employed investors, and operators scaling beyond conventional loan caps. Recognized as a Scotsman Guide Top Mortgage Workplace in 2025 and 2026.
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References
1. FHFA – 2026 Conforming Loan Limit Addendum
2. CFPB – ATR/QM Rule Compliance Guide
3. Lexology – Non-QM Eight Underwriting Factors
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 Get a Super Jumbo Bank Statement Loan With a Law Practice · How to Get a Bank Statement Second Lien on a Second Home · How to Pick Personal Bank Statement Months on a Super Jumbo Loan
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.