The Quick Read: No regulator sets a super jumbo limit. Each lender type writes its own ladder by loan size, leverage, credit and reserves, and the documentation path (bank statements, assets, or property cash flow) is a separate test from size. Through select wholesale programs, subject to full underwriting, the ceiling you can reach depends on which lender type holds the loan.
- A portfolio non-QM bank-statement program carries files to $6,000,000. A bank portfolio program carries twelve-month-statement files to $30,000,000.
- Leverage steps down as the loan grows, and every file above $4,000,000 is reviewed case by case before submission.
- Bank statements replace traditional personal-income documentation, but deposits are still verified and run through an expense ratio.
- Investment property takes its own leverage ladder, separate from a primary residence.
Most of this confusion comes from one assumption: that “super jumbo” is a defined category, like conforming. It isn’t. The only number a regulator publishes is the conforming limit, which the NAHB reports at a $832,750 baseline for one-unit properties, with a $1,249,125 ceiling in high-cost areas. Everything above your local limit is jumbo. Where jumbo becomes “super” is a lender’s own label.
What Counts as Super Jumbo?
A loan is super jumbo when a lender says so. Conforming limits vary by county, so a loan that is jumbo in one county can be conforming in another. The FHFA county list shows the local figure, and it’s worth checking before assuming you’re in jumbo territory at all.
Across Lendmire’s wholesale network, the practical dividing line shows up in the underwriting overlays. On a primary residence, extra restrictions start above $3,500,000. On a second home or investment property, they start above $3,000,000. Those overlays include a 700 credit floor, a 0x30x24 housing history, 48-month seasoning after any credit event, and no rural property. They also include a ten-acre maximum, and cash-out proceeds cannot count toward reserves.
Does “No Tax Returns” Mean No Documentation?
No. It means a different set of documents. A lender still has to see that you can carry the loan. Bank statements, assets, or property cash flow do that job in place of a Form 1040.
Qualification runs on documented income under the applicable program, subject to lender guidelines. The lender will total your eligible deposits, strip out transfers and loan proceeds, and apply an expense ratio. Unexplained deposits don’t count. Statements must be consecutive, and transaction histories never substitute for them.
How Limits Work by Lender Type
The limit is a stack, not a single number. Loan amount, leverage, credit and reserves all move together, and which lender holds the loan decides where each one sits.
| Lender type | How the limit is set | Ceiling in Lendmire’s network |
|---|---|---|
| Agency-eligible (conforming) | Hard regulatory cap | Not applicable to these loans |
| Portfolio non-QM program | Own ladder, overlays above $3.5M | Files to $6,000,000 |
| Bank portfolio program | Balance-sheet lender, own ladder | Twelve-month files to $30,000,000 |
| DSCR investor program | Property cash flow vs. payment | Set by that program’s ladder |
Agency-eligible loans fall outside this discussion. Fannie Mae and Freddie Mac can only buy loans at or under the conforming limit, per NAHB, so above it the loan sits with a portfolio lender or a non-QM investor. That is why the ladder looks different from one channel to the next.
The portfolio non-QM program. It carries files from $300,000 to $6,000,000. It offers the highest leverage at the low end and the most flexible structures, including interest-only up to 85% LTV with a 700 credit floor (40-year term, 10-year interest-only period). Credit floors run 660 up to the super jumbo line and 700 above it. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
The bank portfolio program. It begins its own ladder above $4,000,000 on a primary residence, overlaps the portfolio program to $6,000,000, and stands alone above that. It uses twelve months of statements and keeps a 680 credit floor at every size. It carries files to $30,000,000, and interest-only is available to 60% LTV on five- and seven-year fixed-period adjustables. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Some lenders in the network write DSCR loans that skip personal income entirely. That path is covered below.
The Leverage Ladder on a Primary Residence
Read the bands by loan amount, never purchase price. Multiply price by leverage first, then find the band that loan lands in. Through select wholesale programs, subject to full underwriting, the best available purchase leverage on a primary residence runs:
| Loan band | Program | Purchase leverage (best cell) |
|---|---|---|
| $300K–$1M | Portfolio | 90% |
| $1M–$1.5M | Portfolio | 85% |
| $1.5M–$2M | Portfolio | 85% |
| $2M–$2.5M | Portfolio | 80% |
| $2.5M–$3M | Portfolio | 80% |
| $3M–$3.5M | Portfolio | 75% |
| $3.5M–$4M | Portfolio, super-jumbo overlays | 75% |
| $4M–$5M | Bank portfolio | 65% (case by case) |
| $5M–$6M | Bank portfolio | 60% (case by case) |
| $6M–$10M | Bank portfolio | 60% (case by case) |
| $10M–$20M | Bank portfolio | 55% (case by case) |
| $20M–$30M | Bank portfolio | 55% (case by case) |
The credit score in each band is what that band’s top leverage needs, not a program floor. A lower score takes a lower leverage cell inside the same band. Top-cell scores run 680 or better up to $1,000,000, 700 at $1,000,000–$1,500,000, 720 from there through $3,500,000, and 760 at $3,500,000–$4,000,000. The bank program stays at 680 throughout.
Notice that leverage steps down at $4,000,000 where the lender type changes, and is set only on review. Any figure above $4,000,000 is case by case before submission, and nothing above $1,000,000 reaches 90%.
Second homes and investment property take their own ladders. The purchase ceiling matches the primary figure in some bands and sits as much as 15 points under it in others, so take each figure from the occupancy’s own table rather than subtracting from the primary one. On an investment property, for instance, the $3,000,000–$3,500,000 band runs 60% on a purchase through the bank portfolio program, while a primary residence in the same band reaches 75%.
Documentation Paths That Replace Tax Returns
Loan size and documentation answer separate questions. A borrower can be large and still choose among several paths.
| Path | What the lender reads | Best fit |
|---|---|---|
| Bank statements | 12 or 24 months of deposits | Self-employed, heavy write-offs |
| Profit-and-loss | P&L, capped at 80% method | Clean books, accountant-prepared |
| Asset allowance | Liquid assets ÷ 36, 60 or 84 months | Asset-rich, lower income |
| Assets only | Liquidity ≥ loan plus costs | Primary/second homes, no DTI |
| DSCR | Property rent vs. payment | Pure rental purchases |
Bank statements. Qualifying income is eligible deposits divided by the statement months, after an expense ratio. Business statements need at least 25% ownership. Fixed ratios are 20% for a service business with no employees, 40% for 1–5 employees, and 50% for 6+ employees or any product business. An accountant-provided ratio is the alternative. Transfers from your own business into a personal account count in full.
Asset paths. The asset allowance divides liquid assets by 36 months (when debt-to-income before the asset income is at or below 60%), 60 months (above that), or 84 months (standalone, or any loan above $3,500,000). The resulting ratio must still fit the 50% ceiling. Assets-only needs U.S. liquid assets equal to the loan plus closing costs plus sixty months of any net loss on other residential property. Retirement accounts count at 70% (80% at age 59.5 and over). Business funds, gifts, cryptocurrency and unvested stock never count. Both asset paths are for primary and second homes.
DSCR. 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. A property qualifies primarily on rental income covering the payment, subject to lender guidelines. Coverage below 1.00 is available through select lenders, with adjusted LTV and terms. Lendmire’s complete DSCR loans guide covers the mechanics in full.
A Worked Example
Picture a founder who owns a product business with several employees. The traditional personal-income documentation shows modest profit after depreciation and write-offs. Twenty-four months of business deposits look healthy.
Run it this way: total the eligible deposits, remove transfers and loan proceeds, then apply the 50% expense ratio that applies to a product business. Divide what’s left by 24. That is qualifying income, and it gets tested against the 50% debt-to-income ceiling.
If that same founder moves funds from the business account into a personal account, those transfers count at 100%, which can change the picture. This is hypothetical and illustrative, and each file is underwritten individually.
Reserves, Credit and Cash-Out
Reserves are a separate test with separate documents. Through select wholesale programs, subject to full underwriting, they typically run 3 months up to $500,000, 6 months to $1,500,000, and 9 months above. Add 2 months per additional financed property, up to 12 months, and first-time investors carry 12 months.
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. Interest-only is a structure on purchase and rate-term files, so it never raises a cash-out ceiling. Cash-out tops out at 80% LTV, the best figure on a primary residence at the lowest balances. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
For a refinance angle on rentals, Lendmire’s piece on super jumbo DSCR cash-out LTV and seasoning by lender type goes deeper.
What to Do When You Hit a Ceiling
The ceiling is rarely the end of the conversation. Work through these in order:
1. Check the band, not the price. A lower leverage figure can bring the loan into a band with a better cell.
2. Change the program. Moving from the portfolio program to the bank portfolio program raises the dollar ceiling, though it brings its own ladder and requires twelve-month statements.
3. Change the documentation path. If deposits are the limiting factor, an asset path may support the income side.
4. Restructure. A larger down payment, a different occupancy, or a different property may land in a more favorable cell.
5. Rethink the property. For a pure rental, the DSCR path stops depending on personal income at all.
If you’re reaching for the top of a band because the numbers don’t clear anywhere else, that is usually a signal to revisit the purchase rather than the loan structure. For another view on how documentation interacts with size, see Lendmire’s article on how high each lender type goes on a super jumbo loan without tax returns.
Where the General Rule Breaks
- Occupancy. If you’ll live in any unit, the file leaves business-purpose territory and is underwritten as an owner-occupied consumer loan. Investment property ladders no longer apply.
- Rural and acreage. Rural property is allowed to 80% on ten acres or less and never above $3,000,000.
- Condos. Warrantable condos reach 85%, non-warrantable 80%, and condotels 75% on a purchase and 65% on cash-out (50% on the bank program).
- Multi-unit. 2–4 units go to 85%. Second homes are 1-unit only.
- Texas home-equity. 50(a)(6) loans take a 5-point LTV reduction and stop at $3,000,000 on the portfolio program.
- Citizenship. Super-jumbo overlays require U.S. citizens or permanent residents.
Key Terms Defined
Conforming limit: the annual dollar cap, set by the FHFA, on loans Fannie Mae and Freddie Mac can purchase.
Super jumbo: a lender’s own label for a loan above its standard jumbo line, with no official definition.
Expense ratio: the percentage of business deposits removed before income is calculated.
Seasoning: the time that must pass after a credit event or purchase before a lender will consider the file.
DSCR: the property’s rent divided by its full monthly obligation, used to qualify investment property.
Common Mistakes
- Reading the ladder by purchase price instead of loan amount.
- Assuming one program’s limit applies everywhere.
- Leaving unexplained deposits in the statements.
- Treating the top-cell credit score as a program floor.
- Assuming a lower-income tax return rules you out.
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.
Frequently Asked Questions
Is there an official super jumbo limit?
No. Only the conforming limit is set by a regulator. Above it, each lender or investor builds its own ladder by loan size, leverage, credit and reserves.
Which lender type goes highest without traditional personal-income documentation?
Through select wholesale programs, subject to full underwriting, the bank portfolio program carries twelve-month-statement files to $30,000,000, while the portfolio non-QM program stops at $6,000,000. Everything above $4,000,000 is reviewed case by case before submission.
Do I need a minimum credit score?
The floor is 660 on the portfolio program up to the super jumbo line, with 700 above it. The bank portfolio program keeps 680 at every size. Higher scores unlock higher leverage within a band.
Can I use cash-out proceeds to meet reserves?
Not above the super-jumbo overlay lines. Above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, cash-out proceeds cannot satisfy reserves.
Does the conforming limit vary by location?
Yes. It rises in high-cost counties, so a loan can be jumbo in one county and conforming in another. The county list shows the local figure.
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 that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NAHB: 2026 Conforming Loan Limits
2. FHFA: Fullcountyloanlimitlist2026 Hera Based Final Flat.xlsx
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 a Portfolio Operator Borrows More With a 40-Year Super Jumbo Loan · How Super Jumbo Bank Statement Loan Valuation Checks Work on a Tower Condo · How a Founder Can Bridge on an SBLOC Into 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.