The Quick Read: A 75% cash-out refinance on an investment property applies only to loans up to $1,000,000, so it does not extend to true super jumbo balances. Above that size the cash-out ceiling steps down, and above $3,000,000 no cash-out is available at all, subject to underwriting. The best program for your situation depends on loan size, credit, rent coverage and property type.
- 75% cash-out on a rental applies to loans from $150,000 to $1,000,000, with 660+ credit at that leverage.
- Cash-out on a rental runs 70% from $1,000,000 to $1,500,000, then 60% from $1,500,000 to $3,000,000.
- Above $3,000,000, only purchase and rate-and-term loans are reviewed, and above $4,000,000 every request is reviewed case by case.
- Rent coverage of 1.00 earns full leverage, while 0.75 to 0.99 is a real path through select programs at reduced leverage.
- Two appraisals are required above $2,000,000, and six months of reserves apply on the subject property. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Investors searching for a ranked list of providers will not find one here. Lendmire is a mortgage broker (not a lender) that shops a wholesale network of investor lenders, and the right fit depends on the file. What follows is how these programs work, where the 75% figure holds, and what to prepare.
What Counts as a Super Jumbo Loan?
Super jumbo is a lender label. No agency defines it, and $3,000,000 is a common marker. Scotsman Guide reports that a non-QM jumbo loan can provide financing of $3 million or more, and that DSCR loans are commonly used by real estate investors.
That means each program sets its own size ladder. Lendmire’s standard DSCR program stops at $3,000,000. The wholesale network carries qualified investors past that, with loan amounts from $150,000 to $10,000,000 through select programs, subject to underwriting. Short-term-rental files stop at $2,000,000, as do no-ratio files. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Key Terms Defined
- Super jumbo: a loan balance above the range most lenders treat as standard jumbo, usually starting near $3,000,000.
- DSCR: monthly rent divided by the full monthly housing obligation (principal, interest, taxes, insurance and association dues).
- Cash-out refinance: a new loan larger than the payoff plus costs, with the difference returned to the borrower.
- ITIA: interest, taxes, insurance and association dues, the payment basis when a loan is interest-only.
- Seasoning: the minimum time an investor has owned the property before cash-out is available.
- LTV: the new loan divided by the appraised value.
Why Doesn’t 75% Hold at Super Jumbo Sizes?
Leverage steps down as the loan grows, because lenders take more risk on each additional dollar of balance. The 75% cash-out tier is the top cell of the ladder, and it sits in the lowest band. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Here is the cash-out ladder for investment property at a DSCR of 1.00 or higher. Every figure is a ceiling through select wholesale programs, subject to underwriting.
| Loan amount | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|
| $150K–$1M | 80% | 80% | 75% |
| $1M–$1.5M | 75% | 75% | 70% |
| $1.5M–$2M | 75% | 75% | 60% |
| $2M–$3M | 75% | 75% | 60% |
| $3M–$4M | 65% | 65% | — |
| $4M–$6M | 60% on review | 60% on review | — |
| $6M–$10M | 60% on review | 60% on review | — |
The bands are loan amounts, not purchase prices. Multiply the value by the leverage first, then read the band for that loan. A property worth $4,000,000 at 60% lands in the $2,000,000-to-$3,000,000 band, where cash-out can still apply. The same property at 75% would land at $3,000,000 and sit at the edge of the no-cash-out line.
Credit works the same way. The top cell in each band needs a score that rises with size: 660 or higher in the first band, 700 or higher from $1,000,000 to $1,500,000, and 720 or higher from $1,500,000 to $3,000,000. Those are what the top leverage needs. The program floor is 660 on loans to $3,000,000 and 700 above $3,000,000. A lower score takes a lower leverage cell inside the same band.
A 70% ceiling applies to short-term-rental collateral, and a 75% ceiling applies to standard rentals. Do not mix the two.
How Does Underwriting Treat a Super Jumbo Cash-Out?
Underwriting runs two tests, and the tighter one sets the loan.
1. Value test. The appraisal sets value, and LTV caps the loan. On a cash-out, the ladder above applies. Above $2,000,000, two appraisals are required.
2. Rent test. The appraisal also supports market rent, using a rent schedule on one unit or an operating income report on two to four units. Coverage is rent divided by the full monthly obligation. A coverage ratio of 1.00 earns full leverage. Between 0.75 and 0.99, select programs offer a real path at reduced leverage, so LTV and terms adjust, subject to underwriting.
3. Cash-out proceeds. Proceeds are unlimited at or below 60% LTV and capped at $1,500,000 above 60%. No cash-out applies above $3,000,000, and none for credit of 680 and below above $1,500,000. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
4. Reserves. Six months on the subject property, or twelve for first-time investors. On interest-only loans reserves are measured on ITIA. Cash-out proceeds never satisfy reserves on the super-jumbo overlay.
5. Seasoning and value basis. Lenders set seasoning, not law. Inside the seasoning window, lenders commonly size on cost basis plus documented improvements. After it, the appraisal governs.
6. Documents. Expect the appraisal and rent schedule, leases, entity papers if the loan is vested in an LLC, a credit report, asset statements for reserves, insurance and tax figures, and a use-of-proceeds explanation.
Qualification runs primarily on property-level rental income covering the payment, subject to lender guidelines. Entity vesting is welcome, with no layered entities, per lender program requirements.
Business-Purpose Framing, Briefly
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. The federal rulemaking on ability-to-repay states that investment-purpose loans are treated as business-purpose loans. Cash-out proceeds used for personal spending can muddy that analysis, which is why lenders typically document where the funds go.
Interest-Only and Other Structures
Interest-only is the structure high-balance investors ask about most. On 30- and 40-year terms, a 120-month interest-only period is available up to 75%, with coverage of 0.75 or better, qualified on ITIA. It lowers the monthly obligation during the runway, but the balance does not fall.
Other structures and variations:
- Sub-1.00 coverage: available through select lenders in the network to $2,000,000, with LTV and terms adjusting, subject to underwriting.
- No-ratio: reaches $2,000,000 through select wholesale programs for borrowers with a seven-year clean housing history and 0x30x24, subject to underwriting. It is not available on short-term-rental files.
- Short-term rentals: coverage of 1.00 or higher, loans to $2,000,000, and experienced investors only (twelve months owning income property in the last thirty-six). Income is twelve months of operating history on a refinance, or the appraisal’s short-term-rent analysis on a purchase, at 80% of gross.
- Condos: warrantable and non-warrantable condos qualify, with non-warrantable to 75% and $1,500,000. Condotels reach 75% on a purchase and 65% on a refinance, to $1,500,000, with $250,000 cash-in-hand.
Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income. Municipal permission is documented for the specific property.
Where the General Rule Breaks
Loans above $3,000,000. The overlay tightens. Credit must be 700 or higher with 0x30x24, 48-month event seasoning, citizens and permanent residents only. Above $3,000,000, no rural property is allowed, and no more than ten acres on a non-rural one. Cash-out never satisfies reserves.
Rural and acreage. Rural collateral of five acres or less is limited to 75% leverage, and only on loans at or below $3,000,000. Up to twenty acres is allowed on loans to $3,000,000.
Low appraisal. A shortfall hits proceeds dollar for dollar, scaled by the LTV percentage. It can turn the file into a payoff-only refinance.
Recent purchases. Seasoning is lender policy.
Entity and guarantor questions. Business purpose does not mean compliance-exempt. A Hunton Andrews Kurth paper notes that other rules, including ECOA, FCRA and HMDA, can still apply.
Consider two requests. The first investor wants cash-out on a property where the requested loan lands under $1,000,000, with rents clearing 1.00 and credit in the 660-plus tier. That request fits the 75% cash-out cell. A second investor wants cash-out on a property whose loan lands near $3,500,000. No cash-out cell exists there, so the realistic paths are a rate-and-term refinance at the lower ladder leverage, or a smaller cash-out request inside the $2,000,000-to-$3,000,000 band. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
DSCR vs. conventional financing
There are two common ways to finance an investment property, and they qualify you differently — here’s how investors weigh them.
Why investors choose it
- Qualifies on the property’s rental income — no personal tax returns, W-2s, or pay stubs needed to document income.
- No personal debt-to-income ceiling to clear, so existing mortgages and obligations don’t cap your borrowing the same way.
- Can be closed in an LLC, keeping the property inside a business entity.
- Built for scaling — not held to the limit on number of financed properties that conventional financing applies.
- Underwriting centers on the deal: generally qualifies when the rent covers the payment, a 1.00x coverage ratio being a common baseline (confirmed in underwriting).
- Designed specifically for investment property, including long-term and, where the program allows, short-term rentals.
Where it’s strong
- Often the lowest ongoing financing cost for a buyer who fully qualifies on personal income — a fit for a first property or a cost-first purchase.
Trade-offs for investors
- Requires full personal income documentation and must fit within a debt-to-income limit — salary, existing debts, and other mortgages all count.
- Typically held in your personal name rather than a business entity.
- Caps how many financed properties you can carry, which can become a ceiling as a portfolio grows.
- Evaluates you as a borrower as much as the property, which usually means more paperwork.
How investors usually choose: a first or single property often optimizes for the lowest financing cost; portfolio builders often optimize for leverage, vesting in an LLC, and scaling past conventional caps. The right answer depends on your goals, the property, and current guidelines — both paths run through select lenders in Lendmire’s wholesale network, with eligibility and terms confirmed in underwriting.
What Does the Net Check Actually Look Like?
Equity is not cash. Payoff of the existing loan, closing costs, reserves and any prepayment penalty come out first. Because cash-out proceeds do not count toward reserves on the super-jumbo overlay, the reserve cash must sit elsewhere in the borrower’s accounts.
A larger cash-out also raises the monthly obligation, which thins coverage. The rent test can bind before the equity test does. That is why the tighter of the value cap and the rent cap sets the loan. Pay attention to the order: leverage ladder first, then coverage, then proceeds.
What If the Request Exceeds the Cash-Out Ceiling?
Several options exist, and each carries trade-offs.
- Lower the requested cash-out so the loan lands in a lower band with a higher ceiling.
- Choose a rate-and-term refinance at the ladder’s leverage for the band.
- Reduce the loan to 60% LTV or below, where cash-out proceeds are unlimited. Above 60%, proceeds are capped at $1,500,000.
- Split the equity request across more than one property. Up to 20 financed properties are allowed, with no extra reserves for other financed properties.
The complete DSCR loans guide covers the fundamentals.
How Do You Choose a Provider?
Because no neutral ranking exists, evaluate programs by fit. A broker that shops multiple wholesale lenders can match the scenario to the program. The lenders that write this loan depend on the file. The questions to ask any provider:
- Which loan-size band does my request fall in, and what is the cash-out ceiling there?
- How is cash-out measured, on the loan amount or the property value?
- Do cash-out proceeds count toward reserves?
- How many appraisals are required, and at what size?
- What seasoning applies, and does it use cost basis or appraised value?
- Is interest-only offered, and how is it qualified?
A direct lender offers one program set. A broker compares several. The best program for your situation depends on property type, credit profile, leverage need and documentation.
Frequently Asked Questions
Can I get a 75% cash-out refinance on a super jumbo loan?
Not at true super jumbo balances. The 75% cash-out ceiling on investment property applies to loans of $150,000 to $1,000,000, with 660 or higher credit at that leverage. From $1,000,000 to $1,500,000 the ceiling is 70%, and from $1,500,000 to $3,000,000 it is 60%. Everything is subject to underwriting. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Is cash-out available above $3,000,000?
No. Above $3,000,000 only purchase and rate-and-term loans are reviewed, and above $4,000,000 every request is reviewed case by case before submission. Leverage on those loans runs 65% from $3,000,000 to $4,000,000, and 60% on review above that.
What coverage ratio do I need?
A ratio of 1.00 earns full leverage. Select programs in the network also review ratios from 0.75 to 0.99, with LTV and terms adjusting, subject to underwriting. Interest-only files need 0.75 or better, qualified on ITIA.
Do I need two appraisals?
Yes, above $2,000,000. Appraisals set value and support market rent, and a low value reduces proceeds directly.
How many months of reserves are required?
Reserves are six months on the subject property, or twelve months for first-time investors. Cash-out proceeds do not satisfy reserves on loans above $3,000,000. Reserves are measured on ITIA when the loan is interest-only.
For how equity extraction works on an investment property, see Lendmire’s guide to cash-out refinance on an investment property.
For current guidelines and terms, see Lendmire’s super jumbo DSCR loan programs page.
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 non-QM mortgage broker serving real estate investors in 41 markets, including Washington, D.C., through DSCR investor loan programs. Qualification is generally reviewed around the subject property’s rental income, not the borrower’s W-2 history — a practical fit for LLC-titled portfolios and self-employed investors. All scenarios remain subject to lender review and program guidelines. Two consecutive Scotsman Guide Top Mortgage Workplace recognitions (2025, 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
1. Scotsman Guide, “One out of 20 mortgages are non-QM”
2. Federal Register, CFPB Ability-to-Repay final rule
3. Hunton Andrews Kurth, “Beware of Business Purpose”
This article is part of Lendmire’s super jumbo DSCR loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can You Get Approved for a Super Jumbo DSCR Cash-Out Refinance on Ten Rentals? · Super Jumbo DSCR Cash-Out Refinance Lenders to Move the Loan From Your Name Into an LLC · Best Super Jumbo DSCR Cash-Out Refinance Program at 75% Loan-to-Value
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.