The Quick Read: This is a very large home loan, held outside agency channels, where you qualify on twelve or twenty-four months of bank deposits, a profit-and-loss statement, or liquid assets instead of the tax-return income that business write-offs so often shrink. Every file is underwritten individually through select wholesale programs, and nothing here is a commitment to lend.
- No official line. “Super jumbo” is a market label, not a legal category, and the programs Lendmire places cover a wide range of loan sizes.
- Deposits become income. Business statements are cut by an expense ratio. Transfers from your own business into a personal account count in full.
- Leverage steps down as the loan grows. On a primary-residence purchase, the maximum loan-to-value ratio falls as the loan amount rises, then moves to case-by-case review at the highest loan sizes.
- Assets can carry the file. Some programs divide liquid assets over a set number of months, or skip income entirely when liquidity covers the loan.
- Investment rentals have a second route. A DSCR loan tests the property’s rent instead of your personal cash flow.
Key Terms Defined
Conforming loan: a mortgage at or under the size limit that agency-backed lenders can buy, which is the only kind that can be sold into those channels.
Jumbo loan: a mortgage above the conforming limit, so it is held by the lender or sold through non-agency channels.
Super jumbo: a loose market label for jumbo loans well above that limit, usually in the multi-million range. No agency or statute fixes the cutoff.
Non-QM: a loan that falls outside the standard qualified-mortgage box, often because it verifies income from bank statements or assets instead of traditional personal-income documentation.
Expense ratio: the share of business deposits a lender assumes goes to overhead, so only the remainder counts as your income.
Reserves: liquid money left over after closing, measured in months of the housing payment.
DTI (debt-to-income ratio): your monthly debts divided by your qualifying monthly income.
Where Does Super Jumbo Start?
It starts wherever a lender says it does. The only fixed number is the conforming limit, and anything above it is simply jumbo.
The current baseline limit for a one-unit home is $832,750 in most of the country, per HousingWire’s report on the annual limit announcement. The high-cost ceiling is $1,249,125, which CalculatedRisk notes is 150 percent of the baseline. HousingWire adds that the limit does not fall even if prices fall.
That matters for you. A loan that looks jumbo in a low-cost county can be conforming in a high-cost one. A conforming-size loan also has a different lender pool, because agency channels are open to it.
Across the wholesale network Lendmire works with, big files run through two programs. A portfolio non-QM bank-statement program carries loans up to $6,000,000. A bank portfolio jumbo 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. Both are available through select wholesale programs, subject to full underwriting. Lendmire is the broker that shops them, not the lender.
Why Tax Returns Understate You
A tax return measures taxable profit, and a good accountant works to shrink taxable profit. Depreciation, equipment write-offs, retirement contributions, and owner-paid expenses all lower the bottom line. The business can throw off plenty of cash and still show a modest number on Schedule C or a K-1.
Standard full-documentation underwriting averages one to two years of that net income. If your income is rising, the average drags it down. If a recent year dipped, the lender tends to treat it conservatively. This is the gap deposit-based programs exist to close.
Super jumbo files add a second problem. The loans are held in portfolio or sold in non-agency channels, so each lender sets its own appetite. Income documentation matters more at $3,000,000 than at $700,000, because there is less room for error.
How Underwriting Treats Your Bank Statements, Step by Step
The lender turns deposits into income through a short, repeatable sequence. Here is how it works on most files placed through the network.
1. Pick the statement window. You supply 12 or 24 consecutive months of personal or business statements. The bank program uses 12. Statements must be consecutive, and a transaction history never substitutes for them.
2. Choose personal or business accounts. Business statements require at least 25% ownership, and income is prorated to your share.
3. Scrub the deposits. Transfers between your own accounts, loan proceeds, refunds, and one-time windfalls come out. The lender wants only deposits that reflect recurring income.
4. Apply the expense ratio. Business deposits are reduced by a fixed ratio, an accountant-provided ratio, or a profit-and-loss method.
5. Average over the window. Eligible deposits are divided by the number of statement months.
6. Run the rest of the file. Credit, DTI, reserves, down payment, property, and occupancy all get checked.
Transfers from your own business into a personal account count at 100%. That is why many borrowers route business income to one clean personal account and use personal statements. The business-statement route applies the expense ratio. The personal route often does not need to.
The fixed ratios work like this:
| Business profile | Expense ratio | Share of deposits counted |
|---|---|---|
| Service business, no employees | Lowest fixed ratio | Highest share counted |
| Service business, 1-5 employees | Moderate fixed ratio | Moderate share counted |
| 6+ employees, or any product business | Highest fixed ratio | Lowest share counted |
| Accountant-provided ratio | Varies | Varies |
The profit-and-loss method is a separate path, and it carries a cap of 80%.
Think of it per 100 units of monthly deposits. A solo consultant counts 80 of them. A shop with three employees counts 60. A manufacturer counts 50. Your obligations are divided by that counted income to get DTI, which can run to 50% on these programs. Qualification is subject to lender guidelines, credit approval, and property review.
Practitioner observation: a common reason a statement file underperforms is not low income. It is gross deposits mixed with transfers, so the cleaned-up number comes in well under what the borrower expected. A borrower who sorts the statements before applying avoids most of that surprise.
How Much Can You Borrow Against the Property?
Leverage falls as the loan size rises. Through select wholesale programs, subject to full underwriting, the ceilings on a primary-residence purchase look like this.
| Loan size | Purchase, primary residence | Credit tier |
|---|---|---|
| $300K to $1M | 90% | 680+ |
| $1M to $1.5M | 85% | 700+ |
| $1.5M to $2M | 85% | 720+ |
| $2M to $3M | 80% | 720+ |
| $3M to $3.5M | 75% | 720+ |
| $3.5M to $4M | 75% | 760+ |
Second homes and investment properties run about five points lower at every size. Cash-out ceilings sit lower than purchase ceilings. Interest-only structures exist too. On a primary-residence purchase or rate-and-term refinance, the portfolio program allows interest-only up to 85% LTV with a 700 credit floor, on a 40-year term with a 10-year interest-only period. The bank program’s interest-only structure stops at 60% and uses 5- and 7-year fixed-period adjustables. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Above $4,000,000, every file is reviewed case by case before submission. The bank program’s ladder on a primary-residence purchase is 65% to $5,000,000, 60% to $10,000,000, and 55% to $30,000,000, each on review rather than as a flat ceiling. Cash-out follows the same pattern. Proceeds are unlimited at or below 60% LTV on a cash-out refinance, and the portfolio program caps cash in hand at $1,500,000 above 60%. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Credit floors rise with size, too. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. Reserves scale from 3 months through $500,000 to 6 months through $1,500,000 and 9 months above, with more required for each extra financed property up to 12 months. First-time investors need 12 months.
What Other Paths Exist Besides Deposits?
Statements are not the only route. The right path depends on which number about you is strongest.
| Path | What the lender reviews | Best fit |
|---|---|---|
| Full documentation | Traditional personal-income documentation | Clean, high taxable income |
| Bank statements | 12-24 months of deposits | Heavy write-offs |
| Profit-and-loss | CPA-prepared P&L | Lumpy or fast-growing income |
| Asset allowance | Liquid assets over 36-84 months | Large savings, modest income |
| Assets-only | Liquidity vs. loan amount | Asset-rich, low income |
The asset allowance divides your liquid assets by 36 months, 60 months, or 84 months. The 36-month divisor applies when DTI is at or below 60%, and 60 months when it is above. The 84-month divisor applies to standalone use or any loan above $3,500,000. It covers primary and second homes only, with an 80% maximum.
Assets-only needs no DTI. 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%, or 80% at age 59½ and older. Business funds, gifts, trusts other than a revocable living trust, unvested stock, and cryptocurrency never count.
Is It a Loan With No Paperwork?
No. The statements are the documentation, and the lender still verifies credit, assets, and property.
The federal government’s own consumer page says conventional and jumbo loans outside the qualified-mortgage safe harbor must meet special requirements, and that a lender must make a good-faith effort to determine you can repay. A non-QM loan is not exempt from that duty. It lacks only the legal presumption of compliance that qualified mortgages receive.
The history explains the suspicion. The CFPB’s assessment report on the ability-to-repay rule found that 50 to 60% of mortgages from 2005 to 2007 that went to foreclosure within two years had features the rule restricts, including thin documentation. The same report says lenders found the older income rules difficult for self-employed borrowers. Today’s statement loans verify deposits instead of taking income on faith, which is why they are a different product.
Where the General Rule Breaks
Several situations bend the standard path.
Commingled accounts. If personal and business money flow through the same account, sourcing every deposit gets harder. One clean account is easier to underwrite.
Ownership under 25%. Business statements are off the table. Personal statements or another path would apply.
Under two years self-employed. Many lenders prefer two years in the same field. A shorter history can work when you held a similar role before, though programs vary.
Business money for reserves. Business funds are discounted or excluded when used for assets or reserves. Plan for personal liquidity.
Super-jumbo overlays apply above $3,500,000 on a primary residence, or above $3,000,000 on a second home or investment property:
- A 700 credit floor.
- 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.
- Ten acres maximum.
- Cash-out proceeds cannot satisfy reserves.
Texas home-equity loans. A 50(a)(6) loan takes a 5-point LTV reduction and stops at $3,000,000 on the portfolio program.
Bank Statements or DSCR on a Rental?
Whichever number is stronger. Investment property has a second path, and many investors miss it.
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 loan tests the property’s rent against its payment, not your personal cash flow. Lendmire’s complete DSCR loans guide explains how that math works. DSCR cannot buy a primary residence.
If rent is light, the statement path is the fallback. It puts personal DTI back into the test, and it changes the leverage. On an investment-property purchase, the ladder runs about five points below the primary-residence figures above, and the statement path can cost more than the agency alternatives. Some DSCR programs below 1.00 coverage exist through select lenders in the network, though leverage and terms adjust.
If you are weighing the other side of the market, Lendmire’s piece Self Employed Jumbo Mortgage Options covers the wider menu. For the full lifecycle on this product, see Lendmire’s complete guide to super jumbo self-employed financing.
Which Path Fits Which Borrower?
| Borrower | Likely path | Why |
|---|---|---|
| Founder with heavy write-offs | Bank statements | Deposits show the real cash flow |
| Physician with lumpy income | P&L or statements | Averages smooth the swings |
| Saver with modest income | Asset allowance | Liquidity carries qualification |
| Investor with strong rent | DSCR | The property’s income does the work |
Not every borrower belongs in one row. A founder with a strong rental can use statements for the residence and DSCR for the rental, which keeps each loan on its best number.
Mistakes That Cost Borrowers Leverage
- Treating gross deposits as income. Transfers and loan proceeds come out.
- Moving money between accounts right before applying. It clutters the statements.
- Counting business funds toward reserves.
- Assuming one limit or one ladder applies everywhere. Size, occupancy, and transaction type each move the number.
- Quoting a ceiling above $4,000,000 as flat. Those files are reviewed case by case.
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
Does a law define super jumbo?
No. It is a market label for loans well above the conforming limit. Lenders and brokers draw the line in different places, which is why a loan of the same size can be priced and reviewed differently from one program to the next.
Do business bank statements count in full?
No. A fixed or accountant-provided expense ratio reduces them, at 20%, 40%, or 50% for the fixed options. Transfers from your business into a personal account count at 100%, and business statements require at least 25% ownership.
What credit score do these programs typically want?
Typically 660 on the portfolio program, 680 on the bank program, and 700 above the super-jumbo line. Higher leverage at larger sizes usually asks for 720 or more, subject to lender guidelines.
Can I use this for a rental property?
Yes, though the leverage runs about five points lower than on a primary residence at every size. Investors with strong rent can also use a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
What leverage is available at $5,000,000?
On a primary-residence purchase, the bank program’s ladder shows 65% to $5,000,000 on review, and 60% to $10,000,000 on review. Every file above $4,000,000 is reviewed case by case before submission.
Next Steps
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’s 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. Programs change, 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
As a non-QM mortgage broker (NMLS# 2371349), Lendmire facilitates DSCR investor loans across 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed around property-level rental income instead of personal income documentation, subject to lender guidelines, serving LLC-structured portfolios and self-employed borrowers who don’t fit conventional boxes. A two-time Scotsman Guide Top Mortgage Workplace (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. HousingWire — FHFA conforming loan limit announcement
2. CalculatedRisk — FHFA announces baseline conforming limit
3. CFPB — What is a Qualified Mortgage?
4. CFPB: CFPB Ability to Repay Qualified Mortgage Assessment Report
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 Two Appraisals Work on a Super Jumbo Purchase · How Consultants Qualify for a Jumbo Mortgage With Bank Statements · Bank Statement Loan vs Conventional Jumbo for Self-Employed Buyers
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.