Super Jumbo Bank Statement Loan for Self-Employed Borrowers
The Super Jumbo Bank Statement Loan is designed for self-employed borrowers seeking high-balance financing with flexible income documentation. This lite documentation (Lite Doc) mortgage program supports purchase, rate-and-term refinance, and cash-out refinance transactions for qualifying borrowers.
Program Overview and Loan Highlights
- Maximum Loan Amount: Up to $12,000,000
- Purchase / Rate & Term and Cash-Out Refinance:
- Up to 90% LTV – 660 minimum credit score
- Cash-Out Refinance Up to 85% LTV – 640 minimum credit score
- Up to $2,000,000 maximum cash-in-hand
Income Documentation – Self-Employed (Lite Doc Options)
- 12 or 24 months personal bank statements
- Profit & Loss Statement (P&L):
- Borrower-prepared and unaudited options permitted
- Expense Factor (Expense Ratio):
- Determined by the Loan Officer and approved by the underwriter
- Based on business scope and narrative documentation
- Asset Depletion income calculation available
Verification of Employment – Self-Employed
- CPA, Enrolled Agent, or professional tax preparer to confirm:
- Percentage of business ownership
- History of filing self-employed tax returns (minimum 2+ years)
Co-Borrower and Wage Earner Eligibility
W-2 wage earner co-borrowers are permitted. Required Wage Earner Documentation:
- Prior year W-2
- Most recent 30 days of pay stubs
- Written Verification of Employment (WVOE) completed by employer HR department or direct supervisor
Credit and Debt to Income Guidelines
- Maximum DTI: 50%
- Exceptions up to 55% with compensating factors (credit score, reserves, purchase seasoning, employment history)
- Minimum Middle Credit Score: 600
- Mortgage History:
- One 30-day mortgage late in the past 12 months allowed
- Asset Depletion: Available for both W-2 and self-employed borrowers
Eligible States
Available in: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Massachusetts, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, and Wisconsin.