Employment is not required for DSCR qualification. Income is generally documented using rental leases or an appraisal-based market rent analysis rather than traditional personal income documentation. Debt-to-income ratio is not applicable because qualification is based on property cash flow. This program is available for purchase, rate-and-term refinance, and cash-out refinance transactions.
DSCR Credit Score, LTV and Reserve Requirement
Jumbo Loan Amount up to $1,500,000:
* 700 Credit Score – 85% LTV / 3 Months Reserves
* 680 Credit Score – 80% LTV / 3 Months Reserves
* 660 Credit Score – 75% LTV / 3 Months Reserves
* 640 Credit Score – 70% LTV / 3 Months Reserves
* 620 Credit Score – 65% LTV / 3 Months Reserves
Jumbo Loan Amount up to $2,000,000:
* 700 Credit Score – 85% LTV / 6 Months Reserves
* 680 Credit Score – 80% LTV / 6 Months Reserves
* 660 Credit Score – 75% LTV / 6 Months Reserves
* 640 Credit Score – 70% LTV / 6 Months Reserves
* 620 Credit Score – 65% LTV / 6 Months Reserves
Super Jumbo Loan Amount up to $3,500,000:
* 700 Credit Score – 75% LTV / 9 Months Reserves
* 680 Credit Score – 70% LTV / 9 Months Reserves
* 660 Credit Score – 65% LTV / 9 Months Reserves
* 640 Credit Score – 60% LTV / 9 Months Reserves
Super Jumbo Loan Amount up to $4,000,000:
* 700 Credit Score – 70% LTV / 12 Months Reserves
* 680 Credit Score – 65% LTV / 12 Months Reserves
* 660 Credit Score – 60% LTV / 12 Months Reserves
* 640 Credit Score – 55% LTV / 12 Months Reserves
Cash Out Refinance Loans
Loan Amount – $1,500,000:
* 700 Credit Score – 80% LTV / 6 Months Reserves
* 680 Credit Score – 75% LTV / 6 Months Reserves
* 660 Credit Score – 70% LTV / 6 Months Reserves
* 640 Credit Score – 65% LTV / 6 Months Reserves
Loan Amount – $2,000,000:
* 700 Credit Score – 80% LTV / 9 Months Reserves
* 680 Credit Score – 75% LTV / 9 Months Reserves
* 660 Credit Score – 70% LTV / 9 Months Reserves
* 640 Credit Score – 65% LTV / 9 Months Reserves
Super Jumbo Loan Amount $3,500,000:
* 700 Credit Score – 75% LTV / 12 Months Reserves
* 680 Credit Score – 70% LTV / 12 Months Reserves
* 660 Credit Score – 65% LTV / 12 Months Reserves
* 640 Credit Score – 60% LTV / 12 Months Reserves
Super Jumbo Loan Amounts – $4,000,000:
* 720 Credit Score – 70% LTV / 18 Months Reserves
* 700 Credit Score – 65% LTV / 18 Months Reserves
* 680 Credit Score – 60% LTV / 18 Months Reserves
* 660 Credit Score – 55% LTV / 18 Months Reserves
Super Jumbo Loan Amounts – $4,500,000
* 720 Credit Score – 65% LTV / 24 Months Reserves
* 700 Credit Score – 60% LTV / 24 Months Reserves
Super Jumbo Loan Amounts – $10,000,000
* 720 Credit Score – 55% LTV / 36 Months Reserves
* 700 Credit Score – 50% LTV / 36 Months Reserves
Eligible Property Types:
* Single Family Residence (SFR)
* 2 Unit
* 4 Unit
* Condos Not Allowed
Credit Criteria Notes:
* Mortgage or Rent Late Payments – 2- 30-day lates previous 12 months
* Bankruptcy Seasoning – 12 Months Seasoning
* Foreclosure Seasoning – 12 Months Seasoning
* Short Sale Seasoning – 12 Months Seasoning
* Deed-in-Lieu Seasoning – 12 Months Seasoning
Underwriter Notes:
* Maximum Purchase LTV – 85%
* Maximum Cash Out LTV – 80%
* Interest-Only Available
* 3 Year Prepayment Penalty available for lower interest rate
* Cash Out for Debt Consolidation – OK
* Cash Out cannot be used for reserve requirements
* Business Entity Title (LLC) OK
* Permanent Resident Aliens OK
* Gift OK – requires at least 5% borrower contribution from own 2 month seasoned funds
* Seller Concessions to 5% Non-Occupant Co-Borrower – OK
Income Documentation – None | No Ratio
This Alt Doc loan program is for buyers that have extraordinary or unconventional income and documentation including self-employed borrowers and fixed income along with previous credit challenges due to inconsistent employment, foreclosure, bankruptcy, short sale, divorce, and or health issues.
Reserves – 6 Months (not including Cash Out Refinance)
This loan program is specifically designed to bridge the gap and resolve the problem that prevents good
borrowers from obtaining mortgage credit. Manual underwriting through intelligent guidelines brings forth opportunity of home ownership to borrowers of all kinds
Minimum Mortgage Credit Score – 620
* LTV’s (LTV)
* 75% Maximum for Purchase and Rate and Term
* Cash Out to 70% LTV
Eligible Occupancies:
* Owner-Occupied
* Vacation Homes
Available Terms:
* ARM’s – 3 Year, 5 Year
* Fixed – 15 Year, 20 Year, and 30 Year
* Interest-Only Available
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New Hampshire, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, and Washington.
Last Updated on 4 weeks ago by Broker Mortgages