Prime, Non-Prime, and Investor DSCR

Solutions Non-QM: Non-QM lender now allows you to qualify using a flat 20% expense ratio across all industries and without requiring a business narrative.

• Qualify using a 50%-90% expense factor no additional expense information is required.
• For borrowers with a business that operates with a lower expense factor we will still accept an accountant expense letter as an alternative.*

Non-Permanent Residents:

• Temporary Protected Status (TPS) must be verified on the USCIS website.
• Note: This expense factor update is exclusive to Solutions Non-QM 3. Our other Solutions programs continue to require a business narrative for the flat 50% expense option.
• Non-permanent residents: Temporary Protected Status (TPS) must be verified on the USCIS website.

Bank Statement Income

Bank Statement Analysis: Minor clarifying language updates. No change to guidelines.

Rural Properties: Rural properties may not be zoned agricultural and purchases must be transactions must be open market transactions.

DSCR Debt Service Coverage Ratio

DSCR Investor:

• Florida properties: Removed Florida overlays.
• Non-permanent residents: Temporary Protected Status (TPS) must be verified on USCIS website.
• Escrow waiver: does not require an exception when guidelines are met.
• Tennessee: Tennessee has been added to the list of states eligible for originators not licensed in the property state.

DSCR Investor Solutions: Non-permanent residents: Temporary Protected Status (TPS) must be verified on the USCIS website.

• Rural Properties: Added rural properties may not be zoned agricultural and purchase transactions must be open market transactions.
• Tennessee: Tennessee has been added to the list of states eligible for originators not licensed in the property state.

Second Mortgages

Closed-End Second Lien:

• Maximum loan amount: Increased to $2,000,000.

Serving the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.

Last Updated on 4 weeks ago by Broker Mortgages