Unconventional Real Estate Investor (DSCR) Loan Program
Our Debt Service Coverage Ratio (DSCR) loan program is designed for real estate investors seeking aggressive financing with preferential terms. With a minimum credit score requirement of just 620, qualified borrowers can secure up to 85% LTV on purchase transactions and up to 80% LTV for cash-out refinances. This program makes it easy to leverage rental income while keeping documentation requirements straightforward.
Debt Service Coverage Ratio – 620 Minimum Credit Score
* Maximum LTV 85% Purchase Transactions
* 80% Cash Out Refinance Transactions
* Maximum Loan Amount $15,000,000
* Rental Lease or Appraisal Form 1007
* DSCR – .75% – 1.5%
* No Traditional Income Documentation
* DTI – N/A
* Employment Types: No Job Needed
* Income Documentation Types: N/A
Jumbo DSCR Loan Amounts – Loan-to-Value (LTV) & FICO Scores
Super Jumbo Loan Amounts: $3,500,000 – $4,000,000
* Purchase: 75% LTV ~ 700 FICO -or- 70% LTV ~ 680 FICO
* Cash Out: 70% LTV ~ 680 FICO -or- 70% LTV ~ 700 FICO
Loan Amount: $2,500,000 – $3,500,000
* Purchase: 80% LTV ~ 700 FICO -or- 75% LTV ~ 660 FICO
* Cash Out: 70% LTV ~ 720 FICO -or- 65% LTV ~ 700 FICO
Loan Amount: – $300,000 – $2,500,000
* Purchase: 75% LTV ~ 700 FICO -or- 70% LTV ~ 680 FICO
* Cash Out: 75% LTV ~ 720 FICO -or- 70% LTV ~ 700 FICO
Reserves Requirements:
* Purchase 6 Months (PITI/PITIA) to 80% LTV or 3 Months to 75% LTV
* Cash Out – Not Required
Eligible Property Types:
* Single Family Residence (SFR)
* Condos – Warrantable
* No Condotels
Loan Scenario Form – Credit Check Not Required
Eligible Occupancies:
* Non-Owner/Investment Only
* Second/Vacation Homes – Not Eligible
Available Terms:
* ARM: 3 Year ARM, 5 Year ARM, and 7 Year ARM
* 40-year fixed Fully Am or Interest Only Options are Available with 660 Credit Score
Credit Criteria Requirements
Tradelines Requirements:
One – 36-Month payment history
Two – 24-month Previous History Open and Active
Credit Score Requirements
* 620 Minimum
“Housing Event” Credit Seasoning:
* Bankruptcy – 2 years required
* Foreclosure – 2 years required
* Short Sale – 2 years required
* Deed in Lieu – 2 years required
Underwriter Notes and Highlights:
* Mortgage Lates – 12 Months Seasoning
* First Time Home Buyers – OK
* Gift Funds OK with 5% Minimum Borrower Contribution from Family Immediate Member
* Rent-free housing history OK
* Pre-payment Penalty Options
* Investors: 15 financed Real Estate Owned (REO)
Available in the Following States:
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.