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FAQs and eligibility information.
Frequently asked questions
Eligibility information
DSCR Eligibility Matrix
| Investor Occupancy | DSCR ≥ 1.0 | DSCR 0.75–0.99 | No Ratio (DSCR < 0.75) | |||
|---|---|---|---|---|---|---|
| Loan Amount | FICO | Purch & R/T | Cash-Out | Purch & R/T | Cash-Out | Purchase |
| ≤ $1.0mm | 720 | 85/80* | 75 | 70 | 70 | 65 |
| 700 | 80 | 75 | 70 | 70 | N/A | |
| 680 | 75 | 70 | 70 | 65 | N/A | |
| 660 | 75 | 70 | 70 | N/A | N/A | |
| > $1.0mm - $1.5mm | 700 | 80 | 75 | 70 | 70 | N/A |
| 680 | 75 | 70 | 70 | 65 | N/A | |
| 660 | 75 | 70 | 70 | N/A | N/A | |
| > $1.5mm - $2.5mm | 700 | 75 | 70 | 70 | 65 | N/A |
| 680 | 75 | 70 | 65 | 65 | N/A | |
| 660 | 70 | 65 | 65 | N/A | N/A | |
Lower LTVHigher LTV
*Max 85% for Purchase transactions and 80% for Rate & Term Refinance transactions
DSCR Guidelines – Additional Requirements
| Housing Lates | 1×30×12 (≤ 80% LTV); 0×30×12 (> 80% LTV) |
|---|---|
| SS/FC/BK/DIL | 36 months seasoning (≤ 80% LTV); 48 months (> 80% LTV) |
| Reserves | 6 months PITIA (DSCR ≥ 0.75); 12 months (DSCR < 0.75) |
| Interest Only | 30-Yr Fixed, 5/6 ARM & 7/6 ARM (120-month IO period); 80% Max LTV |
| Condo, Non-Warrantable Condo & Condotel | 80% Max LTV |
| Rural | 80% Max LTV |
| 2-4 Unit | 80% Max LTV |
| Interested Party Contributions | 6% maximum (closing costs & prepaids) |
| Minimum Loan Balance | $100k |
| Maximum Financed Properties | No limit |
| Maximum Exposure | $2mm or 10 units per affiliated borrower group (rolling 6 months) |
| Foreign National | Ineligible |
| Short Term Rental | 75% Max LTV, Min 1.0 DSCR (Refi – 80% Max LTV w/ 1.0 DSCR, 720 FICO & 12 months documented receipt) |
States We're Operating in
| State | Product | Notes |
|---|---|---|
| Alabama | DSCR | — |
| Arizona | DSCR | — |
| California | DSCR | — |
| Colorado | DSCR | — |
| Connecticut | DSCR | — |
| Florida | DSCR | — |
| Georgia | DSCR | — |
| Illinois | DSCR | — |
| Maine | DSCR | — |
| Massachusetts | DSCR | — |
| Michigan | DSCR | Prepayment penalties are ineligible. |
| New Jersey | DSCR | Prepayment penalties are ineligible. |
| North Carolina | DSCR | — |
| Ohio | DSCR | Prepayment penalties are allowed when: 1) Number of units is >2; or 2) If number of units is <=2, a 1% penalty for a term of 1 year is allowed if the loan amount is >=$116,356. |
| Pennsylvania | DSCR | Prepayment penalties are allowed when: 1) Number of units is >2; or 2) If number of units is <=2, the loan amount is > $329,411. |
| South Carolina | DSCR | — |
| Texas | DSCR | — |
| Washington | DSCR | — |
| Wisconsin | DSCR | — |