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For mortgage professionals only. Not intended for distribution to consumers.
Broker resources
Fastest-path placement based on the single attribute driving the file. Confirm against the full grid below — layered risk (FICO × LTV × event seasoning) always prices and qualifies off the matrix.
| Line item | DEN — Investor Cash Flow Business-purpose · investment only · Exhibit D grid |
CORE — Investor NQM Investor matrix · business purpose · investment only |
PACE — DSCR 7 rate sheets (DSCR 1/2/3/4/11/13/15) · experienced investors only · DSCR Guide v16 |
CREST — DSCR Plus + FN Plus DSCR (foreign national) |
|---|---|---|---|---|
| Ratio & qualification | ||||
| Minimum DSCR | ★No minimum DSCR ≤70% LTV @ 680+ (purchase) or ≤75% @ 720+; 0.75 tier; 1.00 above 75%DSCR <0.75 → $250k min loan; all refis ≥1.00 unless 680+/≤70% no-min purchase path | 0.75 floor ($1.5–2MM tiers); 1.00 at $2.5MM tierDSCR <1.00: min 680 FICO, $200k min loan, 5% LTV reduction | 0.75 floor on DSCR2/3/13 grids — e.g. 75% @ 700 ≤$1MM (DSCR2)Lowest-FICO tiers require 1.20; DSCR4 flat 1.00; DSCR15 1.00–1.20 | ★0.75 floor or full No-Ratio DSCR — dedicated no-ratio grid to 75% LTVNo-ratio: purchase to 75% @ 740 ≤$1MM; not IO-eligible |
| DSCR formula | Gross rents ÷ PITIA; IO payment usable when ≤75% LTV and 700+ FICOQualified at start rate, 30-yr term | Gross rents ÷ PITIA; IO loans use ITIA (matrix-standard) | Gross rents ÷ PITIA; IO qualifies at the ITIA payment on every sheet; ARMs at note rate | Gross rents ÷ PITIA (amortizing) or ITIA (IO); always qualified at note rate |
| Gross-rent determination | Lesser of lease or market; lease above market usable to 110% of market; 25% rent bump path for planned increases (≤70%, +6 mo reserves) | Lower of lease or 1007/1025; higher lease OK w/ 3 mo receipts; aged leases OK if appraisal shows tenant + market rent | Lower of lease or appraisal market rent; lease usable to 115% of market w/ 2 mo consecutive receiptsSecurity deposit doesn't count as a receipt | Lower of lease or 1007; higher lease OK w/ 3 consecutive months' receipts |
| Vacant / unleased subject | Purchase: 100% market rent · Refi: −5% LTV (max 70%) R&T, −10% cash-out; renovation carve-outUnit-count vacancy definitions for 2–4s | ★Purchase: no LTV reduction, market rents · Refi: max 70% LTV; 2+ units max 1 vacant unit on refis | Purchase: appraisal market rent, no LTV cut · Refi: unexpired executed leases required for all units at closing — vacant refis effectively ineligible | Vacant refis ineligible — only exception is a documented just-renovated property re-entering the rental market (1007 rents OK) |
| Leverage & loan size | ||||
| Max LTV — purchase | ★85% @ 720 to $1.5MM80% @ 680–700; floor 620 @ 65% | 80% @ 700–740 to $1.5MM75% @ 660–680 | 85% @ 740 to $1.5MM (DSCR3)80% @ 680–700 to $2–3MM across sheets | 80% @ 720–740 ≤$1MM (DSCR ≥1.00)75% tiers below; 0.75x grid tops at 75% |
| Max LTV — cash-out | 75% @ 700 to $1.5MM | 75% @ 700–740 to $1.5MM | 75% @ 680 to $2MM (DSCR3) | 75% @ 740 ≤$1MM |
| Loan amounts | $100k – $3.5MM (@60%, 720) | $100k – $2.5MM | ★$100k – $4.5MM (DSCR3 @ 70%, 720)Largest DSCR check in the lineup; $4.5MM cash-out @ 60%; DSCR4 min $200k | $100k – $3.0MMFN Plus $150k–$1MM |
| Minimum FICO | ★620 (65% LTV, $1MM) | 660 | ★620 (DSCR3, 60–65% LTV)640–660 floors on most tiers | 660 |
| Max cash-in-hand | ★No stated proceeds cap on the DSCR grid (grid caps loan at $3MM @60% CO) | $1MM ≤65% LTV; $500k above 65% | DSCR3: unlimited ≤65% LTV, $1MM above · other sheets $500k–$1.75MM tieredCash-out may fund reserves | Unlimited ≤60% LTV; $500k above; $2MM max CO loan size; 6-mo ownership seasoning |
| Short-term rental (Airbnb / VRBO) | ||||
| STR income eligibility | ★Purchases can qualify on AirDNA projections — no rental history needed: 80% of AirDNA/1007 STR rents, 20% expense factor, ≥50% projected occupancy, 5 compsMin DSCR 1.00 (1.15 above 75% LTV); 80% LTV ceiling; refis average actual 12-mo receipts (−5% LTV, max 70%) | 12-mo actual ST-rent history required (bank stmts or Airbnb/VRBO ledger); average rents less management feesVacant STR falls back to market rents on appraisal | ★AirDNA purchase qualification (DSCR2/3/11; DSCR13 needs ≥1.25): lower of AirDNA projection & appraiser analysis, 50% occupancy, 4 same-zip comps, market score 60+Refis: 12-mo actual online-platform history; no STR purchases on DSCR1, none at all on DSCR4/15 | Purchase or refi; 70% CLTV cap, 1.00 min DSCR, $2MM cap; appraiser STR supplement; refis use lower of 1007/supplement vs 100% of actual 12-mo history |
| Investor experience & borrower | ||||
| Landlord history requirement | 12 mo owning/managing rentals within last 3 yrs — waivable via property-management agreement (700+/70%) or strong-file waiver (680+, 1.00 DSCR, 0x30x12, owns primary, ≤80%) | First-time investors allowed — defined as no 12-mo rental history; capped 75% LTV (overlay) | Experienced investors only — 12 mo ownership & management of income-producing RE within past 24 mo; no first-timer path | Professional investors (12 mo in last 36); first-timers OK if DSCR >1.0, FICO >700, $2MM cap, no exceptions, and not a FTHB |
| First-time homebuyer on DSCR | All-FTHB files: exception-only | First-time homebuyers ineligible program-wide | First-time investor may not be a FTHB | |
| Qualifying FICO logic | Standard primary-earner logic | ★Highest mid-score of any applicant | Middle of 3 / lower of 2; multiple borrowers use the lowest representative score; minimum 2 scores per borrower | Highest-ownership-percentage guarantor's score (lower of two if 50/50) |
| Foreign-national DSCR | ★FN grid to 75% purchase / 65% cash-out, $3MM; no US credit needed (999 FICO); purchase DSCR: none ≤70%, 0.75 to 75%; AirDNA allowed+reserve schedule: 6 mo ≤$2MM, 12 mo to $3MM; escrows mandatory | FN eligible at 65% LTV overlay; foreign-credit path (3 accounts, 2-yr history, 0x30 housing) | Foreign nationals & ITIN-only borrowers ineligible; non-permanent residents OK w/ 2-yr US credit, no foreign funds | FN Plus DSCR: 65% / $1MM / 1.00 min DSCR; 680+ or qualifying foreign credit; 12-mo reserves; no IO; escrows required |
| Entity vesting (LLC / Corp) | LLC / partnership / corp OK; max 4 members; manager must be applicant; layered entities documented; all applicants sign note individually | Entity OK; ≥50% of ownership must be borrowers on the loan; standard entity docs + good standing | LLC / partnership / corp; guarantors holding ≥51% combined sign personal guarantees (max 4); layered entities traced to individuals; spousal consent in community-property states; no POA at closing | Max 4 owners; guarantors ≥25% combined + managing member; personal guaranty required; layered entities to 2 levels (no trusts in the chain); consent-of-spouse in community-property states |
| Primary-residence test | Each applicant's primary must be superior to subject; all applicants must own their primary when DSCR <0.75 | All borrowers must maintain a primary; proof of ownership or active lease; rent-free needs family-residence evidence | Housing history verified on primary + all financed properties on credit; rent-free OK only for experienced investors | Housing history verified on subject + borrower primary regardless of note/title status |
| Credit profile | ||||
| Housing history | 1x30x12 program standard (LLPA, 80% cap); non-subject investor mortgages off-credit can skip verification if public-records search is clean | 0x30x12 | 0x30x12 on subject, primary & all financed properties; mortgage current within 45 days of report | 0x30x12 |
| Credit event seasoning | ★Same tiered ladder as Non-QM side — events inside 4 yrs remain placeable w/ LTV/size caps | 36 mo seasoned | 4 years from completion to application — modifications count; 7 years if multiple events | 36 mo (DSCR Plus) · 48 mo (FN Plus) |
| Tradelines | 3 tradelines / 24-mo history for all applicants | 3×12 or 2×24 — waived at 700+ | 2 tradelines (one 24-mo open + active in 6 mo, one rated 12 mo); no authorized-user or non-traditional credit; 2 credit scores required | Standard 2/3-tradeline test applies to DSCR borrowers & guarantors (no exemption) |
| Structure, reserves & costs | ||||
| Reserves | 4/6/12-mo schedule by loan size; +6 mo if LTV >80%; +3 mo if DSCR <1.00; no reserves for other REO | 3 mo ≤$1MM / 6 mo >$1MM; DSCR <1.00 → 6 mo; subject only; cash-out counts | ★None on DSCR3 ≤$2.5MM at ≤80% LTV — only zero-reserve DSCR in the lineupOther sheets 3/6/9 mo; DSCR3 above 80% LTV 6 mo, >$2.5MM 12–18 mo | 3 mo ≤$500k / 6 mo to $2MM / 9 mo to $3MM; subject only; cash-out counts |
| Interest-only | IO payment may compute the DSCR at ≤75% LTV + 700 FICO; IO product 680+/≤80% | IO available; overlay: min DSCR 1.00 + 75% LTV cap | ★Every sheet qualifies IO at the IO payment; DSCR3 IO carries no overlay (other sheets 700 min / −5% LTV) | 700+/75% (DSCR ≥1.00) or 700+/70% (0.75 grid); no IO on No-Ratio; size-based CLTV steps above $2MM |
| Prepayment penalty | Allowed on investment (business purpose); DSCR <1.00 with LTV >70% must carry ≥1-yr PPP | Flat 5% or stepdown structures 5-4-3-2-1 yr (5,4,3,2,1%); state matrix governs | 6-months-interest or 1–5 yr fixed/declining structures (5-4-3-2-1 etc.); price adjustment if none; not allowed in AK/IL/NM; LA/MI/MN/MS/NJ/OH/PA restrictions | Permissible per applicable state law |
| Rent-loss insurance | Required — 6 mo PITIA (shortfall may be offset with extra reserves) | Required — 6 months minimum | Required — 6 mo of local average rents; blanket policies OK | |
| Escrows | Waivable ≤80% (mandatory HPML / FN) | ★Not required | Permitted (taxes, insurance, assessments); HFIAA flood escrows enforced; escrow holdbacks not allowed | Required for FN loans; otherwise standard |
| Seller concessions | 2% (Investor program) | 3% max interested-party contributions (closing costs/prepaids only); excess deducted from price | ||
| Eligible payoffs (cash-out use) | Business purpose required; personal-use proceeds kill business-purpose status | Any mortgage lien, property taxes & insurance — including delinquent taxes/prepaids on any rental property | Business purpose only — personal-use proceeds ineligible; cash-out can fund reserves; R&T cash to borrower ≤$5,000 | Business purpose only; LOE on use; renovation-scale rehab of subject not permitted from proceeds |
| Collateral & portfolio | ||||
| Property types | ★1–4, condos, non-warrantable, condotel (75%), mixed-use (min DSCR 1.15); accessory units usable | SFR, PUD, TH, 2–4, condos, non-warrantable (75% cap); rural 65% cap, 10 ac, long-term rents only, DSCR >1.0No condotels, mixed-use, 5+ | 1–4 + permitted ADU (no ADU rental income), PUD, warrantable + single-feature NWC (FL fully warrantable only); 20 ac max; 750 sqft minNo condotels, mixed-use, co-ops, manufactured, log, leasehold, rural/ag zoning | SFR + ADU, 2–4, PUD, TH, leasehold, warrantable + non-warrantable (75%, $2MM); 20 acNo condotels, mixed-use, co-ops, 5+ units |
| Flip / seasoning rules | Flips not allowed — seller must be on title 180+ days | 90-day title rule on purchases (lesser of prior/current price); cash-out needs 6-mo title seasoning; close-to-lock ≤90 days | Cash-out needs 6-mo ownership; builder-affiliated new-construction restrictions | |
| Max financed properties | ★No limit for DSCR borrowers | No limit (10 properties / $10MM single-borrower exposure cap) | No limit on financed propertiesExposure cap: 10 loans / $5MM per borrower — tightest dollar cap | 20 residential; $7.5MM / 10-property exposure cap |