Lender Guidelines — Program Reference Library

UWM Investor Flex — your #1 lender's DSCR box

4 tiers (Yellow / Orange / Pink / Blue). Terms: 30Y fixed · 40Y fixed · 40Y interest-only (all tiers). Pull live guidelines anytime via ChatUWM. Figures current as captured — confirm on the matrix.

Qualifying by tier

LTV is the same across purchase / rate-and-term / cash-out. Cash-out proceeds cap: Yellow up to $1M, others up to $500K (can count as reserves). First-time investor on Orange needs DSCR > 1.00 & FICO > 700. All tiers close in an LLC (confirm personal-guarantee specifics w/ UWM). Property: 1–4 unit, condo, non-warrantable condo OK; rural/agricultural ineligible. Prepay: 3/2/1, 2/1, or 1/1 structures, where state-permissible by law (confirm CA & MO terms w/ UWM). Also: max property size 20 acres; agricultural zoning ineligible.

No-ratio DSCR (Yellow & Orange) — the California tool

Yellow and Orange require no minimum DSCR (ratio down to 0.00) — the property doesn't have to cash flow to qualify. A standard DSCR needs rent ≥ payment (1.0); these don't. That's what finances appreciation plays and negative-cash-flow properties — exactly where most California deals live, since high-priced CA rentals rarely hit 1.0 at today's rents.

It's not free — UWM offsets the missing cash flow with more reserves (Yellow = 6 mo), stronger credit (Orange = 660; first-time investor on Orange needs DSCR > 1.0 & FICO > 700), an 80% LTV cap, and a rate premium.

How to use it: CA investor whose property won't pencil at 1.0 → Yellow/Orange (no-ratio). MO cash-flow deals that do pencil → Pink/Blue (better pricing). The line on a call: "It doesn't cash flow? That's exactly what this loan is for."

Bankruptcy seasoning (Chapter 7, from discharge)

Takeaway: UWM's floor is 2 years from discharge — there is no 1-year DSCR here. A more recent BK = bridge/hard-money now, refinance into Investor Flex once seasoned to 2 years.

Short-Term Rental income — by tier

Rent-loss coverage not required on any tier. STR caps LTV at 70% on Orange.

Business-purpose certification (all states)

Every DSCR file needs the borrower's signed & dated business-purpose certification, which must state: borrower & subject-property address · proceeds used for business purpose (no payoff of non-subject liens) · borrower/family does not occupy or plan to occupy · property will be leased. The loan is then deemed business-purpose and exempt from ATR, QM, and HPML. All tiers close in an LLC.

State notes — CA & MO

ChatUWM doesn't carry CA/MO-specific overlays — get these from your UWM AE (Edward Kuzava): CA & MO prepayment-penalty allowability + max term, any state LTV reductions or county/geographic restrictions, and any state-specific disclosures on a business-purpose DSCR loan. Anything that reads as a legal/disclosure requirement — confirm with NEXA compliance too.

When to use which tier

• Yellow — lowest FICO (640), no DSCR required, biggest cash-out ($1M). The credit-flex / pull-cash play.
• Orange — no DSCR required, $3M max, first-time investors welcome (DSCR > 1.0 & FICO > 700).
• Pink — DSCR ≥ 1.0; the STR / unleased-or-vacant tier; 3-mo reserves.
• Blue — strictest (DSCR ≥ 0.80, 12-mo reserves), newest matrix, $2M max.

Still to confirm with UWM

Cash-out seasoning + delayed-financing (BRRRR exit); foreclosure / short-sale / deed-in-lieu seasoning; prepay buyout; personal-guarantee specifics.

KIND Lending — DSCR box (Standard + DSCR Max)

Two products: Kind DSCR (standard, broader box — ADUs OK) and DSCR Max (elite pricing, tighter box — no ADUs). Business-purpose, investment-only, closes in LLC. Top-10 Non-QM lender. Portal: Quickie (matrices, job aids, co-branded flyers). To $3M · FICO from 620 · 40-yr interest-only available.

Leverage by DSCR ratio

Formula: gross rents ÷ PITIA (incl. HOA). 1003 carries no income/employment. LLC: include operating agreement + EIN.

Scenario talk tracks (say this on calls)

Pitch tip: investors love simple math that proves the deal works — walk them the rent ÷ PITIA, then the LTV.

Worked example — Scenario One (ratio 1.25+)

Single-family purchase, money transaction:

Broker tip: "A DSCR over 1.25 means you get the best loan options — higher LTVs and more flexibility." On a purchase with no existing lease, qualify on the Form 1007 market rent.

Rental income

• Long-term: Form 1007; 100% of rent used (no haircut) — a real selling point. Occupied = current lease; vacant = market rent; refi = higher of lease or market.
• Short-term (Airbnb/VRBO): greater of AirDNA or 1007; gross rents −20%; −5% LTV vs max; Property Guard report required; AirDNA market grade 60+, ~50% occupancy target.

AirDNA — STR validation (www.airdna.co)

• Rentalizer (property earning potential): expected STR income from verified short-term data; gross rents subject to a 20% expense factor; occupancy must be > 50% — if < 50%, a 1.20 minimum DSCR applies.
• Overview report (evaluate a market): market score by ZIP code; market grade must be 60+ to qualify; helps investors target high-performing rental markets.
• Why it matters: gives data-driven confidence, validates STR income for DSCR qualification, and speeds underwriting / strengthens the file.

Property income analysis — long-term vs short-term

Broker talk tracks:

• To LT investors: "With DSCR loans we maximize the rental income to qualify — higher rents mean better approvals."
• To STR investors: "You don't need long-term leases to qualify — just provide your Airbnb statements and we're good to go."

Key guidelines

• Cash-out: 6-month ownership minimum; business/investment-purpose letter required; LTV reduction applies.
• Condos: non-warrantable to 75% LTV (80% is an old guideline).
• Foreign national: 75% LTV (cash-out 65%), 12-month reserves, no gift funds.
• First-time investor: must own a primary residence 12+ months. ⚠️ Lender overlay — varies: KIND requires this; UWM Investor Flex is more flexible (allows first-time investors, e.g. Orange with DSCR > 1.0 & FICO > 700). So a true first-timer with no real estate → route away from KIND to a lender without the housing-history overlay. Confirm per lender.
• ADUs: allowed on standard Kind DSCR (must meet zoning/permits + comps) — NOT on DSCR Max.
• Recently listed: off-market 6+ months; if listed within 6 months → exception needs 1-yr prepay, max 70% LTV.
• Appraisals: 1 up to $1.5M; 2 at $2M+ (or CU score > 2.5 → CDA/ARR review). Rural: case-by-case.

Bankruptcy / credit events

36 months (3 years) from a bankruptcy or short sale; 48 months if severe. ⚠️ Stricter than UWM's 2 years — reinforces the bridge-first play for a recent BK, then refinance into DSCR once seasoned. Scenario desk + exception desk available via your AE for edge cases.

KIND Asset Utilization (Asset Depletion)

For strong borrowers who have wealth, not a W-2 — retirees, high-net-worth, complex self-employed, real estate investors, divorce/settlement recipients, trust beneficiaries, early-retirees between careers. Qualify on verified assets instead of income. No employment or pay documentation ever required; ability-to-repay is based solely on assets. Min FICO 620.

The core formula

(Eligible assets − down payment − closing costs − reserves) ÷ 60 months = monthly qualifying income.

KIND divides by 60 months — vs Fannie's 360 and Freddie's 240. A far bigger monthly income → far more borrowers qualify. No minimum age (Fannie/Freddie require 62+). Income can be blended with bank-statement, 1099, or W-2 income to stack for DTI.

Three ways to use it

Eligible assets & haircuts

Ineligible: real-estate equity, restricted / privately-traded stock, business-owned assets, income-generating assets already counted elsewhere (rental portfolios, payout accounts), irrevocable & charitable trusts, foreign assets. Crypto/Bitcoin: varies by lender — confirm with your AE. Rule of thumb: is the asset stable, accessible, and easy to document?

Case studies (KIND)

The pitch: "Turn your liquidity into loan approvals." Comb your pipeline + old turned-away clients, and tell realtors/financial planners: "If your assets can cover the loan and its expenses, you can qualify — no W-2s, tax returns, or pay stubs." Great call-back play for DSCR investors who now want a primary residence.

KIND Bank Statement Loans

For self-employed borrowers, 1099 earners, business owners, independent contractors whose tax returns understate true income (write-offs hide their real cash flow). Qualify on real bank-deposit cash flow, not taxable income. Most bank-statement deals don't die because the borrower doesn't qualify — they die because the file wasn't structured clean up front. Identify these early; never pivot to bank statements after a conventional decline.

What's required to qualify

• 12 or 24 months of bank statements (24-mo prices better).
• Proof of self-employment (e.g., business license).
• Business narrative form — tells the story behind the deposits. The single biggest piece; now submitted through the Quickie portal.
• One month of assets for closing funds.

Three statement types — choose right up front

Don't default to whatever the borrower hands you — pick the type that gives the cleanest, most accurate income picture. Switching types mid-file stacks conditions. Clean wins: clean files can close in ~10 days.

The income formula

Total deposits − business expenses (expense factor or actual) × ownership % = qualifying income.

Example: $20,000 monthly deposits × (1 − 50% expense factor) = $10,000 × 80% ownership = $8,000/mo qualifying income.

• Expense factor = % of deposits assumed spent on business costs. Product-based (restaurant, retail, construction) → higher factor; service (consultant, IT, finance) → lower. More employees → higher factor.
• Lower the factor with proof: a licensed CPA / tax-preparer expense-ratio letter can document actual (lower) expenses and significantly raise qualifying income — must be reasonable & supportable, not a workaround. (CPA usually verifies employee count. 12-mo → last year's preparer; 24-mo → both years.)
• P&L statement also works if expenses are lower: underwriter compares P&L revenue to deposits and typically takes the lower of P&L net income or adjusted bank-statement income; non-cash items like depreciation can be added back. Must match the statements or don't bother.

One-year self-employed (underused edge)

Most lenders need 2 years self-employed; KIND allows just 1 year if it's the same line of work with a similar income stream (classic case: a W-2 loan officer who opens their own brokerage). The prior history supports the file.

Clean-file checklist & common killers

Do: consistent/stable deposits · source & flag large deposits up front · ownership docs early · complete the business narrative fully · align P&L / CPA letter to the statements · choose the right statement type.

Avoid (deal-killers): mixing personal/business funds wrong · unexplained large deposits · missing ownership docs · wrong statement type · overestimating income (deposits ≠ income) · incomplete files.

Submission — Quickie "Bank Statement Review"

Log into Quickie → Start a New Loan → Create Bank Statement Review → fill the business narrative (borrower info, business type, # employees) → upload all statements → Request Calculation. KIND's desk reviews and returns a calculated monthly income on-screen; large deposits are auto-flagged. Then hit Convert to Loan, upload the 3.4, and register. Submit a TBD this way first to confirm the math before you write the deal.

Where to find them: contractors, consultants, freelancers, creators, photographers/videographers, gym/wellness pros, retailers, restaurant owners, tech/IT, doctors, attorneys, accountants. The pitch: "You're qualified on your actual income — not your tax returns."

KIND Condo Lending

Condos trip up even experienced brokers — not because they're impossible, but because there's a decision tree people skip. On a condo you underwrite two things at once: the borrower AND the project. Both run simultaneously, independently, and both must pass. A clean borrower in a bad project does not close.

Four project types

• Established — built, majority sold/occupied, HOA turned over to owners, stable financials. Bread-and-butter agency deal.
• New / newly converted — developer may still control; construction/phasing may be incomplete; typically need ~50% of units sold to qualify; more documentation.
• Non-warrantable — fails agency guidelines (high investor concentration, single-entity ownership, HOA delinquencies, litigation). Not dead — just a different (non-QM) path.
• Condo-hotel — individually owned units, hotel-style amenities/management, short-term rentals. Almost always non-warrantable for agency.

Warrantable checklist — must meet ALL (one flag = non-warrantable)

• HOA delinquencies under 15% (≤15% of units 60+ days past due on dues).
• No single entity owning > 10% of units (concentration risk).
• No pending litigation against the HOA/project.
• Owner-occupied rate 50%+ (not investor-heavy).
• No short-term rentals or hotel-style services in the HOA docs.
• Commercial space not over 35% of total square footage.
• Adequate reserves — HOA allocates ≥10% of annual budget to reserves.
• Project complete and fully converted.

Review type — the AUS decides, not you

Run DU/LPA first — the findings assign the review type. Collecting full-review docs on a limited deal (or vice-versa) wastes time or forces a restart.

Documents — three buckets

• HOA docs: condo questionnaire (full review only); recorded declarations & bylaws (always — show whether STR is permitted); articles of incorporation, condo plan/plat map for new/converted.
• Insurance: active master policy with 100% replacement cost (check effective + renewal dates); fidelity bond if 20+ units; flood policy if in a flood zone; HO6 interior policy where required.
• Budget & financials: budget showing ≥10% to reserves (if short → reserve study); current HOA balance sheet within 90 days.

Common deal-killers

Request HOA docs day one — they're always the bottleneck. Watch for: expired master insurance at closing; budget short on the 10% reserve rule; not reading AUS findings before collecting docs; undisclosed litigation (ask the HOA directly & early: "any active or pending litigation?"); and oversimplifying property use — read the governing docs, because HOA-permitted short-term rentals can make a project ineligible for agency financing.

Let's Condo widget (Quickie)

Appears on the loan dashboard once disclosures are sent — no separate portal or email chain. Pop-up asks: is the project established? (defined as 90% sold/closed for Fannie / 75% for Freddie, 100% complete, no future phases, HOA turned over) and the exact legal project name (from the CC&Rs / recorded plat — not the marketing name). Pick the review type (per AUS), then the system generates the exact document list — upload each (red icon → green check); when all green, "Let's Condo" activates and routes to the condo review team. Status shows In progress / Action required / Completed right on the dashboard.

Bottom line: know the project before you touch the file, run the warrantable checklist, trust the AUS, request HOA docs early, and remember non-warrantable ≠ no deal.

KIND Conventional ARMs

An affordability tool for deals sitting in the "almost works" zone. Fixed up front for stability, adjusts later for flexibility. Lower starting rate → lower payment → deal moves forward. Best for borrowers who plan to sell, refi, or move before the fixed period ends, or who expect income/plan changes. Two core products — 5/6 ARM and 7/6 ARM; everything else (Fannie vs Freddie, high-balance, buydown) is just layering. Start with the structure first.

How they work

Fixed for 5 or 7 years, then adjusts every 6 months, indexed to SOFR + a fixed margin, controlled by caps. New rate = index + margin (e.g., SOFR 5% + 2.75 margin = 7.75% fully indexed). Caps are guardrails — they define how much the rate can move, not what it will do.

Qualifying rate (you don't qualify at the low start rate)

• 5/6 ARM: qualify at the greater of note rate + 2% or the fully indexed rate.
• 7/6 ARM: qualify at the note rate for most loans; if HPML, qualify at the greater of note rate + 2% or fully indexed rate.

Example (5/6): note rate 6% → note+2% = 8%; fully indexed = SOFR 4.75 + 2.75 = 7.5%; qualify at the higher → 8% (borrower's actual payment is still based on 6% for 5 years). Example (7/6, HPML): note 6.5% → +2% = 8.5%; fully indexed = 8%; qualify at the higher → 8.5%. The HPML flag shows on the Compliance Ease report — when tripped, always use the higher of the two.

Fannie vs Freddie

Disclosures & pricing

Borrower gets the ARM disclosure + CHARMS booklet (normal — be ready for the question). The Loan Estimate shows projected payments based on cap limits, not actual future rates. Closing Disclosure: page 1 = projected payments; page 4 = index, margin, caps, adjustment timing. Price it in Quickie → QuickPricer → set amortization type to ARM (top-right) to pull all Fannie/Freddie/high-balance/buydown options.

Realtor talk track: "An ARM can help more buyers qualify and make your listings more affordable." Borrower: "Lower payment now, flexibility later — fixed for 5–7 years, then adjusts only within set limits."

Kiavi

Account Executive: Andrew Noska · andrew.noska@kiavi.com

Tech-driven private/business-purpose lender for investors only (no owner-occupied). Fast, portal-based — pre-qual letters 24/7, closings in as few as 7 business days, no hard credit pull, no minimum-liquidity requirement. The portal sorts every deal into three product buckets up front: Bridge / Fix & Flip / Fix-to-Rent, New Construction, and Rental (DSCR). Figures below are public marketing ranges — confirm against your live portal quote / current matrix before quoting a client.

Product menu (from the portal intake)

What counts as "New Construction" at Kiavi

• A vacant lot with ground-up development.
• An addition increasing gross living area by more than 100% of existing square footage.
• Structural replacement of the roof and more than one exterior wall (retaining the existing foundation).
• Structural replacement of the roof and all interior framing.

DSCR (Rental) qualifying notes

• DSCR: ~1.1 to pre-qualify; flexible structures can go as low as ~0.8x (no-ratio territory). 1.25+ is the "strong deal" zone.
• Rent used: lower of 110% of appraised market rent or the signed-lease rent (valid lease).
• Credit: ~660 FICO minimum; 720+ gets materially better pricing.
• Term: up to 30 years, business-purpose only — vest in an LLC, personal guarantee typical.

Where Kiavi fits your lineup

Strong BRRRR engine: use Bridge/Fix & Flip for the acquisition + rehab, then refi the seasoned, rent-ready property into a DSCR (theirs or another lender's). Good fallback when a property isn't rent-ready day one and can't go straight to DSCR. New Construction covers ground-up that most DSCR lenders won't touch.

To finish this entry: add portal login, approved states (CA/MO), and exact LTV/credit tiers once you pull a live matrix or rate sheet from the portal. (AE: Andrew Noska — see top.)

CV3 Financial

Account Executive: Chris O'Neill · Chris.ONeill@cv3financial.com

NEXA-approved direct private money lender specializing in residential 1–4 unit investment properties. Direct lender = controls its own guidelines. Lends in 47 states (only a handful require broker licensing). Portal is for submissions & pipeline only — for pricing, email Chris a scenario directly (intake list below).

Product menu

What to send Chris for a quote (email, not portal)

• Borrower FICO.
• Borrower experience — # of investment properties owned or sold in last 36 months (flips, rentals, multifamily, commercial).
• Subject property address; purchase or refinance.
• Purchase price or as-is value; rehab budget + estimated ARV (fix & flip).
• LTV requested.
• If leased, monthly rent; annual taxes, insurance, HOA (DSCR).
• Vesting — individual name or LLC/Corp.

Where CV3 fits your lineup

Best-in-class for the recent-BK / listed-property bridge play — 1–2 yr bridge with no DSCR requirement and cash-out even on actively listed properties is rare and exactly the no-income-proof workaround for borrowers who can't season into a DSCR yet. Also a strong BRRRR shop: fix & flip (90% + 100% rehab) or ground-up (85% LTC), then refi into their no-seasoning, 80% cash-out DSCR.

To finish this entry: ranges above are lender-advertised. Ask Chris for the product matrices / guidelines (or pull from the NEXA portal) and I'll swap in the exact LTV/FICO/reserve tiers.

Oaktree Funding

Channel: Correspondent · Portal: www.EZ-Submit.com (info: www.OaktreeCorrespondent.com). Offers both Non-QM and Agency (agency integrations still being built out). Submissions run through the EZ-Submit portal — the workflow cheat sheet below is from their correspondent user guide. Program/matrix details (LTV, FICO, DSCR, bank-statement terms) not in the guide — pull from the site/portal to complete this entry.

EZ-Submit submission workflow (cheat sheet)

1. My Account first: set Preferred Credit Vendor + username/password and Save, so credit auto-populates later.
2. Quick Pricer — price a scenario without a 3.4 XML. Income Desk — submit an income pre-qualification (a loan # generates after Create Loan).
3. Start a New Loan → drag/drop the 3.4 file → opens the 1003 Editor & Validator.
4. Confirm Borrower Pairs on EVERY loan (even single-borrower). Click View Field on each error, fix, Save. Multi-borrower: check the black bar for other borrowers' errors.
5. Create Loan → assign roles. Secondary role is required — only users with Secondary role can price, float, or lock.
6. Credit step: reissue with your CRA credentials + reference #, or Bypass Credit to upload your own report (note: bypass disables the liabilities screen). Agency loans: input AUS casefile # + recommendation.
7. Liabilities & REO match → match REOs to liabilities, Import Liabilities (syncs to the 1003).
8. Pricing — Lock/Float: choose NonQM Yes/No (different workflow each), pick Lock Period → Get Pricing → select product/rate/price → Float or Lock to register.
9. Full File for UW: upload required docs → Request Loan Setup (setup team reviews; missing docs = On Hold with Prior-to-UW conditions).
10. Conditions: PTU / PTD / PTD-B / PTP. Upload all PTD → when Approved/Suspended, Submit to Condition Review enables (Suspended conditions must clear first).

Portal admin: Sellers manage their own users (My Account → TPO Users); Administrators add/modify users; Managers/Admins see all company loans, LOs/Processors see only assigned loans. To finish this entry: add AE name/contact, approved states (CA/MO), and the Non-QM + Agency program details/matrices.

EPM — Aspire DSCR

Business-purpose, single-property DSCR (1–4 and 5–8 units). Source: Aspire DSCR Program Eligibility Guide v1.3, eff. 07.21.2025. Business-purpose affidavit required from all borrowers; property must be leased to non-borrower tenants. ✅ Both your states work — ineligible states are ND, SD, NV, MN + US territories (CA & MO are fine). Confirm against the current matrix before quoting.

1–4 unit matrix (max LTV by FICO & DSCR)

• Min loan $75K (1-unit) / $100K (2–4); max generally $2.5M–$3M.
• First-time investor: 5% LTV reduction, min FICO 680, min 12 months reserves (first-time homebuyers not permitted).
• Cash-out: >65% LTV capped at $1M; ≤65% LTV unlimited.
• Max exposure to one borrower/entity $5M; max 25 total financed properties.
• Refi on an unleased property: max LTV −5%.

5–8 unit matrix

• Purchase up to 75% LTV (700 FICO); min loan $400K; max cash-in-hand $1M.
• STR ineligible, first-time investors not permitted, rural ineligible, no foreign nationals.
• Mortgage lates: 0x30x12 (stricter than 1–4 unit's 1x30x12).

DSCR calculation

Monthly gross rent ÷ PITIA (ITIA for Interest-Only). Leased: lower of in-place rent and 1007 market rent. Vacant: 100% of 1007 market rent. Foreign nationals / non-perm residents: min 1.25x. Products: 30/40-yr fixed (fully amortizing or IO); IO has a 10-yr IO period, qualifies at note rate on 20/30-yr amortization.

Credit & derogatory seasoning

• Tradelines: 3 reporting 12mo or 2 reporting 24mo; no authorized-user or non-traditional lines.
• Qualifying score = lower of 2 / middle of 3; loan uses the lowest across all borrowers.
• BK (Ch 7/11/13): 2 years from discharge/dismissal. Foreclosure, short sale, DIL, mods: 2 years. No major event within 24 months.
• Judgments/liens >$5,000 must be paid or on a 6-mo+ payment plan.

Reserves (months of PITIA)

Assets: checking/savings/MM 100%, stocks/bonds/funds 100% (less margin), retirement 50%; sourced & seasoned 60 days; large deposit = any single deposit >50% of monthly avg balance. Gift funds allowed after borrower puts in 5% own funds — not for reserves.

Short-term rental

12-month average income, −20% for operating costs: (gross rents × 0.80) ÷ PITIA. Max 80% LTV, min DSCR 1.00x. Occupancy must be >60%, market grade 60+. Multiple income sources → use the lowest. Not allowed on 5–8 units.

Prepay, condos, property

• Prepay penalty NOT allowed in NM, OH, DE, KS (MO & CA OK). Stepdown structures 5/4/3/2/1-yr; hard or soft.
• Condos must be Fannie-warrantable (max 20% concentration). Non-warrantable: max 2 non-warrantable features, LTV −5%, ≤50% commercial, ≤35% single-entity. Condotel: LTV −10%, max $1.5M.
• Property: must be lease-ready, condition C-1 to C-4, quality Q1–Q5, deferred maintenance ≤3% of value. No rural. Cash-out needs 6-mo ownership; delayed purchase (owned free & clear) allowed 3–6 months.
• Secondary valuation (CDA/CCA) required; if variance >10%, a second full appraisal is required (use the lower value).

Where EPM fits: deep, full-featured DSCR with 5–8 unit capability, 40-yr + IO options, lower-DSCR tiers (down to .75x at high FICO), and foreign-national lending — a strong primary DSCR shop for your CA/MO investors, including small multifamily most lenders won't touch.

EPM — Non-QM (Prime & Elite)

Owner-occupied / second-home / investment Non-QM for borrowers who can't go full-doc agency. Source: Non-QM Program Guide v10, eff. 09.15.2025. Two tiers — Prime and Elite (higher leverage). Doc options: 24-mo full doc · 12/24-mo personal or business bank statements · 1/2-yr 1099. Products: 30-yr fixed or 30-yr (10/20) Interest-Only — no ARMs. Max DTI 50%. Where silent, defaults to FNMA.

Leverage (max LTV/CLTV)

• Reserves: loan ≤$2M = 6 mo; >$2M owner-occ/2nd home = 9 mo; >$2M investment = 12 mo.
• Cash-out (Prime): ≤70% LTV no limit; >70% capped $500K. First-time homebuyer: −5% LTV.
• Max exposure to EPM: 5 loans or $4M UPB per borrower/entity.

Bank Statement program (self-employed)

• 12 or 24 months personal or business statements. Active, productive businesses only — passive/rental income, fix-and-flip, and day-traders are ineligible.
• Self-employed 2+ yrs same business (1–2 yrs OK with +6 mo reserves & 2 yrs same line of work). Ownership ≥25%.
• Business stmts: Qualifying income = Total Eligible Deposits × Ownership % × Expense Factor ÷ 12 or 24. Personal stmts: Total Eligible Deposits ÷ months (exclude non-business deposits).
• Expense factor: fixed 50%, OR a CPA / licensed tax-preparer expense statement (min 10%).
• Large deposit (>50% of avg monthly) needs LOE. NSF cap: 3 in 12 mo / 6 in 24 mo. Declining-deposit trend triggers more docs.

1099 program

Independent contractors / gig workers, 2-yr 1099 history. 1 or 2-yr 1099s + 30-day YTD proof (YTD no more than 10% below qualifying). Entity-issued 1099 → borrower must own 100%. Business narrative + expense factor (min 10%). Qualifying income = 1099 income × expense factor ÷ 12 or 24.

Where it fits: your self-employed primary-residence buyers (vs KIND's similar program) — bank-statement or 1099 income, up to 90% on Elite. Pair with the Aspire DSCR for the same borrower's rentals.

EPM — CHOICE Renovation (Freddie Mac)

Conventional purchase + renovation in one loan (Freddie Mac CHOICERenovation). Buy and rehab a primary, second home, or investment property with a single conforming loan — qualifies on the after-improved value. Must be run through AUS. Great for a buyer who wants a fixer but doesn't want hard-money.

Leverage (purchase / rate-term)

• Max DTI up to 50% (AUS). MI required >80% LTV. Conforming limits ($832,750 1-unit, 2025/26 FHFA).
• Eligible work: no minimum reno amount; ADUs, garages, pools, flooring, cabinets, appliances, fixtures. No tear-downs, no DIY/self-help. Unused funds → principal reduction.
• Max reno cost (purchase): ≤75% of the lesser of (purchase price + reno) or the as-completed value.
• Cost components: 10–20% contingency reserve, up to 8 draws ($350 ea), up to 6 mo mortgage payments if uninhabitable, title updates, consultant/permit fees.
• Timeline: work begins within 30 days, no stoppage >30 days, all complete within 450 days of note date.
• DPA not allowed; Texas cash-out not allowed.

Where it fits: the owner-occupant version of a fix-and-flip — a retail buyer purchasing a dated home and rolling the rehab into one low-down conventional loan. Also works for investors (85%) who'd rather not use bridge money.

EPM — CalHFA (California first-time buyer)

EPM is a CalHFA-approved lender, so you can offer California Housing Finance Agency first-time-homebuyer and down-payment-assistance programs to your CA buyers. Source: CalHFA Lender Program Manual (rev. March 2025). Built for low-to-moderate-income Californians.

Core borrower requirements

• First-time homebuyer (no ownership interest in a primary residence in the last 3 years) — some programs also have a first-generation requirement.
• Owner-occupancy required; CA residency; property in California.
• Income limits apply (by county/program); homebuyer education typically required.
• Reservations run through CalHFA's MAS (Mortgage Access System); pairs a first mortgage (often FHA/conventional) with a subordinate down-payment/closing-cost assistance loan.

Where it fits: your CA first-time buyers who are income-qualified but short on down payment — a strong lead-gen and referral magnet. To finish this entry: pull the specific program handbooks (e.g., MyHome, current DPA programs) for exact assistance amounts and income caps before quoting.

EPM — Flex & Select (Non-QM + DSCR umbrella)

EPM's newest unified Non-QM + DSCR guideline (Flex & Select v1.0, eff. 01.15.2026). This is the umbrella that organizes EPM's Non-QM/DSCR shelf into named programs — broader than the older Aspire DSCR / Prime-Elite matrices (notably it adds ITIN/DACA and Foreign National, which Aspire excludes). Where silent, defers to FNMA.

Non-QM programs

• Flex Supreme — best-of-the-best borrowers, less complex deals.
• Flex Select (incl. Express – DU) — the workhorse: widest range of income docs, housing history, and options. Express runs off a DU Approve/Eligible (or Ineligible only for size/LTV/purpose — not for a credit event).
• Super Jumbo — high-net-worth, strong income/credit, big reserves.
• Select ITIN — ITIN borrowers including DACA (non-traditional/foreign credit allowed).
• Foreign National — applicants living/working abroad.

DSCR programs

• DSCR Supreme and DSCR Select — tiered DSCR by borrower/deal strength.
• Investor DSCR No-Ratio — no DSCR calc; leans on credit + reserves.
• DSCR Multi-Mixed — multifamily / mixed-use.

Structure & exposure

• Aggregate exposure: $10M or 10 loans; $5M or 5 on any cash-out or DSCR Multi-Mixed; No-Ratio DSCR $7.5M or 10 loans ($5M/5 cash-out).
• Exceptions: case-by-case, need ≥2 compensating factors; credit committee max 5% LTV bump. Not available on Flex Supreme, DSCR Supreme, Flex Select Express, Super Jumbo, Second Lien Select.
• Second Lien Select (2nd/HELOC) available — re-subordinated CLTV up to 90% primary / 85% 2nd home / 80% investment.
• Incomplete housing history (non-DSCR): 10% min borrower contribution, max 80% LTV.

Where it fits: your single most flexible Non-QM menu — covers self-employed, ITIN/DACA, foreign nationals, no-ratio DSCR, multifamily/mixed-use, and second liens under one lender. To finish: the 146-page guide has per-program matrices (LTV/FICO by program) — pull the specific program matrix when quoting a given borrower.

EPM — Jumbo Express

Agency-style jumbo for loans above the conforming limit (Jumbo Express v13). Underwrites via DU/LPA and follows the AUS + Agency selling guide unless the guide says otherwise. Five rate sheets: Jumbo Express 1, 2, 5, 6, 9 (each with its own matrix). Interest-only loans are classified Non-QM.

• Loan amounts up to $3.5M; min is $1 over the conforming limit.
• LTV up to ~90% (89.99%) on the strongest tiers (e.g., $2M @ 89.99%, 680 FICO); scales down as loan size rises ($3M @ 75–80%, 740 FICO).
• Max DTI 45–50% (by rate sheet); reserves per matrix (6/9/12 months by loan size).
• Products: 15/30-yr fixed; some sheets allow 30-yr IO (10/20) and 5/6, 7/6, 10/6 ARMs (Jumbo Express 9).
• Non-permanent residents allowed on most sheets; warrantable condos to 85%, non-warrantable generally not allowed. Watch per-sheet state exclusions (ND, NY, ME, TX cash-out on certain sheets).

Where it fits: high-balance CA purchases above conforming — full-doc borrowers who just need more loan than agency allows.

EPM — Conventional Conforming

Standard Fannie/Freddie conforming fixed, AUS-driven (must run DU/LPA), max DTI up to 50% (per AUS). 2026 conforming limits: $832,750 (1-unit) up to $1,601,750 (4-unit).

Manufactured homes to 95% (primary purchase/RT). Appraisal waivers per FNMA (not on 2-4 units, manufactured, values ≥$1M, etc.). MI required >80% LTV.

Where it fits: your bread-and-butter agency loans — including investment-property conventional (a cheaper option than DSCR when the borrower can document income).

EPM — VA

VA Standard & High Balance, owner-occupied only, 1–4 units. 100% LTV (purchase excludes funding fee; cash-out includes it), min FICO 500, max ratios per AUS. Manual underwrite needs 24-mo VOR/VOM with 0x30 in last 12 months. Veteran must have sufficient entitlement.

• Loan amounts: 1-unit to $1,249,125 (continental); high-balance higher; 2-4 unit higher still.
• Cash-out: Type I (≤ payoff) and Type II (> payoff); LTV capped at 100% incl funding fee; Comparison of Loan Characteristics + Net Tangible Benefit disclosure required.
• Property: condos must be VA-approved; manufactured (singlewide OK) if affixed & post-6/15/1976; no co-ops, condotels, PACE/HERO.

Where it fits: veteran buyers — 100% financing down to a 500 FICO is a strong niche most lenders won't touch.

Spring EQ — DSCR

Business-purpose, investment-only DSCR (Spring EQ also does HELOC / investment HELOC / 2nd-lien — those guides still to come). Manually underwritten; no employment disclosure required. Min loan $100,000 (max per eligibility matrix). Tighter on borrower types than EPM/KIND — see the no-go list.

DSCR calculation & rent

Annual gross rental income ÷ annual PITIA (ITIA for IO). Long-term rent = comparable rent schedule; if two appraisals, use the lower value & rent. Vacant uses Form 1007 (no lease needed). Refi multi-unit: 1 vacant unit OK on 2–3 units, 2 on 4 units. Family-leased properties are ineligible.

Key terms

• Max cash-out $500,000 (cash-out = back > greater of 1% of loan or $2,000). Proceeds must be business-purpose.
• No limit on number of financed/owned properties. Layered entities not permitted.
• Entity: max 4 owners/members; personal guarantee required; ≥50% of entity ownership must be on the loan.
• Prepay options: none · 1-yr 3% · 3-yr 3/2/1 · 5-yr 5/4/3/2/1 (20% annual curtailment allowed before fee).
• Appraisal: second full appraisal required when loan > $1M. No transferred appraisals.
• Credit: 2+ scores (Experian/Equifax/TransUnion); frozen credit must be unfrozen; collections ≥$250 (or totaling >$1,000) and all tax liens paid in full (no payment plans).
• Flips: resold within 180 days with >10% price jump = flip → 2nd appraisal (>10% if acquired ≤90 days; >20% if 91–180 days).
• Value seasoning <6 mo: lesser of appraised value or purchase price + improvements. Max seller concession 6%. Condos must be FNMA-warrantable.

⚠️ Who Spring EQ will NOT do (route elsewhere)

No first-time homebuyers (no ownership in past 3 yrs), no ITIN, no non-permanent residents, no foreign credit/foreign nationals, no irrevocable/land/blind trusts, no non-arm's-length. For any of these → use EPM Flex (Select ITIN / Foreign National) or KIND instead.

Where it fits: a clean, straightforward DSCR for U.S.-citizen/PR investors — especially valuable because there's no cap on financed properties (good for a portfolio builder). To finish this entry: the LTV/FICO eligibility matrix is a table image in the PDF — send the matrix page (or the numbers) and I'll add the exact LTV/FICO/loan-amount grid.

Spring EQ — Home Equity (HELOAN & HELOC)

Spring EQ's flagship — tap equity without touching the 1st mortgage. The answer for the borrower who loves their low first-lien rate but wants cash. Crucially, these are available on investment properties too (rate add-on), so an investor can pull equity to fund the next BRRRR down payment. Pricing lives on the live EMMA rate sheet — never quote a rate; talk structure.

Three products

Common parameters (all three)

• Min FICO 640 (tiers 640 → 780+).
• CLTV up to 90%.
• Loan / line amount $25,000–$400,000 ( >$400K requires a 760+ FICO ).
• Occupancy: primary, second home, and investment (investment = rate add-on); 1–4 units (2–4 = add-on).
• DTI to 50%; can be 1st or 2nd lien (HELOC can sit in 1st position).
• Doc-lite underwriting — only 4 items to start: income docs, homeowner's insurance, 1st mortgage statement, photo ID.
• Available all states except HI & NY. Compensation: up to 2% lender-paid or 3% borrower-paid (TX = lender-paid only). $799 admin fee; HELOC carries a $99 annual fee.
• Piggyback (purchase) transactions allowed.

Where it fits: two killer plays — (1) the homeowner who won't refi their 2-3% first mortgage but wants cash → 2nd-lien HELOAN/HELOC; (2) the investor pulling equity out of a rental (investment-eligible to 90% CLTV) to fund the next deal without disturbing the existing low-rate financing. Pair with your DSCR shops for the acquisition.

Marketing hooks & campaign paths (from SEQ kit)

The one-line pitch: "Get the cash you need without refinancing — keep your low first mortgage rate." That's the entire value prop in a market where ~50% of homeowners have a sub-4% first.

Stat hooks: U.S. home equity topped $17 trillion in 2025; the average homeowner has ~$299,000 of equity; values up 40%+ since 2020; nearly half of mortgaged homeowners are "equity rich." Funding in as few as ~11 days; often no traditional appraisal.

Three campaign paths to run to your database:

• Home renovation — kitchen/bath/basement; "an investment, not just an upgrade."
• Debt consolidation — roll high-interest cards into one lower payment; "the average American pays $1,000+/yr in card interest."
• Second home / investment property — "use your equity for the down payment or full purchase, keep your first mortgage untouched." (Your BRRRR/investor angle.)

Database mining tip: target past first-mortgage clients with low rates who now need cash — refi doesn't make sense for them, so a 2nd lien is the only smart option. Also network with contractors, attorneys, and realtors for referrals. Product flyers available: FIXLINE, "Get Cash Without Refinancing," "Eliminate Credit Card Debt," Investment Property HELOAN, HELOC-vs-HELOAN, Piggyback.

⚠️ The kit's email/social/flyer copy is Spring EQ marketing — if you use it, add your own NMLS ID + required compliance disclosures and avoid stating specific rates/APRs.

Cursive — FHA / Agency / Government (your #1 FHA pricing)

Cursive (Stockton Mortgage dba Cursive · NMLS 8259) is a NEXA-approved partner and your best FHA pricing. Beyond FHA/agency/government, they run a full correspondent shelf — DSCR, Non-QM, and Jumbo Express (see the two sections below). AE: Lonnie Long · lonnie.long@cursivelending.com · 502-223-6384.

Minimum submission checklist (avoid the "on hold" trap)

• Credit: AUS findings w/ credit reference # matching the report (FHA = DU findings only); legible credit report dated within 120 days.
• W-2 wage earners: paystub within 30 days of application + W-2s per AUS.
• Self-employed (per AUS): 2 yrs personal 1040s (all schedules) + 2 yrs business returns; YTD P&L + balance sheet (after Q1).
• Retirement income: benefits award letter or 1099s. Assets: funds-to-close + source listed in 1003 (flag gift funds — affects AUS).
• Purchase: fully executed purchase contract. Government: FHA/VA refis need note + current mortgage statement; VA needs the COE.

Also on the shelf: Jumbo Express v14 (6 rate sheets, DU/LPA, to ~$3.5M). To finish: the actual FHA/VA/USDA matrices (LTV/FICO floors) weren't in these files — grab those from the Cursive portal and I'll add the agency grids. That's still your one remaining FHA detail gap.

Cursive — DSCR

Business-purpose DSCR for experienced investors; qualifies on the property's cash flow regardless of how many properties the borrower owns. Source: DSCR Program Guide, eff. 02.09.2026 (5 rate sheets: DSCR1/2/11/13/15). Min loan $100,000.

DSCR 1 matrix

• DSCR = gross rent ÷ PITIA. Other rate sheets (DSCR2/11/13/15) flex leverage and price.
• Short-term rental: AirDNA Property Earning Potential report — 12-mo forecast within 90 days, 50% occupancy, 4 comps same ZIP, market score 60+ (per-unit report on 2–4 units). Refi STR can use a 12-mo Airbnb/VRBO history (average monthly).
• Large deposit = single deposit >5% of loan amount → LOE.

Where it fits: a strong DSCR alternative to UWM/KIND/EPM — useful for rate-shopping a clean investor deal across lenders.

Cursive — Non-QM (Bank Statement / 1099 / P&L / Asset)

Self-employed / alt-doc Non-QM (Program Guide v13, eff. 02.09.2026; rate sheets Non-QM1/2/13/15). Doc options: full doc · 12/24-mo personal or business bank statements · third-party P&L · 1099 · WVOE. A separate Non-QM Select 5 guide adds asset depletion + DSCR Select. Same income math as the EPM template:

• Personal bank statements: Qualifying income = Total Eligible Deposits ÷ 12 or 24 (exclude wage/fixed/rental/tax-refund/transfer deposits).
• Business bank statements: apply an expense factor (fixed 50% or CPA-supported, min 10%); >3 business accounts must use the personal method.
• 1099 / P&L: 1099 income × expense factor ÷ months; 12-mo P&L dated within 90 days; CPA/active-business verification required.
• NSF cap: 3 in 12 mo / 6 in 24 mo. Declining-deposit trend (YoY >10% on 24-mo) is ineligible.
• Asset depletion (Select 5): available for high-asset / low-doc borrowers.

Where it fits: rounds Cursive into a one-stop shop — FHA/agency for retail buyers, DSCR for investors, and Non-QM for self-employed, all under one AE (Lonnie). To finish: exact Non-QM LTV/FICO matrices (Appendix B) are in the guide — say the word and I'll extract the specific cells.

Government Baseline — FHA / VA / USDA

FHA, VA, and USDA are government programs with standardized national guidelines — lenders don't publish their own matrices; they follow HUD Handbook 4000.1 (FHA), the VA Lenders Handbook, and USDA 3555, then add their own overlays + pricing. So this baseline applies across all your government-capable lenders (UWM, EPM, Cursive, Pennymac, MLB…); compete them on price and overlay flexibility, not program rules. Figures are 2026 standards — verify the borrower's county limit & current AUS.

FHA

• Credit / down payment: 580+ FICO → 3.5% down; 500–579 → 10% down (most lender overlays floor at 580–620).
• 2026 loan limits (1-unit): floor $541,287 (low-cost counties) to ceiling $1,249,125 (high-cost).
• Mortgage insurance: upfront MIP 1.75%; annual MIP ~0.15–0.75% (most pay 0.55%). MIP is for the life of the loan if <10% down; cancels after 11 yrs if 10%+ down.
• DTI: ~43% manual, up to ~56.99% with AUS approval + compensating factors. Owner-occupied; 100% gift funds allowed.

VA (eligible veterans / service members)

• 100% financing, no down payment, no monthly mortgage insurance. Requires Certificate of Eligibility (COE).
• Funding fee: first use 2.15% (0 down), subsequent use 3.3%; 1.5% if 5%+ down; 1.25% if 10%+ down; IRRRL 0.5%. Exempt with VA disability rating.
• No loan limit with full entitlement. Owner-occupied. Min FICO is a lender overlay (often 580–620). Residual-income test applies.

USDA (Section 502 Guaranteed — rural)

• 100% financing, primary residence only, property must be in a USDA-eligible rural area (check the USDA eligibility map).
• Income limit: 115% of area median — 2026 standard $119,850 (1–4-member household) / $158,250 (5+).
• Fees: 1% upfront guarantee fee + 0.35% annual (paid monthly).

How to use this: for any FHA/VA/USDA borrower, the guideline IS this baseline — your lender choice comes down to who prices best and has the friendliest overlays. Cursive is your FHA pricing lead; check UWM/EPM for VA & USDA. Tip: a true rural CA/MO buyer under the income cap may do better on USDA (no down payment, low fee) than FHA — always check.