Loan Playbook — Script & Study Guide

Prospect script + technical study guide · all 19 programs · ordered by focus
Jermaine Fields · MLO · NMLS #2067609 · DSCR Insider — Powered by NEXA Lending · NMLS #1660690 · CA & MO only — NOT Kansas
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Guideline rule: All LTV / credit / ratio figures are typical ranges that vary by lender & program and change often. Confirm against the current lender matrix before quoting anything.
Rate rule: NEVER state a specific rate, APR, or guaranteed approval on a call or in writing. Talk qualification & structure — confirm numbers in writing after application.
Jump to: The Script Tier 1 · Investor & Non-QM Tier 2 · Agency & Traditional Qualifying Checklist Compliance
Part 1 · What you say

The Master Prospect Script

1 · Opening (15–20 sec)

Hook
"Hey [Name], this is Jermaine Fields with DSCR Insider — I'll keep it quick. I'm an investor-focused loan officer licensed in California and Missouri through NEXA Mortgage. I specialize in the loans that don't fit the standard bank box — rental loans that qualify on the property's income, bank-statement loans for self-employed buyers, bridge and BRRRR money, equity lines on rentals — and I still do conventional, FHA, VA, and USDA when those fit better. Are you working on anything right now, or looking at financing for the next deal?"

2 · Discovery — find the box (ask, don't pitch)

3 · Pivots by scenario (educational — no promises)

Buy-and-hold / scaling
"That's a DSCR loan — it qualifies on the property's rental income instead of your personal tax returns or DTI. If the rent supports the payment, that's the conversation, and there's no Fannie-Mae property cap stopping you at ten doors."
Self-employed / write-offs
"A bank-statement or 1099 program may fit — those qualify on your deposits or 1099 income instead of tax returns, so your write-offs don't sink you."
Flip / BRRRR / rehab
"A bridge or fix-and-flip loan funds the purchase and rehab, then you exit into a DSCR refinance once it's rented and stabilized. We map the timeline and the exit up front."
Pull equity from a rental
"Two ways: a DSCR cash-out refinance, or an investment HELOC / 2nd lien that leaves your low first-mortgage rate untouched. Depends on whether you want to keep the current loan."
Short-term rental
"There are STR DSCR programs that use Airbnb/VRBO income — documented with statements or market data."
Many doors
"A portfolio or blanket loan can wrap multiple properties under one loan and one closing."
High-net-worth / retired
"If income's hard to document but you've got strong reserves, an asset-based program can turn those assets into qualifying income."
Foreign national / ITIN
"We have programs for foreign nationals and ITIN borrowers buying U.S. rentals — qualified on the property or alternative docs."
Primary / owner-occupant
"Then conventional, FHA, VA, or USDA is usually the better path — and renovation loans if it needs work. I do those too."

4 · The close (signature ask)

CTA
"Here's the easy next step: send me the deal — address and projected rent, or your scenario — and I'll run the numbers and tell you what fits. No obligation. What's the best email or cell to send you my info?"
Tier 1 · Core focus — investor & Non-QM

Study Guide — Tier 1

Your bread-and-butter, most-common, on-brand programs. Figures are typical — confirm on the matrix.

DSCR = Gross Monthly Rent ÷ PITIA  (principal, interest, taxes, insurance, + HOA dues)

1. DSCR — Purchase

What: Rental loan that qualifies on property income — no tax returns, W-2s, or DTI.
Best for: Buy-and-hold & self-employed investors; past conventional financed-property limits.
Qualifies: Rent vs. payment. Purchase rent = lower of lease or appraiser market rent (Form 1007 / 1025). Often closes in an LLC w/ personal guarantee.
Q: "Need a signed lease?" → Not always on a purchase; appraiser market rent can be used.

2. DSCR — Cash-Out Refinance

What: Pull equity from a rental, still qualifying on property income.
Best for: Recapitalizing or completing the refinance leg of a BRRRR.
Qualifies: Same DSCR math on the new payment; max cash-out & seasoning vary by program.
Q: "How soon can I pull cash out?" → Seasoning varies; some allow earlier use of new value with documented improvements. Watch prepay penalty.

3. DSCR — Rate-and-Term Refinance

What: Refinance a rental for a better rate/term without taking cash out.
Best for: Investors lowering payment, exiting a bridge/hard-money loan, or improving terms.
Qualifies: DSCR on the new payment; typically higher max LTV than cash-out.

4. DSCR — Short-Term Rental (STR)

What: DSCR loan using Airbnb/VRBO income.
Best for: Vacation-rental investors.
Qualifies: Trailing operating statements and/or recognized market data; treatment varies by lender.

5. Bridge / Fix & Flip (BRRRR entry)

What: Short-term financing to buy and/or rehab, with an exit into permanent financing.
Best for: Flippers and value-add / BRRRR investors.
Qualifies: Asset-focused, short term; the exit (usually a DSCR refi) matters as much as the entry.
Q: "Paid cash / hard money — refi out?" → Generally yes; cash-out refi pays the lien or reimburses capital on stabilized value, subject to seasoning.

6. Bank-Statement (Non-QM)

What: Qualifies self-employed borrowers on deposits, not tax returns.
Best for: Business owners whose write-offs shrink qualifying income.
Qualifies: 12–24 months personal/business statements; expense factor on business deposits (CPA letter may adjust).
Q: "Seasonal deposits?" → Averaged across the window to smooth seasonality.

7. 1099 Program (Non-QM)

What: Qualifies a contractor/gig earner on 1099 income.
Best for: 1099 contractors wanting a simpler path than full returns.
Qualifies: 1099 totals (often 1–2 yrs) with an expense factor; no full returns.

8. Investment HELOC / 2nd Lien (HELOAN)

What: A line of credit or fixed 2nd loan against a rental's equity — leaves the 1st mortgage in place.
Best for: Investors pulling equity without refinancing a low-rate first mortgage. (Spring EQ is your lender here.)
Qualifies: Equity / CLTV based; DSCR or income depending on product. HELOC = revolving; HELOAN = fixed lump sum.
Q: "HELOC vs. cash-out refi?" → HELOC keeps your first loan & rate; cash-out replaces the whole loan. Choose based on the first-mortgage rate.

9. Portfolio / Blanket

What: One loan secured by multiple properties.
Best for: Investors consolidating several doors under one loan/closing.
Qualifies: Blended property cash flow; release terms vary by lender.

10. Asset-Based / Asset Utilization (Non-QM)

What: Converts liquid assets into qualifying income.
Best for: Retired / high-net-worth borrowers with reserves but low documentable income.
Qualifies: Eligible liquid assets ÷ a set number of months; formula varies by program.

11. Non-QM Jumbo

What: Larger-balance loans using alternative documentation.
Best for: High-balance buyers who don't fit agency jumbo.
Qualifies: Alt-doc income (bank statement / P&L / asset) at higher amounts; guidelines vary widely.

12. Foreign National / ITIN

What: Programs for non-U.S.-citizen buyers (foreign national) or borrowers using an ITIN instead of an SSN.
Best for: Overseas investors buying U.S. rentals; ITIN borrowers building U.S. property.
Qualifies: Often DSCR or alt-doc; documentation/visa rules and LTV caps vary widely by lender.
Tier 2 · Agency & traditional

Study Guide — Tier 2

Secondary to your investor focus, but offered — primaries, owner-occupants, and full-doc files.

13. Conventional

What: Fannie/Freddie conforming loans.
Best for: W-2 / documentable-income borrowers; primary, second home, or eligible investment.
Qualifies: Full doc, DTI-based; PMI may apply under 20% down.

14. Full-Doc Jumbo

What: Loans above conforming limits with full income documentation.
Best for: High-balance, well-documented borrowers (distinct from Non-QM jumbo).
Qualifies: Full doc, strong credit/reserves; tighter overlays than conforming.

15. FHA

What: Government-insured, flexible credit, low down payment.
Best for: First-time / lower-down-payment owner-occupants.
Qualifies: Owner-occupied; mortgage insurance applies; overlays vary.

16. VA

What: VA loan for eligible service members / veterans.
Best for: Eligible veterans / active duty — owner-occupied. (You qualify personally — VA funding fee waived at 20% disability.)
Qualifies: Certificate of Eligibility; no down payment for eligible borrowers; funding fee may apply.

17. USDA

What: Government-backed loan for eligible rural/suburban areas, $0 down.
Best for: Owner-occupants in USDA-eligible areas (plenty in greater Missouri).
Qualifies: Property must be in an eligible area; household income limits apply; guarantee fee applies.

18. Renovation (FHA 203k / Fannie HomeStyle)

What: Finances the purchase plus rehab in a single loan, based on after-improved value.
Best for: Owner-occupants (203k) and some investors (HomeStyle) buying fixers.
Qualifies: Full doc; contractor bids and draws required; appraisal subject-to-completion.

19. Construction / Construction-to-Perm

What: Funds ground-up build, converting to a permanent loan at completion.
Best for: Build investors and owner-occupants on new construction.
Qualifies: Plans, budget, and builder review; draw schedule; one or two closings depending on structure.
Internal

Qualifying Checklist & Red Flags

Ask early (saves everyone time)

  1. Property type & occupancy — rental, primary, or flip?
  2. Buying, refinancing, or pulling equity?
  3. Ballpark middle credit score.
  4. Personal name or LLC?
  5. Down payment / equity available.
  6. Timeline & exit (especially bridge/BRRRR).
  7. Property condition — turn-key or needs rehab to be rentable?

Red flags to surface up front

Compliance

Jermaine Fields · Loan Officer · NMLS #2067609 · DSCR Insider — Powered by NEXA Lending · NEXA Mortgage, LLC #1660690 · Licensed in California & Missouri only (not Kansas) · Equal Housing Lender.

Educational only; not a commitment to lend. Rates, terms, and program guidelines vary by lender and are subject to change. All figures must be confirmed in writing. Before sharing any version of this externally, run final copy past NEXA compliance.