One Lender, Many Options
Expanded Prime
Borrowers at least 4 years past a housing event. Loan-to-Values up to 90%
Credit scores down to 660 |
LTVs up to 90%, No MI |
Loan amounts up to $3.5 million |
DTIs up to 50% |
Standard Full Doc, 1-year P&L , and Self-Employed Bank Statement Options (12 and 24-months) |
Second homes and investment properties |
Cash-out solutions to unlock equity or consolidate debt |
30-year interest-only and 40-year interest-only options |
Non Prime
Flexible solutions for borrowers recovering from recent credit impairments
Credit scores down to 620 |
LTVs up to 80%, No MI |
Loan amounts up to $1.5 million |
DTIs up to 50% |
Standard Full Doc, 1-year P&L , and Self-Employed Bank Statement Options (12 and 24-months) |
Cash-out solutions to unlock equity or consolidate debt |
30-year interest-only and 40-year interest-only options |
DSCR
Borrowers looking to qualify based on property income
Credit scores down to 660 |
LTVs up to 80% |
1-4 units |
Ability to vest in name of LLC or corporation |
Loan amounts up to $2.5 million |
No borrower income or employment information required |
Interest-only options to maximize property cash flow |
Cash-out solutions to unlock equity or consolidate debt |
Jumbo-Prime
Loan amounts up to $3 million, no PMI
Max cash-out up to $500k |
Credit scores down to 660 |
DTIs up to 43% |
LTV up to 89.99% (up to $2M) LTV up to 80% (up to $3M) |
Full doc only – refer to Appendix Q standards |
Primary, second homes, and investment properties |
Equity Advantage
A stand-alone second mortgage to help borrowers unlock equity. Borrowers keep current first lien mortgage and interest rate.
Stand-alone second lien mortgage |
Primary, second home, and investment properties |
Minimum 680 FICO |
Loan amounts up to $500,000 |
Maximum CLTV 85% for primary |
Maximum CLTV 70% for second homes and investment properties |
Maximum DTI 50% |
Single family residence, townhomes, 2-4 units, and warrantable condos |
Full doc, personal and business bank statements |
DSCR 5-9 Unit
A multi-family property loan that provides flexibility for business purpose borrowers.
Credit scores down to 680 |
LTV up to 75% |
Loan amounts up to $2 million, minimum loan amount $350,000 |
Standard reserves 6 months PITIA |
Ability to vest in name of LLC or corporation |
Interest only options to maximize property cash flow |
Up to 3% seller concessions allowed towards closing |
Turn Times
Initial Underwriting: 2-3 Business Days |
Underwriting Condition Review: 1-2 Business Days |
Due Diligence Initial Review: 5 Business Days |
Due Diligence Condition Review: 3 Business Days |
Tools and Resources
Scenario Calculator
Bank Statement Analysis
Equity Advantage Blended Rate Calculator
How does Option One qualify borrowers for a Non-QM loan?
There are several programs for qualifying a borrower’s ability to repay a Non-QM mortgage. Bank Statement programs provide income and cash flow verification. We may also utilize personal assets such as individual retirement accounts and stock accounts to qualify while property investors can use the rent on rental properties.
How are Non-QM mortgage rates set?
Non-QM mortgage rates adjust according to the individual characteristics of the loan and borrower profile. These include: loan-to-value ratio, down payment amount, credit score and history.
What does Non-QM stand for?
Non-QM stands for non-qualified mortgage. It is a term used to identify mortgages that do not meet requirements of federal agencies: Freddie Mac and Fannie Mae. Non-Agency is another term for Non-QM.
Your Title Goes Here
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
Do Non-QM mortgages require a down payment?
Yes, typically between 10% and 20%.
What is the maximum amount a Non-QM customer can borrow?
At Deephaven, the maximum loan amount is $3.5 million depending on the loan type.
Which loan is right for my Non-QM borrower?
The answer varies depending on the type of loan, the borrower’s credit profile and how the loan is to be qualified.
Are there commercial Non-QM mortgages?
Yes, there are. Option One offers DSCR (Debt Service Credit Ratio) loans for investment and business purposes.
Can self-employed people get a Non-QM mortgage?
Yes, in fact one of the primary reasons Non-QM mortgages were created was to provide loans to the self-employed.