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.

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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.

Approved States