Guidelines Enhancements to Simple Access® Non-QM Products

Houses on California coast

Your eyes aren’t playing tricks on you.

We are excited to announce all the guidelines enhancements to our Simple Access® Non-QM products. Our enhancements show our continued commitment to being the leader in the Non-QM space. Here is a list of our guideline enhancements.

All Documentation Types:

  • Removal of cash out limit up to 65% LTV
  • Re-introduction of the 40 year term option, with a max LTV of 80% and allowed on all doc types other than ICF
  • Increase max loan amount to $3.5MM on purchase/rate term and $2.5MM on Cash Out
  • Increase max LTV to 90% with a FICO down to 660 (no, that is not a typo)
  • Decrease min FICO to 620 for NOO properties
  • Increase of max DTI up to 55% up to 70% LTV, 680 FICO, extra residual income or reserves
  • Increase max LTV for use of CO proceeds as reserves to 75
  • Increase loan amount where one appraisal needed to $2MM
  • Removed the requirement for all owners of an entity holding title to be borrowers.  >50% of the owners by ownership percentage must be on application based on a 6 month lookback

Full Documentation

  • Changed asset depletion term to 10 years (from 15)

Bank Statements

  • Removed requirement for increased uniform expense factor with LTVs >80%

1099 Only

  • Added a Uniform Expense Factor option at 25% expense ratio

Asset Qualifier

  • Removed the “reserves for properties owned” portion of the calculation for method three

Investor Cash Flow

  • Removed the minimum DSCR requirement for LTVs up to 70 with FICOs down to 700. Note that < 1.0 DSCR will now require an additional 6 months reserves.
  • Removed the reserve requirement for other properties owned
  • Added guideline to use actual rental income that exceeds market rent both for short and long term rentals on refinance transactions
  • Removed requirement to verify receipt of rents, except when using actual rents that exceed market
  • Changed IO payment qualification to qualify on a 30 year amortization for loans with an IO feature that do not qualify to use the IO payment to calculate the DSCR
  • Expanded the eligibility criteria to utilize the IO payment to calculate the DSCR to max 70 LTV, min 680 FICO, and allow for cash-out transactions

And so much more! View our program descriptions for more guidelines enhancements.


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