Lien Position
1st Lien
2nd Lien — Simple Seconds
Doc Type
Full Doc
Bank Statement
1099 Only
Asset Qualifier
P&L Only
DSCR
Full Doc
Bank Statement
1099 Only
DSCR
Income Documentation
2-Year (W2 / Tax Returns)
1-Year Tax Return
Bank Statement Period 12 months 24 months
1099 Period 1 Year 2 Years
DSCR Range
1.20+ (Prime Eligible) 1.15+ (Simple Access) 1.00 – <1.15 0.75 – <1.00
Transaction
Purpose Purchase Rate & Term Refinance Cash-Out Refinance
Occupancy Owner Occupied Second Home Investment
Prepay Penalty 5-yr PPP (−0.500 credit to price) 4-yr PPP (−0.250 credit to price) 3-yr PPP (0.000) 2-yr PPP (+0.500 cost to price) 1-yr PPP (+1.000 cost to price) No PPP (+1.500 cost to price) 0.000 — neutral
Property Type Single Family Condo NW Condo Condotel 2–4 Unit 5–10 Unit
Loan Details
Borrower Profile
Citizenship US Citizen Perm Resident Alien Non-Perm Resident Alien Foreign National ITIN
FICO Score
760+
740 – 759
720 – 739
700 – 719
680 – 699
660 – 679
640 – 659
620 – 639
DTI 0 – 45% 45.01 – 50% 50.01 – 55%
DSCR
1.25+ 1.15 – <1.25 1.00 – <1.15
Loan Terms
Amortization 5/6 ARM (30yr) 7/6 ARM (30yr) 10/6 ARM (30yr) 30 Yr Fixed 15 Yr Fixed 40 Yr Fixed
Amortization 30 Yr Fixed 15 Yr Fixed
Interest Only No (P&I) Yes (I/O)
Lock Period 30-day 45-day 60-day
State
Comp Type
Borrower Paid
Lender Paid
Comp Plan
—
1.00 pt
1.25 pts
1.50 pts
1.75 pts
2.00 pts
2.25 pts
2.50 pts
2.75 pts
3.00 pts
