DSCR
A typical Non-QM Debt Service Coverage Ratio (DSCR) loan allows a borrower to qualify for a mortgage based on cash flow generated from an investment property – through a rental, for example – as opposed to their personal income. A calculation generates a debt-to-income ratio and the higher the ratio, the better.
However, A&D Mortgage recognizes that not every borrower will qualify for a traditional debt-to-income loan. We know that ownership of an investment property is more than just a ratio. That is why we have introduced our A&D Mortgage’s DSCR loan, which allows a ratio as low as zero.
Program highlights:
- FICO 660
- Up to 80% CLTV if DSCR > 1.00
- Up to 75% CLTV if DSCR is .075-1.00
- Up to 70% CLTV if DSCR <0.75
- Loan amounts up to $2.5 million
- Max cash-on-hand $1 million, no limit for CLTV <55%
- 40- & 30-year fixed
- No income or employment verification
- DSCR as low as 0
- Eligible for Non-Permanent Residents and Foreign Nationals
- DSCR is available under Foreign National Program
- Ownership of any property within the past 24 months
- 1-4 Units, Condotels allowed
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Other Programs
Non Permanent Resident
• FICO 660
• Up to 85% CLTV
• Bank statements allowed
Asset Utilization
• FICO 660
• Up to 80% CLTV
• Cash-out up to 75% CLTV
• Savings and checking 100%
• Securities at 100%
• Retirement at 70%
• Income calculation - all eligible assets divided by 60
• Super Prime & Prime programs
Full Doc Non-QM
• FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-on-hand $1 million, no limit for CLTV < 55%
• DTI up to 55%
• 30 & 40 Year Fixed, 5/6 & 7/6 ARM
• Traditional income
• 2-year credit event allowed
• Super Prime & Prime programs
• Condos up to 85% CLTV
• Condotels up to 70% CLTV
• NY up to 85% CLTV
12/24 Months Bank Statements
• No Score or FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-on-hand $1 million, no limit for CLTV < 55%
• 30 & 40 Year Fixed
• 3 months reserves
• Gift Funds for reserves allowed
• 12 months from bankruptcy or foreclosure
• Mortgage history 0 x 60 x 12
• Combination of business and personal bank statements allowed
• Condo and condotels allowed