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AD Mortgage Correspondent

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 620
  • Up to 80% CLTV
  • Loan amounts up to $2.5 million
  • Max cash-on-hand $1 million, no limit for CLTV <55%
  • 40- & 30-year fixed, 5/6 & 7/6 ARM terms
  • 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
  • Condotels allowed

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Non Permanent Resident

- FICO 660
- Up to 90% CLTV
- Bank statements allowed

Asset Utilization

• FICO 600
• 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 600
• 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

• FICO 600
• 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, 5/6 & 7/6 ARM
• 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