Loan Amount
FICO
Purch. &
R/T
C/O
Purch. &
R/T
C/O
Purch. &
R/T
C/O
Purch. &
R/T
C/O
740 90% 80% 90% 80% 80% 75% 80% 75%
Interest-Only: ● Max 80% LTV Minimum Loan Amount $100,000
680 85% 75% 85% 75% 80% 70% 80% 70%
Maximum Loan Amount $3,000,000
660 80% 75% 80% 75% 75% 70% 75% 70%
Second Homes:
● Max 80% LTV (Purch & R/T)
Maximum Cash Out $500,000
720 80% 75% 80% 75% 75% 70% 75% 70%
● Max 75% LTV (Cash-Out) Maximum Cash Out, NOO $500,000
700 80% 70% 80% 70% 75% 70% 75% 70%
● Min FICO 700 Mortgage History 1x30x12
680 75% 65% 75% 65% 70% 65% 70% 65%
Full Doc - 12M ● Qualify off Full Doc grids FC/DIL/SS Seasoning 48 Months
740 80% 70% 80% 70% 75% 65% 75% 65%
● Max 90% LTV BK Seasoning 48 Months
720 75% 70% 75% 70% 70% 65% 70% 65%
12M Bank Stmt
● Qualify off Alt Doc grids Residual Income $2,500
700 70% 65% 70% 65% 70% 65% 70% 65%
● Max 90% LTV Standard Debt Ratio 50%
12M 1099s ● Qualify off Alt Doc grids
● Max 90% LTV
Investment ● No cash out in Texas
Property Type LTV Max Other
Income
● No subordinate financing Condominium 90% -
Full Documentation
2 Yrs W-2s or Tax Returns
● Prepayment restrictions
Non-Warrantable
80% -
1 Yr W-2s or Tax Returns (Full Doc - 12M) may apply 2-4 Unit | Rural 80% -
Asset Utilization Max 80% LTV (Full Doc Matrix); Purchase & Rate/Term Only
IO Period Amort Maturity
Max 80% LTV: CA
12 (or) 24 Months 1099 Income
10 Years 30 Years 40 Years
Other
Occupancy
Primary, Second Homes, Investment Properties
Property Types SFR, PUD, Townhome, 2-4 Units, Condos, Non-Warrantable Condos, Rural
Cash Out
Max Cash-Out = $500,000
Citizenship
US Citizens; Permanent Resident Aliens; Non-Permanent Resident Aliens (w/ US Credit)
Appraisal Review Product
Clear Capital CDA or Field Review required for the following transactions: (i) LTV > 80% (ii) Loan Amount $1M-$1.5M (iii) Non-Arms Length
Full 2nd Appraisal required for the following transactions: (i) Loan Amount > $2M
Assets Sourced or seasoned for 60 days
Credit
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months; Max 0x60x12 reporting on acceptable tradelines
Qualifying FICO: The middle score if 3 agency scores are provided or lower score when only 2 agency scores are provided, of primary wage earner
Compliance
Escrows required for HPML loans; Compliance with all applicable federal and state regulations
No Section 32 or state high cost
Prepayment Penalty
Investment Only; Unless noted below, standard prepay is (6) months interest on the amount prepaid (see seller guide for details and further clarification). Standard term = 3 years
State Overlays: IL(APR ≤ 8%); MI(1% of amount prepaid); OH(1% of original loan amount, loan amounts ≥ $98,619); PA(loan amounts > $278,204). Not allowed: AK, IA, KS, MD, MN, MS, NJ, NM, RI & VT.
Seller Concessions
Up to 6% towards closing for Primary & Second Homes; up to 2% for all Investment Properties
Ineligible States
Delegated: AK, NY, WV, HI - lava zones 1 & 2 Non-Delegated: AK, MO, NY, WV, HI
Deephaven Mortgage® LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states.
Terms subject to qualification. Disclosures & Licenses: https://deephavenmortgage.com/disclosures-and-licenses/ NMLS Consumer Access:http://nmlsconsumeraccess.org/ NMLS #958425
Products
Interest Only Features
30Y Fixed 40Y Fixed-IO 5/6 ARM 5/6 ARM-IO
Reserves
Overlays
Limits
Alternative Documentation
(Must be S/E for 2 yrs)
≤ $1,500,000
6 Months
≤ $2,000,000
9 Months
≤ $3,000,000
12 Months
State Overlays
Expanded Prime Matrix | Correspondent
Effective Date:
11/07/22
Program Max LTVs
Primary and Second Homes
Investment
Other
Program Requirements
Full Doc
Alternative Doc
Full Doc
Alternative Doc
Loan Amount
Purch &
R/T
Cash Out
Purch &
R/T
Cash Out
80% 75% 70% N/A
Minimum Loan Amount $100,000
80% 70% 70% N/A
Maximum Loan Amount $1,500,000
75% N/A 70% N/A
Maximum Cash Out $500,000
Residual Income $1,500
FC / SS / DIL Seasoning Standard Max DTI 50%
Chapter 13 Seasoning
Chapter 7 & 11 Seasoning
Income
Full Documentation 1 (or) 2 Yrs W-2s or Tax Returns
IO Period Amort Maturity
12 (or) 24 Months Personal (or) Business Bank Statements 10 Years 30 Years 40 Years
12 (or) 24 Months 1099 Income
Other
Occupancy Primary, Second Homes, Investment Properties
Property Types SFR, PUD, Townhome, 2-4 Units, Condos, Rural
Rural, 2-4 Units, & Non-Warrantable Condos - Max LTV 80%
Appraisal Review Product
Clear Capital CDA or Field Review required for the following transactions: (i) LTV > 80% (ii) Loan Amount $1M-$1.5M (iii) Non-Arms Length
Cash Out Maximum Cash Out = $500,000; Cash Out may be used for reserve requirements
Residual Income $1,500 plus an additional $150 per dependent
Interest Only Max LTV 80%
Subordinate Financing
Max CLTV = Grid Max LTV (Institutional seconds only)
Citizenship US Citizen, Permanent Resident Alien & Non-Permanent Resident Alien (w/ US Credit)
ITIN: Standard Eligibility only (no Recent Event); Primary & Second Homes only; Max LTV 80%
Assets Sourced or seasoned for 60 days; Gift Funds allowed - See Guidelines for details
Credit
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months
Limited: No minimum tradeline requirements
Qualifying FICO: The middle score if 3 agency scores are provided or lower score when only 2 agency scores are provided, of primary wage earner
Compliance
Escrows required for HPML loans; Compliance with all applicable federal and state regulations
No Section 32 or state high cost
Seller Concessions Up to 6% towards closing for Primary Homes
Prepayment Penalty
Investment Only; Unless noted below, standard prepay is (6) months interest on the amount prepaid (see Seller Guide for details and further clarification)
State Overlays: IL (APR ≤ 8%); MI (1% of amount prepaid); OH (1% of original loan amount, loan amounts ≥ $98,619); PA (loan amonts > $278,204)
Standard Term = 3 years; Not allowed: AK, IA, KS, MD, MN, MS, NJ, NM, RI & VT
Ineligible States Delegated: AK, NY, WV, HI - lava zones 1 & 2 Non-Delegated: AK, MO, NY, WV, HI
Non-Prime Matrix | Correspondent
Effective Date:
11/07/22
Program Max LTVs
Primary Residence
Second Homes & Investment
Program Requirements
Standard
Recent Event
≤ $1,500,000
3 Months
700
75%
65%
660
N/A
N/A
620
N/A
N/A
Reserves
FICO
Purchase & R/T
Cash Out
Limits
Mortgage History
0x60x12
1x120x12
0x60x12
24 Months
Settled
24 Months
Interest Only Features
Alternative
Documentation
(Must be S/E for 2 yrs)
Deephaven Mortgage® LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without
notice. Not available in all states. Terms subject to qualification. Disclosures & Licenses: https://deephavenmortgage.com/disclosures-and-licenses/ NMLS Consumer Access:http://nmlsconsumeraccess.org/ NMLS
#958425
Discharged
Discharged
Discharged
Products
24 Months
Discharged
24 Months
30Y Fixed 40Y Fixed-IO 5/6 ARM 5/6 ARM-IO
Loan Amount
Minimum Loan Amount
Maximum Loan Amount
Maximum Cash Out
Minimum DSCR
Mortgage History Product IO Period Amort Maturity
FC / SS / DIL Seasoning 10 Years 20 Years 30 Years
Chapter 7/11/13 BK Seasoning
10 Years 20 Years 30 Years
Other
Occupancy Investment Properties only
Property Types
SFR, PUD, Townhome, 2-4 Units, Condos
Non-Warrantable Condos - Max LTV 75%
Reserves Standard: 6 Months PITI
DSCR < 1.00x - 12 Months PITI
Foreign Nationals - 12 Months; Assets held in a foreign account can be used for reserves.
Cash Out $500,000 Max Cash-Out; Cash-Out may be used towards reserves
Interest Only Max LTV 75%; Min DSCR 1.00x
Subordinate Financing Not Allowed
DSCR
Min DSCR = 0.75x; Min DSCR Foreign National = 1.00x
DSCR = Gross Rents / PITIA (fully amortizing) or Gross Rents / ITIA (interest only loans)
Lease / Gross Income Lesser of Estimated Market Rent from Form 1007 or monthly rent from existing lease - higher lease rent allowed with (3) months receipt
Unleased Properties (Refinance only) - Max LTV 70%
Citizenship US Citizens; Permanent Resident Aliens; Non-Permanent Resident Aliens (w/ US Credit)
Foreign Nationals: See guidelines for details; Min DSCR Foreign National = 1.00x
Assets Sourced or seasoned for 60 days; Foreign Nationals: Assets must be in a U.S. FDIC insured bank for minimum of 30 days
Appraisal Requirements One (1) full appraisal and a CDA is required on all properties; If CDA variance is > 10%, a second full appraisal is required; Properties with a condition rating of C5 or C6 are not acceptable
Eligible Borrowers Standard: Defined as borrowers with 12-month history of investment property ownership in the most recent 12 months
First-Time Investors Allowed - Max 70% LTV. First-Time Home buyers not allowed.
Credit
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months
Acceptable tradelines must show 0x60 in most recent 12 months from application date
Qualifying FICO: The lowest middle score when 3 agency scores are provided or the lower score when only 2 agency scores are provided, of all borrowers
Compliance Compliance with all applicable federal and state regulations
Prepayment Penalty
Unless noted below, standard prepay is (6) months interest on the amount prepaid (see Seller Guide for details and further clarification); Standard Term = 3 years
State Overlays: IL(APR ≤ 8%); MI(1% of amount prepaid); OH(1% of original loan amount, loan amounts ≥ $98,619); PA(loan amonts > $278,204). Not allowed: AK, IA, KS, MD, MN, MS, NJ, NM, RI & VT.
Seller Concessions Up to 2% towards closing
Ineligible States Delegated: AK, WV, HI - lava zones 1 & 2 Non-Delegated: AK, MO, NY, WV, HI
Effective Date:
11/07/22
DSCR Matrix | Correspondent
≤ $1,000,000
$2,000,000
FICO
Limits
720
$100,000
Foreign National
660
60%
65%
70%
$500,000
Purchase & R/T
80%
Eligibility Matrix
Program Parameters
DSCR ≥ 1.00
Cash Out
DSCR < 1.00
Purchase & R/T
Cash Out
75%
65%
70%
Deephaven Mortgage® LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in
all states. Terms subject to qualification. Disclosures & Licenses: https://deephavenmortgage.com/disclosures-and-licenses/ NMLS Consumer Access:http://nmlsconsumeraccess.org/ NMLS #958425
700
Interest Only Features
5/6 ARM-IO
Products
5/6 ARM 5/6 ARM-IO 30Y Fixed 30Y Fixed-IO
680
65%
30Y Fixed-IO
60%
65%
36 Months
36 Months
60%
≤ $2,000,000
0x30x12
680
75%
60%
N/A
N/A
70%
0.75x
1.00x
65%
65%
70%
60%
N/A
N/A
N/A
N/A