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%
● 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%
● 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% -
2 Yrs W-2s or Tax Returns
● Prepayment restrictions
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
12 (or) 24 Months Personal (or) Business Bank Statements
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
Cash-Out Proceeds may be used for reserve requirements
US Citizens; Permanent Resident Aliens; Non-Permanent Resident Aliens (w/ US Credit)
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
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.
Up to 6% towards closing for Primary & Second Homes; up to 2% for all Investment Properties
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
30Y Fixed 40Y Fixed-IO 5/6 ARM 5/6 ARM-IO
Alternative Documentation
(Must be S/E for 2 yrs)
Expanded Prime Matrix | Correspondent