{ "publisher": "L.A. Mortgage Dude", "nmls": "NMLS #2513002", "website": "https://lamortgagedude.com", "licensed_states": "Arizona, California, Colorado, Florida, Georgia, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, Washington and Virginia", "last_reviewed": "2026-10-17", "description": "DSCR (debt service coverage ratio) investment property loan programs. Program codes are the lender's internal names.", "disclosure": "These are summaries of DSCR (debt service coverage ratio) loan programs offered through L.A. Mortgage Dude, NMLS #2513002, licensed in Arizona, California, Colorado, Florida, Georgia, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, Washington and Virginia. Not all programs are available in every state. Program codes are internal names. Limits shown are maximums or minimums before scenario-specific adjustments; actual terms depend on credit, property, appraisal, reserves and full underwriting. This is not a commitment to lend, a loan approval or a rate quote. Guidelines change without notice. Business-purpose investment property loans only. Equal Housing Opportunity.", "field_labels": { "lien": "Lien position", "min_fico": "Minimum credit score", "max_ltv_purchase": "Max LTV – purchase", "max_ltv_rt": "Max LTV – rate/term refinance", "max_ltv_co": "Max LTV – cash-out refinance", "min_loan": "Minimum loan amount", "max_loan": "Maximum loan amount", "cash_in_hand": "Cash-out (cash in hand) limit", "ltv_adjustments": "LTV reductions & overlays", "min_dscr": "Minimum DSCR", "dscr_below_1": "DSCR below 1.00", "no_ratio": "No-ratio (no DSCR calculated)", "dscr_calc": "How DSCR and qualifying rent are calculated", "products": "Products", "interest_only": "Interest-only", "ppp": "Prepayment penalty", "reserves": "Reserves", "housing_history": "Housing payment history", "credit_events": "Credit events (BK, foreclosure, short sale, modification)", "forbearance": "Forbearance, deferrals & modifications", "other_credit": "Collections, charge-offs, judgments & liens", "tradelines": "Tradelines & credit depth", "fthb": "First-time homebuyer", "first_time_investor": "First-time investor", "foreign_national": "Foreign national", "itin": "ITIN borrower", "non_perm_resident": "Non-permanent resident", "entity_vesting": "LLC / entity vesting", "gift_funds": "Gift funds & assets", "max_financed": "Financed property / exposure limits", "borrower_rules": "Other borrower rules", "property_types": "Eligible property types", "adu_income": "ADUs & unpermitted additions", "condo_nonwarr": "Non-warrantable condo", "condotel": "Condotel", "rural_acreage": "Rural / acreage", "min_sqft": "Minimum square footage", "mixed_use": "Mixed use", "units_5_8": "5+ units / multi-property", "ineligible_property": "Ineligible properties", "declining_market": "Declining markets", "appraisal": "Appraisal, review & insurance", "rent_purchase": "Rent used on a purchase", "rent_refi": "Rent used on a refinance", "vacant_refi": "Vacant / unleased refinance", "str_allowed": "Short-term rental (Airbnb/VRBO)", "str_docs": "Short-term rental documentation", "str_impact": "Short-term rental limits", "cashout_seasoning": "Cash-out seasoning", "delayed_financing": "Delayed financing (cash purchase recoup)", "listed_for_sale": "Recently listed for sale", "ipc": "Seller / interested-party concessions", "subordinate_financing": "Secondary financing", "state_restrictions": "State & local restrictions" }, "programs": [ { "code": "LAMD-D01", "name": "DSCR Standard 0.75+ (to $4M)", "lien": "First lien", "min_fico": "620", "max_ltv_purchase": "80% (700 & 680, ≤$1.5M, DSCR ≥1)", "max_ltv_rt": "80% (same as purchase)", "max_ltv_co": "75% (700 & 680, ≤$1.5M)", "min_loan": "$150K", "max_loan": "$4.0M (720, 65%) on grid; up to $5M by exception", "cash_in_hand": "Unlimited ≤65% LTV; $1M above 65%", "ltv_adjustments": "2–4 units and warrantable condos 80%. Non-warrantable condos 75% (one feature only). Condotels 75% purchase/rate-term, 70% cash-out. Rural up to 10 acres 75% with DSCR 1.00. DSCR 0.75–0.99: 75% max, 680 FICO and 6 extra months of reserves. STR: 5% below grid max. 1x30x12 housing: 80% and $3M. Credit event 2–4 years ago: 70% and $1.5M (foreclosure needs 3–4 years for this program). Vacant refinance without recent renovation: lesser of 70% or 5% below max (seasoned investors who own their primary). Declining market −5%.", "min_dscr": "0.75", "dscr_below_1": "Yes – 0.75–0.99: LTV ≤75, 680 FICO, +6 mo reserves. Grid: 700 → 75% ($1.5M) / 70% ($2.5M), CO 65%; 680 → 75/65, CO 65/60; 660 → 70% ($1.5M), CO 60%", "no_ratio": "No – DSCR <0.75 ineligible", "dscr_calc": "Rents ÷ PITIA at the qualifying rate (IO payment may be used, not for foreign nationals); calculated precisely, no rounding. Minimum 1.00 normally; 0.75–0.99 allowed with conditions (foreign nationals 0.90+). Purchase: vacant uses 100% of market; leased uses lesser of lease or market; at-will tenancies documented by the seller. Refinance: lesser of lease or market; a lease above market usable if it runs 3+ months past closing with 2 months' receipts (new long-term leases up to 125% of market with first month and deposit received). Below-market leases expiring within 12 months can use market rent with a signed statement of intent to raise rents.", "products": "15/30yr fixed, 5/6 ARM, IO options", "interest_only": "Yes – 680 FICO, max 80%; 40-yr term not on the program", "ppp": "Min 3-yr PPP on loans >$2.5M", "reserves": "See grid (loan size/LTV based); DSCR 0.75–0.99 adds 6 months.", "housing_history": "Max 1x30x12 (priced; caps at 80% and $3M). Rent-free allowed with documentation. Mortgage ratings only required for subject, primary, second home and mortgages on credit (if at least 3 mortgages rate 0x30 for 12 months).", "credit_events": "Foreclosure, short sale, deed-in-lieu, short payoff, any bankruptcy (including active – ineligible), modification (except COVID-forbearance-related), or 120+ day late. Under 2 years: ineligible. 2–4 years: allowed at 70% max and $1.5M (foreclosures only 3–4 years for this program). Over 4 years: standard. No active NOD or lis pendens.", "forbearance": "Mortgage forbearance: if all payments were made, the loan just needs to be reinstated (no wait); if payments were missed, 3 on-time payments after forbearance ended (missed payments may have been added to the balance). A modification resolving a COVID forbearance, or from a forbearance exit, isn't a credit event. Non-mortgage accounts may stay in forbearance with the payment counted.", "other_credit": "Collections/charge-offs may stay open if under $5,000 each or over 24 months old with an aggregate under $15,000 and no title impact; medical collections can stay regardless. Others must be paid unless covered by reserves (max $15,000 each, 80% LTV, 680 FICO). Judgments and tax liens may stay on a repayment plan with 6 months of on-time payments (subordinated if recorded).", "tradelines": "N/A", "fthb": "Not allowed (case-by-case if one applicant is FTHB)", "first_time_investor": "A 12-month landlord history (any time, not only the last 3 years) is required unless DSCR is 1.00+; waiver also available with 680 FICO, 0x30x12, no forbearance with missed payments in 12 months and owning their current residence (refinances: acquired within 12 months with 3 months' rent receipts). All applicants must own a primary residence or an investment property.", "foreign_national": "Yes – 680 or no FICO: 75% ($1.5M) / 65% ($2M) purch-RT; CO 60% ($2M, max $1.5M CO loan); DSCR ≥0.90; no IO qualifying; no gifts", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC, partnership, corporation (NJ with PPP: corporation only)", "gift_funds": "Allowed (not on 5–10 units or FN)", "max_financed": "Lender caps at 8 loans / $10M per borrower across its programs; no more than 10% of a PUD/condo project (1 unit if 10 or fewer units; 20% max in any Florida condo project).", "borrower_rules": "N/A", "property_types": "1-4 unit investment", "adu_income": "Up to 2 ADUs allowed if the appraiser states they're legally permitted and rentable, with like-kind comparable sales and rentals nearby. ADU rent counts only if the appraiser verifies with the building department that the unit is legal and may legally be rented: lesser of lease or market rent if leased; 100% of market if vacant on a purchase. Unpermitted additions (not ADUs) are case-by-case with no value given.", "condo_nonwarr": "One non-warrantable feature allowed at 75%: investor concentration up to 60% (projects meeting presale), reserves under 10% with a funding plan and reserve study, commercial space up to 40% (single entity max 20%), or master deductible up to 10%.", "condotel": "Allowed at 75% purchase/rate-term, 70% cash-out: unit 400+ sq ft with some bedroom separation and a full kitchen (stove/oven), in a resort area, on the approved hotel-brand list or a resort/metro area under a nationally recognized high-end brand; no fractional/timeshare, no mandatory rental pools, no black-out dates; commercial up to 40%.", "rural_acreage": "Rural up to 10 acres allowed at 75% with DSCR 1.00+; other rural properties ineligible. Agriculturally zoned up to the acreage limit OK if no agricultural use and no marketability impact. DSCR acreage max 10 (exceptions possible).", "min_sqft": "500 sq ft (condotel units 400 sq ft).", "mixed_use": "Case-by-case", "units_5_8": "Yes –(5–10 units)", "ineligible_property": "Over 10 acres for DSCR (exception possible), agricultural zoning over 20 acres, income-producing acreage, manufactured/mobile, modular, oil/gas leases, unique properties, working farms, co-ops, C5/C6, condo conversions not meeting Fannie Mae, raw land, commercial, earth-berm homes, environmental conditions, lagoons/cesspools, places of worship, timeshares, boarding houses, assisted living, reservation land, houseboats, fractional, marijuana use, TICs, model leasebacks, private transfer fees, under 500 sq ft. Hobby farms, log homes and mixed use are case-by-case.", "declining_market": "5% below the maximum LTV, plus credit-risk review.", "appraisal": "Unpermitted additions case-by-case: appraiser must confirm workmanlike quality and no adverse marketability impact, and the addition gets no value. Declining market: 5% below max with credit-risk review. Escrow holdbacks up to 30 days/$25K on purchases (case-by-case).", "rent_purchase": "100% market if vacant; lesser of lease or market", "rent_refi": "Lesser of lease or market; higher lease with 3+ mo remaining & 2 mo receipts; new lease up to 125% of market; below-market leases may use market", "vacant_refi": "90% of market rent if renovated within 6 months and listed for rent at or above market (up to max LTV); otherwise, for seasoned investors who own their primary, 90% of market at the lesser of 70% or 5% below max. 'Vacant' on 2–4 units means most units unleased.", "str_allowed": "Yes", "str_docs": "Lease term under 6 months; borrower shows STR management experience; property listed on an STR site in an STR-supportive market where STRs are legal; a 12-month income statement not prepared by the borrower; DSCR 1.00. Purchase: lesser of the 12-month statement or 90% of a third-party estimate (AirDNA Rentalizer, NAN STR, Opteon STR, STRpro), with at least 12 months of prior STR use. Refinance: 12-month statement with a 25% vacancy factor; gross rents can't decline more than 10% over 6 months.", "str_impact": "Max LTV 5% below the grid; DSCR 1.00+.", "cashout_seasoning": "3 months on title (trust/LLC transfers count); delayed financing within 6 mo", "delayed_financing": "Yes – cash purchase within 6 mo; LTV on lower of cost+improvements or value; no gift recoupment", "listed_for_sale": "Refinance of a property listed in the last 6 months: must be delisted before funding with a motivation letter to keep it; cash-out gets extra review.", "ipc": "Interested-party/financing contributions up to 6% at any LTV, limited to actual closing costs and prepaids.", "subordinate_financing": "N/A", "state_restrictions": "NJ investment loans with a prepayment penalty must close in a corporation (not an LLC) with full-recourse guarantees. PA: no prepay on 1–2 units under about $320K.", "details": "Grid DSCR ≥1 purch/RT: 720 65% $4M; 700 80% $1.5M / 75% $2.5M / 70% $3M; 680 80% $1.5M / 70% $2.5M / 65% $3M; 660 75% $1.5M / 65% $2.5M; 640 70% $1.5M; 620 65% $1.5M. Cash-out: 720 55% $4M; 700 75/70/65; 680 75/65/60; 660 70/65; 620 65%. Min 3-yr PPP >$2.5M. 2-4 units & warrantable condos max 80%. PA PPP limits.", "features": [ "DSCR below 1.00", "Short-term rental income", "Foreign national", "First-time investor", "5+ units", "Mixed use", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d01.html" }, { "code": "LAMD-D02", "name": "DSCR Standard (No Minimum DSCR, ITIN)", "lien": "First lien", "min_fico": "620", "max_ltv_purchase": "85% (700, ≤$1M, DSCR ≥1)", "max_ltv_rt": "85%", "max_ltv_co": "75% (700/680, ≤$1M)", "min_loan": "$100K", "max_loan": "$3.0M", "cash_in_hand": "≤65 LTV $1M; >65 LTV $500K", "ltv_adjustments": "2–4 units and modular 80%. STR 70% purchase/rate-term, 65% cash-out (75% with a 12-month rent history). First-time investor: 80% at 700+ FICO, 75% at 680–699, 65% under 680 or with DSCR under 1.00. Rural 75% purchase/rate-term, 70% cash-out. Condotel 75% / 65% cash-out. Non-warrantable condo 80% / 75% cash-out. Unleased refinance 70% rate/term, 65% cash-out. 0x60x12 housing caps at 70% (no cash-out). Declining values, oversupply or 6+ months marketing time: −5% on top of other limits. Listed for sale in prior 6 months (cash-out): −10% or a 2-year prepay.", "min_dscr": "Below 0.75 allowed", "dscr_below_1": "Yes – 0.75–0.99: 70% purch/RT, 70% CO (≤$1M); <0.75: 65% purch/RT, 60% CO (700)", "no_ratio": "Yes (<0.75 tier, max $1.5M above $1M)", "dscr_calc": "Gross rent ÷ PITIA at the note rate; interest-only qualifies on the starting ITIA. Rent = lower of lease or 1007; a higher lease is usable with the 2 most recent months' receipts. Short-term rent is haircut 20% (lowest of 80% of appraiser estimate, AirDNA, or actual history). DSCR under 0.75 allowed at reduced LTVs (65% purchase, 60% cash-out, max $1.5M).", "products": "30/40 fixed, 5/6 & 7/6 SOFR ARM, IO versions", "interest_only": "Yes – max 75%; not in WV", "ppp": "Permitted where legal (Business Purpose Affidavit)", "reserves": "3 months (of the qualifying payment). Cash-out proceeds can be used with 620+ FICO.", "housing_history": "1x30x12 qualifies at full grid LTVs; 0x60x12 is the floor and caps at 70% (purchase/rate-term only). Mortgage and rent lates are combined. All mortgages on credit, the subject, and the primary residence must be rated – even if not in the borrower's name; private-party rent or mortgage needs 12 months of cancelled checks or bank statements. Everything must be current at closing.", "credit_events": "Bankruptcy (Ch 7, 11 or 13, discharged or dismissed), foreclosure, short sale, deed-in-lieu, a loss-mitigation modification (principal forgiveness, curtailment, debt moved to a soft second or unsecured) and a 1x120 mortgage late all need 36 months from closing. A foreclosure/short sale must be complete with no deficiency balance. Property surrendered in a Ch 7 is seasoned from the discharge date.", "forbearance": "Only disaster (FEMA/presidential, incl. COVID) forbearance is accepted. If payments were kept current, no action needed. If payments were missed, either reinstate with a lump sum (not borrowed after application) or make 3 on-time payments under a repayment plan, deferral or trial modification. Missed payments during a documented disaster forbearance aren't counted as lates; missed payments after it are.", "other_credit": "Collections/charge-offs under 24 months old may stay open up to $2,000 total; collections 24+ months old up to $2,500 each; older unsecured charge-offs, time-barred debts and all medical collections can stay open. Anything larger, and any charge-off secured by real estate, must be paid. Judgments and tax liens must be paid at or before closing; IRS debt without a lien needs a plan with 3 months of payments. Consumer accounts can't be more than 30 days past due at closing, and rolling lates are each counted separately.", "tradelines": "3 tradelines 12+ months or 2 tradelines 24+ months; a 12/24-month housing history or manually rated utilities can count. Limited or non-traditional credit not allowed.", "fthb": "Not separately excluded – must own or rent primary", "first_time_investor": "Allowed (hasn't owned an investment property 12+ months within the last 36). 80% max at 700+ FICO, 75% at 680–699, 65% under 680 or if DSCR is below 1.00. Rent-free borrowers can't be first-time investors.", "foreign_national": "No", "itin": "Yes – ITIN grid: 750 → 80% (DSCR ≥1); max UPB $2M", "non_perm_resident": "Yes – visa with ≥3 yrs remaining", "entity_vesting": "LLC, partnership, corporation or S-corp; business purpose limited to real-estate ownership/management (STRs OK). Up to 4 owners, all natural persons; every owner signs a URLA and a personal guaranty, and each owner's credit and assets are used for qualifying and pricing. Trust vesting not allowed. Cash-out on LLC-held property requires 50%+ ownership of the LLC.", "gift_funds": "Allowed for down payment from a relative after the borrower puts in 5% of their own funds; gifts of equity also allowed after the 5%. Gift funds verified in the borrower's account before closing can count as reserves. Business funds OK for down payment/closing if 50%+ owner.", "max_financed": "No limit on other financed properties; the lender caps exposure at 5 of its own loans per borrower.", "borrower_rules": "Must own or rent a primary residence (renters need a lease/VOR, with the primary superior or near work). Rent-free OK if living in a spouse's home, or elsewhere with 660+ FICO and a rent-free letter. Non-permanent residents need a visa with 3+ years remaining. ITIN allowed under a separate grid (max $2M UPB, 670–750 FICO). Foreign nationals, DACA and trusts ineligible. Limited POA OK.", "property_types": "SFR, PUD, condo (low/high-rise), site condo, condotel, non-warrantable condo, townhouse, leasehold, 2-4, modular, agricultural zoned", "adu_income": "ADUs (granny units, in-law suites) are fine when typical for the area, substantially smaller than the main house and legal under zoning. Illegal ADUs make the property ineligible; a legal non-conforming ADU needs 2 appraisal comps with similar ADUs. ADU rent counts when local code allows renting it, using the lease or 1007 market rent (a higher lease needs 3 months' receipts); a vacant ADU on a refinance can use market rent but triggers the unleased-property LTV limits. Room additions without permits are acceptable – the appraiser comments on quality and value impact rather than the loan being declined.", "condo_nonwarr": "Allowed with management approval. Typical accepted reasons: new projects lacking PERS but substantially sold, investor concentration over 50%, a single entity owning over 10%, commercial space over 25%, reserves under 10% of budget, leased amenities, deductibles over 5%. Projects that are badly under-insured, overdue on required building inspections, have dangerous construction defects or poor marketability are declined. Max 80% purchase/rate-term, 75% cash-out.", "condotel": "Allowed as a non-warrantable project with management approval – resort areas, heavy STR concentration, or HOA rental-listing services are acceptable features. Declined: former hotel/motel conversions, mandatory rental pools, limits on owner occupancy, timeshare/fractional. Max 75% purchase/rate-term, 65% cash-out.", "rural_acreage": "Rural is case-by-case with an additional management review; max 75% purchase/rate-term, 70% cash-out. Max 10 acres; land value over 35% of total value gets extra scrutiny. Agricultural zoning is fine for a residential use; working/hobby farms are not.", "min_sqft": "600 sq ft gross living area.", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured homes, co-ops, mixed use (any business use like a daycare, salon or office), log homes, farms (hobby or working), unique properties, properties with oil/gas/mineral rights exceptions, builder model leasebacks, illegal zoning or non-conforming zoning that prohibits rebuilding, Indian-leased land, Hawaiian Homelands, Hawaii lava zones 1–2, group/boarding homes, nursing or adult-care homes, marijuana-producing properties, C5/C6 condition. Leaseholds are eligible if the lease runs 5+ years past maturity. 55+ age-restricted communities are allowed.", "declining_market": "N/A", "appraisal": "One full appraisal plus a review product (CU score 2.5 or less at 80% LTV or less, otherwise desk review). Second full appraisal over $2M or on flips (lower value used); values of $1.5M+ get an additional review. Updates allowed up to 240 days. Rent-loss insurance of 6 months required.", "rent_purchase": "Lower of lease or 1007 market rent; purchases may be vacant (market rent used). Leases must have 3+ months remaining at closing (month-to-month OK with an extension letter). Tenants can't have a right of first refusal.", "rent_refi": "Lower of lease or 1007; a higher lease is usable with 2 consecutive months' receipts. If the appraisal says it's leased, the lease must be provided.", "vacant_refi": "Allowed using the appraiser's market rent, capped at 70% LTV rate/term and 65% cash-out.", "str_allowed": "Yes", "str_docs": "Requires both the appraiser's STR income estimate (3+ STR comps, seasonality and occupancy considered) and an AirDNA Rentalizer ordered by the lender (3+ STR comps in the ZIP, 50%+ occupancy, market score 60+). Qualifying rent = lowest of 80% of the appraiser's figure, 80% of AirDNA, or 80% of actual property-manager history. Property can't be altered from residential character (e.g., parking lots, reception areas).", "str_impact": "70% purchase/rate-term, 65% cash-out; 75% when a 12-month rent history from the management platform is documented.", "cashout_seasoning": "One borrower on title 6 months (note date to note date) unless delayed financing; if held in an LLC/trust, 6 months in that name (moves between the borrower and their own LLC/trust count toward seasoning). No wait if awarded in divorce. Not eligible if the last first-mortgage transaction was a cash-out within 6 months. Bought under 6 months ago: value is the lower of appraisal or price plus documented improvements; 6–12 months: current value with two appraisals.", "delayed_financing": "Allowed for cash purchases owned under 6 months: arm's-length purchase, no financing used, funds sourced (no gifts), new loan no more than the documented investment plus closing costs.", "listed_for_sale": "Must be off the market by application with a letter of explanation and intent to keep the property 12 months. Cash-out after a listing in the prior 6 months requires a 2-year prepay or a 10% LTV cut; value is the lower of the last list price or appraisal (both refi types).", "ipc": "Seller/interested-party credits up to 4% at LTVs over 65% and 6% at 65% or less. Excess is deducted from price; financing concessions not allowed.", "subordinate_financing": "Not permitted.", "state_restrictions": "All states eligible; interest-only not available in West Virginia; Texas A(6) refinances not allowed.", "details": "2-4 units & modular max 80%. Declining market −5%. Rent loss insurance 6 mo required. Listed for sale in last 6 mo: 2-yr PPP or −10% LTV on cash-out. Seller concessions 4% (>65 LTV) / 6%. Rolling lates not permitted. All states eligible.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "ITIN borrower", "First-time investor", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d02.html" }, { "code": "LAMD-D03", "name": "DSCR Standard (No Minimum DSCR, ITIN)", "lien": "First lien", "min_fico": "620", "max_ltv_purchase": "80% (700+ & 680–699, ≤$1.5M)", "max_ltv_rt": "80% (limited cash-out)", "max_ltv_co": "75% (720+/700–719, ≤$1.5M)", "min_loan": "$75K", "max_loan": "$3.0M", "cash_in_hand": "Unlimited below 55% CLTV with 680+; $1M at 55% or less under 680, at 55–65%, or above 65% with 700+; $500K above 65% under 700. Non-occupant co-borrowers can't do cash-out.", "ltv_adjustments": "DSCR 0.75–0.99: 680 FICO, 75% purchase/rate-term, 70% cash-out. DSCR under 0.75: 680 FICO, 70% / 65%. Vacant refinance: 70%. Condotel 75% (680+, $1.5M) to 65%. Cash-out 6–12 months after purchase: −5%. Quitclaim acquisition within 12 months: 65%. First-time homebuyer: 70%, $1M. Florida new-construction PUD 75%, condo 70%.", "min_dscr": "No minimum for SFR/2-4 (condo/condotel min 1.00)", "dscr_below_1": "Yes – DSCR <1 needs 680 FICO; cash-out <0.75 max 65%, 0.75–0.99 max 70%", "no_ratio": "Yes (no minimum DSCR on non-condo)", "dscr_calc": "Gross rent ÷ PITIA (IO: ITIA qualified at the amortizing ITIA). No minimum DSCR for SFR/PUD/2–4 units (condos and condotels need 1.00). Long-term rent at 100%; month-to-month OK. A new lease above market needs 2 months' payments and is capped at 125% of market on refinances. Short-term rent counted at 75%. Leases to the borrower's own companies not accepted.", "products": "5/6 ARM, 30yr fixed, 40yr fixed", "interest_only": "Yes – 120 mo IO, min FICO 680", "ppp": "Investment only, per state", "reserves": "3 months up to $1M, 6 months $1M–$2M, 12 months above $2M.", "housing_history": "0x30x12 and 0x90x24. Payments on a manufactured home or second mortgage count as mortgage history.", "credit_events": "Bankruptcy, foreclosure, short sale, deed-in-lieu, loan modification, forbearance, deferral and 120+ day lates all count as credit events and need 48 months (bankruptcy measured from discharge/dismissal to closing). More than one bankruptcy in 7 years requires 7 years from the latest.", "forbearance": "Forbearances, deferrals and modifications are credit events (48 months). Exception: after a COVID-19 forbearance the borrower is eligible once 3 consecutive on-time payments are made by the note date.", "other_credit": "Collections/charge-offs under 24 months old may stay open up to $2,000 total; 24+ months up to $2,500 each; time-barred and all medical collections may stay open. On the DSCR grade, any balances above those limits must be paid in full.", "tradelines": "N/A", "fthb": "Allowed: max $1M, 680 FICO, 70% CLTV, DSCR 1.00+, 10% own funds, no IO, no STR, payment shock under 300%. (FTHB = no ownership of residential property in the US in 3 years; entity ownership of 25%+ counts.)", "first_time_investor": "Not separately restricted; FTHB rules apply (680, Tier A, no STR, $1M)", "foreign_national": "No", "itin": "ITIN borrowers eligible on this program.", "non_perm_resident": "Allowed with 700 FICO (approved visa list).", "entity_vesting": "Individual or LLC/corporation with up to 4 owners, all of whom must be borrowers and guarantors.", "gift_funds": "Allowed with a 10% minimum borrower contribution (under 80% CLTV). Overseas assets and 1031 funds eligible.", "max_financed": "No limit on other financed properties. Lender exposure: $5M or 10 loans per borrower within any 6-month span.", "borrower_rules": "N/A", "property_types": "SFR, PUD, 2-4, warrantable & non-warrantable condo, condotel, SFR rural", "adu_income": "One-unit homes with ONE ADU are eligible (multiple ADUs not permitted); the ADU needs a full kitchen and bath. Unpermitted ADUs, outbuildings and conversions are acceptable when they're excluded from the appraised value, typical for the area, and the title commitment shows no permit violations – but they earn no value. ADU rent can count when the appraisal shows zoning compliance is legal (a permit itself is not required to establish that) with at least one comp that has an ADU. Purchase: lower of 1007 or actual rent; refinance: 1007 rent with the current lease and 2 months' receipts. ADUs can't be used for short-term rent.", "condo_nonwarr": "Warrantable and non-warrantable condos eligible under a limited review: single-entity ownership up to 2 units in 5–20 unit projects or 30% in 21+ units; commercial space up to 50%; other features case-by-case. Review waived for detached units and 2–10 unit projects (not condotels). Minimum DSCR 1.00 for condos. Florida new-construction condos capped at 70%.", "condotel": "Allowed: 500+ sq ft with full kitchen and separate bedroom (kitchenettes case-by-case), no 'motel' in the name, no mandatory rental pools, no termination/bankruptcy proceedings, not rural or agricultural zoning, 660+ FICO. Lender finances at most 20% of units in projects over 10 units. Minimum DSCR 1.00.", "rural_acreage": "Rural/agricultural properties allowed (rural = rural or agricultural zoning, appraiser designation, or factors like 50%+ vacant land use, 10+ acre neighbors, outbuildings, unpaved road, population under 25,000): 680 FICO, 1 unit only (one ADU allowed), neighborhood at least 25% built up, not a working farm or income-producing, max 10 acres. Rural condos and rural condotels are not eligible.", "min_sqft": "500 sq ft living space", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "C5/C6 or fair/poor condition, Q6 construction, under 500 sq ft (each unit), model leasebacks, private transfer covenants, commercial, co-ops, domes, geothermal homes, timeshares, over 10 acres, unique properties, assisted living, working farms/ranches/orchards, mobile and manufactured homes, 5–8 units, mixed use, incomplete properties, barndominiums. Leaseholds are case-by-case (never tribal land). Every unit needs a full kitchen with a stove or stove hookup.", "declining_market": "N/A", "appraisal": "Full appraisal (no waivers) plus a secondary valuation up to $2M; second appraisal above $2M. Points and fees under 7%.", "rent_purchase": "Lease or 1007/1025; new lease with 2 mo payments", "rent_refi": "Lease or 1007; lease >125% of 1007 capped at 125% unless 2 cancelled checks support", "vacant_refi": "Allowed at max 70% CLTV using 1007 market rent.", "str_allowed": "Yes (not for FTHB)", "str_docs": "12-month average from the STR agreement/platform, or a 1007 showing STR rent. Purchases with no history may use 75% of an AirDNA Rentalizer estimate (60%+ occupancy) or 75% of a 1007 with STR comps. Not allowed on a refinance while a long-term lease is in place. Borrower signs an STR addendum and must meet local rules.", "str_impact": "75% of STR income used; not available to first-time homebuyers; banned in VT and NYC boroughs (except condotels); STR-community properties subject to rate-sheet CLTV caps.", "cashout_seasoning": "Existing first mortgage must be 6+ months old. Under 6 months on title only with delayed financing, a no-value quitclaim within 12 months (max 65%), inheritance/divorce award, or time in the borrower's majority-owned LLC or revocable trust. 6–12 months: −5% from the grid, renovations must justify the value, and if listed after purchase value is the lower of list price or appraisal.", "delayed_financing": "Cash purchases within 6 months: treated as cash-out; loan capped at total cash investment (price plus documented improvements); value is the lower of appraisal or cost; gifts used to buy can't be reimbursed.", "listed_for_sale": "Rate/term: must be off the market by application. Cash-out: not listed within 6 months of application. Investment property listed within the past 12 months requires a 36-month prepayment penalty that can't be bought down (unless the state prohibits prepays).", "ipc": "6% at CLTV of 80% or less, 4% above. Not allowed when the purchase price exceeds list price by 3% or $5,001.", "subordinate_financing": "N/A", "state_restrictions": "Not available in Hawaii, Maryland or the US Virgin Islands. STR income not allowed in Vermont or NYC's five boroughs (except condotels). Florida new-construction PUDs 75%, condos/condotels 70%.", "details": "Excluded: HI, MD, VI. FL PUD 75%. Payment shock >300% ineligible. Interested party 6% (≤80 CLTV) / 4%. Points & fees <7%. 1031 & overseas assets eligible.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "ITIN borrower", "First-time investor", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d03.html" }, { "code": "LAMD-D04", "name": "DSCR Standard 0.75+", "lien": "First lien", "min_fico": "620 (highest middle score qualifies; no borrower below 620). No FICO-by-loan-size grid", "max_ltv_purchase": "80% (STR 75%; FTHB 75%; suburban/rural-residential 80%)", "max_ltv_rt": "80% (STR 70%; suburban/rural-residential 75%)", "max_ltv_co": "80% (listed for sale in 12 mo 70%; suburban/rural-residential 65%; inherited 60%; gift of equity 70%)", "min_loan": "$100K (DSCR ≥1); $175K (DSCR 0.75–0.99)", "max_loan": "$3.0M", "cash_in_hand": "Unlimited.", "ltv_adjustments": "Condos 80%. First-time investor 80%. Interest-only and 40-year terms 80%. DSCR under 1.00 with 30-year IO: 70% (DSCR under 1.00 loans over 70% must be 30-year fixed). No prepay 80%. First-time homebuyer 75%. Suburban-appraised but rural-residential zoned: 80% / 75% / 65%. STR 75% purchase / 70% refi. Recently inherited 60%. Gift of equity 70%. Listed for sale within 12 months (cash-out) 70%. Declining market −5%.", "min_dscr": "0.75", "dscr_below_1": "Yes – 0.75–0.99: min $175K, no 40-yr; >70% LTV 30yr fixed only; DSCR<1 IO max 70%", "no_ratio": "No", "dscr_calc": "Lower of appraisal market rent or lease ÷ PITIA (IO uses ITIA). Minimum DSCR 0.75 (loan $175K+, no 40-year). Refinance: a lease above market can be used up to 120% of market with the latest 3 months' receipts; if the lease is below market with under 6 months left, market up to 120% of the lease. Purchase: vacant uses 100% of market. 2–4 units calculated unit by unit. Expired leases treated as renewed with 1 month's receipt. Family-member tenants and leases allowing STR subletting not eligible.", "products": "5/6 & 7/6 ARM (30/40 amort, IO), 30/40 fixed, IO", "interest_only": "Yes – 30/40yr with 10-yr IO, max 80% (DSCR<1: 30yr IO 70%)", "ppp": "1–5 yr standard, 3–5 yr 5% flat, or 5-yr declining; no-PPP max 80%", "reserves": "DSCR 1.00+: none under $1.5M at 70% LTV or less; 6 months under $1.5M above 70%; 9 months over $1.5M. DSCR under 1.00: 6 months under $1.5M, 9 over; cash-out 6 months. Cash-out can count; based on the greatest payment if multiple loans.", "housing_history": "1x30x12 (no rolling lates); 0x30x12 if a credit event is under 4 years old. Only one borrower needs to meet it; all must be current at application. Primary and subject verified; other REO only if on credit. No mortgage on credit requires pre-approval unless free-and-clear with taxes current, a prior 12-month history, a private VOM with 12 months of bank records, or rent-free with a spouse. Borrowers temporarily rent-free after selling a home are fine with the prior 12 months documented.", "credit_events": "Foreclosure, short sale, deed-in-lieu, default modification, notice of default, a single bankruptcy, or 120+ day late (any occupancy, even title-only properties). Seasoned from discharge/completion to note date. Events under 4 years old require 0x30x12 and an explanation. Multiple events within 4 years not permitted; multiple bankruptcies ever are ineligible. Foreclosures included in a bankruptcy use the BK discharge date if vacated. Delinquent timeshares are treated as installment debt.", "forbearance": "A natural-disaster or non-financial-hardship forbearance/deferral on the primary or subject must be completed with 2 payments made since (purchase or rate/term) or 6 payments (cash-out); the deferred balance can be paid off by the refinance. A primary residence currently in forbearance is ineligible; one other REO in forbearance is OK.", "other_credit": "Judgments and liens affecting title must be paid. Non-title charge-offs/collections open under 2 years and over $10,000 (individually or combined) must be paid. Medical collections under $50,000 can remain. IRS payment plans OK if current and not liened. Borrowers in credit counseling or debt management are not eligible; no private credit-repair companies.", "tradelines": "N/A", "fthb": "Allowed: 700 FICO, 75%, DSCR 1.00+, max $750K, no IO or 40-year, no exceptions, not rent-free, motivation letter if not owning a primary.", "first_time_investor": "Allowed: 680 FICO, max 80%, DSCR 1.00+ (no sub-1.00); motivation letter if buying out of state. (Hasn't owned an investment property 12 months in the last 3 years.)", "foreign_national": "No", "itin": "No", "non_perm_resident": "Allowed with 2+ years of legal residency and an eligible visa (E, G, H-1B, L, NATO, O-1, R-1, TN); TPS/parole status must still be in effect.", "entity_vesting": "LLC, sole proprietorship, LP, LLP, S or C corp (US-registered); up to 4 owners and up to two entities/two layers. Guarantor must be an individual owning 25%+ and is credit-checked like a borrower. No POA when closing in an entity. Revocable trusts per Fannie Mae.", "gift_funds": "Purchase only, from family. Under 75% LTV no borrower contribution needed; above 75% the borrower must show 5% of their own funds (doesn't have to use them). Not for reserves. Gift of equity from family allowed up to 70% with a 0x30x12 seller mortgage, tenant in place and DSCR 1.00+.", "max_financed": "Up to 20 financed residential properties; lender exposure $5M or 10 loans.", "borrower_rules": "N/A", "property_types": "SFR, PUD, condo, 2-4, modular; warrantable & non-warrantable condo", "adu_income": "Up to 2 ADUs on a single-family home (not on 4-unit properties; manufactured-home ADUs not permitted), minimum 400 sq ft, typical for the area per appraisal comps, conforming to zoning. Permitted ADU rent counts with a comp that has a permitted ADU, a market rent survey and a lease with 1 month's receipt (on a purchase, the borrower attests they'll rent it). Unpermitted ADUs are acceptable if built in a workmanlike manner and conforming to the property, but their rent can't be used to qualify. Unpermitted room additions: appraiser confirms workmanlike quality.", "condo_nonwarr": "Up to two non-warrantable features: presale 30%, investor concentration up to 70%, commercial up to 50%, recreational leases, single-entity ownership up to 30%, HOA delinquencies up to 25%, master deductible up to 10%, reserves under 10% (never below 5%), mandatory memberships up to 10% of price. Ineligible: structural/functional litigation against the developer, less than full replacement-cost insurance, non-gut conversions, flood zones without master flood coverage, incomplete projects or HOA not turned over. California SB326 balcony inspections and Florida structural inspections (30+ years, or 25 near the coast, 3+ stories) required. Limited review established projects: 75% (70% in Florida).", "condotel": "Not eligible.", "rural_acreage": "Rural and agricultural properties are not permitted (rural zoning, rural appraisal designation, or no paved road). Exception: appraisal marked suburban but zoned rural-residential is allowed at 80% purchase / 75% rate-term / 65% cash-out. Truncating acreage not allowed.", "min_sqft": "500 sq ft per unit; no kitchenettes", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured homes, mixed use, condotels, co-ops, rural/agricultural zoning, mandatory rental pools, live/work condos, log homes, domes, unique properties, working farms, boarding houses/room leases, assisted living, timeshares/fractional, tenants-in-common, 'shouses', builder model leasebacks and inventory, under construction, C5/C6, commercial or industrial zoning (except condos), zoning violations, Native American leased land, lava zones (unless meeting Fannie Mae), leased land not exceeding the loan term by 5 years, community land trusts. Under 500 sq ft per unit (no kitchenettes). Mandatory club fees over 10% of price ineligible. Properties near power plants, industrial factories or environmental hazards ineligible.", "declining_market": "N/A", "appraisal": "One full appraisal plus a review product (CU/LCA 2.5 or less, or a desk review within 10%; otherwise field review or second appraisal). Transferred appraisals OK unless borrower- or seller-ordered. Hybrid appraisals allowed up to $1.5M (680 FICO, 70% purchase / 65% rate-term / 60% cash-out; not for rural, leasehold, 5+ acres, condotels). Rent-loss insurance of 6 months (or 6 extra months of reserves). Declining market −5% (floor 75% purchase / 70% refi).", "rent_purchase": "Market rent (1007/1025); lease 20 acres ineligible", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "Manufactured homes, co-ops, unique properties with marketability concerns, and rural properties over 20 acres (rural not allowed at all on the foreign national and ITIN versions).", "declining_market": "Declining market per appraisal: at least 5% LTV reduction.", "appraisal": "Standard appraisal with 1007 rent schedule; an additional appraisal or third-party review may be required (e.g., non-arm's-length or declining markets). Escrow holdbacks and temporary buydowns not permitted. Manual underwriting only.", "rent_purchase": "1007 required", "rent_refi": "Not published – ask us about your scenario", "vacant_refi": "Allowed at max 70% LTV.", "str_allowed": "Yes", "str_docs": "Not published – ask us about your scenario", "str_impact": "Max 75% purchase / 70% refinance.", "cashout_seasoning": "Not published – ask us about your scenario", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "N/A", "subordinate_financing": "Not permitted.", "state_restrictions": "All states; American Samoa, Guam, Northern Mariana Islands, Puerto Rico and USVI are ineligible.", "details": "Declining market −5%. Non-arm's length −5%. No manufactured/co-op. No subordinate financing, buydowns or escrow holdbacks. Manually underwritten.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "First-time investor", "Condotel", "Non-warrantable condo" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d05.html" }, { "code": "LAMD-D06", "name": "DSCR Standard (Below 1.00 Allowed)", "lien": "First lien", "min_fico": "640 (DSCR ≥1) / 660 (DSCR <1)", "max_ltv_purchase": "80% (700, ≤$1.5M)", "max_ltv_rt": "80%", "max_ltv_co": "75% (700, ≤$1.5M)", "min_loan": "$100K (<$150K: 70% purch / 65% refi, DSCR 1.25)", "max_loan": "$3.5M", "cash_in_hand": "$500K above 65% LTV; $1M below 65% (total equity withdrawn).", "ltv_adjustments": "2–4 units and condos 75% purchase / 70% refi. Condotel 75% / 65%, max $1.5M. Rural 75% / 70%. 0x60x12 housing: 70% purchase / 65% refi. Credit event 24–35 months: 75% / 70%. Vacant or unleased refinance: 70%. Short-term rental: 75% purchase / 70% refi. Interest-only: 75% (70% cash-out), 680 FICO. Loans under $150K: 70% purchase / 65% refi with DSCR 1.25+. Declining market and CT/IL/NJ/NY: 75% / 70%, $2M max.", "min_dscr": "No stated floor in <1.00 grid", "dscr_below_1": "Yes – <1.00: 700 → 75% purch/RT, 70% CO (≤$1.5M); 680 → 70% purch/RT, no CO", "no_ratio": "Yes (<1.00 grid has no floor)", "dscr_calc": "Monthly gross rent ÷ PITIA (or ITIA on IO), each unit evaluated separately. Long-term: lower of lease or market needs nothing more; a higher lease is usable with 2 months' receipts but capped at 120% of market; a higher market rent is usable but capped at 120% of the lease. Rent-controlled/subsidized units use contract rent. Short-term: 12-month average, reduced by at least 20% for expenses (actual expenses if higher), lowest source used when there are several.", "products": "15/30/40 fixed, 5/6 7/6 10/6 ARM (30 & 40yr; 40yr ARM must be IO)", "interest_only": "Yes – 680 FICO; 75% purch/RT, 70% CO", "ppp": "Up to 5 yr; not in AK, MI, NM, OH; IL & NJ only if entity-vested; MS declining only; PA base-figure limit", "reserves": "2 months; 6 months over $1.5M; 12 months over $2.5M. Cash-out counts.", "housing_history": "1x30x12 with no reduction; 0x60x12 allowed at 70% purchase / 65% refi. Verified on the primary residence and the subject (refi); other mortgages on credit count. Free-and-clear primary needs a property profile.", "credit_events": "Bankruptcy, foreclosure, deed-in-lieu, pre-foreclosure, short sale, mortgage charge-off, lis pendens and notice of default all count. Bankruptcy measured from discharge/dismissal; housing events from settlement; a foreclosure included in a bankruptcy runs from the earlier date. A notice of default is treated as a 1x90x12 unless cured with 12 on-time payments. A charged-off second mortgage counts as a foreclosure from its charge-off date.", "forbearance": "Forbearance, modifications and deferrals completed or reinstated more than 12 months before the note date are fine (normal housing-history rules apply). If completed within 12 months, they are not eligible on any of the DSCR programs.", "other_credit": "For DSCR loans, collections and charge-offs can be ignored unless they affect title. All open judgments and involuntary liens must be paid at or before closing (no subordination). IRS installment plans OK with 2+ on-time payments and no recorded lien in the subject's county. Credit counseling OK after 12 on-time months.", "tradelines": "2 tradelines reporting 24 months (active in last 12) or 3 reporting 12 months; waived if the borrower has three credit scores. Representative score is from the borrower/guarantor with the highest score.", "fthb": "Not published – ask us about your scenario", "first_time_investor": "Allowed: 700 FICO, 36 months since any credit event, 1-unit only, DSCR above 1.00, must own a primary residence (FTHBs living in a spouse-owned home may qualify). First-time homebuyers not allowed.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC, partnership or corporation limited to owning/managing real estate; US-domiciled; up to 4 members/managers; up to two entity layers allowed. Personal guaranties from members totaling at least 25% ownership, each completing an application – their credit is used for qualifying and pricing.", "gift_funds": "Allowed after a 10% borrower contribution.", "max_financed": "Lender exposure to one borrower/household: $5M UPB or 10 loans.", "borrower_rules": "US citizens, permanent and non-permanent residents. Non-arm's-length transactions ineligible. Interest-only qualifies on the IO payment.", "property_types": "SFR, 2-4, condo, condotel, rural", "adu_income": "A single-family home may have up to two ADUs (three or more not allowed). Each ADU must be smaller than the main house with its own entrance, kitchen (cabinets, counter, sink, stove), sleeping area and bathroom; space reachable only through the main house isn't an ADU. An ADU that isn't allowed under zoning does NOT make the property ineligible if hazard insurance covers it, the use is common in the neighborhood, and the appraiser shows two comparable sales with the same non-compliant use – but its rent can't be counted. ADU rent counts only when the appraisal shows zoning is legal (permits verified where required) and at least one comp has the same number of ADUs; long-term ADU rent is the lower of market rent or actual rent. Two ADUs require a 1025.", "condo_nonwarr": "Condos are reviewed under the lender's own project rules rather than a warrantable/non-warrantable split: unit 500+ sq ft with a full kitchen and a bedroom, commercial space up to 50%, HOA delinquencies up to 20%, single-entity ownership up to 20% (5+ units), investor concentration up to 60% (higher possible with a rental history), non-structural litigation with damages under 25% of reserves. Established projects need 90% sold, 40% owner-occupied and HOA turned over; new projects 50% sold and 50% owner-occupied. Projects with critical repairs, unremediated special assessments, or safety violations are ineligible. Site condos use single-family LTVs. Lender project exposure: lesser of $5M or 20% of units.", "condotel": "Allowed: 75% purchase / 65% refi, max $1.5M; unit 500+ sq ft, full kitchen, separate bedroom; investor concentration up to 100%; rents reduced 10%. Owner self-managing as an STR doesn't by itself make it a condotel.", "rural_acreage": "Rural allowed at 75% purchase / 70% refi; max 5 acres on this program. Rural = appraiser says rural, or unpaved road plus 2 of 3 comps over 5 miles away.", "min_sqft": "SFR 700; 2-4 400/unit; condo 500", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured/mobile homes, co-ops, timeshares and fractional ownership, boarding houses/B&B/PadSplit, healthcare/assisted-living use, properties with income-producing non-residential structures (billboards, cell towers, commercial workshops), agricultural features (vineyards, farms, ranches, orchards, equestrian), zoning violations or illegal use, domes, barndominiums, log homes not common to the area, houseboats, Native American reservation land, marijuana-related use, properties not accessible by standard roads or not suitable for year-round use, C5/C6 condition or Q6 quality, Hawaii lava zones 1–2 and coastal-erosion zones. Over 20 acres ineligible (no truncating). Leaseholds eligible where common.", "declining_market": "Declining market (per appraisal or lender-designated state): max 75% purchase / 70% refinance and $2M loan (FN: 70% refi, $2M; 5–8/mixed use: no adjustment).", "appraisal": "Full interior/exterior appraisal plus review product (or second appraisal); second appraisal required over $2M and on HPML flips (price up 10% within 90 days or 20% within 91–180 days of the seller's purchase). Transferred appraisals accepted. Escrow holdbacks not purchased.", "rent_purchase": "Lower of lease or 1007; higher of either allowed within 120% (lease needs 2 mo receipt); vacant OK without LTV hit", "rent_refi": "Original appraisal showing tenant-occupied, 1007/1025 and the lease (month-to-month OK). No lease provided: max 70%. Lease/market 120% caps apply. Leases can't be with an interested party or family member.", "vacant_refi": "Allowed at the lesser of 70% or the grid. Vacant purchases have no LTV restriction.", "str_allowed": "Yes", "str_docs": "Must meet local ordinances. Any of: appraiser STR analysis (data source, comps, daily rate, occupancy, seasonality), 12-month property-manager statement (net of fees), 12 months of bank statements with rental records, or an AirDNA Rentalizer (purchase only, 12-month forecast within 90 days, 3 default comps, minus 20%).", "str_impact": "Lesser of 75% purchase / 70% refinance or the grid; 20% expense haircut; condotel rents reduced 10%.", "cashout_seasoning": "Six months of ownership to use the current appraised value; under 6 months, value is limited to price plus documented improvements (except inherited or divorce-awarded property). Not eligible if there was a cash-out within the past 6 months, for land-contract payoffs, with a POA, or if proceeds go to personal debts/taxes/judgments. Paying delinquent taxes (60+ days) or refinancing a free-and-clear property counts as cash-out.", "delayed_financing": "Allowed for cash purchases within 6 months, treated as rate/term for pricing (cash-in-hand caps don't apply, except foreign nationals). Arm's-length purchase, documented funds, no liens; loan limited to documented investment, value capped at price plus improvements.", "listed_for_sale": "For all refinances, value is the lower of the lowest list price in the prior 12 months or appraisal. Cash-out on an investment property listed within the past 6 months is allowed only with at least a 3-year prepayment penalty; any active listing must be cancelled before closing.", "ipc": "Investment property: interested-party contributions up to 6%, for closing costs and prepaids only (never down payment or reserves). A borrower acting as their own agent may contribute commission within the limit. Excess reduces both price and value.", "subordinate_financing": "Not permitted on the DSCR programs (closed-end seconds are a separate product).", "state_restrictions": "Not available in Baltimore City MD, Philadelphia County PA, Puerto Rico, Guam or USVI. 2–4 units not eligible in IL and NY. CT, IL, NJ, NY overlay: max 75% purchase / 70% refi and $2M (FN: 70% refi, $2M). Prepayment penalties not allowed in AK, MI, NM, OH; in IL and NJ only for entity borrowers; PA not on 1–2 units at or below about $329K; MS declining only.", "details": "Not available Baltimore City, Philadelphia County, PR/Guam/USVI. IL & NY: 2-4 unit ineligible. CT/IL/NJ/NY and declining markets: max 75% purch / 70% refi, $2M. Non-arm's-length ineligible.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "First-time investor", "Condotel", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d06.html" }, { "code": "LAMD-D07", "name": "DSCR Standard 0.75+", "lien": "First lien", "min_fico": "640 (DSCR ≥1, ≤$500K)", "max_ltv_purchase": "80% (720 ≤$1M; 700 ≤$1.5M)", "max_ltv_rt": "80%", "max_ltv_co": "80% (720, ≤$1M); 75% (700)", "min_loan": "$100K", "max_loan": "$3.0M", "cash_in_hand": "Unlimited at 65% LTV or less; up to $1M above 65%.", "ltv_adjustments": "Rural −5% (non-cumulative). Florida condos 75%. Non-arm's length 70%. Declining market −5% when above 70% LTV. Recently listed cash-out −10%. Property between tenants −10%. STR income capped at 75% LTV and DSCR 1.00+. DSCR 0.75–0.99: 70% purchase/rate-term, no cash-out, 660 FICO, up to $2M.", "min_dscr": "0.75", "dscr_below_1": "Yes – 0.75–0.99 (≤$2M): 660 → 70% purch/RT, CO N/A", "no_ratio": "No", "dscr_calc": "Monthly gross rent ÷ PITIA; interest-only uses the IO payment (all loans qualify at the initial payment). Purchase with an existing tenant: actual rent up to 110% of market, or up to 120% with 2 months' proof; new leases arranged by the buyer aren't allowed. Refinance: lower of market or lease; a higher lease up to 120% with 2 months' receipts; expired leases OK if clearly occupied; new leases (1 month collected) within 110% with deposit and first month traced, or up to 120% with supporting rent comps. STR income at 80%.", "products": "15/30/40 fixed, 30/40 fixed IO", "interest_only": "Yes – 30/40yr with 10-yr IO", "ppp": "Required options: 6 mo interest, fixed 5%, or step-down; state restrictions", "reserves": "3 months up to $1.5M, 6 months above $1.5M, 9 months above $2M; novice investors 6 months up to $2M. Loan proceeds can be used. 401(k) at 50%; crypto limited.", "housing_history": "Max 1x30x12 on the primary, the subject (refi) and any mortgage on credit; 0x30x12 required when DSCR is 0.80–0.99 or credit is under 660. Measured from the payment due date. Rent-free needs a property profile and LOE from the owner/lessee. A missed balloon maturity counts as a 1x30 if the lender kept accepting payments.", "credit_events": "36 months for foreclosure, short sale or short refinance (mortgage charge-off), deed-in-lieu, any bankruptcy, or a modification. Modifications from a COVID forbearance plan and simple retention rate modifications have no restriction.", "forbearance": "COVID/natural-disaster forbearance: if payments continued, no restrictions; if payments were missed, either pay the loan current with verified funds or make 3 payments under a modification plan after exiting (third payment before the note date). Applies to primary residence and subject. COVID modifications/deferred balances aren't housing events.", "other_credit": "Consumer collections and charge-offs: no review or payoff required. All open judgments, garnishments and liens must be paid at or before closing – loan proceeds can be used only for liens tied to the subject (or as an accommodation if the borrower has liquid assets to cover them). Tax liens must be paid and removed from title.", "tradelines": "N/A", "fthb": "No – must have owned real estate in last 36 mo", "first_time_investor": "Novice investors (haven't owned an investment property 12 months in the last 36) allowed: 680 FICO, 6 months' reserves, STR only on refinances with actual income. First-time homebuyers (no real estate in 36 months) are not allowed, except when living in a spouse/partner-owned primary.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC, LLP or corporation (US-domiciled, purpose of real-estate acquisition); borrowers must own at least 25% combined; max 4 borrowers; personal guarantee at closing.", "gift_funds": "Allowed after a 10% borrower contribution; donors must be immediate family, domestic partner or fiancé (not cousins). Not for reserves.", "max_financed": "No limit on properties owned. Lender exposure: 10 loans or $5M at DSCR 1.00+; 2 loans or $3M at DSCR 0.80–0.99; properties shouldn't be clustered in the same block, subdivision or project.", "borrower_rules": "US citizens, permanent and non-permanent residents (visa with 6+ months remaining; non-standard status needs 2 years of US residency and credit). Foreign nationals not allowed. Family-member tenants make the loan ineligible. Builders/developers of the subject's 5+ unit project ineligible. Credit score = lowest middle score of all borrowers; tradelines 3x12, 2x24, or 8 tradelines with 8 years of history (waived with 3 scores).", "property_types": "SFR, PUD, 2-4, warrantable condo", "adu_income": "ADU rent counts when the appraisal shows the ADU is legal, allowed or zoning-compliant, with comps that have ADUs; multiple ADUs or a multi-unit with an ADU are fine as long as total units are 4 or fewer (refinance: ADU rent on the 1007). An ADU the appraiser calls illegal, not allowed or non-compliant makes the whole property ineligible. Unpermitted garage/porch conversions and room additions ARE acceptable: conversions aren't counted as living area (unless supported) and need a cost-to-cure; additions without permits (or unknown permit status) can count as living area at the appraiser's discretion; both need appraiser comments on workmanlike quality, no health/safety issues, and market acceptance.", "condo_nonwarr": "Non-warrantable condos in established projects by exception only, with exception pricing. New condo projects need Fannie Mae CPM approval. Florida condos 75%. Master-policy deductibles up to 10% ($50K per unit).", "condotel": "Not eligible.", "rural_acreage": "Rural allowed with a 5% LTV reduction; long-term rent or actual earned STR only. Rural = appraiser says rural, or any 2 of: gravel road, all 3 comps over 5 miles, under 25% built-up. Max 10 acres. Any zoning is acceptable if the use is residential, residential is allowed, and it's the highest and best use.", "min_sqft": "No minimum, as long as size is common and supported by comps.", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "Farms/ranches/orchards, B&Bs, boarding houses, condotels, co-ops, domes, TIC/fractional, group homes (assisted living, rehab), Hawaii lava zones 1–2, Native American land, houseboats, leaseholds, log homes, manufactured/mobile, mixed use, new condo projects without CPM, roads not meeting local standards, not year-round, marijuana cultivation, zoning violations, timeshares, vacant land, properties with incomplete renovations or significant deferred maintenance (open walls, missing flooring, empty pools).", "declining_market": "N/A", "appraisal": "Full appraisal plus a review product (CU 2.5 or less, CDA/ValREVIEW within 10%, field review or second appraisal). Second appraisal over $2M or on flips (price up 10% within 90 days or 20% within 91–180 days); lower value used. Escrow holdbacks not allowed.", "rent_purchase": "1007/1025 market rent; existing leases staying (cap 120%); new buyer leases not allowed", "rent_refi": "Lower of 1007 or lease; lease up to 120% of 1007 with 2 mo receipts; new lease ≤110% (or ≤120% with comps) with paper trail", "vacant_refi": "Property recently placed in service (acquired within 2 months, vacant for updates; DSCR 1.00+): 1007 rent if rent-ready and listed. Between tenants (vacant under 60 days, history of tenants, rentable condition): 1007 rent with 10% LTV reduction and 6 extra months of non-proceeds reserves.", "str_allowed": "Yes – DSCR ≥1.0, max 75%; purchase for experienced investors only", "str_docs": "Requires a Property Guard (or similar) report showing the property can get an STR permit/license. Purchase (experienced investors only): STR rent on the 1007, an AirDNA Rentalizer (market/sub-market score 60+, or sub-market 50+ with demand/growth 60+; occupancy at least 40%, under 60% requires 9 months' reserves), or seller/property-manager rental data. Refinance: 12-month look-back from Airbnb-type statements; under 12 months OK if AirDNA supports the run rate.", "str_impact": "80% of gross STR receipts; max 75% LTV; DSCR 1.00+; no DSCR 1.25+ pricing improvement; novice investors only on refinances using actual income.", "cashout_seasoning": "Only 3 months of ownership needed (acquisition to note) to use current appraised value; under 3 months only for inherited/awarded property or delayed financing. Time held in an LLC counts if the borrower owns 50%+. Cash-out must be for rental business purposes.", "delayed_financing": "Allowed: LTV on the lower of appraisal or price plus documented improvements; show cash purchase (or a short-term loan of 24 months or less); funds sourced. Equity-withdrawal caps don't apply.", "listed_for_sale": "By exception only, if listed within 6 months of application: listing cancelled before closing (MLS proof), 2-year prepay (or state max), value is the lower of lowest 12-month list price or appraisal, cash-out −10%, no vacancy (one vacant unit OK on 3–4 units), max pricing par.", "ipc": "6% at all LTVs; seller credits paired with a price increase are deducted from price for LTV.", "subordinate_financing": "Rate/term can pay off a purchase-money second, or a non-purchase second/HELOC seasoned 12 months (HELOC draws under $5,000 in 12 months); an unseasoned second being paid counts toward the cash-out cap.", "state_restrictions": "Not available in Baltimore City MD, Philadelphia County PA, or Kings, Rockland and Orange Counties NY; other NY loans only through delegated sellers. Prepayment penalties not allowed in AK, DC, KS, MI, MN, NM, RI, VT; IL and NJ only for C/S-corps; LA only 6-months-interest or flat 5%; OH only 3–4 units; PA only over about $329K.", "details": "Not available: Baltimore City MD, Philadelphia County PA, Kings/Rockland/Orange County NY; NY non-delegated DSCR ineligible. Delayed financing: LTV on lower of value or cost+improvements; financing ≤24 mo term counts as cash purchase.", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d07.html" }, { "code": "LAMD-D08", "name": "DSCR Standard (No Minimum DSCR)", "lien": "First lien", "min_fico": "640", "max_ltv_purchase": "85% (720, ≤$1.5M)", "max_ltv_rt": "85% (720, ≤$1.5M)", "max_ltv_co": "80% (720/700, ≤$1M)", "min_loan": "$100K", "max_loan": "$3.0M", "cash_in_hand": "Unlimited.", "ltv_adjustments": "Investment property types: condo 85% purchase / 80% cash-out; non-warrantable condo 80% / 75%; condotel 75% / 70% (max $2M); 2–4 units 80% / 75%; modular 75% cash-out; rural 80% / 75%. Housing: 0x60x12 −5%; 0x90x12 not allowed. Foreclosure/short sale/DIL: 36 months standard, 24 months −5%, 12 months −15% and no cash-out. Bankruptcy: 24 months −5%, 12 months −5% and no cash-out. DSCR 0.75–0.999: −5%, 680 FICO, cash-out 70%. DSCR under 0.75: −5% at 700 FICO or −10% at 680, refi max $2M, cash-out 70%. STR −5%. Reduced reserves −5%. Foreign national −5% ($1.5M, 660). Declining market −5%. Cash-out within 6 months of purchase −5%.", "min_dscr": "None – DSCR <0.75 allowed with LTV cuts", "dscr_below_1": "Yes – 0.75–0.999: −5% LTV, 680 FICO, CO max 70%", "no_ratio": "DSCR 0–0.749: −5% LTV with 700 FICO or −10% with 680; max $3M, refi max $2M, CO 70%; 2-4 units in IL/NY ineligible", "dscr_calc": "Gross rent ÷ PITIA at note rate (IO uses the initial IO payment). Unleased purchase uses the 1007. Leased: lower of lease or market; a higher lease with 3 months' receipts; a higher market rent up to 120% of the lease (lease $1,400, market $1,800 → $1,680). DSCR can go below 0.75 at reduced LTVs.", "products": "15/30/40 fixed, 30/40 IO, 5/6 & 7/6 SOFR ARM", "interest_only": "Yes – max 80%; 10-yr IO on 30/40-yr fixed and 5/6, 7/6 ARM", "ppp": "Optional, per state law", "reserves": "6 mo (≤$1M); 9 mo ($1–2M); 12 mo (>$2M); reduced reserves −5% LTV; cash-out may count", "housing_history": "Up to 1x30x12 at full LTV; 0x60x12 −5%; 0x90x12 not allowed. A housing history is required on all investor products.", "credit_events": "Foreclosure, short sale, deed-in-lieu and bankruptcy allowed as soon as 12 months after (with LTV cuts and no cash-out); 24 months −5%; 36 months standard. No multiple events within 7 years. Bankruptcies must be settled by application.", "forbearance": "Forbearance with all payments made: reinstated, no waiting period. Missed payments: reinstated plus 3 on-time payments after forbearance (missed payments may have been added to the balance). Borrower explains the hardship.", "other_credit": "Collections/charge-offs under 24 months may stay open up to $2,000 total; 24+ months up to $2,500 each; all medical and time-barred collections can stay. Judgments, garnishments and liens must be paid. Tax liens not affecting title may stay with title sign-off, a repayment plan with 6 on-time payments, and (refinances) a subordination. Credit counseling OK after 12 months.", "tradelines": "N/A", "fthb": "Yes – as first-time investor FTHB: 75%, 700 FICO, DSCR 1.00, 12 mo reserves, $1.5M, 12 mo housing history", "first_time_investor": "Allowed (hasn't owned an investment property 12 months within 36): 660 FICO, $1.5M, 6-month primary mortgage history (spouse's or free-and-clear profile OK), no gifts. First-time homebuyers can also qualify: 75%, 700 FICO, DSCR 1.00, 12 months' reserves, $1.5M, 12-month housing history (not foreign nationals).", "foreign_national": "DSCR only: −5% LTV, max $1.5M, 660 FICO or grid, DSCR 1.00. SFR, 2–4 units and warrantable condos only; no rural; max 2 acres; no gifts or POA. Passport plus visa/I-797 (Visa Waiver countries exempt).", "itin": "Not published – ask us about your scenario", "non_perm_resident": "Yes – with US credit", "entity_vesting": "LLC, partnership or corporation vesting allowed", "gift_funds": "Allowed toward down payment and costs (not for first-time investors or foreign nationals).", "max_financed": "No limit on financed investment properties; lender exposure $7.5M or 10 properties per borrower; condo project exposure the lesser of $5M or 15%.", "borrower_rules": "N/A", "property_types": "SFR, condo, townhouse, PUD, modular, non-warrantable condo, condotel, rowhouse, 2-4, rural", "adu_income": "ADU rent can count when the appraisal shows zoning compliance is legal – permits are NOT required to establish that – with at least 2 sales comps that have an ADU and 1 rent comp with an income-producing ADU. Case-by-case: a 1-unit with up to 3 ADUs, a 2-unit with up to 2, a 3-unit with 1; no ADUs on 4-units. Purchase: lesser of 1007 or lease; refinance: 1007 market rent plus the current lease and 2 months' receipts. Multiple dwellings on one lot are ineligible other than legal ADUs.", "condo_nonwarr": "Non-warrantable condos allowed with ONE non-warrantable factor: commercial space under 50% (subject unit fully residential), new projects 50% sold with common areas complete, HOA delinquencies up to 20%, developer control with defined turnover, reserves at least 5%, investor concentration up to 60% (higher with a rental history), single-entity ownership up to 50%, non-structural litigation case-by-case. Ineligible: timeshares/occupancy restrictions, live/work, manufactured projects, conversions under 2 years, over 50% non-residential, common-interest apartments, safety litigation. Borrower limited to 2 units (5–20 unit projects) or 10% of larger projects.", "condotel": "Allowed as non-warrantable: full-size kitchen (fridge, stove, oven), a bedroom (no studios), 500+ sq ft, investor concentration up to 100%. Ineligible: 'hotel' or 'motel' in the name, converted hotels/motels, projects under 10 units, or locations outside a resort/destination area (beach, ski, lake).", "rural_acreage": "Rural allowed: 80% purch/RT, 75% CO; max 20 acres", "min_sqft": "600 sq ft (1-unit); 500 sq ft condo", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "Agricultural zoning (case-by-case), co-ops, Hawaii lava zones 1–2, hobby farms/income-producing acreage, houseboats, manufactured/mobile homes, multiple dwellings on one lot (legal ADUs OK), oil/gas leases (case-by-case), unique properties, working farms/ranches/orchards, room-and-board, assisted living. Single-unit minimum 600 sq ft; year-round use with permanent heat; deferred maintenance under $2,000; over 20 acres case-by-case.", "declining_market": "5% reduction to the maximum LTV.", "appraisal": "Up to $2M: one appraisal plus AVM (or CU 2.5 or less); desk review if AVM confidence under 90% or CU over 2.5; field review if variance over 10% (second appraisal if field review is 5%+ low). Over $2M: two appraisals. Holdbacks for cosmetic/weather items only (150% of bid, max $10K).", "rent_purchase": "Market rent (unleased OK)", "rent_refi": "Lower of lease or 1007; higher lease with 3 mo receipts; market up to 120% of lease", "vacant_refi": "Allowed – single-unit vacant refinances (rate/term or cash-out) use the 1007 rent. 2–3 units may have 1 vacant unit; 4-units up to 2 (1 if DSCR is under 1.00).", "str_allowed": "Yes", "str_docs": "Nightly-rate rentals in an established STR market (confirmed by appraisal; not where local rules restrict STRs). Purchase: 1007 or AMC STR analysis (AirDNA data allowed). Refinance: 12-month average including zero months (or 12 monthly/annual platform statements); without 12 months of documentation the property is treated as unleased. Gross rents reduced 20%.", "str_impact": "5% LTV reduction and 20% rent haircut.", "cashout_seasoning": "Rate/term: no seasoning. Cash-out: after 6 months uses current value; under 6 months −5% and value is the lower of appraisal or price plus improvements. Previously listed properties must be off market 1 month before application (DSCR with a prepay: no seasoning).", "delayed_financing": "Yes – per FNMA", "listed_for_sale": "Must be off the market by application; cash-out needs 1 month since delisting unless the DSCR loan carries a prepayment penalty.", "ipc": "Interested-party contributions up to 6% of the lower of price or value on investment properties, for closing costs/points only.", "subordinate_financing": "Allowed with CLTV at the max LTV; the second-lien payment is included in DSCR.", "state_restrictions": "All states, except loans failing the NY subprime test; 2–4 unit DSCR under 0.75 not eligible in IL or NY. Florida foreign-national purchases subject to SB 264 restrictions (China, Russia, Iran, North Korea, Cuba, Venezuela, Syria).", "details": "Grid DSCR ≥1 (purch-RT/CO): ≤$1M 720 85/80, 700 80/80, 680 80/75, 660 75/75, 640 75/70; $1–1.5M 720 85/75, 700 80/75, 680 80/75, 660 75/70, 640 65/65; $1.5–2M 720 75/70, 700 75/70, 680 70/65, 660 70/65, 640 65/65; $2–2.5M 720/700/680 70/65; $2.5–3M 720/700 70/65, 680 65/60. Condo 85/80; 2-4 & rural 80/75; modular CO 75. STR −5%. Seller concessions 6%. Experienced investor = 12 mo of last 36. Housing history required.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "Foreign national", "First-time investor", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d08.html" }, { "code": "LAMD-D09", "name": "DSCR Standard 0.75+", "lien": "First lien", "min_fico": "660 (additional borrowers 640)", "max_ltv_purchase": "80% (720, $125K–$1.5M; 700 ≤$1M)", "max_ltv_rt": "80% (720, ≤$1M)", "max_ltv_co": "75% (720, ≤$1M); 700: 70%", "min_loan": "$75K ($75K–$125K requires DSCR 1.00; ≤$100K max 70%)", "max_loan": "$3.0M", "cash_in_hand": "Unlimited at 60% LTV or less; above 60%, $1M (or unlimited with 18 months of reserves excluding cash-out).", "ltv_adjustments": "1x30x12 housing: −5%. 2 units refinance 80%; 3–4 units refinance 75% (70% if DSCR under 1.00). Non-warrantable condos: 80% purchase/rate-term at 720+ (75% under 720), cash-out 75% / 70%. Condotels: 75% at 700+ (70% at 680), cash-out 70% / 65%, max $2M. Florida condos 75% on cash-out. STR: lesser of 75% or the grid, DSCR 1.15. Rural resort-area properties 65% with DSCR 1.00. IO max 80% (700 FICO if DSCR under 1.00). Declining market −5% above 65%.", "min_dscr": "0.75 (STR 1.15; <$125K 1.00)", "dscr_below_1": "Yes – 0.75–0.99: 740 → 75/75/70 ($1M–1.5M), 75/75/60 ($2M); 720 → 75/75/70 ($1M), 70/70/65 ($1.5M), 65/65 ($2M); 700 same as 720; 680 → 65/65/60 ($1M)", "no_ratio": "No", "dscr_calc": "Gross rent ÷ fully amortizing PITIA (ITIA on IO). Minimum DSCR 0.75 (1.00 for loans under $125K; 1.15 for STR). Purchase: market rent (property may be vacant). Refinance: lesser of lease or market needs nothing more; a higher lease needs 2 months' receipts (not prepaid; not for monthly/seasonal rentals); seasonal/monthly rentals use a 12-month average; a vacant unit in a 2–4 uses 100% of market.", "products": "15/30 fixed, 30yr fixed IO; 2-1 buydown (purchase, 680+, DSCR ≥0.75)", "interest_only": "Yes – 30yr fixed IO, max 80%; 700 FICO if DSCR <1", "ppp": "Required on investment where permitted (no-PPP pricing per rate sheet)", "reserves": "3 months up to $500K at 80% LTV or less; 6 months up to $500K above 80%, or $500K–$2M; 12 months above $2M; 2–4 units at 80% need at least 6. Cash-out counts.", "housing_history": "0x30x12 – no reduction; 1x30x12 – 5% LTV reduction. Subject and primary payments not on credit need an institutional VOM/VOR.", "credit_events": "2 years' seasoning for housing events and bankruptcy on this tier (definitions above).", "forbearance": "Forbearance is treated as a housing event and must meet the program's housing-event seasoning (unless caused by a FEMA-declared disaster).", "other_credit": "Collections/charge-offs under 24 months may stay open up to $5,000 combined; all medical and factoring-company collections can stay; the rest can stay if covered by extra reserves; otherwise paid.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed with DSCR 1.00+ and 700 FICO, no exceptions; can't be a first-time homebuyer.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Allowed with US credit (ITIN, DACA, foreign nationals ineligible on this tier).", "entity_vesting": "Yes; qualifying member ≥25% ownership", "gift_funds": "After a 5% borrower contribution at any LTV; not for reserves; no gift of equity.", "max_financed": "Lender exposure: lesser of $10M or 10 loans, and $5M or 5 cash-out/5–8 unit loans (no-ratio: $7.5M/10 loans, $5M/5 cash-outs). Up to 20 financed properties including LLC-held.", "borrower_rules": "Property can't be occupied by the borrower, any LLC member or family; no single-room or boarder leases. Renters need an active lease; the primary should be in a different area or superior to the subject. Rent-loss insurance of 6 months (or 3 extra months of reserves not from cash-out).", "property_types": "SFR, PUD, townhome, 2-4, warrantable & non-warrantable condo, condotel", "adu_income": "Homes with one or more ADUs (granny units, in-law suites) are acceptable when typical for the market and the property conforms to zoning. The ADU does NOT have to be permitted, as long as the appraiser says it's a legal use of the property and was built skillfully; legal non-conforming is fine if it doesn't hurt value. Two comps with a similar setup are required. Multiple ADUs are OK where the municipality allows them and the appraiser confirms compliance. The ADU must be substantially smaller than the main house, or the property is treated as 2–4 units. If any of these aren't met, the ADU gets no value. ADU rent can count when these rules are met and market rent is on the 1007. Unpermitted additions/modifications: appraiser comments they look professionally done and the use conforms to zoning.", "condo_nonwarr": "Non-warrantable condos allowed (where the program permits): one owner may finance 2 units in 5–20 unit projects; commercial up to 50%; HOA delinquencies up to 25%; investor concentration up to 70% (higher for investment purchases); single-entity ownership up to 49% (developer-held units for sale excluded; 50%+ by exception); developer control OK with defined turnover; mandatory outside club dues OK; non-structural litigation. Leasehold condos are ineligible.", "condotel": "Must be in a resort area or affiliated with a national hotel chain; full-size kitchen and at least one separate bedroom (studios case-by-case; units under 400 sq ft need similar-size comps). Condotel = run as a hotel, hotel/motel/resort/lodge name, front desk/housekeeping rentals, a hotel conversion, or marketed as a hotel. Short-term rental ability alone doesn't make it a condotel.", "rural_acreage": "Rural (under 25% built-up, agricultural zoning nearby, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings) must not be agricultural or income-producing, can't receive farm/idle-acreage tax breaks, and must be year-round. Investment acreage capped at 5 acres (2 acres on the prime tier, no-ratio and 5–8 unit programs).", "min_sqft": "No minimum (full kitchen required; condos <400 sq ft need similar comps); 5–8 units 400 sq ft/unit", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Container homes, assisted living, Baltimore City row homes, boarding houses, farms/hobby farms, leasehold condos, farm tax-abatement properties, rent-controlled properties (annual-increase caps alone are OK), unique properties (earth/berm, domes, barndominiums, churches), timeshares, C5/C6 condition (C4 reviewed; no structural deferred maintenance), 2+ detached homes on one lot unless typical with comps, blanket mortgages. Log-façade homes OK with comps (not true log cabins). Co-ops and manufactured homes only through delegated correspondents. Islands without a bridge case-by-case.", "declining_market": "5% LTV reduction when LTV is above 65%.", "appraisal": "N/A", "rent_purchase": "Market rent", "rent_refi": "Lesser of lease or market; higher lease w/ 2 mo receipt (not for monthly/seasonal)", "vacant_refi": "Refinances must be leased, except STRs, recently built/rehabbed properties, delayed financing, or 1 vacant (listed) unit in a 2–4. No cash-out on unleased rehabbed properties or delayed financing under 720 FICO.", "str_allowed": "Yes", "str_docs": "Any of: 1007/1025 with STR rents, an AMC STR analysis (with comp addresses), or a 12-month look-back of receipts (bank or platform statements) plus a 1007/STR analysis. Seasonality must be addressed or a 50% vacancy factor applies. Refinances must be actively marketed as STR. Third-party proof (Property Guard, Vrolio) that STRs are allowed. Purchase or refinance.", "str_impact": "DSCR 1.15 minimum; LTV lesser of 75% or the grid; not in NYC.", "cashout_seasoning": "6 months from the most recent transaction (except delayed financing).", "delayed_financing": "Yes", "listed_for_sale": "Investment properties must be off the market before closing when the new loan has a prepayment penalty (before application if no prepay). If listed within 6 months, value is the lower of appraisal or lowest list price.", "ipc": "Interested-party contributions up to 6% of the lower of price or value on investment properties; giveaways under $1,000 ignored; excess deducted from price.", "subordinate_financing": "Only with the lender's own second-lien product.", "state_restrictions": "Investment properties ineligible in Charlotte, Lee, Hendry and Glades Counties FL; Indianapolis; Paterson NJ; Lubbock TX. All loans ineligible in Cook County IL, Baltimore City MD, Orange County NY and several Philadelphia ZIP codes (no Philadelphia row homes). Hawaii delegated correspondents only. STRs not allowed in NYC's five boroughs. Brooklyn and Memphis investment loans need a field review. Texas: no ITIN/foreign national loans for citizens of China, Russia, Iran, North Korea. Puerto Rico, Guam, USVI ineligible.", "details": "2-unit refi max 80%; 3-4 unit refi 75% (DSCR ≥1) / 70%. Rent loss insurance 6 mo PITIA (or +3 mo reserves). Declining market −5% when LTV >65. C3 condition expected. Grid ≥1.00 (purch/RT/CO): 720 → ≤$100K 70/70/65, ≤$125K 75/75/70, ≤$150K 80/80/75, $1M 80/80/75, $1.5M 80/75/70, $2M 75/75/60, $2.5–3M 70/70/60; 700 → $1M 80/75/70, $1.5M 75/75/70, $2M 70/70/60, $2.5–3M 70/70/60; 680 → $1.5M 75/75/70, $2–2.5M 70/70/60; 660 → $1M 70/70/60, $1.5M 70/70/55, $2M 65/55/50.", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "Condotel", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d09.html" }, { "code": "LAMD-D10", "name": "DSCR Standard 0.75+", "lien": "First lien", "min_fico": "660", "max_ltv_purchase": "80% (680+, ≤$1.5M; 740 ≤$2M)", "max_ltv_rt": "80%", "max_ltv_co": "75% (720/700, ≤$1.5M)", "min_loan": "$100K", "max_loan": "$2.5M", "cash_in_hand": "Unlimited under 65% LTV; $750K cap above 65%.", "ltv_adjustments": "1x30x12 housing: 75%. First-time investor: 75% (680 FICO, DSCR 1.00+, 12 months' reserves, 0x30x12). Non-warrantable attached condo: 75%. Short-term rental (1 unit only): 75% purchase/rate-term, 70% cash-out, DSCR 1.00+. Interest-only: 75% at DSCR 1.00+ or 70% at 0.75–0.99 (700 FICO). Cash-out $1M–$1.5M with DSCR under 0.80: 65%. Recently listed cash-out: −5%. Declining market: −5%.", "min_dscr": "0.75", "dscr_below_1": "Yes – 0.75–0.99: 75% purch/RT (720), 70% CO; CO 65% for $1–1.5M when <0.80", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA (IO: ITIA). Short-term rent is counted at 80% of the appraiser's STR figure, 80% of an AirDNA projection, or 80% of the 12-month payout (gross bookings minus deductions).", "products": "15/30 fixed, 30yr fixed IO", "interest_only": "Yes – 700 FICO; 75% (≥1.00) / 70% (0.75–0.99)", "ppp": "Up to 5 yr or state max", "reserves": "DSCR 1.00+: 3 months under $500K, 6 months above. DSCR under 1.00: 6 and 9 months. First-time investor 12 months. Cash-out proceeds count.", "housing_history": "Max 1x30x12 on the subject and the primary residence (caps LTV at 75%); any mortgage on the credit report must also be within 1x30x12. Every borrower must currently own and be obligated on a US mortgage for 12 months. First-time investors need 0x30x12 and can't live rent-free.", "credit_events": "No significant derogatory event in the last 36 months: short sale, deed-in-lieu, mortgage charge-off, pre-foreclosure, foreclosure, bankruptcy (Ch 7/11/13), non-COVID/non-disaster forbearance, notice of default, lis pendens, 120-day mortgage late, or a default modification. Measured to the note date.", "forbearance": "A non-COVID, non-disaster forbearance counts as a significant credit event (36 months). COVID or non-default modifications don't count.", "other_credit": "Collections/charge-offs under 24 months may stay open up to $2,000 total; 24+ months up to $2,500 each; time-barred and medical collections ignored; collections on a payment plan can stay. Judgments, liens and delinquent taxes on title must be paid. Credit counseling OK after 12 on-time months. Non-traditional credit not allowed; 2 credit scores minimum.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed: 680 FICO, max 75%, DSCR 1.00+, 12 months' reserves, 0x30x12; not if living rent-free. Experienced borrowers must document 12 months of landlord history in the last 3 years.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC, corporation or partnership (US-domiciled, up to 4 owners, all natural persons). Guarantor must own 25%+ (or be majority holder) and sign a notarized personal guaranty; each guarantor's credit is used for qualifying and pricing. Revocable trusts per Fannie Mae. No POA with an entity.", "gift_funds": "Purchase only with a 10% borrower contribution and DSCR 1.00+. Not for reserves; no gift of equity.", "max_financed": "Lender exposure per borrower: $5M or 10 loans (DSCR 1.00+); $2M or 2 loans when DSCR is under 1.00.", "borrower_rules": "US citizens, permanent and non-permanent residents. Foreign nationals and first-time homebuyers ineligible; no family-member tenants; no non-arm's-length deals; employment income must not be disclosed on the application.", "property_types": "SFR, 2-4, PUD, warrantable condo, non-warrantable condo (no condotels)", "adu_income": "Single-family homes with up to three ADUs, and 2–4 unit properties with ADUs, are eligible under Fannie Mae's ADU rules. Unpermitted ADUs make the property ineligible on this program (it is one of the stricter programs on this point). ADU rent follows the general rent rules (1007/1025).", "condo_nonwarr": "Allowed with full questionnaire, no more than 2 non-warrantable features, max 75%. Commercial space up to 50% (subject unit fully residential), HOA delinquencies up to 20%, reserves at least 8%, investor concentration up to 60%, single-entity ownership up to 25%, new projects 50% sold with common areas complete (developer control OK with defined turnover). Litigation OK if non-structural, not health/safety, and damages under 25% of reserves or insured. A borrower may own no more than the lesser of 3 units or 15% of a project.", "condotel": "True condotels with on-site reservation desks are prohibited; short-term vacation-rental condo projects are case-by-case.", "rural_acreage": "Rural properties are not eligible for investment loans. Max 5 acres on this DSCR program.", "min_sqft": "500 sq ft total living space.", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Rural, mixed use (and commercial, industrial or mixed-use zoning), zoning violations, condotels, co-ops, manufactured/mobile homes and manufactured-home condo projects, unpermitted ADUs, tenancy-in-common properties, timeshares, boarding houses/B&B/PadSplit, assisted living, working farms, vacant/undeveloped land, unique properties (barndominiums, log homes, domes), C5/C6, under 500 sq ft, no full kitchen with stove and oven, not suitable for year-round use, tribal land, STR-qualified properties where local code bans STRs. Leaseholds (where common, not tribal) and modular homes are eligible.", "declining_market": "N/A", "appraisal": "One full appraisal under $2M, two above. No hybrid/reduced appraisals; under 180 days old at note. Bergen and Essex (NJ) and Orange and Rockland (NY) counties need a CDA regardless of CU score.", "rent_purchase": "Lower of lease or 1007/1025; lease required if a tenant stays or a new lease starts within 60 days.", "rent_refi": "Market rent with the lease if tenant-occupied. A lease above market can be used up to 120% of market rent with 3 months' receipts (deposits excluded).", "vacant_refi": "Only if the property was recently renovated to be rented and the appraiser confirms with photos; market rent then used.", "str_allowed": "Yes – 1 unit only", "str_docs": "Property must be legal and licensed as an STR where required; 1-unit only. Purchase: appraiser's STR rent schedule at 80%, or an AirDNA analysis at 80% of projected revenue (12-month forecast within 90 days of note, 50%+ occupancy, 4 comps in the same ZIP or within 2 miles, similar size/rooms/amenities). Refinance: 12-month remittance statement from Airbnb/VRBO-type manager plus an active-listing screenshot and an STR 1007; owned under 12 months is case-by-case using the purchase method.", "str_impact": "1-unit only; 75% purchase/rate-term, 70% cash-out; minimum DSCR 1.00; 20% income haircut.", "cashout_seasoning": "6 months on title (time held by the borrower's majority-owned entity or revocable trust counts). If the existing loan was a cash-out, it must be 6+ months old. The inherited/divorce-award exception does not apply to DSCR loans. No POA on cash-out. Must be off the market 1 month before application.", "delayed_financing": "Allowed per Fannie Mae, priced and limited as a cash-out.", "listed_for_sale": "Not currently listed; if listed in the past 6 months, off market at least 1 month before application, with cancelled listing, MLS search and intent letter. LTV uses the lower of list price or appraisal; cash-out also takes a 5% LTV reduction.", "ipc": "Interested-party contributions up to 6%.", "subordinate_financing": "No new subordinate financing. Existing seconds may stay on a refinance if subordinated and recorded (not with interest-only).", "state_restrictions": "Not available in Baltimore City MD, Brooklyn NY, Puerto Rico, Guam or USVI; Hawaii only through delegated channels. Prepayment penalties in IL and NJ only for S/C-corporation borrowers. Texas 50(a)(6)/50(a)(4) ineligible.", "details": "All borrowers must currently own & be obligated on a US mortgage for 12 mo. Not permitted: Baltimore City, Brooklyn, Guam, USVI, PR; HI delegated only. CDA required in Bergen/Essex NJ, Orange/Rockland NY. Declining market −5%. Existing subordinate financing OK on refi (not IO).", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d10.html" }, { "code": "LAMD-D11", "name": "DSCR Standard 0.75+", "lien": "First lien", "min_fico": "660", "max_ltv_purchase": "80% (720+, ≤$1M, DSCR ≥1)", "max_ltv_rt": "80% (720+, ≤$1M)", "max_ltv_co": "75% (720+, ≤$1M)", "min_loan": "$150K", "max_loan": "$2.0M", "cash_in_hand": "$500,000 max.", "ltv_adjustments": "2–4 units 75%; warrantable condos 75%; non-warrantable condos 75% with 680 FICO and DSCR 1.00+. Interest-only: 700 FICO, 75% (DSCR above 1.00) or 70% (below 1.00). STR: 70%, 700 FICO, DSCR 1.00, max $1.5M. Declining market −5%. DSCR under 1.00 uses a lower grid (75% purchase at 700+ to $1M; minimum DSCR 0.75).", "min_dscr": "0.75", "dscr_below_1": "Yes – 700+: 75/70/70 (≤$1M), 70/65/65 ($1.5M), 65/60/60 ($2M); 680: 70/70/60 ($1M only); 660: 60/60/60; 12 mo reserves", "no_ratio": "No", "dscr_calc": "Qualifying rent ÷ (P&I + taxes + insurance + flood + HOA + any subordinate financing). Purchase: lower of in-place lease or long-term market rent; vacant or delivered-vacant uses market rent; proposed leases not accepted. Refinance: in-place lease with 2 months' receipts, capped at 115% of market; without receipts, the lower of lease or market.", "products": "See the program products (30yr fixed, 5/6 ARM, IO)", "interest_only": "Yes – 700 FICO; DSCR ≥1 max 75%, DSCR <1 max 70%", "ppp": "Required – at least 1 yr unless prohibited by state", "reserves": "3 months $150K–$500K; 6 months to $1.5M; 12 months to $2M; 12 months if DSCR is under 1.00. Cash-out counts.", "housing_history": "0x30x12 on the subject, primary housing and every mortgage on the credit report, with 12 months documented (VOM/VOR, cancelled checks or bank statements; free-and-clear needs 12 months of taxes paid on time).", "credit_events": "3 years for bankruptcy, foreclosure, short sale or deed-in-lieu (forbearance/modification/deferral treated the same). Bankruptcy from discharge/dismissal; foreclosure/short sale from completion, or the bankruptcy discharge if included in it.", "forbearance": "Forbearance, loan modifications and deferrals are treated like a short sale / deed-in-lieu for eligibility and pricing (same seasoning as other credit events).", "other_credit": "Collections and charge-offs must be paid unless $1,000 or less, disputed, or past the statute of limitations – and any left open require extra reserves equal to the balance. Medical collections can stay open with no extra reserves. Liens/judgments that could attach to title must be paid before closing (cash-out can pay them); IRS installment plans with 6+ payments made and no recorded lien (or a subordinated lien) are OK.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed with DSCR 1.00+ and 700 FICO; no STR. First-time homebuyers not permitted.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Not permitted on this program (US citizens and permanent residents).", "entity_vesting": "Individuals, tenants in common, joint tenants, revocable trusts, LLCs and corporations; max 4 borrowers/guarantors.", "gift_funds": "Gifts for down payment and closing costs only (not reserves); no gift of equity. At 80% LTV or less no borrower contribution is required. Donors: relatives, domestic partners, fiancés, former relatives or godparents (no interested parties).", "max_financed": "Up to 20 financed properties; lender caps at 6 loans or $5M per borrower.", "borrower_rules": "N/A", "property_types": "SFR, PUD, 2-4 (max 75%), warrantable condo (max 75%), non-warrantable condo", "adu_income": "One-unit homes with ONE accessory unit (full kitchen and bath) are eligible; multiple ADUs not permitted. The appraisal must show at least one comparable with the same use. ADU rent may be used on these business-purpose loans with a separate rent schedule for the ADU. Whether it's an ADU or a true 2-unit is judged by separate utilities, a separate postal address and whether it's rented. The guide doesn't separately address unpermitted ADUs; properties representing an illegal use under zoning are ineligible.", "condo_nonwarr": "Max 75%, 680 FICO, DSCR 1.00", "condotel": "No", "rural_acreage": "Rural properties are not permitted on investment loans (rural = appraiser designation or factors like under 25% built-up, agricultural zoning, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings).", "min_sqft": "500 sq ft per unit", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Over 20 acres (10 acres standard; up to 20 if typical with comps; no truncating), condotels (except the condotel program), community land trusts, co-ops, earth-berm and dome homes, deed-restricted communities, houseboats, log homes (unless typical with 3 local comps), manufactured and modular homes, mixed use, model leasebacks, operating farms/ranches/orchards, Hawaii lava zones 1–2, illegal zoning use, hazardous materials/noxious odors/safety violations, oil and gas leases, agricultural or commercial use, reservation land, non-conforming use that can't be rebuilt, timeshares, vacant land, sinkholes. Leaseholds eligible.", "declining_market": "N/A", "appraisal": "Second appraisal over $2M or on flips (lower value used); an enhanced desk review (ARR, CDA, or CU 2.5 or less) on every loan. Appraisals good 120 days, 180 with a recert.", "rent_purchase": "Lower of in-place lease or market; vacant uses market; proposed leases not accepted", "rent_refi": "In-place lease with 2 mo receipts, capped at 115% of market; otherwise lower of lease or market", "vacant_refi": "Not permitted – vacant properties are purchase-only.", "str_allowed": "Yes", "str_docs": "Property Guard compliance report confirming STRs are allowed (state, city, county) with no owner-occupancy requirement. Purchase: appraiser's market rent. Refinance: lower of appraisal rent or the 12-month third-party management history identifying the property.", "str_impact": "Max 70% LTV, $1.5M, 700 FICO, DSCR 1.00; not for first-time investors.", "cashout_seasoning": "Owned under 6 months (acquisition to note): LTV uses the lower of original purchase price or appraisal, including delayed financing. Refinancing a cash-out loan less than 12 months old counts as cash-out. Cash-out must be for business purposes with a letter of explanation; paying taxes 60+ days delinquent is cash-out.", "delayed_financing": "Yes – LTV on lower of price or value", "listed_for_sale": "N/A", "ipc": "Interested-party contributions limited to 3% on investment properties.", "subordinate_financing": "Rate/term may pay off a purchase-money second or a closed-end second seasoned 12 months (HELOCs drawn in the last 12 months not eligible). Any subordinate financing payment is included in the DSCR.", "state_restrictions": "Prepayment penalty required on DSCR loans; where a state prohibits prepays, it must be bought out through pricing.", "details": "Grid DSCR ≥1 (purch/RT/CO, $1M/$1.5M/$2M): 760–720 → purch 80/75/75 (720–739 $2M 70), RT 80/75/70, CO 75/70/60; 700–719 & 680–699 → purch 75/70/65, RT 75/70/65, CO 70/65/60 (680: 65/60/NA); 660–679 → 70/65/60, 70/65/60, 65/60/NA. Declining market −5%. Non-arm's-length not permitted.", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d11.html" }, { "code": "LAMD-D12", "name": "DSCR Standard (Two Credit Tiers)", "lien": "First lien", "min_fico": "Tier A 700 / Tier B 640", "max_ltv_purchase": "80% (Tier A ≤$1.5M 700+ DSCR≥1; Tier B ≤$1.5M 720+)", "max_ltv_rt": "80%", "max_ltv_co": "75%", "min_loan": "Tier A $100K (≤75 LTV) / $150K (>75); Tier B $125K / $200K", "max_loan": "Tier A $3.0M / Tier B $2.5M (DSCR>1.25, 740)", "cash_in_hand": "Tier A: unlimited at 65% LTV or less; capped at $1M above 65%. Tier B: unlimited below 60% LTV; capped at $500K above 60%.", "ltv_adjustments": "Tier A: a 1x30x12 housing late or a credit event 36–48 months old caps LTV at 75%; non-warrantable condo 75%; condotel 75% purchase / 65% refi; declining market −5% when LTV is over 65%. Tier B: warrantable condo 75%; non-warrantable condo/condotel 75% purchase/rate-term, 70% cash-out; rural 75%. Recently listed cash-out: −5%.", "min_dscr": "Tier A 0.80 / Tier B 0.75", "dscr_below_1": "Yes – Tier A 0.80+ (720, 75%); Tier B 0.75–0.99 (up to 75%)", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA (principal, interest, taxes, insurance, HOA). Interest-only loans qualify on the interest-only payment (ITIA) at the note rate. Landlord hazard policy required.", "products": "Tier A: 30yr fixed, 30/40yr IO. Tier B: 15/30 fixed, 5/6 & 7/6 SOFR ARM, IO", "interest_only": "Yes – Tier A min 700 FICO & DSCR 1.00; Tier B DSCR >1.00", "ppp": "Up to 5 yr or state max", "reserves": "Tier A: 3 months under $1M, 6 months $1M–$1.5M, 9 months above $1.5M. Tier B: 3 months for $125K–$500K at 70% LTV or less, otherwise 6 months. Cash-out proceeds can count as reserves.", "housing_history": "Tier A allows 1x30x12 (max 75% LTV); Tier B requires 0x30x12. Applies to the subject and the primary residence; all other mortgages on the credit report must be current. Renters must show an active lease; rent-free borrowers need a 12-month ownership/landlord history on another property and management review.", "credit_events": "Bankruptcy (Ch 7/11/13), foreclosure, short sale, deed-in-lieu, mortgage charge-off, pre-foreclosure, notice of default, a 120-day mortgage late, a default modification or a non-COVID forbearance all count. Tier A: 48+ months no restriction; 36–48 months capped at 75% LTV. Tier B: 36 months. Measured from discharge/completion to the note date. First-time investors need 48 months.", "forbearance": "A non-COVID/non-disaster forbearance, a notice of default, a 120-day mortgage late or a modification due to default all count as a credit event and must meet the credit-event seasoning. COVID or non-default modifications are not treated as credit events.", "other_credit": "Collections and non-mortgage charge-offs under $5,000 may stay open if they won't cloud title; larger ones can stay open with reserves covering the balance. Anything that can become a lien (judgments, tax liens, mechanic's liens, past-due property taxes) must be paid at or before closing, though an IRS/state tax-lien payment plan with 3 months of on-time payments and title sign-off can be allowed. Medical collections are ignored.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed with DSCR above 1.00, 0x30x12 and 48-month credit-event seasoning; must currently own a primary or second home (or have sold one with a clean mortgage and current rental history). Tier B also needs 700 FICO; Tier A doesn't allow STR. First-time homebuyers (no ownership in 5 years) are ineligible.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC or corporation (no partnerships), up to 4 owners, all natural persons, no layered entities, US-domiciled, unanimous consent, ownership unchanged in the 90 days before application, no power of attorney. Revocable trusts per Fannie Mae.", "gift_funds": "Purchase only, with a 10% borrower contribution and DSCR of at least 1.00. Not for reserves; gifts of equity not allowed. Large deposits don't need to be sourced.", "max_financed": "Up to 20 financed properties per borrower (properties in a business name and not on the credit report don't count). Lender exposure capped at $7.5M or 10 loans per borrower.", "borrower_rules": "Borrower must have a primary residence that's superior to the subject (or owned 1+ year); otherwise extra occupancy review. No power of attorney on entity or cash-out loans. Non-permanent residents eligible; ITIN and foreign nationals not on this program.", "property_types": "SFR, 2-4, PUD, warrantable & non-warrantable condo", "adu_income": "Permitted ADUs: long-term rent from the ADU can be added to the main dwelling's rent. Unpermitted ADUs/additions are acceptable on the property only if they meet Fannie Mae's rules (appraiser shows they're typical for the market, doesn't give them full value, and they're safe); no rent from an unpermitted unit counts. Manufactured/mobile homes are never acceptable as an ADU.", "condo_nonwarr": "Allowed (full condo questionnaire). Non-warrantable features accepted: one entity owning up to 30% of units (21+ unit projects) or 4 units (5–20 units), commercial space up to 50%, presales down to 30%, HOA delinquencies up to 20% (60+ days), reserve allocation down to 3–7% if the reserve balance is strong, insurance deductibles up to 10%, mandatory outside memberships with 2 similar sales comps. Non-structural litigation, commercial-insurance exceptions and builder concessions over 1% may be approved case-by-case. Ineligible: condo conversions under 2 years old, live-work units, mandatory rental pools, projects that restrict owner occupancy, timeshare/segmented (Hawaii allows up to 20% timeshare units), manufactured-home projects. Max LTV: Tier A 75%; Tier B 75% purchase/rate-term, 70% cash-out.", "condotel": "Allowed. Unit 500+ sq ft with a full kitchen (stove/oven), resort or metro area, no mandatory rental pool, no black-out dates, borrower must have exclusive use, no fractional ownership, borrower may own up to 20% of the project, 100% investor concentration OK in established projects, commercial space up to 50%. Tier A: 75% purchase / 65% refi, loan $150K–$1M, DSCR 1.00+. Tier B: 75% purchase/rate-term, 70% cash-out.", "rural_acreage": "Rural allowed up to 20 acres (Tier B capped at 75% LTV). Primary use must be residential, no agricultural or income-producing use, interior photos of outbuildings, lot size typical for the area. Over 10 acres needs comparables with similar acreage. Agriculturally zoned is OK when the use is residential; Texas properties can't have mineral/drilling-rights exceptions.", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "Not eligible on the DSCR grid.", "units_5_8": "No", "ineligible_property": "Manufactured/mobile homes (including manufactured ADUs), co-ops, domes/geodesic and other unique homes, log and log-façade homes, houseboats, vacant land, 5+ units, blanket (multi-property) mortgages, boarding houses/PadSplit, B&Bs, timeshares/fractional, assisted living, working farms/ranches/orchards, C5/C6 condition, tribal-trust land, Hawaii lava zones 1–2, Puerto Rico/Guam/USVI, homes or units under 500 sq ft, any unit lacking a separate bedroom and a full kitchen with stove/oven (cooktop-only fails), properties not suitable for year-round occupancy, and STR-qualified properties where local code bans short-term rentals.", "declining_market": "Declining market (per appraisal) reduces max LTV by 5%.", "appraisal": "Full interior/exterior appraisal with 1007 (1-unit) or 1025 (2–4 units). Appraisal must be under 180 days old at note (update after 120). A second appraisal is required above $2M. Appraisal transfers not allowed on the domestic programs.", "rent_purchase": "Lower of the lease or market rent (1007/1025). A new lease must start within 60 days of closing; an existing tenant's lease must be transferred.", "rent_refi": "Market rent from 1007/1025, or the lease if higher with 3 months' proof of receipt of the higher rent (security deposit doesn't count). Month-to-month needs the latest rent receipt unless market rent is equal or higher. Family-member tenants are not allowed.", "vacant_refi": "Allowed – use market rent with a letter of explanation.", "str_allowed": "Yes", "str_docs": "Purchase: appraiser's short-term rent analysis, the seller's 12-month platform history, or an AirDNA/Opteon projection (12-month forecast, 50%+ occupancy, 5 comparable properties within the same ZIP or 5 miles, similar size/rooms/amenities; DSCR on projected revenue ÷ 12). Refinance: 12-month Airbnb/VRBO remittance average plus proof of an active listing; if not rented 12 months because recently bought or renovated, the appraiser/AirDNA projection may be used.", "str_impact": "Tier A: with remittance history DSCR 1.00 minimum; with a projection 1.25 at 75% LTV or less, 1.50 above 75%. Tier B: purchase 1.25 above 75% LTV, 1.00 otherwise; refinance 1.00. First-time investors: STR not allowed on Tier A.", "cashout_seasoning": "At least one borrower on title 6 months (except delayed financing). Cash-out within 12 months of a prior cash-out on the same property follows the guide's cash-out-to-cash-out rule. Properties inherited within 6 months, land-contract payoffs and non-arm's-length deals are ineligible.", "delayed_financing": "Yes (as R/T)", "listed_for_sale": "Properties currently listed are not eligible to refinance. If listed in the prior 6 months: rate/term needs the listing off-market before application plus at least a 1-year prepayment penalty (where state law allows); cash-out needs either 6 months off-market, or off-market at least 1 day before application with a 5% LTV reduction plus a 1-year prepay. Cancelled listing, current MLS search and a letter of intent are required.", "ipc": "Seller/interested-party contributions up to 6% of price at any LTV. Excess contributions and any personal property (furniture, cars, etc.) are deducted from the sales price before LTV is calculated.", "subordinate_financing": "Not allowed – no new or existing subordinate financing can remain on a DSCR loan.", "state_restrictions": "All 50 states; Puerto Rico, Guam and USVI ineligible. California properties must qualify with taxes of at least 1.25% of the purchase price unless the actual rate is documented higher.", "details": "Declining market −5% when LTV >65 (Tier A). Manually underwritten.", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d12.html" }, { "code": "LAMD-D13", "name": "DSCR Recent Credit Event", "lien": "First lien", "min_fico": "640", "max_ltv_purchase": "80% (DSCR≥1, ≤$1.5M, 680+); 70% at 640", "max_ltv_rt": "80%", "max_ltv_co": "75% (DSCR≥1); 60% (DSCR<1)", "min_loan": "$125K (≤75 LTV) / $200K (>75)", "max_loan": "$2.5M (700+); $2.0M (≤680)", "cash_in_hand": "Unlimited below 65% LTV; $500K cap above 65%.", "ltv_adjustments": "Non-warrantable condo 80% purchase / 75% refi (−5% more in Florida), DSCR 1.00+. Rural 75%. Short-term rental 75% purchase / 70% refi, DSCR 1.00+. First-time investor 75% purchase / 70% refi. 2x30x12 housing caps at 65% and $1.5M. Credit event 24–35 months caps at 65%. DSCR below 1.00 caps at 70% purchase / 60% refi. Declining market −5%.", "min_dscr": "0.75", "dscr_below_1": "Yes – 0.75–0.99: max 70% purch/RT, 60% CO (55% at $2.5M)", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA; interest-only loans use the IO payment (ITIA) at the note rate.", "products": "15/30 fixed, 5/6 & 7/6 SOFR ARM, IO", "interest_only": "Yes – min 700 FICO", "ppp": "Up to 5 yr or state max", "reserves": "3 months under $1M, 6 months $1M–$1.5M, 9 months above $1.5M. Cash-out proceeds may be used.", "housing_history": "1x30x12 allowed with no restriction; 2x30x12 allowed at max 65% LTV and $1.5M; 0x60x12 required. Rolling 30-day lates count as one. Applies to subject and primary residence; other mortgages must be current. First-time investors 0x30x12.", "credit_events": "Built for recent credit events: 36+ months no restriction; 24–35 months allowed at max 65% LTV; under 24 months not allowed. Counts bankruptcy, foreclosure, short sale, DIL, charge-off, NOD, 120-day late, default modification, non-COVID forbearance. Seasoning is measured to the application date. First-time investors need 48 months. Layered events (credit event + housing late) need credit-risk approval.", "forbearance": "A non-COVID/non-disaster forbearance, a notice of default, a 120-day mortgage late or a modification due to default all count as a credit event and must meet the credit-event seasoning. COVID or non-default modifications are not treated as credit events.", "other_credit": "Collections and non-mortgage charge-offs under $5,000 may stay open if they won't cloud title; larger ones can stay open with reserves covering the balance. Anything that can become a lien (judgments, tax liens, mechanic's liens, past-due property taxes) must be paid at or before closing, though an IRS/state tax-lien payment plan with 3 months of on-time payments and title sign-off can be allowed. Medical collections are ignored.", "tradelines": "N/A", "fthb": "No (no property owned in 5 yrs)", "first_time_investor": "Allowed at 75% purchase / 70% refi, DSCR 1.00+, 0x30x12, 48-month credit-event seasoning; must own a primary or second home (or prove a clean prior mortgage plus current rental). Recently acquired or renovated properties can be refinanced. STR allowed.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC, corporation and Fannie-eligible revocable trusts (entity rules: up to 4 natural-person owners, no layered entities, no POA).", "gift_funds": "Purchase only, with a 5% borrower contribution. Not for reserves; no gift of equity. Large deposits don't need sourcing.", "max_financed": "Up to 20 financed properties; lender exposure $7.5M / 10 loans per borrower.", "borrower_rules": "US citizens, permanent and non-permanent residents. Foreign nationals and first-time homebuyers ineligible. Primary residence must be documented and superior to the subject. No family-member tenants.", "property_types": "SFR, 2-4, PUD, warrantable & non-warrantable condo, condotel, rural", "adu_income": "Permitted ADUs only. Both long-term and short-term ADU rent can count, but only if the ADU is rented the same way as the main house (e.g., both long-term). If the main house is long-term and the ADU is short-term, DSCR uses the main house only. Unpermitted additions must meet Fannie Mae rules to be acceptable and earn no rent credit. Manufactured homes can't be ADUs.", "condo_nonwarr": "Allowed with full questionnaire (same feature allowances as the core tiers). 80% purchase / 75% refinance, reduced 5% in Florida, minimum DSCR 1.00.", "condotel": "Allowed per non-warrantable condo rules: 500+ sq ft, full kitchen, resort/metro location, no mandatory rental pool or black-out dates.", "rural_acreage": "Rural allowed, max 75% LTV, up to 20 acres; acreage and land value must be typical for the market.", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured/mobile homes (including manufactured ADUs), co-ops, domes/geodesic and other unique homes, log and log-façade homes, houseboats, vacant land, 5+ units, blanket (multi-property) mortgages, boarding houses/PadSplit, B&Bs, timeshares/fractional, assisted living, working farms/ranches/orchards, C5/C6 condition, tribal-trust land, Hawaii lava zones 1–2, Puerto Rico/Guam/USVI, homes or units under 500 sq ft, any unit lacking a separate bedroom and a full kitchen with stove/oven (cooktop-only fails), properties not suitable for year-round occupancy, and STR-qualified properties where local code bans short-term rentals.", "declining_market": "Declining market (per appraisal) reduces max LTV by 5%.", "appraisal": "Full interior/exterior appraisal with 1007 (1-unit) or 1025 (2–4 units). Appraisal must be under 180 days old at note (update after 120). A second appraisal is required above $2M. Appraisal transfers not allowed on the domestic programs.", "rent_purchase": "Lower of lease or 1007/1025", "rent_refi": "Market rent, or a higher lease with 3 months' receipts. Month-to-month needs the latest receipt. A new lease must start within 60 days with the deposit documented.", "vacant_refi": "Not allowed – vacant properties can't be refinanced.", "str_allowed": "Yes", "str_docs": "Purchase: appraiser STR analysis, 12-month platform history, or AirDNA/Opteon (12-month forecast, 50%+ occupancy, 5 comps in ZIP or 5 miles). Refinance: 12-month remittance average plus active listing; projection allowed if the property was recently bought or renovated.", "str_impact": "Max 75% purchase / 70% refi; minimum DSCR 1.00. First-time investors may use STR.", "cashout_seasoning": "6 mo on title", "delayed_financing": "Yes (as R/T)", "listed_for_sale": "Properties currently listed are not eligible to refinance. If listed in the prior 6 months: rate/term needs the listing off-market before application plus at least a 1-year prepayment penalty (where state law allows); cash-out needs either 6 months off-market, or off-market at least 1 day before application with a 5% LTV reduction plus a 1-year prepay. Cancelled listing, current MLS search and a letter of intent are required.", "ipc": "Seller/interested-party contributions up to 6% of price at any LTV. Excess contributions and any personal property (furniture, cars, etc.) are deducted from the sales price before LTV is calculated.", "subordinate_financing": "Not allowed – no new or existing subordinate financing can remain on a DSCR loan.", "state_restrictions": "All 50 states; Puerto Rico, Guam and USVI ineligible. California properties must qualify with taxes of at least 1.25% of the purchase price unless the actual rate is documented higher.", "details": "Credit-challenged DSCR tier. Manually underwritten.", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d13.html" }, { "code": "LAMD-D14", "name": "DSCR Experienced Investor 0.80+", "lien": "First lien", "min_fico": "680 (FN no FICO tier)", "max_ltv_purchase": "80% (700+)", "max_ltv_rt": "80%", "max_ltv_co": "75% (700+); 680–699 CO N/A", "min_loan": "$100K", "max_loan": "$3.0M", "cash_in_hand": ">65 LTV max $1M; ≤65 unlimited", "ltv_adjustments": "Warrantable condo 80%, non-warrantable 75%, 2–4 units 80%. 680–699 FICO: 70% and no cash-out. Loans under $150K: 75%. Over $1.5M: 700 FICO and 75%; over $2M: 70%; cash-out over $1.5M: 65% with 700 FICO. DSCR under 1.00: 75% (70% cash-out), max $1.5M, 720 FICO, no condotel or IO. A 1x30x12 mortgage late or any credit event in the last 7 years: 75%. Short-term rental income: −5%. Declining market with LTV over 65%: −5%. Cash-out on property owned under 6 months: −5% (value capped at price plus improvements).", "min_dscr": "0.80", "dscr_below_1": "Yes – 0.80–0.99: min 720 FICO, max 75% / CO 70%, max $1.5M, no condotel, no IO", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA at the note rate (IO loans use ITIA). DSCR may be rounded at the 4th decimal (0.9945 counts as 1.00). Rent used is the higher of the lease or 1007 market rent – market rent can be used up to 120% of the lease (lease $1,100, market $1,500 → $1,320). A lease above market is usable with 3 months' receipts. Vacant: full market rent with no vacancy factor.", "products": "30yr fixed, 5/6 & 7/6 ARM, 40yr fixed IO", "interest_only": "Yes (not for DSCR <1 or FN)", "ppp": "Permitted; NJ S/C-corp only; MI & OH priced no-PPP", "reserves": "3 months under $1M, 6 months $1M–$1.5M, 9 months over $1.5M; 12 months first-time investor; foreign national 12 months plus 2 per other property. None required on rate/term at 65% LTV or less. IO reserves use the IO payment; cash-out proceeds may be used.", "housing_history": "Max 1x30x12 (which caps LTV at 75%). Only the primary residence and the subject (on a refi) are verified – VOM/VOR without cancelled checks. Free-and-clear ownership counts as 0x30 for each month owned. Borrowers with less than 12 months of housing history are ineligible, unless they live rent-free and own other property with a clean 12-month history (rent-free letter required).", "credit_events": "Bankruptcy, short sale, deed-in-lieu, mortgage charge-off and foreclosure need 36 months from application. Any such event within the last 7 years caps LTV at 75%. Loan modifications acceptable after 36 months.", "forbearance": "COVID forbearance must be released and the loan fully current. Any non-COVID deferral or forbearance is disqualifying. Modifications need 36 months.", "other_credit": "Judgments, garnishments and liens (including mechanic's liens) must be paid at or before closing. Collections/charge-offs under 24 months old may stay open up to $2,000 total; 24+ months up to $2,500 each; time-barred and medical collections ignored. IRS payment plans with 3 months of payments may stay open. Credit counseling OK after 12 on-time months with the counselor's approval. Past-due accounts must be brought current.", "tradelines": "N/A", "fthb": "Not published – ask us about your scenario", "first_time_investor": "Allowed: max 75% LTV, DSCR 1.00+, 12 months' reserves, verified 12-month housing history. Experienced = owning or managing rental real estate 1 year in the last 3 (property-management employment counts).", "foreign_national": "Allowed: 70% purchase/rate-term, 65% cash-out (cash-out capped at $350K), max $2M, DSCR 1.00+, no IO, 12 months' reserves plus 2 months per additional property. Visas B-1, B-2, J-1, J-2 (or Visa Waiver). Long list of ineligible countries (OFAC-sanctioned plus others such as Russia, Venezuela, Nicaragua and the Balkans). Without US credit: 3 tradelines with 2-year history from the home country and no mortgage lates in 24 months.", "itin": "No (separate ITIN program is primary-only)", "non_perm_resident": "Yes", "entity_vesting": "Title may be in an LLC, partnership or corporation (investment only): US-domiciled, max 4 members, applicants must own at least 25% if not all members apply, no layered entities, personal guaranties from qualifying members, no POA. Revocable trusts may hold title (not trust plus individual). Trusts and entities can't be the borrower themselves; no life estates.", "gift_funds": "Purchase only, from a family member. Borrower must show they have 10% of the down payment in their own funds (doesn't have to actually contribute it). Not for reserves; no gift of equity on investment property. Business funds OK with 25%+ ownership; crypto allowed (60% value for reserves unless moved to a US bank). 1031 funds OK for down payment, not reserves.", "max_financed": "No cap on other financed properties when the subject is an investment property. Lender exposure: $7.5M or 10 loans per borrower; DSCR under 1.00 limited to $2M per borrower.", "borrower_rules": "Neither the borrower nor any relative may occupy. Cash-out must be for business purposes (not consumer debt). POA allowed except cash-out and entity closings. Loans to the selling lender's executives, 501(c)(3)s and cannabis-industry business owners are ineligible. All borrowers must meet tradeline minimums.", "property_types": "SFR, SFR + 1 ADU, modular, 2-4, condo, co-op, rural ≤20 acres", "adu_income": "A single-family home with one ADU is eligible and ADU rent can count. The appraisal must show the ADU is a legal use under zoning – permits are not required to prove zoning compliance – with at least one sales comp and one rent comp that have an ADU. Only one ADU allowed. Purchase: lower of 1007 or lease for the ADU; refinance: 1007 market rent plus the current lease and 2 months' receipts.", "condo_nonwarr": "Allowed at 75% (lender's grid). Project criteria: commercial space under 50% (subject unit 100% residential), project and common areas complete with 50%+ sold, HOA delinquencies up to 35% (60+ days), investor concentration up to 60%, single-entity ownership up to 50%, reserves at least 8% of budget, developer control acceptable if turnover is defined. Litigation case-by-case (structural/safety litigation declined). Lender exposure in one project: lesser of $2M or 15% of units.", "condotel": "Allowed: $150K–$1M, 75% purchase / 65% refinance, DSCR 1.00+ (not allowed when DSCR is under 1.00). Unit 475+ sq ft with at least 1 bedroom and a full kitchen (full-size fridge and stove/oven). Hotel/resort/lodge names OK; the project must have a hotel or resort rating. Investor concentration up to 100%.", "rural_acreage": "Rural allowed up to 20 acres; over 20 acres ineligible. Zoning alone (e.g., agricultural) doesn't disqualify a property if the highest and best use is legal residential and it can be rebuilt; working farms and agricultural properties are ineligible.", "min_sqft": "500 sq ft total living space (condotels 475 sq ft with a bedroom).", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "Manufactured homes, mixed use, commercial, barndominiums, log homes, geodesic domes, unique properties, boarding houses/PadSplit, assisted living, agricultural/working farms, rural over 20 acres, under 500 sq ft, C5/C6 condition, under construction, tenancy-in-common properties (TIC vesting is OK), timeshares, tribal land, model-home leasebacks, vacant lots, properties listed for sale at loan purchase. Co-ops and leaseholds (where common) are eligible.", "declining_market": "N/A", "appraisal": "Full appraisal plus CDA up to $2M; two appraisals over $2M. Transferred appraisals allowed (under 60 days old at transfer, 120 at closing). Flips (resale within 365 days at 10%+ higher price) need arm's length and open marketing; second appraisal if the price rose 10% within 90 days or 20% within 91–180 days.", "rent_purchase": "Higher of lease or 1007 market (market capped at 20% over lease)", "rent_refi": "Higher of lease or 1007 (market capped at 120% of the lease; higher lease needs 3 months' receipts). Leases must be at least 12 months originally (month-to-month after expiry OK).", "vacant_refi": "Allowed – use full 1007 market rent with no vacancy factor.", "str_allowed": "Yes", "str_docs": "12-month look-back via 12 monthly or an annual platform statement plus a screenshot of the active listing. No history needed when the appraiser confirms a short-term-rental market with no code/HOA restrictions and provides an STR-based 1007/1025 (or AMC STR analysis) for: new construction within 120 days, a seller-occupied home being converted to STR, or (by exception) a long-term rental being converted.", "str_impact": "5% LTV reduction when STR income is used; minimum DSCR 1.00.", "cashout_seasoning": "One borrower on title at application. Owned under 6 months: 5% LTV reduction and value is the lower of purchase price plus documented improvements or appraisal. No wait for inherited or divorce-awarded property. Property must be off the market 1 month before application; if listed in the last 6 months, LTV uses the lower of list price or appraisal.", "delayed_financing": "Allowed within 6 months of a cash purchase (arm's length, no financing, no liens, funds sourced; gifts can't be reimbursed). Loan limited to documented investment plus costs. If purchase funds were borrowed against another asset, proceeds must pay that loan down.", "listed_for_sale": "Must be off the market at least 1 month before application. Rate/term listed within 3 months, or cash-out listed within 6 months: LTV uses the lower of list price or appraised value.", "ipc": "Seller/interested-party contributions up to 6% at any LTV for investment properties (combined giveaways under $1,000 ignored). Excess is deducted from price.", "subordinate_financing": "Not allowed on DSCR loans (new or existing).", "state_restrictions": "Not available in Baltimore, MD or Philadelphia, PA. Prepayment penalties in NJ only for S-corp/C-corp borrowers; MI and OH priced as no prepay.", "details": ">$1. Not permitted Baltimore MD, Philadelphia PA. Subordinate financing not allowed. Declining market −5% when LTV >65.", "features": [ "DSCR below 1.00", "Short-term rental income", "Foreign national", "First-time investor", "Condotel", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d14.html" }, { "code": "LAMD-D15", "name": "DSCR Prime (Prepay Required)", "lien": "First lien", "min_fico": "620 floor (no FICO-by-loan-size grid in published rules)", "max_ltv_purchase": "Ask us (condos max 70%)", "max_ltv_rt": "Not published – ask us about your scenario", "max_ltv_co": "Listed for sale in last 12 months 70%; inherited 60%; gift of equity 70%; otherwise ask us", "min_loan": "$100K (DSCR 1.25 required for $100–150K)", "max_loan": "$1.5M", "cash_in_hand": "$750K above 65% LTV; $1.5M at or below 65%.", "ltv_adjustments": "Condos 70%. Not eligible: DSCR under 1.00, 40-year amortization, no-prepay loans, STR, FTHB, suburban/rural-residential exception. Listed within 12 months (cash-out) 70%. Recently inherited 60%. Gift of equity 70%. Declining market −5%.", "min_dscr": "1.00 (1.25 for $100–150K)", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Lower of market rent or lease ÷ PITIA; minimum 1.00 (1.25 for loans $100K–$150K). Same 120% lease/market rules as the standard tier.", "products": "30yr fixed and ARMs; no 40-yr amortization, no IO", "interest_only": "Not eligible on prime tier", "ppp": "Required – no-PPP states/loans ineligible", "reserves": "DSCR ≥1: <$1.5M & ≤70% LTV none; <$1.5M & >70% 6 mo; >$1.5M 9 mo. DSCR <1: 6 / 9 mo. Cash-out: 6 mo. Cash-out may count; no gifts", "housing_history": "1x30x12 (no rolling lates); 0x30x12 if a credit event is under 4 years old. Only one borrower needs to meet it; all must be current at application. Primary and subject verified; other REO only if on credit. No mortgage on credit requires pre-approval unless free-and-clear with taxes current, a prior 12-month history, a private VOM with 12 months of bank records, or rent-free with a spouse. Borrowers temporarily rent-free after selling a home are fine with the prior 12 months documented.", "credit_events": "4 years for foreclosure, short sale, DIL, default modification, NOD, single bankruptcy or 120+ day late; multiple events within 4 years or multiple bankruptcies ineligible.", "forbearance": "A natural-disaster or non-financial-hardship forbearance/deferral on the primary or subject must be completed with 2 payments made since (purchase or rate/term) or 6 payments (cash-out); the deferred balance can be paid off by the refinance. A primary residence currently in forbearance is ineligible; one other REO in forbearance is OK.", "other_credit": "Judgments and liens affecting title must be paid. Non-title charge-offs/collections open under 2 years and over $10,000 (individually or combined) must be paid. Medical collections under $50,000 can remain. IRS payment plans OK if current and not liened. Borrowers in credit counseling or debt management are not eligible; no private credit-repair companies.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed (680 FICO, DSCR 1.00+); first-time homebuyers not eligible.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Not eligible on this tier.", "entity_vesting": "LLC, sole proprietorship, LP, LLP, S or C corp (US-registered); up to 4 owners and up to two entities/two layers. Guarantor must be an individual owning 25%+ and is credit-checked like a borrower. No POA when closing in an entity. Revocable trusts per Fannie Mae.", "gift_funds": "Purchase only, from family. Under 75% LTV no borrower contribution needed; above 75% the borrower must show 5% of their own funds (doesn't have to use them). Not for reserves. Gift of equity from family allowed up to 70% with a 0x30x12 seller mortgage, tenant in place and DSCR 1.00+.", "max_financed": "Up to 15 financed residential properties; lender exposure $5M or 10 loans.", "borrower_rules": "N/A", "property_types": "SFR, PUD, condo, 2-4, modular; warrantable & non-warrantable condo", "adu_income": "Up to 2 ADUs on a single-family home (not on 4-unit properties; manufactured-home ADUs not permitted), minimum 400 sq ft, typical for the area per appraisal comps, conforming to zoning. Permitted ADU rent counts with a comp that has a permitted ADU, a market rent survey and a lease with 1 month's receipt (on a purchase, the borrower attests they'll rent it). Unpermitted ADUs are acceptable if built in a workmanlike manner and conforming to the property, but their rent can't be used to qualify. Unpermitted room additions: appraiser confirms workmanlike quality.", "condo_nonwarr": "Up to two non-warrantable features: presale 30%, investor concentration up to 70%, commercial up to 50%, recreational leases, single-entity ownership up to 30%, HOA delinquencies up to 25%, master deductible up to 10%, reserves under 10% (never below 5%), mandatory memberships up to 10% of price. Ineligible: structural/functional litigation against the developer, less than full replacement-cost insurance, non-gut conversions, flood zones without master flood coverage, incomplete projects or HOA not turned over. California SB326 balcony inspections and Florida structural inspections (30+ years, or 25 near the coast, 3+ stories) required. Limited review established projects: 75% (70% in Florida).", "condotel": "Not eligible.", "rural_acreage": "Rural not permitted; max 5 acres.", "min_sqft": "500 sq ft per unit; no kitchenettes", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured homes, mixed use, condotels, co-ops, rural/agricultural zoning, mandatory rental pools, live/work condos, log homes, domes, unique properties, working farms, boarding houses/room leases, assisted living, timeshares/fractional, tenants-in-common, 'shouses', builder model leasebacks and inventory, under construction, C5/C6, commercial or industrial zoning (except condos), zoning violations, Native American leased land, lava zones (unless meeting Fannie Mae), leased land not exceeding the loan term by 5 years, community land trusts. Under 500 sq ft per unit (no kitchenettes). Mandatory club fees over 10% of price ineligible. Properties near power plants, industrial factories or environmental hazards ineligible.", "declining_market": "N/A", "appraisal": "One full appraisal plus a review product (CU/LCA 2.5 or less, or a desk review within 10%; otherwise field review or second appraisal). Transferred appraisals OK unless borrower- or seller-ordered. Hybrid appraisals allowed up to $1.5M (680 FICO, 70% purchase / 65% rate-term / 60% cash-out; not for rural, leasehold, 5+ acres, condotels). Rent-loss insurance of 6 months (or 6 extra months of reserves). Declining market −5% (floor 75% purchase / 70% refi).", "rent_purchase": "Market rent (1007/1025); lease 70%: $500K", "ltv_adjustments": "2–4 units capped at 70%. Warrantable condos 80% (Florida condos 50%). Limited-review established condos 75% (Florida 65%). DSCR minimum depends on FICO: 1.00 at 720+, 1.20 at 680–719 (which also lowers the grid). Declining market −5%.", "min_dscr": "1.00 (720+); 1.20 (680–719)", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Rents ÷ PITIA (IO payment allowed with 700 FICO); minimum 1.00 at 720+ FICO, 1.20 at 680–719; no rounding. Same lease/market rules as the standard tier (a higher lease up to 125% of market with 2 months' receipts); short-term rentals not allowed.", "products": "Fixed & ARM per product section", "interest_only": "Yes – 700 FICO; 10-yr IO (no 5/6 IO)", "ppp": "Allowed per state (PA <$319,777 1-2 units prohibited)", "reserves": "≤70% LTV 6 mo; >70% 9 mo; none for other REO", "housing_history": "0x30x24 on all housing for this tier. Rent-free only for experienced investors.", "credit_events": "No foreclosure, short sale, DIL, short payoff, bankruptcy, default modification or 120+ day late within 4 years – ineligible.", "forbearance": "Mortgage forbearance: if all payments were made, the loan just needs to be reinstated (no wait); if payments were missed, 3 on-time payments after forbearance ended (missed payments may have been added to the balance). A modification resolving a COVID forbearance, or from a forbearance exit, isn't a credit event. Non-mortgage accounts may stay in forbearance with the payment counted.", "other_credit": "All open collections and charge-offs must be paid off at or before closing (judgments/tax liens may stay on a 6-month plan).", "tradelines": "N/A", "fthb": "No – all applicants must own current primary or an investment property", "first_time_investor": "12-month landlord history required, or waiver with 0x30x24, no forbearance with missed payments in 12 months, and owning their current residence. All applicants must own a primary or investment property.", "foreign_national": "No", "itin": "No", "non_perm_resident": "No", "entity_vesting": "LLC, partnership or corporation (NJ with PPP: corporation only)", "gift_funds": "Not allowed on the program", "max_financed": "Not published – ask us about your scenario", "borrower_rules": "N/A", "property_types": "SFR, 2-4 (max 70% CLTV), PUD, warrantable condo (max 80%; FL 50%)", "adu_income": "One ADU allowed if the appraiser states it's legally permitted and rentable, with like-kind comps. ADU rent counts only if the appraiser verifies with the building department that it's legal and legally rentable. Unpermitted additions case-by-case with no value given.", "condo_nonwarr": "Not eligible (warrantable condos only; no high-rises).", "condotel": "Not eligible.", "rural_acreage": "Rural properties not eligible; max 10 acres for DSCR.", "min_sqft": "500 sq ft condos, 700 sq ft single-family.", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Rural, non-warrantable condos, condotels, high-rise condos, Florida condos over 50%, 5–10 units, mixed use, manufactured, modular, log homes, co-ops, unique properties, working/hobby farms, oil/gas leases, C5/C6, commercial, raw land, timeshares, boarding houses, TICs, marijuana use, and other standard exclusions.", "declining_market": "5% below the maximum LTV, plus credit-risk review.", "appraisal": "Unpermitted additions case-by-case: appraiser must confirm workmanlike quality and no adverse marketability impact, and the addition gets no value. Declining market: 5% below max with credit-risk review. Escrow holdbacks up to 30 days/$25K on purchases (case-by-case).", "rent_purchase": "100% market if vacant; lesser of lease or market if leased; new lease within 60 days OK with receipt", "rent_refi": "Lesser of lease or market; lease above market up to 125% with 2 mo receipts and 3+ mo remaining", "vacant_refi": "Allowed – vacancy defined by unit count; follow rent table (LTV reduction may apply)", "str_allowed": "No", "str_docs": "N/A", "str_impact": "Short-term rentals not allowed.", "cashout_seasoning": "6 mo on title", "delayed_financing": "Yes – technical refinance", "listed_for_sale": "Refinance of a property listed in the last 6 months: must be delisted before funding with a motivation letter to keep it; cash-out gets extra review.", "ipc": "Interested-party/financing contributions up to 6% at any LTV, limited to actual closing costs and prepaids.", "subordinate_financing": "N/A", "state_restrictions": "NJ prepay loans must close in a corporation; PA no prepay on 1–2 units under about $320K.", "details": "Grid (max LTV, $1M/$1.5M/$2M; min DSCR): Purchase 740 & 720 → 80/75/70 @1.0x; 700 → 80/75/70 @1.2x; 680 → 75/70 @1.2x. R/T 740 & 720 → 75/70/65 @1.0x; 700 → 75/70 @1.2x; 680 → 70/65 @1.2x. Cash-out 740 & 720 → 75/70/65 @1.0x; 700 → 75/70 @1.2x; 680 → 70/65 @1.2x. Prime-credit DSCR tier.", "features": [ "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d17.html" }, { "code": "LAMD-D18", "name": "DSCR Prime 720+", "lien": "First lien", "min_fico": "720 (additional borrowers 640; highest representative score)", "max_ltv_purchase": "80% (740 ≤$2M; 720 ≤$1.5M); 720 $2M: 75%", "max_ltv_rt": "80% (same as purchase)", "max_ltv_co": "75% (740 ≤$2M; 720 ≤$1.5M); 720 $2M: 70%", "min_loan": "$150K", "max_loan": "$2.0M", "cash_in_hand": "Unlimited at 60% or less; $1M above 60% (unlimited with 18 months of reserves).", "ltv_adjustments": "2–4 units: −5% from the grid. Warrantable condos 75% (leasehold condos ineligible; non-warrantable not offered). STR (refinance only): lesser of 75% or the grid. Declining market −5% above 65%.", "min_dscr": "1.00 (STR 1.15)", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA (ITIA on IO); minimum 1.00 (1.15 for STR). Same lease/market rules as the standard tier.", "products": "30yr fixed, 30yr fixed IO, 5/6 & 7/6 SOFR ARM (30-yr)", "interest_only": "Yes – 30yr fixed with 10-yr IO", "ppp": "Required on investment where permitted (no-PPP pricing per rate sheet)", "reserves": "3 months up to $500K; 6 months $500K–$2M. Cash-out counts.", "housing_history": "0x30x12 on subject and primary.", "credit_events": "4 years from any credit/housing event; unrelated multiple events ineligible.", "forbearance": "Forbearance is treated as a housing event and must meet the program's housing-event seasoning (unless caused by a FEMA-declared disaster).", "other_credit": "N/A", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Investor experience not required; first-time homebuyers ineligible.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes – with US credit", "entity_vesting": "Yes – 25%+ member's score used", "gift_funds": "After a 5% borrower contribution; not for reserves; no gift of equity.", "max_financed": "Lender exposure: lesser of $10M or 10 loans, and $5M or 5 cash-out/5–8 unit loans (no-ratio: $7.5M/10 loans, $5M/5 cash-outs). Up to 20 financed properties including LLC-held.", "borrower_rules": "720 minimum qualifying score (additional borrowers 640). No exceptions on this tier. Max $2M.", "property_types": "SFR, PUD, townhome, 2-4 (−5% LTV), warrantable condo", "adu_income": "Homes with one or more ADUs (granny units, in-law suites) are acceptable when typical for the market and the property conforms to zoning. The ADU does NOT have to be permitted, as long as the appraiser says it's a legal use of the property and was built skillfully; legal non-conforming is fine if it doesn't hurt value. Two comps with a similar setup are required. Multiple ADUs are OK where the municipality allows them and the appraiser confirms compliance. The ADU must be substantially smaller than the main house, or the property is treated as 2–4 units. If any of these aren't met, the ADU gets no value. ADU rent can count when these rules are met and market rent is on the 1007. Unpermitted additions/modifications: appraiser comments they look professionally done and the use conforms to zoning.", "condo_nonwarr": "Not offered – warrantable condos only (75%).", "condotel": "Not eligible on this tier.", "rural_acreage": "Rural not permitted; max 2 acres.", "min_sqft": "No minimum (full kitchen required; condos <400 sq ft need similar comps); 5–8 units 400 sq ft/unit", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Container homes, assisted living, Baltimore City row homes, boarding houses, farms/hobby farms, leasehold condos, farm tax-abatement properties, rent-controlled properties (annual-increase caps alone are OK), unique properties (earth/berm, domes, barndominiums, churches), timeshares, C5/C6 condition (C4 reviewed; no structural deferred maintenance), 2+ detached homes on one lot unless typical with comps, blanket mortgages. Log-façade homes OK with comps (not true log cabins). Co-ops and manufactured homes only through delegated correspondents. Islands without a bridge case-by-case.", "declining_market": "5% LTV reduction when LTV is above 65%.", "appraisal": "N/A", "rent_purchase": "Market rent", "rent_refi": "Lesser of lease or market; higher lease w/ 2 mo receipt", "vacant_refi": "Same lease rules as Investor DSCR", "str_allowed": "Refi only", "str_docs": "1007/1025, AMC STR analysis, or 12-mo look-back", "str_impact": "Refinance only; DSCR 1.15; LTV lesser of 75% or grid.", "cashout_seasoning": "6 mo from last transaction (except delayed financing)", "delayed_financing": "Yes (lease exception)", "listed_for_sale": "Investment properties must be off the market before closing when the new loan has a prepayment penalty (before application if no prepay). If listed within 6 months, value is the lower of appraisal or lowest list price.", "ipc": "Interested-party contributions up to 6% of the lower of price or value on investment properties; giveaways under $1,000 ignored; excess deducted from price.", "subordinate_financing": "N/A", "state_restrictions": "Investment properties ineligible in Charlotte, Lee, Hendry and Glades Counties FL; Indianapolis; Paterson NJ; Lubbock TX. All loans ineligible in Cook County IL, Baltimore City MD, Orange County NY and several Philadelphia ZIP codes (no Philadelphia row homes). Hawaii delegated correspondents only. STRs not allowed in NYC's five boroughs. Brooklyn and Memphis investment loans need a field review. Texas: no ITIN/foreign national loans for citizens of China, Russia, Iran, North Korea. Puerto Rico, Guam, USVI ineligible.", "details": "Prime DSCR tier. No exceptions, no subordinate financing, no 2-1 buydown. Rent loss insurance 6 mo (or +3 mo reserves). Declining market −5% when LTV >65.", "features": [ "Short-term rental income", "First-time investor", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d18.html" }, { "code": "LAMD-D19", "name": "DSCR Standard 0.75+ & No-Ratio", "lien": "First lien", "min_fico": "660", "max_ltv_purchase": "80% (720+, ≤$1M, DSCR ≥1)", "max_ltv_rt": "80%", "max_ltv_co": "75% (720+, ≤$1M)", "min_loan": "$100K", "max_loan": "$3.0M", "cash_in_hand": "Unlimited at 60% or less; $500K above 60%; cash-out max loan $2M.", "ltv_adjustments": "2–4 units 75%; warrantable and non-warrantable condos 75% (non-warrantable max $2M); loans $2M–$2.5M 65%, $2.5M–$3M 60%. Non-permanent residents 75%, no cash-out, $2M. STR 70% and $2M. Interest-only 75% (DSCR 1.00+) or 70% (0.75–0.99), 700 FICO; not on no-ratio. Declining market −5%.", "min_dscr": "0.75 (no-ratio also allowed)", "dscr_below_1": "Yes – 0.75–0.99: 740/720 → 75/75/70 (≤$1M); 700 → 75/75/65; 680 → 70/70/60; 660 → 60/60/60", "no_ratio": "Yes – 740: 75/75/65 (≤$1M), 70/70/60 ($1.5M), 65/65/60 ($2M); 720: 70/70/60; 700: 65/65/60; 680: 65/60/60; 660: 60/60/60. No IO", "dscr_calc": "Gross rent ÷ PITIA (ITIA for IO) at the note rate. Lower of lease or market; a higher lease needs 3 consecutive months' receipts. DSCR down to 0.75, or no-ratio (no DSCR) at lower LTVs (e.g., 75% purchase at 740 to $1M).", "products": "3/6, 5/6, 7/6, 10/6 ARM; 15/30 fixed; 40yr IO", "interest_only": "Yes – 10/20 & 10/30 IO; DSCR ≥1: 700 FICO, 75%; DSCR ≥0.75: 700, 70%; none on no-ratio; $2–2.5M 65%, $2.5–3M 60%", "ppp": "Per state law", "reserves": "3 months $100K–$500K; 6 months to $2M; 9 months to $3M; none for other properties; cash-out counts.", "housing_history": "0x30x12 on the subject and primary residence (verified even if the borrower isn't on the note or title).", "credit_events": "3+ years from housing events; multiple bankruptcies not permitted.", "forbearance": "N/A", "other_credit": "Judgments/liens affecting title must be paid. Non-title collections/charge-offs within 3 years over $5,000 (individually or combined) must be paid; medical under $15,000 can stay. IRS plans OK if current and not liened. Past-due accounts brought current; no one currently in credit counseling/debt management. 60-day consumer lates within 4 years need an explanation. Credit can't be frozen.", "tradelines": "N/A", "fthb": "No – FTI may not be FTHB", "first_time_investor": "Allowed with DSCR above 1.00, 700+ FICO, no exceptions, max $2M; can't be a first-time homebuyer. Otherwise 12 months of ownership/management in the last 36 with an experience letter.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes – 75% max, no cash-out, max $2M", "entity_vesting": "LP, GP, Corp, LLC with personal guaranty; layered entities must trace to individuals", "gift_funds": "Family gifts allowed; not on NOO >80% LTV; not for reserves", "max_financed": "Up to 20 financed residential properties; lender exposure $7.5M or 10 properties per borrower (not applicable to the cross-collateral program). No extra reserves for other properties on DSCR.", "borrower_rules": "Personal recourse/guaranty required. No additional borrowers may join the entity on title. Builder refinances where the builder built 4+ units in the project, or new construction with a borrower-builder relationship, are ineligible.", "property_types": "SFR (attached/detached/modular), PUD, townhouse, 2-4 (max 75%), warrantable & non-warrantable condo, leasehold", "adu_income": "Single-family homes with ADUs follow Fannie Mae's ADU rules (legal ADUs acceptable). Multiple dwellings on one lot are ineligible except legal ADUs. Unpermitted additions/alterations are judged under Fannie Mae rules – generally acceptable if typical for the market, well built and not given full value – rather than an automatic decline. Rent is the lower of lease or 1007 market rent.", "condo_nonwarr": "Non-warrantable condos allowed (where the program permits) with no stacking of features: single-owner concentration up to 30%, commercial up to 49%, investor concentration up to 70%, HOA delinquencies up to 25% (including special assessments), reserves at least 10% (no exceptions), common areas complete, no mandatory dues, no first-mortgagee priority issues, adequate flood coverage. Developer-controlled HOAs by exception. Non-structural litigation within 25% of reserves or insurer-defended.", "condotel": "Not eligible; co-ops not allowed.", "rural_acreage": "Max 20 acres; rural not specifically excluded", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured homes, 5+ units, log homes (faux-log by exception), condotels/motels, projects with registration services or limits on owner occupancy, unique properties, mixed use, model leasebacks, boarding houses, group homes, timeshares/fractional, assisted living, mandatory country-club memberships, zoning violations, under construction, barndominiums, agricultural zoning (by exception), Hawaii lava zones 1–2, multiple dwellings on one lot (legal ADUs OK), working farms, C5/C6, live/work condos, earth-berm homes, domes, houseboats, reservation land, marijuana use, theme-park resort properties. Leaseholds OK; max 20 acres.", "declining_market": "5% reduction to the LTV caps (declining per appraisal or any third-party valuation).", "appraisal": "Escrow holdbacks not allowed. Disaster-area damage over $2,000 or affecting habitability is ineligible. Rent-loss insurance of 6 months required. Manual underwriting.", "rent_purchase": "Lower of lease or 1007 market rent", "rent_refi": "Higher lease allowed with 3 consecutive months' receipt", "vacant_refi": "Not eligible unless recently renovated to rent (appraiser confirms with photos) – then 1007 market rent.", "str_allowed": "Yes – purchase & refi, max $2M", "str_docs": "Must be legal and common for the area. Purchase: 100% of the appraiser's STR market rent (1007 or supplemental form by the same appraiser). Refinance: lower of appraiser's figure or the full 12-month actual history from Airbnb/VRBO/a property manager.", "str_impact": "Max 70% CLTV, DSCR 1.00, $2M max.", "cashout_seasoning": "6+ months of ownership (acquisition to note). Owned 6–12 months: LTV on the lower of purchase price plus documented improvements or appraisal. Refinancing a cash-out loan less than 1 year old counts as cash-out. Inherited or divorce-awarded properties have no seasoning. Cash-out for business purposes only (no renovations that make it uninhabitable). No POA on cash-out or entities.", "delayed_financing": "Yes – cash purchase within 180 days, arm's length", "listed_for_sale": "If listed within 6 months of the note date: not listed at application, with a borrower letter and listing cancellation. Multiple listings within 12 months are ineligible.", "ipc": "Interested-party contributions up to 6%.", "subordinate_financing": "N/A", "state_restrictions": "N/A", "details": "Grid DSCR ≥1: 740/720 → 80/80/75 (≤$1M), 75/75/70 ($1.5M), 75/75/60 ($2M), 70/70 ($2.5M), 65/65 ($3M); 700 → 75/75/70 ($1M), 70/70/60 ($2M), 65/65 ($2.5M); 680 → 75/75/65, 70/70/60, 65/65; 660 → 70/70/65, 65/65/60, 60/60. Professional investor = 12 mo experience in last 36. Rent loss insurance 6 mo. No temp buydowns. Declining market −5%. Co-ops not allowed.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "First-time investor", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d19.html" }, { "code": "LAMD-D20", "name": "DSCR Standard 0.75+ & No-Ratio", "lien": "First lien", "min_fico": "660", "max_ltv_purchase": "80% (DSCR ≥1, 720, ≤$1M)", "max_ltv_rt": "80%", "max_ltv_co": "75% (DSCR ≥1, 720)", "min_loan": "$125K", "max_loan": "$2.0M", "cash_in_hand": ">60 LTV max $500K; ≤60 unlimited", "ltv_adjustments": "2–4 units, warrantable condos and non-warrantable condos each capped at 75%. Short-term rental income: 70% and DSCR 1.00+. Interest-only: 75% (DSCR 1.00+) or 70% (DSCR 0.75–0.99). Non-permanent residents: 75%, no cash-out. Declining market (either appraiser): 5 points off the most restrictive applicable max.", "min_dscr": "0.75 or no ratio", "dscr_below_1": "Yes – ≥0.75: max 75% purch/RT (700), 70% CO (720)", "no_ratio": "Yes – max 75% (740), CO 65%", "dscr_calc": "Gross rent ÷ qualifying payment (P&I on the amortizing term at the note rate plus taxes, insurance and dues). IO uses the interest-only payment. Solar lease/loan payments are added to the payment. No-ratio option needs no DSCR at all (no IO on no-ratio). DSCR 0.75–0.99 allowed at reduced LTVs.", "products": "15/30 fixed, 30/40 fixed IO, 5/6 7/6 10/6 ARM", "interest_only": "Yes – 700 FICO; 75% (DSCR≥1) / 70% (≥0.75); not for no-ratio", "ppp": "Allowed where legal; not in AK, MD, MI, MN, NM; limits IL, NJ, OH, PA, MS, RI", "reserves": "Subject property only: 3 months up to $500K, 6 months $500K–$2M (PITIA, or ITIA for IO). Cash-out proceeds can count.", "housing_history": "0x30x12 on the subject and every borrower's/guarantor's primary residence (whether or not they're on the note or title), via credit report, VOM/VOR, cancelled checks or bank debits; private or non-institutional VOMs/VORs also need 6 months of payment proof. Other mortgages on credit must be 0x30x12. Rolling lates count individually. Primary can be free and clear. Rent-free as a dependent with family OK with a rent-free letter.", "credit_events": "36 months for foreclosure, short sale, pre-foreclosure or deed-in-lieu (from completion), Ch 7/11/13 bankruptcy (from discharge/dismissal), a default modification (from signing), a notice of default or lis pendens, a 120+ day mortgage late (from when brought current), or a balloon paid 180+ days late. A charged-off second mortgage counts from the charge-off date. Multiple bankruptcies are not allowed. Timeshare foreclosures are treated as consumer debt, not a credit event.", "forbearance": "Payments missed during any forbearance are counted as late payments, so the housing history must still be 0x30x12. A modification due to default needs 36 months.", "other_credit": "Collections/charge-offs in the last 3 years over $5,000 (individually or combined) must be paid; medical collections under $15,000 are excused. Judgments, garnishments and title liens must be paid. Income-tax liens must be paid unless on an IRS plan that is current and not liened. Past-due accounts brought current. Borrowers in credit counseling/debt management are ineligible. Any 60-day consumer late in the last 4 years must be explained.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed with 700+ FICO and DSCR 1.00+ – no exceptions. Experience = 12 months owning/managing income property within the last 36 months, shown on the REO schedule. First-time homebuyers are ineligible (no borrower or guarantor can be one).", "foreign_national": "No", "itin": "No", "non_perm_resident": "Allowed at 75% max, no cash-out. Needs SSN and US credit; visas E-1/E-2/E-3, EB-5, G-1–G-5, H-1B, L-1, NATO, O-1, R-1, TN. No asylum status.", "entity_vesting": "LLC, LP, GP or corporation formed for real-estate ownership; up to 4 owners. Guarantors must be a managing member or majority owner with 25%+ and are fully underwritten; all borrowers give personal recourse. Up to two entity layers allowed if the ownership chain is clean (no trusts in the chain). Spousal consent in community-property states (incl. CA). No POA for entities.", "gift_funds": "Purchase only, from family, not above 80% LTV. 100% gift allowed under 75% LTV; at 75%+ the borrower must put in 5% of their own. No gift of equity. Not for reserves. Crypto, foreign assets (60 days seasoned) and 1031 funds (not reserves) acceptable.", "max_financed": "Up to 20 financed 1–4 unit properties per borrower/guarantor; lender caps its own servicing at 10 loans or $7.5M.", "borrower_rules": "Professional investors and first-time investors only; max 4 borrowers. Foreign nationals, FTHBs, irrevocable/land/blind trusts, non-profits and asylum-status borrowers ineligible. Non-arm's-length purchases (family sales, estates, employer sales) ineligible. Limited POA allowed except cash-out and entities.", "property_types": "SFR, PUD, 2-4, warrantable & non-warrantable condo, leasehold", "adu_income": "One legal ADU on a single-family home is acceptable (Fannie Mae ADU rules apply; 2–4 units can't have ADUs). Multiple dwellings on one lot beyond one legal ADU are ineligible. Unpermitted additions and alterations are judged under Fannie Mae rules – generally acceptable when the appraiser shows the work is typical for the market and safe, without full value credit – rather than an automatic decline. Zoning must be legal (legal non-conforming must be 100% rebuildable).", "condo_nonwarr": "Allowed at 75% with full project review; no stacking of non-warrantable features. Limits: single-entity ownership 30%, commercial space 49%, investor concentration 70%, HOA delinquencies 25% (60+ days, including special assessments), reserves 10%, common areas 100% complete, no mandatory dues or first-refusal rights. Developer-controlled HOAs case-by-case. Litigation OK only if non-structural, not affecting marketability, and damages under 25% of reserves or covered by insurance. Florida 3+ story buildings 30+ years old (25 near the coast) need completed SB-4D inspections, repairs and reserve study.", "condotel": "Not eligible (also ineligible: timeshare units, live/work condos, projects with rental registration services or limits on owner occupancy).", "rural_acreage": "Rural and agricultural-zoned properties are case-by-case with exception approval and a pricing adjustment. Over 20.00 acres is ineligible (no truncating). Working farms ineligible.", "min_sqft": "Single-family homes under 700 sq ft are ineligible.", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured/mobile homes, co-ops, condotels, fractional ownership, mixed use (daycare, doctor's office, etc.), 5+ units, commercial/industrial zoning, zoning violations, under construction, mandatory country-club memberships, boarding houses/B&B/SRO, group or healthcare homes, domes, earth-berm homes, log homes, houseboats, barndominiums, theme-park resort properties, builder model leasebacks, Native American/Hawaiian Home Lands, Hawaii lava zones 1–2, C6 condition, marijuana-related use, PACE/HERO-encumbered homes unless paid off. Leaseholds are eligible.", "declining_market": "N/A", "appraisal": "One full appraisal up to $2M (two above $2M or on HPML flips, lower value used) plus CU/LCA 2.5 or less or a desk review within 10%. Flips: second appraisal if price rose 10% within 90 days or 20% within 180 days. Rent-loss insurance of 6 months required; max deductible 5%.", "rent_purchase": "Lower of the lease or 1007/1025 market rent; no lease needed if none is being transferred. Purchase can be vacant.", "rent_refi": "Lower of lease or market rent; a higher lease is usable with 3 consecutive months of receipts.", "vacant_refi": "Not eligible unless the property was just renovated to be rented and the appraiser confirms the completed work with photos – then market rent is used.", "str_allowed": "Yes", "str_docs": "Must be legal and common for the area. Purchase: 100% of the appraiser's STR market rent (1007/1025 or a supplemental form from the same appraiser). Refinance: lower of the appraiser's STR estimate or the full 12-month actual history from Airbnb/VRBO/a property manager (12 months required).", "str_impact": "Max 70% LTV; minimum DSCR 1.00.", "cashout_seasoning": "6 months of ownership (acquisition to note). Refinancing a loan that gave cash-out less than 12 months ago counts as cash-out. Paying delinquent taxes (60+ days) or PACE loans counts as cash-out. Inherited or divorce-awarded property has no seasoning (buyout agreement, probate cleared). No POA on cash-out. Cash-out can't fund renovations that make the property uninhabitable.", "delayed_financing": "Allowed within 180 days of a cash purchase (arm's length, funds documented, no liens); priced as cash-out, LTV on the lower of appraisal or price plus documented improvements, loan capped at the documented investment.", "listed_for_sale": "If listed within 6 months of the note date, the listing must be cancelled before application with a signed explanation. Multiple listings within 12 months are ineligible.", "ipc": "Interested-party contributions up to 6%. A borrower acting as their own agent counts toward the limit. Lender/broker employees can't be a party to the loan.", "subordinate_financing": "Not permitted (new or existing). A rate/term refi can pay off a purchase-money second or a HELOC with under $5,000 drawn in 12 months.", "state_restrictions": "Prepayment penalties not allowed in AK, MD, MI, MN, NM; IL only for entity borrowers (Cook County over $250K); NJ only for S/C-corps; OH not on 1–2 units; PA not on 1–2 units under about $320K; MS must be declining; RI needs written consent. New-construction tax estimate 1.25% in CA, 1.5% elsewhere.", "details": "Rent loss insurance 6 mo required. Non-arm's-length ineligible. Declining market −5%. Escrow waivers eligible.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "First-time investor", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d20.html" }, { "code": "LAMD-D21", "name": "DSCR Standard 0.80+ & No-Ratio", "lien": "First lien", "min_fico": "680", "max_ltv_purchase": "85% purchase only (720, ≤$1M, DSCR 1.00)", "max_ltv_rt": "80% (700, ≤$2M)", "max_ltv_co": "75% (700, ≤$2M)", "min_loan": "$100K (<$125K needs DSCR 1.00; >80% LTV needs $150K)", "max_loan": "$3.0M (60%)", "cash_in_hand": "Unlimited at 50% LTV or less; $2M at 50–60%; $500K above 60%.", "ltv_adjustments": "Purchase-only 85% at 720+ to $1M; otherwise 80% (700) to 60% ($3M). DSCR 0.80–0.99: 700 FICO, 75% (70% cash-out). No-DSCR (under 0.80): 70% at 720 or 65% at 700 (65% above $1.5M). Cash-out: 70% at 680, 75% at 700. Non-permanent residents −5% (DSCR 1.00). Credit event 36–48 months old: 75% max. Gift funds: 80% (75% with IO). IO: 75% at 680, 80% at 720. Condotel 75% purchase / 65% refi.", "min_dscr": "0.80; below 0.80 = no-DSCR tier", "dscr_below_1": "Yes – 0.80: 75% (700) / CO 70%", "no_ratio": "Yes – 70% (720) / 65% (700), CO 65%", "dscr_calc": "Rent ÷ (PITI + HOA); IO uses the interest-only payment (loan × rate ÷ 12) plus taxes and insurance. Loans under $125K need DSCR 1.00. Purchase: appraisal market rent. Refinance: market rent, or the lease with 3 months' receipts. Vacant refinances follow the no-DSCR rules.", "products": "30yr fixed, 30yr fixed IO", "interest_only": "Yes – 10-yr IO; 680 → 75%, 720 → 80%; 75% with gift funds", "ppp": "5% of prepaid amount; 1–5 yr or none", "reserves": "3 months on the subject; cash-out counts (foreign nationals 12 months).", "housing_history": "Either 1x30x12 with no lates in months 13–24, or 0x30x12 with up to 2 lates in months 13–24. Consumer credit up to 2x30x12. Should own a primary residence (not mandatory with a rental-ownership history); FTHB not allowed.", "credit_events": "Foreclosure, short sale, deed-in-lieu, loan modification, 120-day late or bankruptcy: 48 months, or 36 months at 75% LTV or less.", "forbearance": "N/A", "other_credit": "N/A", "tradelines": "3 tradelines reporting 12+ months or 2 reporting 24+ months.", "fthb": "No – should own primary (not mandatory with rental ownership history)", "first_time_investor": "Not restricted beyond FTHB rule", "foreign_national": "30-year fixed only (no IO), max $1.5M, 70% (65% cash-out), DSCR 1.00, no forbearance history, no gifts, ACH required, 12 months' reserves (may be held abroad), assets seasoned 60 days and in a US account 30 days. Visas B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P-1, P-2; no SSN/TIN; not in Osceola County FL.", "itin": "No (FN must not have TIN/SSN)", "non_perm_resident": "Yes – −5% LTV, DSCR 1.00", "entity_vesting": "Not published – ask us about your scenario", "gift_funds": "Purchase only, immediate family, 10% borrower contribution, max 80% (75% with IO); not for reserves.", "max_financed": "No limit on properties owned elsewhere; lender exposure 5 properties / $3M.", "borrower_rules": "N/A", "property_types": "1 unit and 2-4 units", "adu_income": "The published grid doesn't address ADUs or unpermitted additions; the full guide wasn't available. Ask us about a specific ADU scenario.", "condo_nonwarr": "Condominiums eligible; non-warrantable rules: ask us", "condotel": "Allowed: $150K–$1M, 700 FICO, DSCR 1.00, 75% purchase / 65% refinance; not for foreign nationals.", "rural_acreage": "Not published – ask us about your scenario", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No (1-4 units & condos only)", "units_5_8": "No", "ineligible_property": "N/A", "declining_market": "N/A", "appraisal": "Second appraisal (borrower-paid) at $2M+.", "rent_purchase": "Market rent from appraisal", "rent_refi": "Market rent, or lease with 3 months' receipts", "vacant_refi": "Allowed under the no-DSCR limits (70% at 720 / 65% at 700).", "str_allowed": "Yes", "str_docs": "Purchase and rate/term: appraiser's seasonal/STR rent or AirDNA projected revenue (purchase only) – max 75%, 700 FICO, DSCR 0.80 (below 0.80: 70% at 720 or 65% at 700). Cash-out: 12-month VRBO/Airbnb statement plus 2 months of bank statements – max 70%, 700 FICO, DSCR 1.00. Appraiser rental analysis required. Foreign nationals can't use STR.", "str_impact": "Purchase/RT 75%, 700, DSCR 0.80 (<0.80: 720 → 70%, 700 → 65%); cash-out 70%, 700, DSCR 1.00", "cashout_seasoning": "6 months to use appraised value. Cash-out can't pay off personal debt.", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "Seller concessions up to 6%.", "subordinate_financing": "N/A", "state_restrictions": "N/A", "details": "Grid read 2/19/25 grid: 1-unit purchase 85% (720, $1M), 80% (700, $2M), 75% (680, $2M), 60% (680, $3M); R/T 75% (700), 70% (680); CO 75% (700), 70% (680), 60% ($3M). DSCR 0.80–0.99: 75% (700), CO 70%. No DSCR (<0.80): 70% (720, $1.5M) / 65% (700). 2-4 units: 80% (700) capped at $1.5M. Seller concessions 6%. Escrow waiver ≤80%, 700. Osceola County FL excluded for FN.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "Foreign national", "First-time investor", "Condotel", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d21.html" }, { "code": "LAMD-D22", "name": "DSCR No-Ratio", "lien": "First lien", "min_fico": "700", "max_ltv_purchase": "70% (740+, ≤$1M)", "max_ltv_rt": "70%", "max_ltv_co": "60% (740+, ≤$1M)", "min_loan": "$150K", "max_loan": "$2.0M", "cash_in_hand": "$500,000 max.", "ltv_adjustments": "No-ratio grid: 760+ 70% purchase/rate-term up to $1M (65% at $1.5M, 60% at $2M), cash-out 60%/55%; 720–739 65%; 700–719 60% (cash-out 55%). Declining market −5%.", "min_dscr": "None – DSCR not calculated", "dscr_below_1": "N/A", "no_ratio": "Yes", "dscr_calc": "No DSCR calculated (rent schedule still required); qualifying payment is the fully amortized payment at the note rate.", "products": "5/6 ARM, 30yr fixed", "interest_only": "Not permitted (5/6 ARM and 30-year fixed only).", "ppp": "Required – 1, 2, 3 or 5 yr (buyout where state prohibits)", "reserves": "3 months $150K–$500K; 6 months $500K–$2M.", "housing_history": "0x30x12 and 0x120x48 on the subject, primary and all mortgages on credit.", "credit_events": "4 years for bankruptcy, foreclosure, short sale/DIL (forbearance, modification, deferral treated the same).", "forbearance": "Forbearance, loan modifications and deferrals are treated like a short sale / deed-in-lieu for eligibility and pricing (same seasoning as other credit events).", "other_credit": "Collections and charge-offs must be paid unless $1,000 or less, disputed, or past the statute of limitations – and any left open require extra reserves equal to the balance. Medical collections can stay open with no extra reserves. Liens/judgments that could attach to title must be paid before closing (cash-out can pay them); IRS installment plans with 6+ payments made and no recorded lien (or a subordinated lien) are OK.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Not permitted; FTHB not permitted.", "foreign_national": "No", "itin": "No", "non_perm_resident": "No (US citizen only)", "entity_vesting": "Individuals, tenants in common, joint tenants, revocable trusts, LLCs and corporations; max 4 borrowers/guarantors.", "gift_funds": "Down payment and closing costs only, no borrower minimum, no gift of equity. Foreign assets and crypto not eligible; assets seasoned 60 days.", "max_financed": "Up to 20 financed properties; lender caps at 6 loans or $5M per borrower.", "borrower_rules": "US citizens only. 3 tradelines reporting 12 months (2 active). Non-arm's-length transactions not permitted.", "property_types": "SFR attached/detached, 2-4, PUD, warrantable condo, non-warrantable (eligibility check)", "adu_income": "One-unit homes with ONE accessory unit (full kitchen and bath) are eligible; multiple ADUs not permitted. The appraisal must show at least one comparable with the same use. ADU rent may be used on these business-purpose loans with a separate rent schedule for the ADU. Whether it's an ADU or a true 2-unit is judged by separate utilities, a separate postal address and whether it's rented. The guide doesn't separately address unpermitted ADUs; properties representing an illegal use under zoning are ineligible.", "condo_nonwarr": "Case-by-case", "condotel": "No", "rural_acreage": "Rural properties are not permitted on investment loans (rural = appraiser designation or factors like under 25% built-up, agricultural zoning, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings).", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Over 20 acres (10 acres standard; up to 20 if typical with comps; no truncating), condotels (except the condotel program), community land trusts, co-ops, earth-berm and dome homes, deed-restricted communities, houseboats, log homes (unless typical with 3 local comps), manufactured and modular homes, mixed use, model leasebacks, operating farms/ranches/orchards, Hawaii lava zones 1–2, illegal zoning use, hazardous materials/noxious odors/safety violations, oil and gas leases, agricultural or commercial use, reservation land, non-conforming use that can't be rebuilt, timeshares, vacant land, sinkholes. Leaseholds eligible.", "declining_market": "N/A", "appraisal": "Second appraisal over $2M or on flips (lower value used); an enhanced desk review (ARR, CDA, or CU 2.5 or less) on every loan. Appraisals good 120 days, 180 with a recert.", "rent_purchase": "N/A", "rent_refi": "N/A", "vacant_refi": "Vacant units not permitted on refinances.", "str_allowed": "N/A (no ratio)", "str_docs": "N/A", "str_impact": "N/A", "cashout_seasoning": "Owned under 6 months (acquisition to note): LTV uses the lower of original purchase price or appraisal, including delayed financing. Refinancing a cash-out loan less than 12 months old counts as cash-out. Cash-out must be for business purposes with a letter of explanation; paying taxes 60+ days delinquent is cash-out.", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "Interested-party contributions limited to 3% on investment properties.", "subordinate_financing": "Rate/term may pay off a purchase-money second or a closed-end second seasoned 12 months (HELOCs drawn in the last 12 months not eligible). Any subordinate financing payment is included in the DSCR.", "state_restrictions": "Prepayment penalty required on DSCR loans; where a state prohibits prepays, it must be bought out through pricing.", "details": "Non-arm's-length not permitted. Declining market −5%. Assets seasoned 60 days; no foreign assets.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Non-warrantable condo" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d22.html" }, { "code": "LAMD-D23", "name": "DSCR No-Ratio", "lien": "First lien", "min_fico": "700 (additional borrowers 660)", "max_ltv_purchase": "75% (740, ≤$1M)", "max_ltv_rt": "75% (740, ≤$1M)", "max_ltv_co": "65% (740, ≤$1M)", "min_loan": "$125K", "max_loan": "$1.5M", "cash_in_hand": "Unlimited at 60% or less; $1M above 60%.", "ltv_adjustments": "3–4 unit refinances 70%. Declining market −5% above 65%. Cash-out not available on properties bought within 12 months or for non-permanent residents.", "min_dscr": "0 to <0.75 (no-ratio)", "dscr_below_1": "Yes – this program is for DSCR <0.75", "no_ratio": "Yes", "dscr_calc": "For DSCR from 0 up to 0.75 – qualification doesn't require a minimum ratio; rent is the lesser of lease or 1007 market rent (lease copy not required).", "products": "15/30 fixed", "interest_only": "No", "ppp": "Required on investment where permitted (no-PPP pricing per rate sheet)", "reserves": "3 months up to $500K; 6 months to $1.5M. Cash-out counts.", "housing_history": "0x30x12; any 60-day consumer late within 4 years must be explained.", "credit_events": "3 years for housing events; Chapter 13 discharged or dismissed 2+ years; multiple bankruptcies ineligible.", "forbearance": "Forbearance is treated as a housing event and must meet the program's housing-event seasoning (unless caused by a FEMA-declared disaster).", "other_credit": "Non-title collections/charge-offs within 3 years over $5,000 (individually or combined) must be paid; medical under $15,000 can stay; IRS plans OK if current, not liened, with 2+ payments.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Not permitted; FTHB not permitted.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Purchase/RT only (E, H1-B, L-1, O-1, TN etc.)", "entity_vesting": "Entities allowed but no layered entities.", "gift_funds": "After a 10% borrower contribution; not for reserves; no gift of equity.", "max_financed": "Lender exposure: lesser of $10M or 10 loans, and $5M or 5 cash-out/5–8 unit loans (no-ratio: $7.5M/10 loans, $5M/5 cash-outs). Up to 20 financed properties including LLC-held.", "borrower_rules": "700 minimum score (lowest representative score used; additional borrowers 660). Each borrower needs 2 tradelines with 12 months history in 24 months, no lates in 24 months. Non-permanent residents purchase/rate-term only with approved visas. Max $1.5M, fixed only, no IO.", "property_types": "SFR, PUD, townhome, 2-4 (3-4 refi max 70%), warrantable & non-warrantable condo", "adu_income": "Same ADU rules (unpermitted ADUs OK if the appraiser calls them a legal use), though no DSCR is calculated on this program.", "condo_nonwarr": "Non-warrantable condos allowed (where the program permits): one owner may finance 2 units in 5–20 unit projects; commercial up to 50%; HOA delinquencies up to 25%; investor concentration up to 70% (higher for investment purchases); single-entity ownership up to 49% (developer-held units for sale excluded; 50%+ by exception); developer control OK with defined turnover; mandatory outside club dues OK; non-structural litigation. Leasehold condos are ineligible.", "condotel": "Not eligible.", "rural_acreage": "Rural not eligible; max 2 acres.", "min_sqft": "No minimum (full kitchen required; condos <400 sq ft need similar comps); 5–8 units 400 sq ft/unit", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Container homes, assisted living, Baltimore City row homes, boarding houses, farms/hobby farms, leasehold condos, farm tax-abatement properties, rent-controlled properties (annual-increase caps alone are OK), unique properties (earth/berm, domes, barndominiums, churches), timeshares, C5/C6 condition (C4 reviewed; no structural deferred maintenance), 2+ detached homes on one lot unless typical with comps, blanket mortgages. Log-façade homes OK with comps (not true log cabins). Co-ops and manufactured homes only through delegated correspondents. Islands without a bridge case-by-case.", "declining_market": "5% LTV reduction when LTV is above 65%.", "appraisal": "N/A", "rent_purchase": "Lesser of lease or market (lease copy not required)", "rent_refi": "Same", "vacant_refi": "Not permitted (vacant OK on purchases).", "str_allowed": "No", "str_docs": "N/A", "str_impact": "Short-term rentals ineligible.", "cashout_seasoning": "Continuity required: a borrower on title for 6 months with timely payments (or inherited/awarded). Properties acquired within 12 months can't do cash-out.", "delayed_financing": "Yes", "listed_for_sale": "Refinances not allowed if listed for sale in the last 12 months.", "ipc": "Interested-party contributions up to 6% of the lower of price or value on investment properties; giveaways under $1,000 ignored; excess deducted from price.", "subordinate_financing": "N/A", "state_restrictions": "Investment properties ineligible in Charlotte, Lee, Hendry and Glades Counties FL; Indianapolis; Paterson NJ; Lubbock TX. All loans ineligible in Cook County IL, Baltimore City MD, Orange County NY and several Philadelphia ZIP codes (no Philadelphia row homes). Hawaii delegated correspondents only. STRs not allowed in NYC's five boroughs. Brooklyn and Memphis investment loans need a field review. Texas: no ITIN/foreign national loans for citizens of China, Russia, Iran, North Korea. Puerto Rico, Guam, USVI ineligible.", "details": "720: 70/70/60 (≤$1M); 700: 65/65/60. Rent loss insurance 6 mo required. No exceptions.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Non-warrantable condo" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d23.html" }, { "code": "LAMD-D24", "name": "DSCR Jumbo $2M–$4.5M", "lien": "First lien", "min_fico": "740", "max_ltv_purchase": "65% (to $4.5M)", "max_ltv_rt": "60%", "max_ltv_co": "60%", "min_loan": "$2,000,001", "max_loan": "$4.5M", "cash_in_hand": "No limit.", "ltv_adjustments": "Loans $2M–$4.5M with 740+ FICO: 65% purchase, 60% rate/term and cash-out. Declining market −5%. Florida condos purchase only.", "min_dscr": "1.25", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Minimum DSCR 1.25. Long-term market rent only; refinance uses the in-place lease with 2 months' receipts (capped at 115% of market). IO qualifies on the IO payment.", "products": "5/6 ARM, 30yr fixed, IO versions", "interest_only": "Yes – 10-yr IO", "ppp": "Required – 1–5 yr options", "reserves": "18 months; cash-out may count but the borrower must also document 18 months of their own assets.", "housing_history": "0x30x24 on the subject, primary and all mortgages on credit, with 24 months documented.", "credit_events": "4 years for bankruptcy, foreclosure, short sale/DIL (forbearance/modification/deferral treated the same).", "forbearance": "Forbearance, loan modifications and deferrals are treated like a short sale / deed-in-lieu for eligibility and pricing (same seasoning as other credit events).", "other_credit": "Collections and charge-offs must be paid unless $1,000 or less, disputed, or past the statute of limitations – and any left open require extra reserves equal to the balance. Medical collections can stay open with no extra reserves. Liens/judgments that could attach to title must be paid before closing (cash-out can pay them); IRS installment plans with 6+ payments made and no recorded lien (or a subordinated lien) are OK.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Not permitted – must have owned an investment property at least 24 months before the note date. FTHB not permitted.", "foreign_national": "No", "itin": "No", "non_perm_resident": "No (US citizen & PRA)", "entity_vesting": "Individuals, tenants in common, joint tenants, revocable trusts, LLCs and corporations; max 4 borrowers/guarantors.", "gift_funds": "Gifts for down payment and closing costs only (not reserves); no gift of equity. At 80% LTV or less no borrower contribution is required. Donors: relatives, domestic partners, fiancés, former relatives or godparents (no interested parties).", "max_financed": "Up to 20 financed properties; lender caps at 6 loans or $5M per borrower.", "borrower_rules": "N/A", "property_types": "SFR, 2-unit, PUD, warrantable condo, non-warrantable (no structural repair exceptions)", "adu_income": "One-unit homes with ONE accessory unit (full kitchen and bath) are eligible; multiple ADUs not permitted. The appraisal must show at least one comparable with the same use. ADU rent may be used on these business-purpose loans with a separate rent schedule for the ADU. Whether it's an ADU or a true 2-unit is judged by separate utilities, a separate postal address and whether it's rented. The guide doesn't separately address unpermitted ADUs; properties representing an illegal use under zoning are ineligible.", "condo_nonwarr": "Case-by-case; FL condo purchase only", "condotel": "No", "rural_acreage": "Rural properties are not permitted on investment loans (rural = appraiser designation or factors like under 25% built-up, agricultural zoning, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings).", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "Not applicable – 1–2 units only (SFR, PUD, 2-unit, warrantable and non-warrantable condos; no exceptions for structural repairs).", "ineligible_property": "Over 20 acres (10 acres standard; up to 20 if typical with comps; no truncating), condotels (except the condotel program), community land trusts, co-ops, earth-berm and dome homes, deed-restricted communities, houseboats, log homes (unless typical with 3 local comps), manufactured and modular homes, mixed use, model leasebacks, operating farms/ranches/orchards, Hawaii lava zones 1–2, illegal zoning use, hazardous materials/noxious odors/safety violations, oil and gas leases, agricultural or commercial use, reservation land, non-conforming use that can't be rebuilt, timeshares, vacant land, sinkholes. Leaseholds eligible.", "declining_market": "N/A", "appraisal": "Two appraisals always required (lower value used) plus a desk review.", "rent_purchase": "Lower of in-place lease or market; vacant = market; proposed leases not accepted", "rent_refi": "In-place lease w/ 2 mo receipts, capped at 115% of market", "vacant_refi": "Not permitted (vacant is purchase-only).", "str_allowed": "No", "str_docs": "N/A", "str_impact": "Short-term rental not permitted.", "cashout_seasoning": "Owned under 6 months (acquisition to note): LTV uses the lower of original purchase price or appraisal, including delayed financing. Refinancing a cash-out loan less than 12 months old counts as cash-out. Cash-out must be for business purposes with a letter of explanation; paying taxes 60+ days delinquent is cash-out.", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "Interested-party contributions limited to 3% on investment properties.", "subordinate_financing": "Rate/term may pay off a purchase-money second or a closed-end second seasoned 12 months (HELOCs drawn in the last 12 months not eligible). Any subordinate financing payment is included in the DSCR.", "state_restrictions": "Prepayment penalty required on DSCR loans; where a state prohibits prepays, it must be bought out through pricing.", "details": "Second appraisal always required. Declining market −5%.", "features": [ "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d24.html" }, { "code": "LAMD-D25", "name": "DSCR Standard (No-Ratio, ITIN, Foreign National)", "lien": "First lien", "min_fico": "600 (FICO <620 needs 12 mo reserves)", "max_ltv_purchase": "85% (720+, ≤$1.5M; >80% needs DSCR 1.20, 6 mo reserves, SFR/PUD/TH/warrantable condo outside FL)", "max_ltv_rt": "80% (720+, ≤$1.5M)", "max_ltv_co": "75% (660+, ≤$1.5M)", "min_loan": "$100K", "max_loan": "$3.0M (>$2M needs 700 FICO, 65%, DSCR ≥1.10)", "cash_in_hand": "LTV >65%: $1M (loans ≥$1.5M) / $500K (<$1.5M); ≤65% unlimited", "ltv_adjustments": "Above 80%: DSCR 1.20, 6 months' reserves, SFR/townhome/PUD/warrantable condo outside Florida only. DSCR under 1.00 or no-ratio: 75% purchase / 70% rate-term / 65% cash-out, 640 FICO. Loans under $200K: 80% / 75%. 2–4 units 80%. Non-warrantable condo 80% / 75% and condotel/PUDtel 75% / 70% / 65% (each −5% in Florida, DSCR 1.00). Manufactured 65% / 60%. Rural/unique 80% / 75% / 70% with 700 FICO and DSCR 1.00 (more if marketing time is long). STR 75% / 70%. Declining market −5%. Housing lates: 1x30x12 80/75, 0x60x12 75/70, 0x90x12 65%. Thin credit (1 or no score): 65%. Recently listed: 65%.", "min_dscr": "None (no-ratio allowed)", "dscr_below_1": "Yes – DSCR <1 or no ratio: 640 FICO, 75% purch / 70% R/T / 65% CO", "no_ratio": "Yes – 1007 still required; STR or LTR; 75/70/65, 640 FICO", "dscr_calc": "Lesser of in-place or market rent ÷ PITIA (any subordinate financing is included in the payment). The higher actual rent can be used with 2 consecutive months' receipts (no prepaid rent or deposits) and a lease running at least 3 months past closing. Vacant purchases use 1007/1025 rent. No-ratio option: 1007 still required but no DSCR calculated (STR or long-term). Loans over $2M need DSCR 1.10.", "products": "30yr fixed, 5/1 & 7/1 ARM (1-yr CMT), 5-yr IO (30yr), 10-yr IO (40yr)", "interest_only": "Yes – min $250K & 640 FICO; 10/40 IO max 80%", "ppp": "Yes – with state buy-out list (IL, KS, MD, MI, MN, NM, OH, PA, RI, VA, VT, NJ)", "reserves": "Generally not required on the base grid; 12 months if FICO is under 620; 6 months above 80% LTV, for FTHB and vacant refis; 24 months on recently listed properties.", "housing_history": "0x30x12 for the full grid; 1x30x12 → 80/75; 0x60x12 → 75/70; 0x90x12 → 65%; 0x120x12 ineligible. Rolling 30-day lates (up to six) count as one event. Only the subject, primary and second homes go on the REO schedule.", "credit_events": "Bankruptcy or foreclosure: 36+ months no restriction; 24–35 months 80% purchase / 75% refi; 12–23 months 65%; under 12 months ineligible. Short sale, deed-in-lieu or modification: 24+ months no restriction; 12–23 months 80% / 75%; under 12 months still possible at 75% / 70%. Any mortgage 120+ days late is treated as a foreclosure unless on a written forbearance/modification. Two or more unrelated foreclosures in 36 months: max 65% with proof it was a one-time event.", "forbearance": "Recent forbearance or modification is allowed (see credit-event limits); a forbearance taken within the last 6 months is case-by-case. If there's been forbearance or a mortgage late in the last 12 months, tenant-occupied properties need the last 2 months of rent receipts or 12 months of payments in reserve (cash-out can fund it).", "other_credit": "Collections/charge-offs may stay unpaid if medical, or 2+ years since last activity, or on a payment plan with 3 months of on-time payments. Judgments must be paid unless off title, under $5,000, LTV 70% or less, with a 90-day-old plan and 3 payments made. Tax liens and delinquent child support must be paid (on purchases with the borrower's own funds); IRS liens may be subordinated with senior approval after 3 plan payments.", "tradelines": "Three scores: no tradeline requirement. Two or fewer: 2 tradelines with 24 months or 3 with 12 months. One or no score: 65% max, DSCR 1.10, 0x30x24.", "fthb": "Allowed: 700 FICO, max 70%, DSCR 1.15, loan-size limit around $1M, no IO, impounds and 6 months' reserves.", "first_time_investor": "Not restricted separately", "foreign_national": "Allowed (primary residence outside the US): 70% purchase / 65% refi, priced as a 700 FICO.", "itin": "Allowed up to $1M with 640 FICO: 700+ 70% / 65%; 660–699 65% / 60%; 640–659 60%.", "non_perm_resident": "Allowed with EAD or valid visa: max $1.5M, 80%.", "entity_vesting": "Business entities allowed (business purpose)", "gift_funds": "Allowed after the borrower contributes 10% of the purchase price from their own funds.", "max_financed": "Lender caps at 5 open investment loans or $5M per borrower.", "borrower_rules": "N/A", "property_types": "SFR, townhome, PUD, warrantable & non-warrantable condo, condotel/PUDtel, 2-4, manufactured, mixed use (≤4 units)", "adu_income": "No ADU-specific restriction on this DSCR program (ADUs are only excluded on certain Texas home-equity loans). Unpermitted conversions or additions are acceptable if completed in a workmanlike manner: the appraiser includes a cost to cure and excludes the unpermitted area from the living area, so it adds no square footage or value. Where permits aren't required, the appraiser documents when and how the work was done. Rent from an unpermitted unit isn't separately addressed – qualifying rent comes from the 1007/1025.", "condo_nonwarr": "Allowed at 80% purchase / 75% refi (Florida −5%), DSCR 1.00+. Lender won't finance more than 20% of a project's units; the project must be common for the area and marketable. Appraisal must exclude personal property.", "condotel": "Condotels and PUDtels allowed: 75% purchase / 70% rate-term / 65% cash-out (Florida −5%), DSCR 1.00+. Must be in a resort area with a rental management company (bona fide resort areas are exempt from occupancy limits; areas with prevalent short-term stays, like near military bases, considered). One large Orlando resort complex is capped at 60%.", "rural_acreage": "Rural properties (including under 25% built-up) allowed: 700 FICO, DSCR 1.00, 80% / 75% / 70%; marketing time over 6 months may reduce LTV further. Underwriting can reclassify as rural based on gravel roads, 5+ acres, private utilities, distant or stale comps. Max 25 acres.", "min_sqft": "No minimum square footage if marketable with similar-size comps and a kitchen, bedroom and bath (studios considered).", "mixed_use": "Allowed (up to 4 units, commercial 49% or less): 65% purchase / 60% refi, 700 FICO, DSCR 1.20, 12 months' reserves, max $1M.", "units_5_8": "No", "ineligible_property": "Agricultural-use properties, barndominiums, leasehold closings, co-ops, earth-berm and dome homes, highly unique properties, zoning or building-code violations, industrial/manufacturing/forest-commercial zoning, Hawaii lava zones 1–2, log cabins, mobile homes and mobile-home parks, single-wide or pre-1976 manufactured homes, own-your-own apartments, pole buildings, below-average condition, no permanent heat, not year-round, reservation land, interim-use properties, condemned or uninhabitable homes, timeshares, vacant land, working farms/ranches. Multi-wide manufactured and modular homes are eligible.", "declining_market": "N/A", "appraisal": "N/A", "rent_purchase": "1007/1025 market rent if vacant; lesser of lease or market", "rent_refi": "Higher actual rent with 2 months' receipt and lease running ≥3 mo past closing", "vacant_refi": "Allowed with 700 FICO, DSCR 1.15+, at least a 3-year prepay (where legal), no IO, impounds, 6 months' reserves and 15+ months of ownership: 70% rate/term under $1M, 65% under $2M; 60% cash-out under $1.5M.", "str_allowed": "Yes", "str_docs": "12-month ledgers from Airbnb, VRBO, property managers or condotel management companies, or an STR-specific appraisal form.", "str_impact": "Max 75% purchase / 70% refinance; 640 FICO.", "cashout_seasoning": "Cash purchase <180 days treated as delayed financing (R/T pricing, CO LTV); otherwise per program rules", "delayed_financing": "Yes – <180 days, up to $1.5M, recoup purchase price", "listed_for_sale": "If listed within the last 6 months: tenant-occupied (not vacant), DSCR 1.00, 3-year prepay, 24 months' reserves (cash-out can count), fully amortizing (no IO), max 65% of the lower of appraisal or lowest recent list price, no subordinate financing, impounds required, and a rate/points adjustment.", "ipc": "Seller concessions limited to 3% of the sale price.", "subordinate_financing": "N/A", "state_restrictions": "Not available in AK, ND, SD. Prepayment penalties must be bought out in KS, MD, MI, MN, NM (1–4 units), OH (1–2 units), NJ and VA (individuals), IL (most loans under $250K), PA (individuals, 1–2 units under about $320K), RI (purchases), VT (under $1M); MS uses step-down structures.", "details": "Ineligible states AK, ND, SD. Declining market −5%. 2-4 units max 80%. Manufactured 65/60. Loan <$200K: 80% purch / 75% refi. Seller concessions 3%. 1 or no score: 65%, DSCR 1.1, 0x30x24. Escrow waiver: $1.5M, 80%, 700.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "Foreign national", "ITIN borrower", "First-time investor", "Mixed use", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d25.html" }, { "code": "LAMD-D26", "name": "DSCR Standard 0.70+ (ITIN & Foreign National)", "lien": "First lien", "min_fico": "620", "max_ltv_purchase": "85% (720, ≤$1M)", "max_ltv_rt": "80% (700, ≤$1.5M)", "max_ltv_co": "75% (700 ≤$1.5M; 680 ≤$1M)", "min_loan": "$100K", "max_loan": "$2.5M (exceptions to $3.5M / $4.5M)", "cash_in_hand": "No limit; <700 FICO cash-out capped 70%", "ltv_adjustments": "Cash-out under 700 FICO: 70%. Credit event 2–4 years old: 70% and $1.5M. DSCR 0.85 or lower: 70%. Short-term rental: −5% (max 70%). Vacant refinance: rate/term −5% (max 70%, waived if just renovated), cash-out −10%. AirDNA-qualified: 80% purchase, 70% rate/term, 65% cash-out. Non-warrantable condo 80% (recreational lease/club membership feature: 75% purchase / 70% refi). Condotel 75%. Manufactured (exception) 60%, no cash-out. Non-permanent residents 75% purchase / 70% cash-out; ITIN/DACA 75%; foreign nationals 70%. 1x30x12 housing capped at 80%.", "min_dscr": "0.70 floor", "dscr_below_1": "Yes – ≤70 LTV & 680+: purchase no min, refi 0.75; 70–75 LTV purchase 0.75 (680+); DSCR ≤0.85 max 70%; <0.70 ineligible", "no_ratio": "Purchase ≤70 LTV with 680+ (no min DSCR)", "dscr_calc": "Gross rent ÷ PITIA (ITIA on IO). IO payment is used to qualify only at 75% LTV or less with 700+ FICO; otherwise the fully amortizing payment. Minimum DSCR depends on LTV/FICO: at 70% LTV or less with 680+ FICO a purchase has no minimum (refi 0.75); 70–75% LTV purchase with 680+ needs 0.75; above 75% LTV, under 680 FICO, or most refis need 1.00. DSCR under 0.70 ineligible; under 0.75 requires all applicants to own their primary. STR 1.00 (1.15 above 75% LTV); mixed use 1.15.", "products": "5/6 7/6 10/6 ARM, 15/30 fixed, IO", "interest_only": "Yes – 10-yr IO, min 680", "ppp": "Investment where legal; DSCR <1 & LTV >70 require ≥1-yr PPP", "reserves": "4 months up to $1M, 6 months to $2M, 12 months to $3.5M; +3 months if DSCR under 1.00; +6 months above 80% LTV; +6 months if post-closing rent increases are used. Cash-out can count up to 75% LTV. No reserves for other REO.", "housing_history": "1x30x12 on the primary residence and subject (refi) – may carry a pricing hit and caps at 80%. Other REO only reviewed if mortgages report on credit. No forbearance in the last 12 months.", "credit_events": "Foreclosure, short sale, deed-in-lieu, bankruptcy and similar events: 4+ years is standard; 2–4 years allowed at max 70% and $1.5M; under 2 years ineligible. Multiple events within 7 years not permitted. No active bankruptcy, NOD or lis pendens. Hardship modifications count (seasoned from when brought current); a COVID-forbearance exit modification or a non-hardship maturity extension doesn't.", "forbearance": "No forbearance plan within the 12 months before application. COVID forbearance with no missed payments is fine once reinstated; with missed payments, the loan must be reinstated with 3 on-time payments after the forbearance ended (or deferred balance paid off with documented funds).", "other_credit": "Individual collections/charge-offs under $2,500 with an aggregate under $10,000 may stay open if they don't affect title; medical collections can stay open regardless. Judgments and tax liens may stay open under a repayment agreement or other limited conditions; expired unrenewed judgments can be excluded with title confirmation; otherwise paid at closing (cash-out can pay them). Credit counseling doesn't disqualify.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Three paths: (1) property-management waiver – licensed PM company, 700 FICO, 70% max, DSCR 1.00, 0x30x12; (2) purchase – 680 FICO, 80% max, DSCR 1.00 on a 30-year amortizing payment, 0x30x12, no recent forbearance, must own (not rent) their primary; (3) refinance – same plus the subject acquired within 12 months with 3+ months of consecutive rent receipts. Not for foreign nationals, mixed use or cross-collateral loans. FTHBs not permitted.", "foreign_national": "Allowed at max 70%, 12 months' reserves (to $3M), DSCR: no minimum at 70% or less on a purchase, 0.75 above 70% and on refinances. No mixed use. Funds in a US account at least 10 days before closing.", "itin": "ITIN and DACA borrowers allowed: max 75%, 10% of own funds, DSCR 1.00 (purchase at 75% or less) or 1.10 (purchase above 75% and refinances).", "non_perm_resident": "Yes – max 75% purch / 70% CO", "entity_vesting": "LLCs, partnerships and corporations allowed; also living trusts and blind trusts. Irrevocable trusts ineligible.", "gift_funds": "Only after the borrower puts 10% down from their own funds. No gift of equity.", "max_financed": "Max 10 loans / $10M with this lender; no cap on other financed properties for DSCR.", "borrower_rules": "At least one applicant needs 12 months of rental ownership/management in the last 3 years (or a first-time investor path). Property can't be occupied by the borrower, an LLC member or family. Non-arm's-length purchases not permitted. Min 620 FICO; 3 tradelines (or 2 with a 12-month mortgage history).", "property_types": "Investment 1-4; mixed-use allowed", "adu_income": "Single-family homes with up to 2 ADUs are acceptable, including a non-permitted unit when the appraisal shows comparable sales with similar ADUs (proving market acceptance) and zoning doesn't prohibit it as an illegal use; the second ADU gets no value. ADU rent can never be used for qualifying, permitted or not. Multi-unit properties with ADUs are exception-only; manufactured homes can't have ADUs. Unpermitted room additions are acceptable if done in a workmanlike manner with no adverse marketability impact.", "condo_nonwarr": "Allowed at 80% with full review and only ONE non-warrantable feature. Accepted features include single-entity ownership up to 30% (counting related LLCs), investor occupancy up to 75%, commercial space up to 40%, HOA delinquencies up to 25%, reserves under 7% with management's plan, and mandatory recreational leases/club memberships (75%/70%). Ineligible: non-gut conversions under 2 years old, mobile/manufactured units, timeshares, co-op units, assisted-living options, community-apartment projects, developer-leased amenities, transfer fees to outside parties.", "condotel": "Allowed (max 75%) when hotel-like features are common to the area and don't hurt marketability; full kitchen with stove/oven, 500+ sq ft, no black-out dates restricting owner occupancy. Priced as non-warrantable.", "rural_acreage": "Max 20 acres (over 10 acres needs like-kind comps with minimal land value attribution). Properties the appraiser designates rural are not eligible on the DSCR program.", "min_sqft": "Condos/condotels 500 sq ft.", "mixed_use": "Allowed (not for foreign nationals or first-time investors): more than 50% residential square footage, appraised on a 1025 by sales comparison, DSCR 1.15 on an amortizing payment. Commercial rent limited to 49% of gross rent (30% if the commercial unit is vacant; vacant commercial gets no rent on refinances). Neither unit may be occupied by the borrower, titleholders, family, or their businesses.", "units_5_8": "No", "ineligible_property": "Over 20 acres, rural designation, single-wide manufactured, manufactured homes in condo/co-op/PUD projects, condos with multiple non-warrantable features. Co-ops are eligible (limited to specific NY/NJ counties per the guide); leaseholds per Fannie Mae. Manufactured homes only by exception (60%, no cash-out).", "declining_market": "N/A", "appraisal": "Purchase: 1 appraisal up to $2M, 2 above. Refinance: 1 up to $1.5M; $1.5–2M needs 2 above 70% LTV; 2 above $2M. CU score 2.5 or less, otherwise a desk review within 10% ($1.5–2M can't rely on CU). Rent-loss insurance of 6 months PITIA required.", "rent_purchase": "Higher of the current lease or appraiser's market rent (market rent may be used up to 10% above the lease); no vacancy factor; vacant uses 100% of market rent. Rent step-ups after closing used for DSCR require 6 extra months of reserves.", "rent_refi": "Lesser of in-place rent or market rent. An above-market lease can be used with 2 months of timely receipts if it continues 6+ months after closing. A new lease starting within 60 days uses the lesser of actual or market. Multi-year step-ups within 12 months can be used, capped at market.", "vacant_refi": "Allowed with 100% of market rent: rate/term −5% (max 70%, waived when the appraisal shows recently completed renovations), cash-out −10%.", "str_allowed": "Yes", "str_docs": "Refinance: 12-month average of actual receipts (even if owned under 12 months); rents can't decline more than 10% in any 6-month period; must not be in an area that restricts STRs. Purchase: AirDNA Rentalizer allowed (property vacant at closing, 12-month forecast, 50%+ occupancy, 5 comps in the same ZIP, market/sub-market score 60+, 20% expense factor).", "str_impact": "5% LTV reduction (max 70%) and DSCR 1.00+; AirDNA purchases up to 80% with DSCR 1.00 (1.15 above 75% LTV).", "cashout_seasoning": "Owned under 6 months: by exception, value is the lower of cost plus improvements or market. 6–12 months: current value if justified. Over 12 months: current appraised value. No cap on cash-out amount; proceeds for business purposes with a signed letter.", "delayed_financing": "Yes – within 180 days; priced as rate/term; no gift recoupment", "listed_for_sale": "Can't be listed at application. Rate/term: must come off the market before the new loan and the borrower signs a letter of intent to keep it. Cash-out: can't have been listed by the current owner within 6 months of application.", "ipc": "Interested-party contributions up to 6% at any LTV for investment properties, closing costs and prepaids only; excess reduces both price and value.", "subordinate_financing": "Permitted (new or existing), including private seconds, if CLTV fits, there's no negative amortization, and payments cover at least interest (market rate imputed on seller seconds).", "state_restrictions": "Puerto Rico not eligible. Loans with DSCR under 1.00 and LTV over 70% must carry at least a 1-year prepayment penalty (where legal).", "details": "Investor history: 12 mo ownership in prior 3 yrs (FTI pathways available).", "features": [ "DSCR below 1.00", "Short-term rental income", "Foreign national", "ITIN borrower", "First-time investor", "Mixed use", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d26.html" }, { "code": "LAMD-D27", "name": "Foreign National DSCR", "lien": "First lien", "min_fico": "660 or no FICO (DSCR <1: 680 or no score)", "max_ltv_purchase": "75% (≤$1M); 70% $1.5M; 60% $2M; 55% $2.5M; 50% $3M", "max_ltv_rt": "Same as purchase (limited cash-out)", "max_ltv_co": "70% ($1M, 680+/no FICO); 660–679 55% ($750K)", "min_loan": "$75K", "max_loan": "$3.0M", "cash_in_hand": "Per foreign national grid limits ($500K–unlimited by CLTV/FICO)", "ltv_adjustments": "Max 75% up to $1M stepping to 50% at $3M; no-FICO uses the same grid. Condotel 70% ($1M) and 65%/60% on cash-out (max $500K). Cash-out 70%→50%. DSCR 0.75–1.00: 70%; under 0.75: 65%. Venezuelan borrowers 60% (55% cash-out) with 12 months' reserves.", "min_dscr": "Below 0.75 allowed (max 65%)", "dscr_below_1": "Yes – <0.75 max 65% CLTV; 0.75–1.0 max 70%", "no_ratio": "Yes (DSCR <0.75 at 65%)", "dscr_calc": "Gross rent ÷ PITIA (ITIA for IO). DSCR under 1.00 needs 680 FICO or no score.", "products": "5/6 ARM, 30yr fixed, 40yr fixed", "interest_only": "Yes – 120 mo IO, min FICO 680", "ppp": "Investment only, per state", "reserves": "12 months PITIA.", "housing_history": "0x30x12 and 0x90x24. Payments on a manufactured home or second mortgage count as mortgage history.", "credit_events": "Bankruptcy, foreclosure, short sale, deed-in-lieu, loan modification, forbearance, deferral and 120+ day lates all count as credit events and need 48 months (bankruptcy measured from discharge/dismissal to closing). More than one bankruptcy in 7 years requires 7 years from the latest.", "forbearance": "Forbearances, deferrals and modifications are credit events (48 months). Exception: after a COVID-19 forbearance the borrower is eligible once 3 consecutive on-time payments are made by the note date.", "other_credit": "Collections/charge-offs under 24 months old may stay open up to $2,000 total; 24+ months up to $2,500 each; time-barred and all medical collections may stay open. On the DSCR grade, any balances above those limits must be paid in full.", "tradelines": "N/A", "fthb": "No – must own primary or have owned residential property in past 36 mo", "first_time_investor": "Not published – ask us about your scenario", "foreign_national": "No US score or 660+ FICO with 1 bank reference letter. Must own a primary residence or have owned residential property (any country) in the past 36 months – foreign first-time homebuyers ineligible. Third-party proof of foreign residence. US bank account required before closing. Russian/Ukrainian citizens eligible but income/assets from Russia/Ukraine not accepted; Venezuelan assets ineligible. Investment or 1-unit second home.", "itin": "No", "non_perm_resident": "N/A", "entity_vesting": "Individual, joint, trust, or LLC/corporation (up to 4 owners, all borrowers and guarantors). Leaseholds eligible.", "gift_funds": "Allowed with a 10% borrower contribution (under 80% CLTV). Overseas assets seasoned 30 days.", "max_financed": "No limit on other financed properties. Lender exposure: $5M or 10 loans per borrower within any 6-month span.", "borrower_rules": "N/A", "property_types": "SFR, PUD, 2-4, warrantable & non-warrantable condo, condotel, rural SFR", "adu_income": "One-unit homes with ONE ADU are eligible (multiple ADUs not permitted); the ADU needs a full kitchen and bath. Unpermitted ADUs, outbuildings and conversions are acceptable when they're excluded from the appraised value, typical for the area, and the title commitment shows no permit violations – but they earn no value. ADU rent can count when the appraisal shows zoning compliance is legal (a permit itself is not required to establish that) with at least one comp that has an ADU. Purchase: lower of 1007 or actual rent; refinance: 1007 rent with the current lease and 2 months' receipts. ADUs can't be used for short-term rent.", "condo_nonwarr": "Warrantable and non-warrantable condos eligible under a limited review: single-entity ownership up to 2 units in 5–20 unit projects or 30% in 21+ units; commercial space up to 50%; other features case-by-case. Review waived for detached units and 2–10 unit projects (not condotels). Minimum DSCR 1.00 for condos. Florida new-construction condos capped at 70%.", "condotel": "Allowed: 500+ sq ft with full kitchen and separate bedroom (kitchenettes case-by-case), no 'motel' in the name, no mandatory rental pools, no termination/bankruptcy proceedings, not rural or agricultural zoning, 660+ FICO. Lender finances at most 20% of units in projects over 10 units. Minimum DSCR 1.00.", "rural_acreage": "Rural/agricultural properties allowed (rural = rural or agricultural zoning, appraiser designation, or factors like 50%+ vacant land use, 10+ acre neighbors, outbuildings, unpaved road, population under 25,000): 680 FICO, 1 unit only (one ADU allowed), neighborhood at least 25% built up, not a working farm or income-producing, max 10 acres. Rural condos and rural condotels are not eligible.", "min_sqft": "500 sq ft living space", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "C5/C6 or fair/poor condition, Q6 construction, under 500 sq ft (each unit), model leasebacks, private transfer covenants, commercial, co-ops, domes, geothermal homes, timeshares, over 10 acres, unique properties, assisted living, working farms/ranches/orchards, mobile and manufactured homes, 5–8 units, mixed use, incomplete properties, barndominiums. Leaseholds are case-by-case (never tribal land). Every unit needs a full kitchen with a stove or stove hookup.", "declining_market": "N/A", "appraisal": "Full appraisal (no waivers) plus a secondary valuation up to $2M; second appraisal above $2M. Points and fees under 7%.", "rent_purchase": "Lease or 1007/1025; new lease with 2 mo payments", "rent_refi": "Lease or 1007; lease >125% of 1007 capped at 125% unless 2 cancelled checks support", "vacant_refi": "Allowed – max 70% CLTV", "str_allowed": "Not published – ask us about your scenario", "str_docs": "12-mo STR agreement average, 1007 (STR), or purchase-only AirDNA Rentalizer (occupancy ≥60%) – all at 75%; STR addendum; not in VT or NYC boroughs (except condotels)", "str_impact": "75% of STR income used; refi STR not allowed if under long-term lease", "cashout_seasoning": "Existing first mortgage must be 6+ months old. Under 6 months on title only with delayed financing, a no-value quitclaim within 12 months (max 65%), inheritance/divorce award, or time in the borrower's majority-owned LLC or revocable trust. 6–12 months: −5% from the grid, renovations must justify the value, and if listed after purchase value is the lower of list price or appraisal.", "delayed_financing": "Cash purchases within 6 months: treated as cash-out; loan capped at total cash investment (price plus documented improvements); value is the lower of appraisal or cost; gifts used to buy can't be reimbursed.", "listed_for_sale": "Rate/term: must be off the market by application. Cash-out: not listed within 6 months of application. Investment property listed within the past 12 months requires a 36-month prepayment penalty that can't be bought down (unless the state prohibits prepays).", "ipc": "6% at CLTV of 80% or less, 4% above. Not allowed when the purchase price exceeds list price by 3% or $5,001.", "subordinate_financing": "N/A", "state_restrictions": "Not available in Hawaii, Maryland, Philadelphia County PA or the USVI.", "details": "Venezuelan borrowers max 60% (CO 55%), 12 mo reserves. Russian/Ukrainian eligible but no RU/UA income/assets. Excluded: HI, MD, Philadelphia County PA, VI. FL PUD max 75%. 1031 eligible.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Foreign national", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d27.html" }, { "code": "LAMD-D28", "name": "Foreign National DSCR", "lien": "First lien", "min_fico": "680 if US credit exists; otherwise no FICO", "max_ltv_purchase": "75% (≤$1M, DSCR ≥1)", "max_ltv_rt": "70%", "max_ltv_co": "65%", "min_loan": "$125K", "max_loan": "$3.0M", "cash_in_hand": "Max $500K.", "ltv_adjustments": "0x60x12 housing: −5%. Condotel 70% purchase / 60% refi. Non-warrantable condo 70% / 65%. Short-term rental 70% (purchase). Vacant refinance 65%. Declining market −5%. No-FICO grid: 75% purchase / 70% rate-term / 65% cash-out at DSCR 1.00+ up to $1M, stepping down to 60/55/50 at $3M.", "min_dscr": "Below 0.75 allowed", "dscr_below_1": "Yes – 0.75–0.99: 70/65/65 (≤$1M); <0.75: 70/65/65 (≤$1M), 70% purch ≤$1.5M", "no_ratio": "Yes (<0.75 tier)", "dscr_calc": "Gross rent ÷ PITIA (principal, interest, taxes, insurance, HOA); interest-only uses ITIA. ARMs qualify at the greater of the fully indexed rate or note rate. Market rent from the 1007 rent schedule is required.", "products": "30yr fixed, 30yr fixed IO", "interest_only": "Yes – DSCR ≥1.0, 30yr fixed IO", "ppp": "Where permitted", "reserves": "3 months $125K–$500K, 6 to $1M, 9 to $2M, 12 to $3M; cash-out can count.", "housing_history": "1x30x12; 0x60x12 allowed with a 5% LTV reduction.", "credit_events": "Applicants with US credit need a 680 FICO; at least 2 tradelines open 12 months within the last 24.", "forbearance": "N/A", "other_credit": "N/A", "tradelines": "N/A", "fthb": "Not published – ask us about your scenario", "first_time_investor": "No – 12 mo investor experience in last 36 mo", "foreign_national": "Professional investors only (12 months owning/managing income property within 36 months). Foreign nationals holding an ITIN are ineligible; asylees ineligible. Gifts not permitted. Interest-only only with DSCR 1.00+.", "itin": "No (FN with ITIN ineligible)", "non_perm_resident": "No", "entity_vesting": "LLC, LP, GP, Corp with personal guarantee", "gift_funds": "Not permitted.", "max_financed": "No add-on reserves", "borrower_rules": "N/A", "property_types": "SFR, PUD, 2-4, warrantable & non-warrantable condo, condotel", "adu_income": "Not published – ask us about your scenario", "condo_nonwarr": "70% purch / 65% refi", "condotel": "70% purch / 60% refi", "rural_acreage": "Rural properties not eligible.", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "Manufactured homes, co-ops, unique properties with marketability concerns, and rural properties over 20 acres (rural not allowed at all on the foreign national and ITIN versions).", "declining_market": "Declining market per appraisal: at least 5% LTV reduction.", "appraisal": "Standard appraisal with 1007 rent schedule; an additional appraisal or third-party review may be required (e.g., non-arm's-length or declining markets). Escrow holdbacks and temporary buydowns not permitted. Manual underwriting only.", "rent_purchase": "1007 required", "rent_refi": "Not published – ask us about your scenario", "vacant_refi": "Allowed at max 65% LTV.", "str_allowed": "Yes – purchase", "str_docs": "Not published – ask us about your scenario", "str_impact": "Max 70% on purchase.", "cashout_seasoning": "Not published – ask us about your scenario", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "N/A", "subordinate_financing": "Not permitted.", "state_restrictions": "All states; American Samoa, Guam, Northern Mariana Islands, Puerto Rico and USVI are ineligible.", "details": "Declining market −5%. No manufactured/co-op. No subordinate financing or buydowns. Manually underwritten.", "features": [ "No-ratio / no minimum DSCR", "DSCR below 1.00", "Short-term rental income", "Foreign national", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d28.html" }, { "code": "LAMD-D29", "name": "Foreign National DSCR", "lien": "First lien", "min_fico": "680 or no credit score", "max_ltv_purchase": "75% (≤$1.5M, DSCR ≥1)", "max_ltv_rt": "75%", "max_ltv_co": "70% (≤$1M)", "min_loan": "$150K", "max_loan": "$2.5M", "cash_in_hand": "$300K above 50% LTV; $500K at 50% or less (applies to delayed financing too).", "ltv_adjustments": "2–4 units, condos, condotels and rural: 70% purchase/rate-term, 65% cash-out. DSCR under 1.00: 70% / 65% at $1M stepping down. Vacant refinance and STR refinance: 70%. Declining market and CT/IL/NJ/NY: 70% on refinances, $2M max.", "min_dscr": "Below 1.00 allowed", "dscr_below_1": "Yes – 70% purch/RT, 65% CO (≤$1M)", "no_ratio": "No floor stated", "dscr_calc": "N/A", "products": "15/30/40 fixed, 5/6 7/6 10/6 ARM", "interest_only": "Yes", "ppp": "Same the program state rules", "reserves": "6 months; cash-out counts.", "housing_history": "Subject property history (refi) for 12 months; foreign primary residence history not required. Any US mortgages on the credit report must meet the 0x30x12 standard.", "credit_events": "Bankruptcy, foreclosure, deed-in-lieu, pre-foreclosure, short sale, mortgage charge-off, lis pendens and notice of default all count. Bankruptcy measured from discharge/dismissal; housing events from settlement; a foreclosure included in a bankruptcy runs from the earlier date. A notice of default is treated as a 1x90x12 unless cured with 12 on-time payments. A charged-off second mortgage counts as a foreclosure from its charge-off date.", "forbearance": "Forbearance, modifications and deferrals completed or reinstated more than 12 months before the note date are fine (normal housing-history rules apply). If completed within 12 months, they are not eligible on any of the DSCR programs.", "other_credit": "For DSCR loans, collections and charge-offs can be ignored unless they affect title. All open judgments and involuntary liens must be paid at or before closing (no subordination). IRS installment plans OK with 2+ on-time payments and no recorded lien in the subject's county. Credit counseling OK after 12 on-time months.", "tradelines": "2 tradelines reporting 24 months (active in last 12) or 3 reporting 12 months; waived if the borrower has three credit scores. Representative score is from the borrower/guarantor with the highest score.", "fthb": "N/A", "first_time_investor": "Allowed.", "foreign_national": "Primary residence must be outside the US. Passport plus visa (or I-797/I-94); Visa Waiver and Canadian citizens need no visa. ITIN holders OK if living abroad. Ineligible: OFAC-sanctioned countries (currently including Cuba, Iran, North Korea, Russia, Syria, Venezuela), diplomatic immunity. No POA. Florida purchases need the foreign-buyer affidavit. Documents signed abroad notarized at a US embassy or with an apostille. With US credit, 680 minimum; no score is also accepted.", "itin": "N/A", "non_perm_resident": "N/A", "entity_vesting": "Allowed (LLC, partnership, corporation) with personal guaranties; FL foreign-entity affidavit applies.", "gift_funds": "Allowed after a 10% borrower contribution.", "max_financed": "Lender exposure to one borrower/household: $5M UPB or 10 loans.", "borrower_rules": "N/A", "property_types": "SFR, 2-4, condo, condotel, rural", "adu_income": "A single-family home may have up to two ADUs (three or more not allowed). Each ADU must be smaller than the main house with its own entrance, kitchen (cabinets, counter, sink, stove), sleeping area and bathroom; space reachable only through the main house isn't an ADU. An ADU that isn't allowed under zoning does NOT make the property ineligible if hazard insurance covers it, the use is common in the neighborhood, and the appraiser shows two comparable sales with the same non-compliant use – but its rent can't be counted. ADU rent counts only when the appraisal shows zoning is legal (permits verified where required) and at least one comp has the same number of ADUs; long-term ADU rent is the lower of market rent or actual rent. Two ADUs require a 1025.", "condo_nonwarr": "Condos are reviewed under the lender's own project rules rather than a warrantable/non-warrantable split: unit 500+ sq ft with a full kitchen and a bedroom, commercial space up to 50%, HOA delinquencies up to 20%, single-entity ownership up to 20% (5+ units), investor concentration up to 60% (higher possible with a rental history), non-structural litigation with damages under 25% of reserves. Established projects need 90% sold, 40% owner-occupied and HOA turned over; new projects 50% sold and 50% owner-occupied. Projects with critical repairs, unremediated special assessments, or safety violations are ineligible. Site condos use single-family LTVs. Lender project exposure: lesser of $5M or 20% of units.", "condotel": "70% / 65%", "rural_acreage": "Rural allowed at 70% / 65%; max 5 acres.", "min_sqft": "SFR 700; 2-4 400/unit; condo 500", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured/mobile homes, co-ops, timeshares and fractional ownership, boarding houses/B&B/PadSplit, healthcare/assisted-living use, properties with income-producing non-residential structures (billboards, cell towers, commercial workshops), agricultural features (vineyards, farms, ranches, orchards, equestrian), zoning violations or illegal use, domes, barndominiums, log homes not common to the area, houseboats, Native American reservation land, marijuana-related use, properties not accessible by standard roads or not suitable for year-round use, C5/C6 condition or Q6 quality, Hawaii lava zones 1–2 and coastal-erosion zones. Over 20 acres ineligible (no truncating). Leaseholds eligible where common.", "declining_market": "Declining market (per appraisal or lender-designated state): max 75% purchase / 70% refinance and $2M loan (FN: 70% refi, $2M; 5–8/mixed use: no adjustment).", "appraisal": "Full interior/exterior appraisal plus review product (or second appraisal); second appraisal required over $2M and on HPML flips (price up 10% within 90 days or 20% within 91–180 days of the seller's purchase). Transferred appraisals accepted. Escrow holdbacks not purchased.", "rent_purchase": "Same 120% rules", "rent_refi": "Lease required (else max 70%)", "vacant_refi": "Lesser of 70% or grid", "str_allowed": "Refi only (purchase via AirDNA allowed for income calc)", "str_docs": "Same STR methods as the standard tier; AirDNA only on purchases. Refinance STR capped at 70%.", "str_impact": "Rents × 0.80; refi max 70%", "cashout_seasoning": "Six months of ownership to use the current appraised value; under 6 months, value is limited to price plus documented improvements (except inherited or divorce-awarded property). Not eligible if there was a cash-out within the past 6 months, for land-contract payoffs, with a POA, or if proceeds go to personal debts/taxes/judgments. Paying delinquent taxes (60+ days) or refinancing a free-and-clear property counts as cash-out.", "delayed_financing": "Allowed for cash purchases within 6 months, treated as rate/term for pricing (cash-in-hand caps don't apply, except foreign nationals). Arm's-length purchase, documented funds, no liens; loan limited to documented investment, value capped at price plus improvements.", "listed_for_sale": "For all refinances, value is the lower of the lowest list price in the prior 12 months or appraisal. Cash-out on an investment property listed within the past 6 months is allowed only with at least a 3-year prepayment penalty; any active listing must be cancelled before closing.", "ipc": "Investment property: interested-party contributions up to 6%, for closing costs and prepaids only (never down payment or reserves). A borrower acting as their own agent may contribute commission within the limit. Excess reduces both price and value.", "subordinate_financing": "Not permitted on the DSCR programs (closed-end seconds are a separate product).", "state_restrictions": "Not available in Baltimore City MD, Philadelphia County PA, Puerto Rico, Guam or USVI. 2–4 units not eligible in IL and NY. CT, IL, NJ, NY overlay: max 75% purchase / 70% refi and $2M (FN: 70% refi, $2M). Prepayment penalties not allowed in AK, MI, NM, OH; in IL and NJ only for entity borrowers; PA not on 1–2 units at or below about $329K; MS declining only.", "details": "IL & NY 2-4 ineligible. CT/IL/NJ/NY: refi max 70%, max $2M.", "features": [ "DSCR below 1.00", "Short-term rental income", "Foreign national", "First-time investor", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d29.html" }, { "code": "LAMD-D30", "name": "Foreign National DSCR", "lien": "First lien", "min_fico": "680 with US credit; foreign credit allowed", "max_ltv_purchase": "65% (≤$1M)", "max_ltv_rt": "65%", "max_ltv_co": "60%; FL condo cash-out 50%", "min_loan": "$150K", "max_loan": "$1.0M", "cash_in_hand": "Max $250K.", "ltv_adjustments": "Max 65% purchase/rate-term, 60% cash-out up to $1M (680+ FICO or foreign credit). 2–4 units (investment) and warrantable condos 60%. Florida condo cash-out 50%.", "min_dscr": "1.00", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA; minimum 1.00. No interest-only.", "products": "3/6, 5/6, 7/6, 10/6 ARM; 15/30 fixed", "interest_only": "No", "ppp": "Per state law", "reserves": "12 months PITIA; cash-out counts.", "housing_history": "0x30x12 mortgage history.", "credit_events": "4+ years clean of housing events.", "forbearance": "N/A", "other_credit": "Judgments/liens affecting title must be paid. Non-title collections/charge-offs within 3 years over $5,000 (individually or combined) must be paid; medical under $15,000 can stay. IRS plans OK if current and not liened. Past-due accounts brought current; no one currently in credit counseling/debt management. 60-day consumer lates within 4 years need an explanation. Credit can't be frozen.", "tradelines": "N/A", "fthb": "No – FTI may not be FTHB", "first_time_investor": "Not published – ask us about your scenario", "foreign_national": "Non-US citizens not authorized to live/work in the US (or on temporary visas). Max $1M, 65%, DSCR 1.00 (or qualify with foreign income at 45% DTI). Escrows required. Non-warrantable condos and co-ops not eligible.", "itin": "Allowed for credit report if FN has ITIN (FN program)", "non_perm_resident": "N/A", "entity_vesting": "LP, GP, Corp, LLC with personal guaranty; layered entities must trace to individuals", "gift_funds": "Family gifts allowed; not on NOO >80% LTV; not for reserves", "max_financed": "Up to 20 financed residential properties; lender exposure $7.5M or 10 properties per borrower (not applicable to the cross-collateral program). No extra reserves for other properties on DSCR.", "borrower_rules": "Personal recourse/guaranty required. No additional borrowers may join the entity on title. Builder refinances where the builder built 4+ units in the project, or new construction with a borrower-builder relationship, are ineligible.", "property_types": "SFR, PUD, 2-4 (60%), warrantable condo (60%)", "adu_income": "Single-family homes with ADUs follow Fannie Mae's ADU rules (legal ADUs acceptable). Multiple dwellings on one lot are ineligible except legal ADUs. Unpermitted additions/alterations are judged under Fannie Mae rules – generally acceptable if typical for the market, well built and not given full value – rather than an automatic decline. Rent is the lower of lease or 1007 market rent.", "condo_nonwarr": "Non-warrantable condos allowed (where the program permits) with no stacking of features: single-owner concentration up to 30%, commercial up to 49%, investor concentration up to 70%, HOA delinquencies up to 25% (including special assessments), reserves at least 10% (no exceptions), common areas complete, no mandatory dues, no first-mortgagee priority issues, adequate flood coverage. Developer-controlled HOAs by exception. Non-structural litigation within 25% of reserves or insurer-defended.", "condotel": "No", "rural_acreage": "Max 20 acres; rural not specifically excluded", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured homes, 5+ units, log homes (faux-log by exception), condotels/motels, projects with registration services or limits on owner occupancy, unique properties, mixed use, model leasebacks, boarding houses, group homes, timeshares/fractional, assisted living, mandatory country-club memberships, zoning violations, under construction, barndominiums, agricultural zoning (by exception), Hawaii lava zones 1–2, multiple dwellings on one lot (legal ADUs OK), working farms, C5/C6, live/work condos, earth-berm homes, domes, houseboats, reservation land, marijuana use, theme-park resort properties. Leaseholds OK; max 20 acres.", "declining_market": "5% reduction to the LTV caps (declining per appraisal or any third-party valuation).", "appraisal": "Escrow holdbacks not allowed. Disaster-area damage over $2,000 or affecting habitability is ineligible. Rent-loss insurance of 6 months required. Manual underwriting.", "rent_purchase": "Lower of lease or 1007 market rent", "rent_refi": "Higher lease allowed with 3 consecutive months' receipt", "vacant_refi": "Not eligible unless recently renovated (appraiser evidence) – 1007 rent used", "str_allowed": "Not published – ask us about your scenario", "str_docs": "See", "str_impact": "See", "cashout_seasoning": "6+ months of ownership (acquisition to note). Owned 6–12 months: LTV on the lower of purchase price plus documented improvements or appraisal. Refinancing a cash-out loan less than 1 year old counts as cash-out. Inherited or divorce-awarded properties have no seasoning. Cash-out for business purposes only (no renovations that make it uninhabitable). No POA on cash-out or entities.", "delayed_financing": "Yes – cash purchase within 180 days, arm's length", "listed_for_sale": "If listed within 6 months of the note date: not listed at application, with a borrower letter and listing cancellation. Multiple listings within 12 months are ineligible.", "ipc": "Interested-party contributions up to 6%.", "subordinate_financing": "N/A", "state_restrictions": "N/A", "details": "Second home or investment; DSCR route for investment only, personal guaranty required. Declining market −5%.", "features": [ "Foreign national" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d30.html" }, { "code": "LAMD-D31", "name": "Foreign National DSCR", "lien": "First lien", "min_fico": "700 with US credit; otherwise no score", "max_ltv_purchase": "70% (≤$2M)", "max_ltv_rt": "70%", "max_ltv_co": "65% (≤$2M); condo & 2-4 max 65%", "min_loan": "$150K", "max_loan": "$3.0M", "cash_in_hand": ">55% LTV $1M; ≤55% unlimited; condo & 2-4 cash-out max 65%", "ltv_adjustments": "DSCR investment: 65% purchase/rate-term, 60% cash-out to $2.5M (700+ or no score). STR: lesser of 70% or the grid. Declining market −5% above 65%.", "min_dscr": "1.00 (grid shown for DSCR ≥1.00)", "dscr_below_1": "No – DSCR ≥1.00 grid only", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA (ITIA on IO); minimum 1.00 (1.15 STR). Refinances must be leased except STRs or recently rehabbed properties listed for rent.", "products": "30yr fixed, 30yr fixed IO", "interest_only": "Yes – 30yr fixed IO", "ppp": "Required on investment where permitted (no-PPP pricing per rate sheet)", "reserves": "12 months PITIA (or 6 months with −5% LTV); cash-out may count", "housing_history": "0x30x12 if documented; foreign primary history not required", "credit_events": "4 years' seasoning.", "forbearance": "Forbearance is treated as a housing event and must meet the program's housing-event seasoning (unless caused by a FEMA-declared disaster).", "other_credit": "N/A", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Allowed with DSCR 1.00 and 700+; not a first-time homebuyer.", "foreign_national": "Non-US citizen living and working abroad and a legal resident there; US citizen co-borrowers still trigger FN documentation. OFAC-country borrowers ineligible. No power of attorney. With US credit, 700 minimum. Foreign primary-residence history not required (0x30x12 if documented). US-bank ACH required.", "itin": "No", "non_perm_resident": "Recently relocated NPRA with no score: max $1.5M", "entity_vesting": "Per program rules; POA ineligible", "gift_funds": "After a 10% borrower contribution.", "max_financed": "Lender exposure: lesser of $10M or 10 loans, and $5M or 5 cash-out/5–8 unit loans (no-ratio: $7.5M/10 loans, $5M/5 cash-outs). Up to 20 financed properties including LLC-held.", "borrower_rules": "Property can't be occupied by the borrower, any LLC member or family; no single-room or boarder leases. Renters need an active lease; the primary should be in a different area or superior to the subject. Rent-loss insurance of 6 months (or 3 extra months of reserves not from cash-out).", "property_types": "Per FN program (no 5-8 units)", "adu_income": "Homes with one or more ADUs (granny units, in-law suites) are acceptable when typical for the market and the property conforms to zoning. The ADU does NOT have to be permitted, as long as the appraiser says it's a legal use of the property and was built skillfully; legal non-conforming is fine if it doesn't hurt value. Two comps with a similar setup are required. Multiple ADUs are OK where the municipality allows them and the appraiser confirms compliance. The ADU must be substantially smaller than the main house, or the property is treated as 2–4 units. If any of these aren't met, the ADU gets no value. ADU rent can count when these rules are met and market rent is on the 1007. Unpermitted additions/modifications: appraiser comments they look professionally done and the use conforms to zoning.", "condo_nonwarr": "Non-warrantable condos allowed (where the program permits): one owner may finance 2 units in 5–20 unit projects; commercial up to 50%; HOA delinquencies up to 25%; investor concentration up to 70% (higher for investment purchases); single-entity ownership up to 49% (developer-held units for sale excluded; 50%+ by exception); developer control OK with defined turnover; mandatory outside club dues OK; non-structural litigation. Leasehold condos are ineligible.", "condotel": "Must be in a resort area or affiliated with a national hotel chain; full-size kitchen and at least one separate bedroom (studios case-by-case; units under 400 sq ft need similar-size comps). Condotel = run as a hotel, hotel/motel/resort/lodge name, front desk/housekeeping rentals, a hotel conversion, or marketed as a hotel. Short-term rental ability alone doesn't make it a condotel.", "rural_acreage": "Rural (under 25% built-up, agricultural zoning nearby, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings) must not be agricultural or income-producing, can't receive farm/idle-acreage tax breaks, and must be year-round. Investment acreage capped at 5 acres (2 acres on the prime tier, no-ratio and 5–8 unit programs).", "min_sqft": "No minimum (full kitchen required; condos <400 sq ft need similar comps); 5–8 units 400 sq ft/unit", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Container homes, assisted living, Baltimore City row homes, boarding houses, farms/hobby farms, leasehold condos, farm tax-abatement properties, rent-controlled properties (annual-increase caps alone are OK), unique properties (earth/berm, domes, barndominiums, churches), timeshares, C5/C6 condition (C4 reviewed; no structural deferred maintenance), 2+ detached homes on one lot unless typical with comps, blanket mortgages. Log-façade homes OK with comps (not true log cabins). Co-ops and manufactured homes only through delegated correspondents. Islands without a bridge case-by-case.", "declining_market": "5% LTV reduction when LTV is above 65%.", "appraisal": "N/A", "rent_purchase": "Market rent", "rent_refi": "Lease required", "vacant_refi": "Not eligible unless STR-managed or recently rehabbed & listed", "str_allowed": "Yes", "str_docs": "Per program rules", "str_impact": "DSCR 1.15; LTV lesser of 70% or the grid; not in NYC.", "cashout_seasoning": "Per program rules", "delayed_financing": "Yes", "listed_for_sale": "Investment properties must be off the market before closing when the new loan has a prepayment penalty (before application if no prepay). If listed within 6 months, value is the lower of appraisal or lowest list price.", "ipc": "Interested-party contributions up to 6% of the lower of price or value on investment properties; giveaways under $1,000 ignored; excess deducted from price.", "subordinate_financing": "N/A", "state_restrictions": "Investment properties ineligible in Charlotte, Lee, Hendry and Glades Counties FL; Indianapolis; Paterson NJ; Lubbock TX. All loans ineligible in Cook County IL, Baltimore City MD, Orange County NY and several Philadelphia ZIP codes (no Philadelphia row homes). Hawaii delegated correspondents only. STRs not allowed in NYC's five boroughs. Brooklyn and Memphis investment loans need a field review. Texas: no ITIN/foreign national loans for citizens of China, Russia, Iran, North Korea. Puerto Rico, Guam, USVI ineligible.", "details": "Grid: 700+ → 70/70/65 ($2M), 65/65/60 ($2.5M), 60/60/55 ($3M); no score → 70/70/65, 65/65/60, 55/55/50. ACH required. Rent loss insurance 6 mo. POA ineligible.", "features": [ "Short-term rental income", "Foreign national", "First-time investor", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d31.html" }, { "code": "LAMD-D32", "name": "Foreign National DSCR", "lien": "First lien", "min_fico": "700 or no FICO", "max_ltv_purchase": "1 unit 70% / 2-4 units 65% (≤$1.5M)", "max_ltv_rt": "65% (≤$1M) / 60% (≤$1.5M)", "max_ltv_co": "Not allowed", "min_loan": "$150K", "max_loan": "$1.5M", "cash_in_hand": "N/A", "ltv_adjustments": "Condos (including non-warrantable/condotel) capped at 65%. Purchase 70% (1 unit) / 65% (2–4); rate/term 60% up to $1.5M or 65% up to $1M. Declining markets when LTV is over 65%: −5% (shortage/in balance with 3–6 months marketing time) to −10% (declining values or over 6 months/oversupply). Vacant refinance −10%.", "min_dscr": "1.00", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA, minimum 1.00.", "products": "30yr fixed", "interest_only": "No", "ppp": "Up to 5 yr; none in AK, IL, KS, MI, MN, NJ, NM, ND, OH, RI", "reserves": "12 months PITIA.", "housing_history": "0x30x24 on the subject and the primary residence (full 24 months). Rent-free with family is exception-only. Borrower must have a primary residence abroad.", "credit_events": "No credit event within 36 months. US credit report if available; otherwise 3 tradelines 24+ months via international credit report or bank reference letters.", "forbearance": "A non-COVID/non-disaster forbearance, a notice of default, a 120-day mortgage late or a modification due to default all count as a credit event and must meet the credit-event seasoning. COVID or non-default modifications are not treated as credit events.", "other_credit": "Collections and non-mortgage charge-offs under $5,000 may stay open if they won't cloud title; larger ones can stay open with reserves covering the balance. Anything that can become a lien (judgments, tax liens, mechanic's liens, past-due property taxes) must be paid at or before closing, though an IRS/state tax-lien payment plan with 3 months of on-time payments and title sign-off can be allowed. Medical collections are ignored.", "tradelines": "N/A", "fthb": "N/A – must own primary residence abroad", "first_time_investor": "Allowed", "foreign_national": "Residents of Canada, the Caribbean (not Cuba), China (not Hong Kong, where state law allows), Europe (not the Balkans/Monaco), Latin America (not Nicaragua) and South America (not Venezuela/Bolivia). Passport plus B-1/B-2 visa (Canada and Visa Waiver countries exempt). No entity, trust, POA or non-occupant co-borrower. US-bank ACH required. First-time investors OK.", "itin": "No", "non_perm_resident": "N/A", "entity_vesting": "Not allowed – individuals only (no LLC, corporation, partnership or trust).", "gift_funds": "Not allowed. Business funds also not allowed. Funds must be seasoned 60 days and in a US account 30 days (10 days for Canadians).", "max_financed": "Lender exposure capped at $3M or 2 loans per borrower.", "borrower_rules": "Escrows required; escrow holdbacks not allowed. Closing documents signed abroad must be notarized at a US embassy/consulate.", "property_types": "1-4 unit, PUD, warrantable & non-warrantable condo incl. condotel", "adu_income": "ADU rent is not allowed – qualify on the main dwelling only. A property with an ADU can still be financed if it meets general property rules.", "condo_nonwarr": "Non-warrantable condos and condotels allowed at max 65% LTV.", "condotel": "Yes (per program rules)", "rural_acreage": "Rural not allowed; max 2 acres.", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured/mobile homes (including manufactured ADUs), co-ops, domes/geodesic and other unique homes, log and log-façade homes, houseboats, vacant land, 5+ units, blanket (multi-property) mortgages, boarding houses/PadSplit, B&Bs, timeshares/fractional, assisted living, working farms/ranches/orchards, C5/C6 condition, tribal-trust land, Hawaii lava zones 1–2, Puerto Rico/Guam/USVI, homes or units under 500 sq ft, any unit lacking a separate bedroom and a full kitchen with stove/oven (cooktop-only fails), properties not suitable for year-round occupancy, and STR-qualified properties where local code bans short-term rentals.", "declining_market": "Declining market (per appraisal) reduces max LTV by 5%.", "appraisal": "One appraisal; transferred appraisals allowed.", "rent_purchase": "Long-term only: lower of lease or 1007/1025.", "rent_refi": "Lower of lease or 120% of market rent, with 3 months' receipts if using the higher lease. Month-to-month needs 12 months of payment history.", "vacant_refi": "Allowed with a 10% LTV reduction and letter of explanation; on 2–4 units only one unit may be vacant.", "str_allowed": "Refi only", "str_docs": "Purchase: STR income not allowed. Refinance: 12 months of remittance statements; payout amount used.", "str_impact": "No STR on purchases; refinances only with 12-month history.", "cashout_seasoning": "Cash-out and delayed financing are not allowed (purchase and rate/term only).", "delayed_financing": "No", "listed_for_sale": "Properties currently listed are not eligible to refinance. If listed in the prior 6 months: rate/term needs the listing off-market before application plus at least a 1-year prepayment penalty (where state law allows); cash-out needs either 6 months off-market, or off-market at least 1 day before application with a 5% LTV reduction plus a 1-year prepay. Cancelled listing, current MLS search and a letter of intent are required.", "ipc": "Seller/interested-party contributions up to 6% of price at any LTV. Excess contributions and any personal property (furniture, cars, etc.) are deducted from the sales price before LTV is calculated.", "subordinate_financing": "Not allowed – no new or existing subordinate financing can remain on a DSCR loan.", "state_restrictions": "Prepayment penalties not available in AK, IL, KS, MI, MN, NJ, NM, ND, OH and RI.", "details": "Assets seasoned 60 days, in US account 30 days (Canadians 10). 3 tradelines/24 mo via US or intl credit or reference letters. ACH required. Escrows required.", "features": [ "Short-term rental income", "Foreign national", "First-time investor", "Condotel" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d32.html" }, { "code": "LAMD-D33", "name": "ITIN DSCR", "lien": "First lien", "min_fico": "700", "max_ltv_purchase": "75% (≤$1M)", "max_ltv_rt": "65%", "max_ltv_co": "65%", "min_loan": "$125K", "max_loan": "$1.0M", "cash_in_hand": "$300K above 50% LTV; $500K at 50% or less.", "ltv_adjustments": "Max 75% purchase / 65% refinance (700 FICO, DSCR 1.00+, up to $1M). 0x60x12: −5%. Credit event 2–3 years: −5%. Short-term rental 70% / 65%. Non-warrantable condo 70% / 65%. Condotel 70% / 60%. Non-arm's length −5%. Declining market −5%.", "min_dscr": "1.00", "dscr_below_1": "No (grid populated for ≥1.00 only)", "no_ratio": "No", "dscr_calc": "Gross rent ÷ PITIA (principal, interest, taxes, insurance, HOA); interest-only uses ITIA. ARMs qualify at the greater of the fully indexed rate or note rate. Market rent from the 1007 rent schedule is required.", "products": "15/30 fixed, 5/6 7/6 10/6 ARM, 30/40 fixed IO", "interest_only": "Purchase & R/T only", "ppp": "Where permitted", "reserves": "6 months; cash-out can count.", "housing_history": "1x30x12 with no reduction; 0x60x12 with −5%.", "credit_events": "Bankruptcy and housing events need 3 years; 2–3 years allowed with a 5% LTV reduction. 2 tradelines open 12 months within the last 24.", "forbearance": "N/A", "other_credit": "N/A", "tradelines": "N/A", "fthb": "No", "first_time_investor": "No", "foreign_national": "No", "itin": "ITIN borrowers only (individuals – no entities). First-time homebuyers and first-time investors ineligible. Max $1M; interest-only on purchase and rate/term only. Rent-loss insurance (6 months) required.", "non_perm_resident": "No", "entity_vesting": "Not allowed – individuals only.", "gift_funds": "Not published – ask us about your scenario", "max_financed": "No add-on reserves", "borrower_rules": "N/A", "property_types": "SFR, PUD, 2-4, warrantable & non-warrantable condo, condotel", "adu_income": "Not published – ask us about your scenario", "condo_nonwarr": "70% purch / 65% refi", "condotel": "70% purch / 60% refi", "rural_acreage": "Rural properties not eligible.", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "Manufactured homes, co-ops, unique properties with marketability concerns, and rural properties over 20 acres (rural not allowed at all on the foreign national and ITIN versions).", "declining_market": "Declining market per appraisal: at least 5% LTV reduction.", "appraisal": "Standard appraisal with 1007 rent schedule; an additional appraisal or third-party review may be required (e.g., non-arm's-length or declining markets). Escrow holdbacks and temporary buydowns not permitted. Manual underwriting only.", "rent_purchase": "1007 required", "rent_refi": "Not published – ask us about your scenario", "vacant_refi": "Not published – ask us about your scenario", "str_allowed": "Yes", "str_docs": "Not published – ask us about your scenario", "str_impact": "70% purch / 65% refi", "cashout_seasoning": "Not published – ask us about your scenario", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "N/A", "subordinate_financing": "Not permitted.", "state_restrictions": "All states; American Samoa, Guam, Northern Mariana Islands, Puerto Rico and USVI are ineligible.", "details": "Rent loss insurance 6 mo required. Non-arm's-length −5%. Declining market −5%.", "features": [ "Short-term rental income", "ITIN borrower", "Condotel", "Non-warrantable condo" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d33.html" }, { "code": "LAMD-D34", "name": "Condotel DSCR", "lien": "First lien", "min_fico": "660", "max_ltv_purchase": "75% (680+, ≤$1M)", "max_ltv_rt": "70%", "max_ltv_co": "65%", "min_loan": "$150K", "max_loan": "$2.0M", "cash_in_hand": "$500,000 max.", "ltv_adjustments": "Condotel grid by FICO and loan size up to $2M; declining market −5%; interest-only requires 700 FICO; Florida condotels purchase-only (refinances by exception).", "min_dscr": "1.00 (rents at 80% of market/history)", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "80% of market rent on purchases; refinance uses the lower of 80% of market or 80% of the 12-month third-party management history. Divided by P&I + taxes + insurance + flood + HOA. Minimum DSCR 1.00.", "products": "5/6 ARM, 30/40 IO ARM, 30yr fixed, 30/40 fixed IO", "interest_only": "Yes – min 700 FICO", "ppp": "Required, 1–5 yr options (buyout if state prohibits)", "reserves": "6 months up to $1.5M; 12 months to $2M. Cash-out counts.", "housing_history": "0x30x12 on subject, primary and all mortgages on credit.", "credit_events": "4 years for bankruptcy, foreclosure, short sale/DIL (forbearance/modification/deferral treated the same).", "forbearance": "Forbearance, loan modifications and deferrals are treated like a short sale / deed-in-lieu for eligibility and pricing (same seasoning as other credit events).", "other_credit": "Collections and charge-offs must be paid unless $1,000 or less, disputed, or past the statute of limitations – and any left open require extra reserves equal to the balance. Medical collections can stay open with no extra reserves. Liens/judgments that could attach to title must be paid before closing (cash-out can pay them); IRS installment plans with 6+ payments made and no recorded lien (or a subordinated lien) are OK.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Not permitted; FTHB not permitted.", "foreign_national": "No", "itin": "No", "non_perm_resident": "No (US citizen & PRA only)", "entity_vesting": "Individuals, tenants in common, joint tenants, revocable trusts, LLCs and corporations; max 4 borrowers/guarantors.", "gift_funds": "Gifts for down payment and closing costs only (not reserves); no gift of equity. At 80% LTV or less no borrower contribution is required. Donors: relatives, domestic partners, fiancés, former relatives or godparents (no interested parties).", "max_financed": "Up to 20 financed properties; lender caps at 6 loans or $5M per borrower.", "borrower_rules": "US citizens and permanent residents; max 4 borrowers.", "property_types": "Condotel only", "adu_income": "One-unit homes with ONE accessory unit (full kitchen and bath) are eligible; multiple ADUs not permitted. The appraisal must show at least one comparable with the same use. ADU rent may be used on these business-purpose loans with a separate rent schedule for the ADU. Whether it's an ADU or a true 2-unit is judged by separate utilities, a separate postal address and whether it's rented. The guide doesn't separately address unpermitted ADUs; properties representing an illegal use under zoning are ineligible.", "condo_nonwarr": "N/A", "condotel": "Full condo review. Must be a luxury, nationally recognized hotel brand (e.g., Four Seasons, Ritz-Carlton, Westin, Marriott, Hyatt) in a major metro or typical vacation destination; project established 3+ years; unit 500+ sq ft with full-size kitchen and a separate bedroom; under 25% of HOA dues 60+ days late; otherwise meets non-warrantable condo rules.", "rural_acreage": "Rural properties are not permitted on investment loans (rural = appraiser designation or factors like under 25% built-up, agricultural zoning, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings).", "min_sqft": "500 sq ft, full kitchen, separate bedroom", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Over 20 acres (10 acres standard; up to 20 if typical with comps; no truncating), condotels (except the condotel program), community land trusts, co-ops, earth-berm and dome homes, deed-restricted communities, houseboats, log homes (unless typical with 3 local comps), manufactured and modular homes, mixed use, model leasebacks, operating farms/ranches/orchards, Hawaii lava zones 1–2, illegal zoning use, hazardous materials/noxious odors/safety violations, oil and gas leases, agricultural or commercial use, reservation land, non-conforming use that can't be rebuilt, timeshares, vacant land, sinkholes. Leaseholds eligible.", "declining_market": "N/A", "appraisal": "Second appraisal over $2M or on flips (lower value used); an enhanced desk review (ARR, CDA, or CU 2.5 or less) on every loan. Appraisals good 120 days, 180 with a recert.", "rent_purchase": "80% of market rent", "rent_refi": "Lower of 80% market or 80% 12-mo history", "vacant_refi": "Not permitted (vacant is purchase-only).", "str_allowed": "Yes – inherent", "str_docs": "Purchase: 80% of market rent; Refi: lower of 80% market or 80% of 12-mo mgmt history", "str_impact": "20% rent haircut built in", "cashout_seasoning": "Owned under 6 months (acquisition to note): LTV uses the lower of original purchase price or appraisal, including delayed financing. Refinancing a cash-out loan less than 12 months old counts as cash-out. Cash-out must be for business purposes with a letter of explanation; paying taxes 60+ days delinquent is cash-out.", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "Interested-party contributions limited to 3% on investment properties.", "subordinate_financing": "Rate/term may pay off a purchase-money second or a closed-end second seasoned 12 months (HELOCs drawn in the last 12 months not eligible). Any subordinate financing payment is included in the DSCR.", "state_restrictions": "Prepayment penalty required on DSCR loans; where a state prohibits prepays, it must be bought out through pricing.", "details": "FL purchase only (refi by exception). Declining market −5%. Enhanced desk review required.", "features": [ "Short-term rental income", "Condotel", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d34.html" }, { "code": "LAMD-D35", "name": "DSCR Multi-Tier (to $4.5M, 5–10 Units)", "lien": "First lien", "min_fico": "620 (Tier 3)", "max_ltv_purchase": "85% (Tier C: 740, ≤$1.5M); 80% at most tiers (700, to $3M)", "max_ltv_rt": "Same as purchase (Tier E: R/T max 75%)", "max_ltv_co": "75% (700 FICO on Tiers A, B and E; Tier C at 680 to $2M)", "min_loan": "$100K (Tier D: $200K; Tier F: $125K)", "max_loan": "$4.5M (Tier C: 70% at 720); $3M others", "cash_in_hand": "Varies: Tier A <65% unlimited / ≥65% $500K; Tier B ≤60% $1M / >60% $500K; Tier C ≤65% unlimited / >65% $1M; Tier E up to $1.75M; Tier F ≤70% unlimited", "ltv_adjustments": "Declining market: −10%. Vacant refinance after renovation: 75% rate/term, 70% cash-out, DSCR 1.00. Cash-out listed 3–6 months ago: value is the lower of appraisal or lowest list price (plus 3-year prepay). Interest-only on some tiers: −5% and 700 FICO. Credit-event tier: 70% on Tier C when 2–3 years. Non-warrantable condo 75% on Tier B. Non-permanent residents capped at 75% (no cash-out) on Tier E. First-time investor 80%, $1M. Exceptions of 5–10% over program max can be requested through the exception desk.", "min_dscr": "0.75", "dscr_below_1": "Yes – 0.75–0.99 on Tier B, 3, 13 (e.g., 75% at 700/720); Tier A, 4, 15 require ≥1.00", "no_ratio": "No – minimum 0.75", "dscr_calc": "Gross rent ÷ PITIA (IO tiers qualify on the IO payment). Purchase with no lease: appraisal market rent. With a lease: lower of lease or market; a higher lease counts up to 125% of market (120% on one tier) with the 2 most recent months' receipts (deposit doesn't count). Multi-unit properties are calculated unit by unit. Minimum 0.75 on tiers that allow sub-1.00.", "products": "15/30yr fixed, 5/6, 7/6, 10/6 SOFR ARM (margin 4.00), IO versions", "interest_only": "Yes – 10/20 IO on fixed & ARM (Tier B & 13: 700 FICO, −5% LTV)", "ppp": "Allowed – up to 5 yrs; state limits (MI/OH 1 yr; NJ none; DC/MD varies)", "reserves": "Varies: none (Tier C, ≤$2.5M & ≤80%) to 3/6/9 mo by loan size; Tier D: 6–12 mo; Tier F: 6 mo; FTI 3 mo", "housing_history": "1x30x12 on most tiers (Tier F 0x30x12); only the subject and primary residence go on the REO schedule; private mortgages verified with cancelled checks/bank statements. Rent-free borrowers are eligible if they're experienced investors (12 months of ownership/management within 24 months).", "credit_events": "Bankruptcy, foreclosure, notice of default, short sale, deed-in-lieu or modification: at least 2 years from completion to application (tiers range 2 to 4 years; Tier A 4 years, Tiers D and F 3 years, Tier C 2 years with LTV limits). Multiple events need 7 years since the last. Credit re-established and minimum score met.", "forbearance": "If housing history shows a forbearance, the 12 months since exiting it must be 0x30, verified by the servicer.", "other_credit": "Anything affecting title must be paid. Non-title collections, charge-offs, judgments and liens over $5,000 (individually or combined) must be paid; medical collections ignored. IRS payment plans OK if current and not liened. Borrowers currently in credit counseling/debt management are ineligible.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Yes – DSCR 1.00, 700 FICO, 80%, $1M, 3 mo reserves; no 5–10 units/mixed use", "foreign_national": "No", "itin": "No (ITIN-only borrowers ineligible)", "non_perm_resident": "Yes on most tiers (Tier D no; Tier E max 75%, no cash-out)", "entity_vesting": "LLC vesting with guarantors owning at least 25% (one tier requires 51%+). Limited POA not allowed with entities.", "gift_funds": "Investment purchases: 10% borrower contribution required; gifts of equity and down-payment assistance not allowed (one tier allows no gifts).", "max_financed": "No limit on financed properties on most tiers (one tier caps at 20); max 10 loans per borrower through this program (more by exception).", "borrower_rules": "N/A", "property_types": "Residential incl. rural residential, non-warrantable condo, condotel, leasehold; 5–10 units & mixed use (delegated sellers only)", "adu_income": "One-unit homes with one ADU are eligible if the property conforms to zoning, the ADU is substantially smaller than the main house and isn't a manufactured home, and the appraisal has two comps with similar ADUs. Permitted ADU rent can be used. Unpermitted ADUs are not allowed on this program – one of the stricter programs for ADUs.", "condo_nonwarr": "Allowed with only ONE non-warrantable reason: investor concentration up to 60% (new projects), commercial space up to 50%, single-owner concentration up to 50%, 30% presold (new projects), HOA delinquencies up to 25%, non-structural litigation within 25% of reserves or insured, or low reserve allocation backed by a strong reserve balance. Florida condos must be fully warrantable. Some tiers don't allow non-warrantable condos at all.", "condotel": "Allowed on some tiers when the project is otherwise fully warrantable: full kitchen and a separate bedroom. Indicators: hotel/motel/resort/lodge name, hotel conversions, daily/weekly rental registration services.", "rural_acreage": "Rural-residential and agricultural-residential properties are eligible; purely rural- or agricultural-zoned properties and working/hobby farms are not. Max 20 acres; over 10 acres needs two comps with similar acreage.", "min_sqft": "750 sq ft per unit for single-family; 400 sq ft per unit for condos and 2–10 units.", "mixed_use": "2–8 unit mixed use (delegated sellers only): 1 commercial unit in 3 or fewer units, 2 in 4–5, 3 in 6+; commercial under 49% of building area; retail/office/restaurant only (no dry cleaners, laundromats, auto repair); the borrower's own business may occupy the commercial unit.", "units_5_8": "5–10 unit residential through delegated sellers only, appraised with a 5+ unit form or narrative, rent roll and income/expense statement, full interior of each unit.", "ineligible_property": "Manufactured/mobile, co-ops, log homes, timeshares, unique properties, zoning non-conformance (legal non-conforming OK with rebuild letter), working or hobby farms, commercial properties (residential in commercial zones OK), rural- or agricultural-only zoning, Hawaii lava zones 1–2, over 20 acres, deed/resale-restricted properties, lot loans, US territories.", "declining_market": "N/A", "appraisal": "One appraisal up to $2M; transferred/assigned appraisals OK if not borrower-ordered.", "rent_purchase": "Lease up to 125% of market (tier: 120%)", "rent_refi": "Same", "vacant_refi": "Only when vacant due to recent renovation: active rental listing, rent = lower of market or listing rent, DSCR 1.00+, max 75% rate/term / 70% cash-out. Multi-units with any unleased unit fall under these limits.", "str_allowed": "Yes – purchase & refi (tier purchase min 1.25 DSCR)", "str_docs": "Purchase: lower of AirDNA Property Earning Potential (12-mo forecast, ≥50% occupancy, 4 comps, market score ≥60) or appraiser STR analysis; refi: 12-mo Airbnb/VRBO average", "str_impact": "Tier-specific: Tier A refi only; Tier E purchase only with DSCR ≥1.25; Tier D & 15 none; no STR on 5–10/mixed use", "cashout_seasoning": "One borrower on title 6 months (time in the borrower's majority-owned LLC counts; inherited or awarded property exempt). Texas 50(a)(6) ineligible.", "delayed_financing": "Yes", "listed_for_sale": "Rate/term: listing must be withdrawn or expired before closing. Cash-out: withdrawn more than 6 months before closing – no restriction; 3–6 months – requires a 3-year prepay and value at the lower of appraisal or minimum list price; under 3 months – ineligible.", "ipc": "Interested-party contributions up to 6% (one tier 3% above 80% LTV).", "subordinate_financing": "N/A", "state_restrictions": "Investment loans not allowed (tier-dependent) in Lee County FL, Baltimore City and Cecil County MD, Orange County NY, Philadelphia and surrounding PA counties (Bucks, Chester, Delaware, Montgomery), New Castle County DE, Burlington/Camden/Gloucester/Salem NJ, and AK/HI on one tier. US territories ineligible.", "details": "Six credit tiers (A–F) with different limits. Only the subject property and primary residence go on the real estate schedule. Not available for investment properties in Lee County FL, Baltimore City MD, Orange County NY, Philadelphia and nearby PA counties, select NJ/DE counties, AK and HI (one tier). Tier A: 1–9 units, 5–10 units at 680 FICO / 75%. Tier B: leasehold OK, non-warrantable condo 75/70. Tier C: up to $4.5M, 5–10 units and mixed use, condotel OK. Tier D: fixed rate only, no non-permanent residents. Tier E: condotel 75/70, no Florida warrantable condos. Tier F: 0x30x12 housing, several county exclusions.", "features": [ "DSCR below 1.00", "Short-term rental income", "First-time investor", "5+ units", "Mixed use", "Condotel", "Non-warrantable condo", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d35.html" }, { "code": "LAMD-D36", "name": "DSCR 5–8 Units", "lien": "First lien", "min_fico": "660", "max_ltv_purchase": "75% (DSCR ≥1.20, 720+, ≤$1.5M)", "max_ltv_rt": "75%", "max_ltv_co": "70% (740/720, ≤$1M)", "min_loan": "$400K", "max_loan": "$2.5M", "cash_in_hand": "$500,000 max.", "ltv_adjustments": "Grids by DSCR band (above 1.20, or 1.10–1.19) and loan size ($1M–$2.5M); cash-out as low as 50% at 680–699. Credit event 2–4 years old allowed only at 70% or less with 6 extra months of reserves.", "min_dscr": "1.10 (1.10–1.19 tier: 740+ only, 70% / CO 65%)", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Minimum DSCR 1.10. Purchase: lower of current rent or market; vacant units at 90% of market. Refinance: lower of in-place lease or market with 2 months' receipts; undocumented or vacant units at 90% of market; no more than 35% of units vacant. IO qualifies on the IO payment.", "products": "5/6 ARM, 30yr fixed, IO versions", "interest_only": "Yes – 10-yr IO options", "ppp": "5-year prepayment penalty required.", "reserves": "3 months up to $1M, 6 months to $2M, 9 months above; +6 months if a credit event is within 4 years.", "housing_history": "No more than 1x30x12 and 0x30x6. Rent-free not permitted.", "credit_events": "4 years standard for bankruptcy, foreclosure, short sale/DIL; 2 years allowed at 70% LTV or less. COVID forbearance/deferral isn't derogatory if fully reinstated with 3 payments since, or 6 consecutive payments after exiting.", "forbearance": "Forbearance, loan modifications and deferrals are treated like a short sale / deed-in-lieu for eligibility and pricing (same seasoning as other credit events).", "other_credit": "Collections and charge-offs must be paid unless $1,000 or less, disputed, or past the statute of limitations – and any left open require extra reserves equal to the balance. Medical collections can stay open with no extra reserves. Liens/judgments that could attach to title must be paid before closing (cash-out can pay them); IRS installment plans with 6+ payments made and no recorded lien (or a subordinated lien) are OK.", "tradelines": "N/A", "fthb": "Not published – ask us about your scenario", "first_time_investor": "Not published – ask us about your scenario", "foreign_national": "No", "itin": "No", "non_perm_resident": "Allowed (E-1/2/3, EB-5, G, H-1, L-1, NATO, O-1, R-1, TN visas).", "entity_vesting": "Individuals, tenants in common, joint tenants, revocable trusts, LLCs and corporations; max 4 borrowers/guarantors.", "gift_funds": "Gifts for down payment and closing costs only (not reserves); no gift of equity. At 80% LTV or less no borrower contribution is required. Donors: relatives, domestic partners, fiancés, former relatives or godparents (no interested parties).", "max_financed": "Up to 20 financed properties; lender caps at 6 loans or $5M per borrower.", "borrower_rules": "N/A", "property_types": "5–8 unit residential", "adu_income": "Not applicable – 5–8 unit residential buildings.", "condo_nonwarr": "N/A", "condotel": "N/A", "rural_acreage": "Rural properties are not permitted on investment loans (rural = appraiser designation or factors like under 25% built-up, agricultural zoning, dirt road, comps over 5 miles, population under 25,000, amenities over 25 miles, 10+ acre lots, large outbuildings).", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "5–8 residential units, $400K–$2.5M, commercial narrative appraisal plus a commercial desk review; second appraisal over $2M.", "ineligible_property": "Over 20 acres (10 acres standard; up to 20 if typical with comps; no truncating), condotels (except the condotel program), community land trusts, co-ops, earth-berm and dome homes, deed-restricted communities, houseboats, log homes (unless typical with 3 local comps), manufactured and modular homes, mixed use, model leasebacks, operating farms/ranches/orchards, Hawaii lava zones 1–2, illegal zoning use, hazardous materials/noxious odors/safety violations, oil and gas leases, agricultural or commercial use, reservation land, non-conforming use that can't be rebuilt, timeshares, vacant land, sinkholes. Leaseholds eligible.", "declining_market": "N/A", "appraisal": "Second appraisal over $2M or on flips (lower value used); an enhanced desk review (ARR, CDA, or CU 2.5 or less) on every loan. Appraisals good 120 days, 180 with a recert.", "rent_purchase": "Lower of current rent or market; vacant units 90% market", "rent_refi": "Lower of lease or market with 2 mo receipt", "vacant_refi": "Vacant units at 90% market; ≤35% units vacant on refi", "str_allowed": "No – long-term (12 mo) market rent only", "str_docs": "N/A", "str_impact": "N/A", "cashout_seasoning": "Owned under 6 months (acquisition to note): LTV uses the lower of original purchase price or appraisal, including delayed financing. Refinancing a cash-out loan less than 12 months old counts as cash-out. Cash-out must be for business purposes with a letter of explanation; paying taxes 60+ days delinquent is cash-out.", "delayed_financing": "Not published – ask us about your scenario", "listed_for_sale": "N/A", "ipc": "Interested-party contributions limited to 3% on investment properties.", "subordinate_financing": "Rate/term may pay off a purchase-money second or a closed-end second seasoned 12 months (HELOCs drawn in the last 12 months not eligible). Any subordinate financing payment is included in the DSCR.", "state_restrictions": "Prepayment penalty required on DSCR loans; where a state prohibits prepays, it must be bought out through pricing.", "details": "Commercial narrative appraisal; 2nd appraisal >$2M. Business funds allowed. Assets seasoned 60 days.", "features": [ "5+ units", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d36.html" }, { "code": "LAMD-D37", "name": "DSCR 5–10 Units", "lien": "First lien", "min_fico": "680", "max_ltv_purchase": "75% (700 ≤$3M; 680 ≤$2M)", "max_ltv_rt": "75% (same)", "max_ltv_co": "70% (700 ≤$2.5M; 680 ≤$2M)", "min_loan": "$750K", "max_loan": "$3.0M", "cash_in_hand": "Unlimited ≤65% LTV; $1M above 65%", "ltv_adjustments": "Grid tops at 75% purchase/rate-term (700 FICO to $3M; 680 to $2M); cash-out 70%/65%. Declining market −5%.", "min_dscr": "1.15", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Minimum DSCR 1.15 on the full PITIA (not interest-only); lesser of market or actual rents; long-term rent only; max 2 vacant units.", "products": "Per program rules", "interest_only": "Allowed but DSCR calculated on full PITIA", "ppp": "Min 3-yr on loans >$2.5M", "reserves": "9 months up to $2M; 12 months above $2M.", "housing_history": "0x30x24.", "credit_events": "Per program rules (2–4 yr events max 70% & $1.5M)", "forbearance": "Mortgage forbearance: if all payments were made, the loan just needs to be reinstated (no wait); if payments were missed, 3 on-time payments after forbearance ended (missed payments may have been added to the balance). A modification resolving a COVID forbearance, or from a forbearance exit, isn't a credit event. Non-mortgage accounts may stay in forbearance with the payment counted.", "other_credit": "Judgments and tax liens may stay open on a repayment plan with 6 months of on-time payments (subordinated if recorded against the property); otherwise paid at closing (cash-out can pay them). Disputed collections of $250 or less can stay; other disputed accounts with derogatory history in 2 years must be removed and credit re-pulled.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Not allowed.", "foreign_national": "Not published – ask us about your scenario", "itin": "No", "non_perm_resident": "Per program rules", "entity_vesting": "Must vest in an LLC, partnership or corporation with full-recourse personal guarantees.", "gift_funds": "Not allowed", "max_financed": "8 the program loans / $10M", "borrower_rules": "N/A", "property_types": "5–10 unit residential", "adu_income": "Not applicable – 5–10 unit buildings.", "condo_nonwarr": "N/A", "condotel": "N/A", "rural_acreage": "Rural not allowed.", "min_sqft": "500 sq ft", "mixed_use": "Case-by-case (program rules)", "units_5_8": "5–10 residential units: commercial USPAP appraisal (71A/1050) with rent roll, map and income/expense statement (no transferred appraisals), plus a BPO/drive-by with 0% variance; average or better condition; LTV on the lower of market value or appraisal; escrows and 6 months of rent-loss insurance required.", "ineligible_property": "N/A", "declining_market": "5% below the maximum LTV, plus credit-risk review.", "appraisal": "Unpermitted additions case-by-case: appraiser must confirm workmanlike quality and no adverse marketability impact, and the addition gets no value. Declining market: 5% below max with credit-risk review. Escrow holdbacks up to 30 days/$25K on purchases (case-by-case).", "rent_purchase": "Lesser of market or actual rents", "rent_refi": "Lesser of market or actual rents", "vacant_refi": "Max 2 vacant units", "str_allowed": "No – long-term rents only", "str_docs": "N/A", "str_impact": "No short-term rental income.", "cashout_seasoning": "Per program rules", "delayed_financing": "Per program rules", "listed_for_sale": "Refinance of a property listed in the last 6 months: must be delisted before funding with a motivation letter to keep it; cash-out gets extra review.", "ipc": "Interested-party/financing contributions up to 6% at any LTV, limited to actual closing costs and prepaids.", "subordinate_financing": "N/A", "state_restrictions": "N/A", "details": "Grid: 700 75% $3M purch/RT, CO 70% $2.5M / 65% $3M; 680 75% $2M / 70% $2.5M / 65% $3M, CO 70/65/60.", "features": [ "5+ units", "Mixed use", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d37.html" }, { "code": "LAMD-D38", "name": "DSCR 5–8 Units & Mixed Use", "lien": "First lien", "min_fico": "700", "max_ltv_purchase": "75% (≤$1.5M)", "max_ltv_rt": "70%", "max_ltv_co": "65%", "min_loan": "$300K", "max_loan": "$3.0M (5-8 res); $2.0M (mixed use)", "cash_in_hand": "Max $1M.", "ltv_adjustments": "Max 75% purchase / 70% rate-term / 65% cash-out (720+ up to $1.5M), stepping down with loan size; 700 FICO max $2M. CT and NJ: 70% purchase / 65% refi with 720 FICO. No declining-market adjustment.", "min_dscr": "1.00", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Eligible rents ÷ PITIA (IO may use ITIA), minimum 1.00. Leased units at the lower of market or lease; vacant units at 75% of market (max 1 vacancy on 2–3 units, 2 on 4+), must be actively marketed. Rents reduced by any management fee on the appraisal. Commercial income capped at 49.99% of total.", "products": "15/30 fixed, 5/6 7/6 10/6 ARM", "interest_only": "Yes", "ppp": "Up to 5 yr; OH allowed on 3+ units", "reserves": "6 months; 9 over $1.5M; 12 over $2.5M. Cash-out can NOT be used for reserves.", "housing_history": "0x30x12", "credit_events": "Bankruptcy, foreclosure, deed-in-lieu, pre-foreclosure, short sale, mortgage charge-off, lis pendens and notice of default all count. Bankruptcy measured from discharge/dismissal; housing events from settlement; a foreclosure included in a bankruptcy runs from the earlier date. A notice of default is treated as a 1x90x12 unless cured with 12 on-time payments. A charged-off second mortgage counts as a foreclosure from its charge-off date.", "forbearance": "Forbearance, modifications and deferrals completed or reinstated more than 12 months before the note date are fine (normal housing-history rules apply). If completed within 12 months, they are not eligible on any of the DSCR programs.", "other_credit": "For DSCR loans, collections and charge-offs can be ignored unless they affect title. All open judgments and involuntary liens must be paid at or before closing (no subordination). IRS installment plans OK with 2+ on-time payments and no recorded lien in the subject's county. Credit counseling OK after 12 on-time months.", "tradelines": "2 tradelines reporting 24 months (active in last 12) or 3 reporting 12 months; waived if the borrower has three credit scores. Representative score is from the borrower/guarantor with the highest score.", "fthb": "No", "first_time_investor": "Not eligible; FTHB not eligible.", "foreign_national": "No", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "LLC, partnership or corporation limited to owning/managing real estate; US-domiciled; up to 4 members/managers; up to two entity layers allowed. Personal guaranties from members totaling at least 25% ownership, each completing an application – their credit is used for qualifying and pricing.", "gift_funds": "Not allowed.", "max_financed": "Lender exposure to one borrower/household: $5M UPB or 10 loans.", "borrower_rules": "N/A", "property_types": "5–8 unit residential; 2–8 unit mixed use (retail/office/restaurant only)", "adu_income": "Not applicable – 5–8 unit residential and 2–8 unit mixed-use buildings.", "condo_nonwarr": "Condos are reviewed under the lender's own project rules rather than a warrantable/non-warrantable split: unit 500+ sq ft with a full kitchen and a bedroom, commercial space up to 50%, HOA delinquencies up to 20%, single-entity ownership up to 20% (5+ units), investor concentration up to 60% (higher possible with a rental history), non-structural litigation with damages under 25% of reserves. Established projects need 90% sold, 40% owner-occupied and HOA turned over; new projects 50% sold and 50% owner-occupied. Projects with critical repairs, unremediated special assessments, or safety violations are ineligible. Site condos use single-family LTVs. Lender project exposure: lesser of $5M or 20% of units.", "condotel": "N/A", "rural_acreage": "Rural not eligible; max 2 acres.", "min_sqft": "N/A", "mixed_use": "2–8 units with retail/office/restaurant only: 1 commercial unit on 2–3 units, 2 on 4–5, 3 on 6–8; commercial space under 50% of building area; no vacant commercial space; no environmental uses (dry cleaners, laundromats).", "units_5_8": "5–8 residential units allowed: $300K–$3M, commercial-style appraisal (71A/71B/1050 or narrative) with rent roll and income/expense statement, plus a commercial BPO or second appraisal. No fair/poor ratings, health/safety issues or structural deferred maintenance.", "ineligible_property": "Manufactured/mobile homes, co-ops, timeshares and fractional ownership, boarding houses/B&B/PadSplit, healthcare/assisted-living use, properties with income-producing non-residential structures (billboards, cell towers, commercial workshops), agricultural features (vineyards, farms, ranches, orchards, equestrian), zoning violations or illegal use, domes, barndominiums, log homes not common to the area, houseboats, Native American reservation land, marijuana-related use, properties not accessible by standard roads or not suitable for year-round use, C5/C6 condition or Q6 quality, Hawaii lava zones 1–2 and coastal-erosion zones. Over 20 acres ineligible (no truncating). Leaseholds eligible where common.", "declining_market": "Declining market (per appraisal or lender-designated state): max 75% purchase / 70% refinance and $2M loan (FN: 70% refi, $2M; 5–8/mixed use: no adjustment).", "appraisal": "Full interior/exterior appraisal plus review product (or second appraisal); second appraisal required over $2M and on HPML flips (price up 10% within 90 days or 20% within 91–180 days of the seller's purchase). Transferred appraisals accepted. Escrow holdbacks not purchased.", "rent_purchase": "Lower of market or lease, less management fee", "rent_refi": "Same", "vacant_refi": "Vacant units at 75% market; max 1 vacant (2-3 units) / 2 (4+); no vacant commercial", "str_allowed": "No", "str_docs": "N/A", "str_impact": "Short-term rental income not eligible.", "cashout_seasoning": "Six months of ownership to use the current appraised value; under 6 months, value is limited to price plus documented improvements (except inherited or divorce-awarded property). Not eligible if there was a cash-out within the past 6 months, for land-contract payoffs, with a POA, or if proceeds go to personal debts/taxes/judgments. Paying delinquent taxes (60+ days) or refinancing a free-and-clear property counts as cash-out.", "delayed_financing": "Allowed for cash purchases within 6 months, treated as rate/term for pricing (cash-in-hand caps don't apply, except foreign nationals). Arm's-length purchase, documented funds, no liens; loan limited to documented investment, value capped at price plus improvements.", "listed_for_sale": "For all refinances, value is the lower of the lowest list price in the prior 12 months or appraisal. Cash-out on an investment property listed within the past 6 months is allowed only with at least a 3-year prepayment penalty; any active listing must be cancelled before closing.", "ipc": "Investment property: interested-party contributions up to 6%, for closing costs and prepaids only (never down payment or reserves). A borrower acting as their own agent may contribute commission within the limit. Excess reduces both price and value.", "subordinate_financing": "Not permitted on the DSCR programs (closed-end seconds are a separate product).", "state_restrictions": "Not available in IL or NY, Baltimore City, Philadelphia County or the territories. CT/NJ overlay applies.", "details": "Ineligible states: IL, NY. CT & NJ: max 70% purch / 65% refi, 720 FICO. Commercial BPO or 2nd appraisal required. No fair/poor condition or environmental issues.", "features": [ "5+ units", "Mixed use", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d38.html" }, { "code": "LAMD-D39", "name": "Blanket DSCR (2–25 Properties)", "lien": "First lien – blanket", "min_fico": "660", "max_ltv_purchase": "80% (700, DSCR >1.20, ≤$1.5M)", "max_ltv_rt": "80%", "max_ltv_co": "75%", "min_loan": "$200K", "max_loan": "$4.0M", "cash_in_hand": "$1M at 65%+ LTV; $2M below 65%.", "ltv_adjustments": "Portfolio-wide overlays: any 2–4 unit or condo in the pool caps at 75% purchase / 70% refi; any condotel 75% / 65% with $1.5M max; any rural 75% / 70%; any CT/IL/NJ/NY or declining-market property 75% / 70%. 25%+ of properties vacant: −10%. Interest-only 75% (70% cash-out), 680 FICO. Loan DSCR 1.00–1.20 uses a lower grid than above 1.20.", "min_dscr": "Loan 1.00 / each property 0.75", "dscr_below_1": "Property-level ≥0.75 only", "no_ratio": "No", "dscr_calc": "Loan DSCR (all rents ÷ total PITIA) must be 1.00+, and each property must reach 0.75 on its allocated payment. Vacant 2–4 unit properties (2+ vacant units) use 75% of market rent; vacant properties must be lease-ready, not under renovation.", "products": "15/30 fixed, 5/6 7/6 10/6 ARM", "interest_only": "Yes – 680 FICO; 75% / 70% CO", "ppp": "Same the program state rules", "reserves": "2 months per property; 6 months each over $1.5M total; 12 months each over $2.5M. Cash-out counts.", "housing_history": "1x30x12 and 2x30x24.", "credit_events": "Bankruptcy, foreclosure, deed-in-lieu, pre-foreclosure, short sale, mortgage charge-off, lis pendens and notice of default all count. Bankruptcy measured from discharge/dismissal; housing events from settlement; a foreclosure included in a bankruptcy runs from the earlier date. A notice of default is treated as a 1x90x12 unless cured with 12 on-time payments. A charged-off second mortgage counts as a foreclosure from its charge-off date.", "forbearance": "Forbearance, modifications and deferrals completed or reinstated more than 12 months before the note date are fine (normal housing-history rules apply). If completed within 12 months, they are not eligible on any of the DSCR programs.", "other_credit": "For DSCR loans, collections and charge-offs can be ignored unless they affect title. All open judgments and involuntary liens must be paid at or before closing (no subordination). IRS installment plans OK with 2+ on-time payments and no recorded lien in the subject's county. Credit counseling OK after 12 on-time months.", "tradelines": "2 tradelines reporting 24 months (active in last 12) or 3 reporting 12 months; waived if the borrower has three credit scores. Representative score is from the borrower/guarantor with the highest score.", "fthb": "No", "first_time_investor": "Not eligible; FTHB not eligible.", "foreign_national": "Not eligible (US citizens and permanent residents only).", "itin": "No", "non_perm_resident": "No (US citizen & PRA)", "entity_vesting": "LLC, partnership or corporation limited to owning/managing real estate; US-domiciled; up to 4 members/managers; up to two entity layers allowed. Personal guaranties from members totaling at least 25% ownership, each completing an application – their credit is used for qualifying and pricing.", "gift_funds": "Not allowed.", "max_financed": "Lender exposure to one borrower/household: $5M UPB or 10 loans.", "borrower_rules": "Escrows required (can't be waived). US citizens and permanent residents only.", "property_types": "SFR, 2-4, condo, condotel, rural (portfolio overlays apply)", "adu_income": "A single-family home may have up to two ADUs (three or more not allowed). Each ADU must be smaller than the main house with its own entrance, kitchen (cabinets, counter, sink, stove), sleeping area and bathroom; space reachable only through the main house isn't an ADU. An ADU that isn't allowed under zoning does NOT make the property ineligible if hazard insurance covers it, the use is common in the neighborhood, and the appraiser shows two comparable sales with the same non-compliant use – but its rent can't be counted. ADU rent counts only when the appraisal shows zoning is legal (permits verified where required) and at least one comp has the same number of ADUs; long-term ADU rent is the lower of market rent or actual rent. Two ADUs require a 1025.", "condo_nonwarr": "Condos are reviewed under the lender's own project rules rather than a warrantable/non-warrantable split: unit 500+ sq ft with a full kitchen and a bedroom, commercial space up to 50%, HOA delinquencies up to 20%, single-entity ownership up to 20% (5+ units), investor concentration up to 60% (higher possible with a rental history), non-structural litigation with damages under 25% of reserves. Established projects need 90% sold, 40% owner-occupied and HOA turned over; new projects 50% sold and 50% owner-occupied. Projects with critical repairs, unremediated special assessments, or safety violations are ineligible. Site condos use single-family LTVs. Lender project exposure: lesser of $5M or 20% of units.", "condotel": "75% / 65%, $1.5M", "rural_acreage": "Rural allowed (portfolio overlay 75% / 70%); max 5 acres per property.", "min_sqft": "SFR 700; 2-4 400/unit; condo 500", "mixed_use": "No", "units_5_8": "2 to 25 properties, $200K–$4M loan, max $1M allocated per property; 5–8 units and mixed use not eligible. Property values $100K minimum and $1.5M per unit maximum. Partial release requires paying 120% of the allocated balance. Mixed purposes allowed (priced on the most conservative).", "ineligible_property": "Manufactured/mobile homes, co-ops, timeshares and fractional ownership, boarding houses/B&B/PadSplit, healthcare/assisted-living use, properties with income-producing non-residential structures (billboards, cell towers, commercial workshops), agricultural features (vineyards, farms, ranches, orchards, equestrian), zoning violations or illegal use, domes, barndominiums, log homes not common to the area, houseboats, Native American reservation land, marijuana-related use, properties not accessible by standard roads or not suitable for year-round use, C5/C6 condition or Q6 quality, Hawaii lava zones 1–2 and coastal-erosion zones. Over 20 acres ineligible (no truncating). Leaseholds eligible where common.", "declining_market": "Declining market (per appraisal or lender-designated state): max 75% purchase / 70% refinance and $2M loan (FN: 70% refi, $2M; 5–8/mixed use: no adjustment).", "appraisal": "Full interior/exterior appraisal plus review product (or second appraisal); second appraisal required over $2M and on HPML flips (price up 10% within 90 days or 20% within 91–180 days of the seller's purchase). Transferred appraisals accepted. Escrow holdbacks not purchased.", "rent_purchase": "Gross monthly rent per long-term rental documentation", "rent_refi": "Same; vacant 2-4 unit (2+ units vacant) uses 75% of market", "vacant_refi": "−10% LTV if ≥25% of properties vacant; vacant units at 75% market", "str_allowed": "Yes", "str_docs": "Per; 12-month average required", "str_impact": "Gross STR rents reduced by ≥20% expense factor", "cashout_seasoning": "Six months of ownership to use the current appraised value; under 6 months, value is limited to price plus documented improvements (except inherited or divorce-awarded property). Not eligible if there was a cash-out within the past 6 months, for land-contract payoffs, with a POA, or if proceeds go to personal debts/taxes/judgments. Paying delinquent taxes (60+ days) or refinancing a free-and-clear property counts as cash-out.", "delayed_financing": "Allowed for cash purchases within 6 months, treated as rate/term for pricing (cash-in-hand caps don't apply, except foreign nationals). Arm's-length purchase, documented funds, no liens; loan limited to documented investment, value capped at price plus improvements.", "listed_for_sale": "For all refinances, value is the lower of the lowest list price in the prior 12 months or appraisal. Cash-out on an investment property listed within the past 6 months is allowed only with at least a 3-year prepayment penalty; any active listing must be cancelled before closing.", "ipc": "Investment property: interested-party contributions up to 6%, for closing costs and prepaids only (never down payment or reserves). A borrower acting as their own agent may contribute commission within the limit. Excess reduces both price and value.", "subordinate_financing": "Not permitted on the DSCR programs (closed-end seconds are a separate product).", "state_restrictions": "Not available in Baltimore City MD, Philadelphia County PA, Puerto Rico, Guam or USVI. 2–4 units not eligible in IL and NY. CT, IL, NJ, NY overlay: max 75% purchase / 70% refi and $2M (FN: 70% refi, $2M). Prepayment penalties not allowed in AK, MI, NM, OH; in IL and NJ only for entity borrowers; PA not on 1–2 units at or below about $329K; MS declining only.", "details": "Partial release at 120% of allocated balance. Allocated balance ≤$1M per property. Escrows required. the program Cross Collateral Workbook required. Loan DSCR ≥1.00 and each property ≥0.75. Partial release at 120% of allocated balance. Min $100K value per property. Experienced investors only. No MERS.", "features": [ "Short-term rental income", "Condotel", "Non-warrantable condo", "Blanket (multiple properties)", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d39.html" }, { "code": "LAMD-D40", "name": "Blanket DSCR (2–15 Properties)", "lien": "First lien", "min_fico": "680", "max_ltv_purchase": "75%", "max_ltv_rt": "75%", "max_ltv_co": "70% (≤$1.5M, 700+); 60% at $2M", "min_loan": "$250K (min $150K value per property)", "max_loan": "$2.0M", "cash_in_hand": "$500K above 60% LTV.", "ltv_adjustments": "Max 75% purchase/rate-term (680–740+ up to $1.5M), cash-out 70% to 60%. IO: 700 FICO, 75%. Declining market −5%.", "min_dscr": "1.10 loan-level AND 1.10 per property", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Both the overall loan DSCR (all rents ÷ total PITIA/ITIA) and every individual property (rent ÷ allocated-loan PITIA) must be at least 1.10. Allocated amount = property value × loan LTV. A higher lease needs 3 months' receipts.", "products": "3/6, 5/6, 7/6 ARM; 30 fixed; 40yr IO", "interest_only": "Yes – 700 FICO, 75%", "ppp": "Per state law", "reserves": "6 months; cash-out counts.", "housing_history": "0x30x12.", "credit_events": "4+ years from housing events.", "forbearance": "N/A", "other_credit": "Judgments/liens affecting title must be paid. Non-title collections/charge-offs within 3 years over $5,000 (individually or combined) must be paid; medical under $15,000 can stay. IRS plans OK if current and not liened. Past-due accounts brought current; no one currently in credit counseling/debt management. 60-day consumer lates within 4 years need an explanation. Credit can't be frozen.", "tradelines": "N/A", "fthb": "No – FTI may not be FTHB", "first_time_investor": "No – 12 mo experience in last 5 yrs", "foreign_national": "Not published – ask us about your scenario", "itin": "No", "non_perm_resident": "Not published – ask us about your scenario", "entity_vesting": "LP, GP, Corp, LLC with personal guaranty; layered entities must trace to individuals", "gift_funds": "Family gifts allowed; not on NOO >80% LTV; not for reserves", "max_financed": "Up to 20 financed residential properties; lender exposure $7.5M or 10 properties per borrower (not applicable to the cross-collateral program). No extra reserves for other properties on DSCR.", "borrower_rules": "US citizens and permanent residents only. Cash-out for personal use ineligible.", "property_types": "2–15 properties, same state; SFR, PUD, 2-4, warrantable condo", "adu_income": "Single-family homes with ADUs follow Fannie Mae's ADU rules (legal ADUs acceptable). Multiple dwellings on one lot are ineligible except legal ADUs. Unpermitted additions/alterations are judged under Fannie Mae rules – generally acceptable if typical for the market, well built and not given full value – rather than an automatic decline. Rent is the lower of lease or 1007 market rent.", "condo_nonwarr": "Not allowed (warrantable condos only); co-ops not eligible.", "condotel": "No", "rural_acreage": "Max 20 acres; rural not specifically excluded", "min_sqft": "Not published – ask us about your scenario", "mixed_use": "No", "units_5_8": "2 to 15 properties in the same state; $250K–$2M; each property worth at least $150K. Partial releases allowed (prepay penalty on release price).", "ineligible_property": "Manufactured homes, 5+ units, log homes (faux-log by exception), condotels/motels, projects with registration services or limits on owner occupancy, unique properties, mixed use, model leasebacks, boarding houses, group homes, timeshares/fractional, assisted living, mandatory country-club memberships, zoning violations, under construction, barndominiums, agricultural zoning (by exception), Hawaii lava zones 1–2, multiple dwellings on one lot (legal ADUs OK), working farms, C5/C6, live/work condos, earth-berm homes, domes, houseboats, reservation land, marijuana use, theme-park resort properties. Leaseholds OK; max 20 acres.", "declining_market": "5% reduction to the LTV caps (declining per appraisal or any third-party valuation).", "appraisal": "Escrow holdbacks not allowed. Disaster-area damage over $2,000 or affecting habitability is ineligible. Rent-loss insurance of 6 months required. Manual underwriting.", "rent_purchase": "Lower of lease or 1007 market rent", "rent_refi": "Higher lease allowed with 3 consecutive months' receipt", "vacant_refi": "Not eligible unless recently renovated (appraiser confirms).", "str_allowed": "No", "str_docs": "N/A", "str_impact": "Short-term rental income not allowed.", "cashout_seasoning": "6+ months of ownership (acquisition to note). Owned 6–12 months: LTV on the lower of purchase price plus documented improvements or appraisal. Refinancing a cash-out loan less than 1 year old counts as cash-out. Inherited or divorce-awarded properties have no seasoning. Cash-out for business purposes only (no renovations that make it uninhabitable). No POA on cash-out or entities.", "delayed_financing": "Yes – cash purchase within 180 days, arm's length", "listed_for_sale": "If listed within 6 months of the note date: not listed at application, with a borrower letter and listing cancellation. Multiple listings within 12 months are ineligible.", "ipc": "Interested-party contributions up to 6%.", "subordinate_financing": "N/A", "state_restrictions": "N/A", "details": "680: 75/75/65 ($1M), 70/70/60 ($1.5M), 65/65 ($2M). Partial release rules in", "features": [ "Blanket (multiple properties)", "Interest-only" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d40.html" }, { "code": "LAMD-D41", "name": "DSCR Closed-End Second", "lien": "Second lien (closed-end)", "min_fico": "680", "max_ltv_purchase": "65% CLTV (740/720/700, ≤$750K)", "max_ltv_rt": "65% CLTV (740/720/700, ≤$750K); 60% at $1M (720) and 680", "max_ltv_co": "60% CLTV; 55% at $1M (720)", "min_loan": "$150K", "max_loan": "$1.0M (720+); $750K (740); $500K (700/680)", "cash_in_hand": "Not published – ask us about your scenario", "ltv_adjustments": "Combined LTV per the second-lien grid; warrantable condos 80%; 1-unit properties only.", "min_dscr": "1.00 (STR 1.15)", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Minimum 1.00 including the first mortgage payment; rents per the first-lien rules (lesser of lease or market; STR with 12-month statements).", "products": "Closed-end second", "interest_only": "Not published – ask us about your scenario", "ppp": "Not applicable (no PPP)", "reserves": "6 mo (≤$750K) / 9 mo (>$750K) PITIA of 1st + 2nd", "housing_history": "0x30x24", "credit_events": "Any credit event including foreclosure within 5 years is ineligible.", "forbearance": "Mortgage forbearance: if all payments were made, the loan just needs to be reinstated (no wait); if payments were missed, 3 on-time payments after forbearance ended (missed payments may have been added to the balance). A modification resolving a COVID forbearance, or from a forbearance exit, isn't a credit event. Non-mortgage accounts may stay in forbearance with the payment counted.", "other_credit": "Judgments and tax liens may stay open on a repayment plan with 6 months of on-time payments (subordinated if recorded against the property); otherwise paid at closing (cash-out can pay them). Disputed collections of $250 or less can stay; other disputed accounts with derogatory history in 2 years must be removed and credit re-pulled.", "tradelines": "N/A", "fthb": "Not allowed on the program", "first_time_investor": "12-month landlord history required unless LTV is 70% or less with DSCR above 1.00. Applicants must own a primary or investment property (can be waived if not a first-time homebuyer).", "foreign_national": "Not published – ask us about your scenario", "itin": "Not published – ask us about your scenario", "non_perm_resident": "Not published – ask us about your scenario", "entity_vesting": "LLC (US) – all applicants sign individually; partnerships/corps", "gift_funds": "N/A – stand-alone second (no down payment)", "max_financed": "8 loans / $10M per borrower across the lender's programs; no more than 10% of a PUD/condo project.", "borrower_rules": "N/A", "property_types": "1-unit attached/detached, PUD, warrantable condo (max 80%); 2-4 units ineligible", "adu_income": "Multiple ADUs allowed if the appraiser states they're legally permitted and rentable with like-kind comps; ADU rent only if legal and legally rentable per the building department.", "condo_nonwarr": "Not eligible (warrantable only).", "condotel": "Not eligible.", "rural_acreage": "Rural not eligible; agriculturally zoned not eligible; max 5 acres for DSCR.", "min_sqft": "500 sq ft", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "N/A", "declining_market": "5% below the maximum LTV, plus credit-risk review.", "appraisal": "Unpermitted additions case-by-case: appraiser must confirm workmanlike quality and no adverse marketability impact, and the addition gets no value. Declining market: 5% below max with credit-risk review. Escrow holdbacks up to 30 days/$25K on purchases (case-by-case).", "rent_purchase": "100% market if vacant; lesser of lease or market", "rent_refi": "Lesser of lease or market; higher lease if 6+ mo remaining & 2 mo receipts; below-market leases can use market with intent letter", "vacant_refi": "90% of market rent if renovated within 6 mo & listed; seasoned investors without renovation: lesser of 65% or grid −5%", "str_allowed": "Yes", "str_docs": "12-mo income statement (not borrower generated) + listing + market/municipal proof; purchase uses lesser of 12-mo or 90% AirDNA/NAN; refi 25% vacancy factor, ≤10% decline", "str_impact": "DSCR 1.15; max CLTV 5% below grid", "cashout_seasoning": "6 months ownership/title seasoning", "delayed_financing": "N/A", "listed_for_sale": "Refinance of a property listed in the last 6 months: must be delisted before funding with a motivation letter to keep it; cash-out gets extra review.", "ipc": "Interested-party/financing contributions up to 6% at any LTV, limited to actual closing costs and prepaids.", "subordinate_financing": "Second lien behind an institutional first. The first can't be in deferral/forbearance, negative-amortizing, a reverse mortgage, private, or have a balloon due during the second's term.", "state_restrictions": "N/A", "details": "Senior lien must be institutional; no forbearance, neg-am, reverse, private or early-balloon 1sts.", "features": [ "Short-term rental income", "Second lien" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d41.html" }, { "code": "LAMD-D42", "name": "DSCR Closed-End Second", "lien": "Second lien (closed-end)", "min_fico": "680", "max_ltv_purchase": "N/A – stand-alone cash-out only", "max_ltv_rt": "N/A", "max_ltv_co": "80% CLTV (720, $50–350K); 75% (700); 70% (680)", "min_loan": "$50K", "max_loan": "$750K", "cash_in_hand": "Per combined-lien caps: $2M → 90, $3M → 85, $3.5M → 80, $4M → 75, $5M → 60 CLTV", "ltv_adjustments": "Investment DSCR combined LTV: 75% at 700, 70% at 680 (to $350K). Combined lien balance caps: 90% to $2M, 85% to $3M, 80% to $3.5M, 75% to $4M, 60% to $5M. Declining market 70%. Warrantable condos and 2–4 units 75% on non-full-doc. Recent refinance within 6 months: 80%.", "min_dscr": "1.00", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Minimum 1.00 at the note rate including first and second payments. Long-term rent = lower of lease or 1007 (lease required). STR accepted with 12 months of third-party rent documentation.", "products": "10/15/20/30yr fixed; 30/15 & 40/15 balloon ($200K min)", "interest_only": "No (IO CES owner-occupied only)", "ppp": "Minimum 1-year prepayment penalty required where allowed.", "reserves": "None required on stand-alone CES", "housing_history": "0x30x12 on all mortgages for all borrowers with a 12-month history.", "credit_events": "48 months for foreclosure, short sale, deed-in-lieu or bankruptcy; no multiple events in 7 years.", "forbearance": "Forbearance with all payments made: reinstated, no waiting period. Missed payments: reinstated plus 3 on-time payments after forbearance (missed payments may have been added to the balance). Borrower explains the hardship.", "other_credit": "Open charge-offs/collections and medical collections under $1,000 each are OK; no delinquent accounts at closing.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "Not eligible; non-permanent residents and foreign nationals not eligible for DSCR seconds.", "foreign_national": "No", "itin": "No", "non_perm_resident": "No", "entity_vesting": "LLC, partnership or corporation vesting (program rules)", "gift_funds": "N/A", "max_financed": "No limit on financed investment properties; lender exposure $7.5M or 10 properties per borrower; condo project exposure the lesser of $5M or 15%.", "borrower_rules": "N/A", "property_types": "SFR (max 10 acres), PUD, warrantable condo (75%), 2-4 (75%)", "adu_income": "Follows first-lien ADU rules (permits not required if zoning compliance is legal; comps with ADUs).", "condo_nonwarr": "Non-warrantable condos allowed with ONE non-warrantable factor: commercial space under 50% (subject unit fully residential), new projects 50% sold with common areas complete, HOA delinquencies up to 20%, developer control with defined turnover, reserves at least 5%, investor concentration up to 60% (higher with a rental history), single-entity ownership up to 50%, non-structural litigation case-by-case. Ineligible: timeshares/occupancy restrictions, live/work, manufactured projects, conversions under 2 years, over 50% non-residential, common-interest apartments, safety litigation. Borrower limited to 2 units (5–20 unit projects) or 10% of larger projects.", "condotel": "Not eligible (SFR, PUD, warrantable condo, 2–4 units).", "rural_acreage": "Rural only for primary residences; SFR max 10 acres.", "min_sqft": "600 sq ft (1-unit); 500 sq ft condo", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Agricultural zoning (case-by-case), co-ops, Hawaii lava zones 1–2, hobby farms/income-producing acreage, houseboats, manufactured/mobile homes, multiple dwellings on one lot (legal ADUs OK), oil/gas leases (case-by-case), unique properties, working farms/ranches/orchards, room-and-board, assisted living. Single-unit minimum 600 sq ft; year-round use with permanent heat; deferred maintenance under $2,000; over 20 acres case-by-case.", "declining_market": "5% reduction to the maximum LTV.", "appraisal": "Up to $400K: AVM (90% confidence) plus property condition inspection; full appraisal over $400K, for 2–4 units, or if AVM confidence is lower.", "rent_purchase": "N/A", "rent_refi": "Lower of lease or 1007; lease required", "vacant_refi": "No – lease required for LTR", "str_allowed": "Yes", "str_docs": "12 months third-party rent documentation", "str_impact": "None stated", "cashout_seasoning": "More than 6 months of ownership required (DSCR is not a small full-doc loan).", "delayed_financing": "N/A", "listed_for_sale": "Properties listed for sale in the last 6 months are not eligible (120 days for small full-doc loans).", "ipc": "Interested-party contributions up to 6% of the lower of price or value on investment properties, for closing costs/points only.", "subordinate_financing": "Stand-alone closed-end second (cash-out only for DSCR). First lien can't be in active forbearance/deferment, negatively amortizing, a reverse mortgage, or have a balloon due during the second's term. First-lien ARMs with under 3 years fixed remaining qualify at fully indexed. IO firsts qualify on the amortized payment.", "state_restrictions": "All states, except loans failing the NY subprime test; 2–4 unit DSCR under 0.75 not eligible in IL or NY. Florida foreign-national purchases subject to SB 264 restrictions (China, Russia, Iran, North Korea, Cuba, Venezuela, Syria).", "details": "DSCR CES grid (CLTV): $50–350K 720 80 / 700 75 / 680 70; $350–500K 75/70/65; $500–750K 70/65/55. Declining market NOO max 70%. Listed for sale in last 6 mo ineligible. No forbearance, neg-am, reverse or early-balloon 1sts. Qualifies on lowest middle score of all borrowers.", "features": [ "Short-term rental income", "Second lien" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d42.html" }, { "code": "LAMD-D43", "name": "DSCR Closed-End Second", "lien": "Second lien (closed-end)", "min_fico": "680 (FN: no score or 680)", "max_ltv_purchase": "Piggyback only: 75% CLTV (720+, ≤$350K)", "max_ltv_rt": "75% CLTV (720+, ≤$350K); 70% ($500K)", "max_ltv_co": "Same CLTV grid", "min_loan": "$50K", "max_loan": "$500K; max combined $4.0M", "cash_in_hand": "Not published – ask us about your scenario", "ltv_adjustments": "Combined LTV: 720+ 75% to $350K, 70% to $500K; 700–719 70% to $450K, 65% to $500K; 680–699 65% to $350K, 60% to $450K. Foreign nationals 70% (no FICO or 720) down to 60%. Florida new-construction PUD 75%, condo 70% (investment).", "min_dscr": "1.00", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Combined first and second payments must produce a DSCR of 1.00 or higher.", "products": "Closed-end second", "interest_only": "Not published – ask us about your scenario", "ppp": "Investment only, per state", "reserves": "Purchases only: 3 months up to $1M, 6 months $1M–$2M, 12 months above $2M (total financing).", "housing_history": "0x30x12 and 0x90x24. Payments on a manufactured home or second mortgage count as mortgage history.", "credit_events": "Bankruptcy, foreclosure, short sale, deed-in-lieu, loan modification, forbearance, deferral and 120+ day lates all count as credit events and need 48 months (bankruptcy measured from discharge/dismissal to closing). More than one bankruptcy in 7 years requires 7 years from the latest.", "forbearance": "Forbearances, deferrals and modifications are credit events (48 months). Exception: after a COVID-19 forbearance the borrower is eligible once 3 consecutive on-time payments are made by the note date.", "other_credit": "Collections/charge-offs under 24 months old may stay open up to $2,000 total; 24+ months up to $2,500 each; time-barred and all medical collections may stay open. On the DSCR grade, any balances above those limits must be paid in full.", "tradelines": "N/A", "fthb": "Not published – ask us about your scenario", "first_time_investor": "Not published – ask us about your scenario", "foreign_national": "Yes – investment, 70% CLTV", "itin": "No", "non_perm_resident": "Yes", "entity_vesting": "Individual or LLC/corporation with up to 4 owners, all of whom must be borrowers and guarantors.", "gift_funds": "Limited by program", "max_financed": "No limit on other financed properties. Lender exposure: $5M or 10 loans per borrower within any 6-month span.", "borrower_rules": "N/A", "property_types": "SFR, PUD, 2-4, warrantable & non-warrantable condo", "adu_income": "Follows the first-lien rules: one ADU allowed; unpermitted ADUs acceptable if excluded from value with no title violations; ADU rent only if zoning-legal.", "condo_nonwarr": "Warrantable and non-warrantable condos eligible under a limited review: single-entity ownership up to 2 units in 5–20 unit projects or 30% in 21+ units; commercial space up to 50%; other features case-by-case. Review waived for detached units and 2–10 unit projects (not condotels). Minimum DSCR 1.00 for condos. Florida new-construction condos capped at 70%.", "condotel": "Not listed as eligible for the second-lien program.", "rural_acreage": "Not listed as an eligible property type for seconds.", "min_sqft": "500 sq ft living space", "mixed_use": "Not published – ask us about your scenario", "units_5_8": "No", "ineligible_property": "C5/C6 or fair/poor condition, Q6 construction, under 500 sq ft (each unit), model leasebacks, private transfer covenants, commercial, co-ops, domes, geothermal homes, timeshares, over 10 acres, unique properties, assisted living, working farms/ranches/orchards, mobile and manufactured homes, 5–8 units, mixed use, incomplete properties, barndominiums. Leaseholds are case-by-case (never tribal land). Every unit needs a full kitchen with a stove or stove hookup.", "declining_market": "N/A", "appraisal": "Full appraisal supported by an AVM; loans of $250K or less may use an AVM plus property condition report if a second AVM supports it. Appraisal valid 360 days. Points and fees under 7%.", "rent_purchase": "Lease or 1007/1025; new lease with 2 mo payments", "rent_refi": "Lease or 1007; lease >125% of 1007 capped at 125% unless 2 cancelled checks support", "vacant_refi": "Allowed – max 70% CLTV", "str_allowed": "Not published – ask us about your scenario", "str_docs": "12-mo STR agreement average, 1007 (STR), or purchase-only AirDNA Rentalizer (occupancy ≥60%) – all at 75%; STR addendum; not in VT or NYC boroughs (except condotels)", "str_impact": "75% of STR income used; refi STR not allowed if under long-term lease", "cashout_seasoning": "Existing first mortgage must be 6+ months old. Under 6 months on title only with delayed financing, a no-value quitclaim within 12 months (max 65%), inheritance/divorce award, or time in the borrower's majority-owned LLC or revocable trust. 6–12 months: −5% from the grid, renovations must justify the value, and if listed after purchase value is the lower of list price or appraisal.", "delayed_financing": "Cash purchases within 6 months: treated as cash-out; loan capped at total cash investment (price plus documented improvements); value is the lower of appraisal or cost; gifts used to buy can't be reimbursed.", "listed_for_sale": "Rate/term: must be off the market by application. Cash-out: not listed within 6 months of application. Investment property listed within the past 12 months requires a 36-month prepayment penalty that can't be bought down (unless the state prohibits prepays).", "ipc": "6% at CLTV of 80% or less, 4% above. Not allowed when the purchase price exceeds list price by 3% or $5,001.", "subordinate_financing": "This is a closed-end second lien behind an existing first ($50K–$500K, total combined loans up to $4M). Purchases only as a piggyback with a new first.", "state_restrictions": "Investment seconds not available in Hawaii, Minnesota, Philadelphia County PA or USVI; Texas 50(a)(6) prohibited.", "details": "Investment grid 720+: 75% ($350K)/70% ($500K); 700–719: 70% ($450K)/65% ($500K); 680–699: 65% ($350K)/60% ($450K). Excluded for investment: HI, MN, Philadelphia, VI. Appraisal w/ AVM support (≤$250K AVM+PCR).", "features": [ "Foreign national", "Non-warrantable condo", "Second lien" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d43.html" }, { "code": "LAMD-D44", "name": "DSCR Closed-End Second", "lien": "Second lien (closed-end)", "min_fico": "700 (no borrower mid-score <660); highest mid-score qualifies", "max_ltv_purchase": "N/A – concurrent closing ineligible", "max_ltv_rt": "75% CLTV (720) / 70% (700)", "max_ltv_co": "75% CLTV (720) / 70% (700)", "min_loan": "$100K", "max_loan": "$350K; combined $3.5M", "cash_in_hand": "See program rules", "ltv_adjustments": "Combined LTV: 75% at 720+, 70% at 700 ($100K–$350K). 3–4 units 65%. Declining market 70%. Listed for sale 6–12 months ago with a prepay 70%. Inherited/non-purchase acquisitions 60%.", "min_dscr": "1.00 – lease required", "dscr_below_1": "No", "no_ratio": "No", "dscr_calc": "Minimum 1.00 including both first and second liens; a lease must be in place (standard rent rules).", "products": "10/15/20/30yr fixed, fully amortizing", "interest_only": "No", "ppp": "Investment only", "reserves": "Rate/term: 3 months of combined first and second PITIA.", "housing_history": "0x30x12 with a 12-month housing history.", "credit_events": "4 years for short sale, foreclosure, DIL, default modification, NOD, 120+ day late or a single bankruptcy; multiple events ineligible.", "forbearance": "A natural-disaster or non-financial-hardship forbearance/deferral on the primary or subject must be completed with 2 payments made since (purchase or rate/term) or 6 payments (cash-out); the deferred balance can be paid off by the refinance. A primary residence currently in forbearance is ineligible; one other REO in forbearance is OK.", "other_credit": "Judgments and liens affecting title must be paid. Non-title charge-offs/collections open under 2 years and over $10,000 (individually or combined) must be paid. Medical collections under $50,000 can remain. IRS payment plans OK if current and not liened. Borrowers in credit counseling or debt management are not eligible; no private credit-repair companies.", "tradelines": "N/A", "fthb": "No", "first_time_investor": "See program rules", "foreign_national": "No", "itin": "No", "non_perm_resident": "No", "entity_vesting": "LLC vesting allowed with 25% ownership; no POA.", "gift_funds": "Purchase only, from family. Under 75% LTV no borrower contribution needed; above 75% the borrower must show 5% of their own funds (doesn't have to use them). Not for reserves. Gift of equity from family allowed up to 70% with a 0x30x12 seller mortgage, tenant in place and DSCR 1.00+.", "max_financed": "Lender exposure: $5M or 10 loans per borrower/guarantor; 3+ loans in one complex or subdivision case-by-case.", "borrower_rules": "US citizens and permanent residents (no non-permanent residents, DACA, ITIN or foreign nationals). DSCR minimum FICO 700 (no borrower under 660).", "property_types": "SFR, 2-4, PUD, townhome, warrantable condo", "adu_income": "Follows the first-lien DSCR rules (permitted ADU rent with comps and lease; unpermitted ADUs acceptable but no rent).", "condo_nonwarr": "Warrantable condos only.", "condotel": "Not eligible.", "rural_acreage": "Rural ineligible; max 2 acres.", "min_sqft": "500 sq ft per unit (program rules)", "mixed_use": "No", "units_5_8": "No", "ineligible_property": "Manufactured homes, mixed use, condotels, co-ops, rural/agricultural zoning, mandatory rental pools, live/work condos, log homes, domes, unique properties, working farms, boarding houses/room leases, assisted living, timeshares/fractional, tenants-in-common, 'shouses', builder model leasebacks and inventory, under construction, C5/C6, commercial or industrial zoning (except condos), zoning violations, Native American leased land, lava zones (unless meeting Fannie Mae), leased land not exceeding the loan term by 5 years, community land trusts. Under 500 sq ft per unit (no kitchenettes). Mandatory club fees over 10% of price ineligible. Properties near power plants, industrial factories or environmental hazards ineligible.", "declining_market": "N/A", "appraisal": "Up to $400K: AVM with 90% confidence plus a property condition inspection (full appraisal if confidence is lower or HPML); over $400K full appraisal. No desk review needed.", "rent_purchase": "N/A", "rent_refi": "Per standard tier 'Rent Qualification'", "vacant_refi": "Not eligible – lease required", "str_allowed": "No", "str_docs": "N/A", "str_impact": "Short-term rentals ineligible.", "cashout_seasoning": "Owned at least 6 months; paying off an existing second requires 12 months of seasoning.", "delayed_financing": "Allowed for cash purchases owned under 6 months (arm's length, documented funds); priced as cash-out; LTV on the lower of price or appraisal; gift funds can't be recouped.", "listed_for_sale": "Can't be listed at application. Seasoning runs from listing removal to the note date; LTV uses the lower of appraisal or lowest list price in the last 12 months. Rate/term without a prepay: not permitted within 6 months, pre-approval for 6–12 months; with at least a 2-year prepay: permitted. Cash-out without a prepay: not permitted within 6 months (70% max with pre-approval at 6–12 months); with a 2-year prepay: 70% max.", "ipc": "Up to 6% of the purchase price for closing costs and prepaids only (no cash credit); excess is deducted from price.", "subordinate_financing": "Closed-end second behind an existing first (no third-position subordinations). Ineligible firsts: seasoned under 6 months, ARMs (unless qualified at the life cap and fixed 36+ months), balloons, HELOCs, 40+ year original terms, active forbearance, IO with under 5 years of IO left, negative amortization, private-party, PACE, reverse mortgages.", "state_restrictions": "Texas 50(a)(6) ineligible.", "details": "Declining market 70%; 3-4 unit 65%; inherited/non-purchase acquisitions 60%; listed for sale 6–12 mo ago w/ PPP 70%. TX 50(a)(6) ineligible. 1st lien must be seasoned ≥6 mo; no HELOC, balloon or private-party 1sts. the program CES file is the same program.", "features": [ "Second lien" ], "url": "https://guidelines.lamortgagedude.com/programs/lamd-d44.html" } ] }