Here’s what the current program guide says. Every loan still depends on the full deal, so we’ll confirm the details together.
An appraisal can still be required. The current program calls for one at final underwriting on loans over $400,000, or when an acceptable digital valuation is unavailable.
Who can use it
This is for business-purpose, non-owner-occupied rental property financing.
- Individuals can apply with up to two borrowers
- LLC ownership is allowed; members with at least 25% ownership must apply
- A full-recourse personal guarantee is required
- Published minimum credit scores: 680 for experienced investors and 700 for newer investors
Published loan and DSCR guidelines
The limits on the current site depend on experience, credit, and whether you're refinancing with cash out.
- Minimum loan amount: $75,000
- Experienced investors: up to $1 million, with cash-out up to $500,000
- Newer investors: up to $500,000, with cash-out up to $250,000
- Minimum DSCR: 1.10 for experienced investors with 680–699 credit; 1.00 with 700+ credit
- Newer investors need 0.10 more DSCR than the experienced-investor tier
Leverage by credit tier
The current page publishes these rate-and-term and cash-out maximums for experienced investors:
- 680–699 credit: 70% LTV for rate-and-term, 65% for cash-out
- 700–759 credit: 75% LTV for rate-and-term, 70% for cash-out
- 760+ credit: 80% LTV for rate-and-term, 75% for cash-out
- Newer investors: reduce each maximum by 5 percentage points
These are ceilings, not approvals. The lowest middle credit score among borrowers and guarantors is used.
Property and valuation rules
Digital valuation is the shortcut when the property and data support it.
- 1–4 unit single-family, townhomes, PUDs, and condos
- Maximum lot size of 10 acres
- Lease terms must be at least 12 months with a two-week buffer
- The property cannot be listed for sale
- Loans over $400,000 need an appraisal at final underwriting
- If lease rent differs from market rent by more than 10%, a Form 1007 rent schedule is triggered
If an AVM, BPO, or residential evaluation isn't available, an appraisal is required regardless of loan amount. A missing or $0 rent schedule is listed as a decline reason.
Where the current guide lists it
The existing page lists availability in these states; confirm current availability before relying on the list.
- AK, AR, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IN, KS, KY, LA, ME, MO, MS, MT, NC, ND, NE, NJ, NV, OH, OK, PA, SC, SD, TN, TX, UT, VA, WA, WI