Correspondent

What good is reliable liquidity without a diverse product set? Or a diverse product set without reliable liquidity?

Deephaven maintains correspondent partnerships with 200+ lenders throughout the country committed to serving and providing mortgages to all of their credit-worthy customers. We purchase a wide variety of non-agency / Non-QM mortgages — both delegated and non-delegated — including Expanded-Prime, Non-Prime and DSCR (Debt Service Coverage Ratio) loans. Deephaven offers one-on-one basic training on Non-QM originations as well as specific product and program training. Loan officers also rely on our scenario desk — staffed by expert human beings — to provide clear, knowledgeable guidance on any loan from start to finish.

Products

Deephaven offers a core suite of mortgage products — each with its own set of flexible features and terms.

Expanded-Prime

Solutions for the “Just-Missed” Borrower

Expanded-Prime

Borrowers at least 4 years past a housing event. Loan-to-Values up to 90%

Credit scores down to 660
LTVs up to 90%, No MI
Loan Amounts up to $3.0M
DTIs up to 50%
Standard Full Doc & Self-Employed Bank Statement Options
(12 or 24 Months)
Second Home, Investment Properties, and Interest-Only Options
Cash-Out solutions to unlock equity or consolidate debt

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Non-Prime

Borrowers Outside of Prime

Non-Prime

Flexible solutions for borrowers recovering from recent credit impairments

Credit scores down to 620
LTVs up to 85%, No MI
Loan Amounts up to $1.5M
DTIs up to 50%
Standard Full Doc & Self-Employed Bank Statement Options
(12 or 24 Months)
Interest-Only Options
Cash-Out solutions to unlock equity or consolidate debt

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DSCR

Solutions for Property Investors Looking to Maximize Loan-to-Value & Build Portfolios

DSCR

Borrowers looking to qualify based on property income

Credit scores down to 620
LTVs up to 80%
Ability to vest in name of LLC or corporation
Loan Amounts up to $2M
Minimum DSCR of 0.75x
No borrower income or employment information required
Interest-Only options to maximize property cash flow
Cash-Out solutions to unlock equity for future investments

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Programs

At Deephaven, we go above and beyond basic loan programs and products. Our bank statement program offers more ways to use bank statements to evaluate the borrower’s financial position and our Total Asset Calculation program uses a broader range of borrower assets for qualifying a loan.

Personal & Business Bank Statements

Personal & Business Bank Statements

Solutions for self-employed borrowers & small business owners

Available under Expanded-Prime & Non-Prime programs
Both 12 & 24 months options
Credit scores down to 620
LTVs up to 90%
Loan amounts up to $3.0M
DTIs up to 50%

Asset Utilization

Asset Utilization

Solutions for high net worth borrowers, retired individuals, or those with meaningful assets

Available under Expanded-Prime program
Both DTI & No DTI qualification options
Credit scores down to 660
LTVs up to 80%
Loan amounts up to $3.0M

Interest-Only

Interest Only

Solutions for borrowers to optimize monthly payment obligations

Available under Expanded-Prime, Non-Prime, and DSCR programs
Credit scores down to 620
LTVs up to 85%
Loan amounts up to $3.0M

Non-Warrantable Condos

Non-Warrantable Condos

Solutions for condo projects outside agency guidelines

Available under Expanded-Prime, Non-Prime, and DSCR programs
LTVs up to 80%
Loan amounts up to $3.0M

Business Purpose

Business Purpose

Solutions for real estate investors

Available under DSCR program
Ability to vest in LLCs & corporations
Interest only options to optimize cash flows
Underwritten based on subject property rental income
LTVs up to 80%

Tools & Resources

From guidelines to application forms, here is everything loan officers need to match borrowers to the right Deephaven mortgage.

Tools

Scenario Calculator

Deephaven AUS

Bank Statement Analysis

Resources

Verification Earnings Request

Self Employed Business Narrative

Non Delegated UW Submission

Benefit to Borrower

Reserves and Asset Utilization

Lock Policy

Condo Questionaire

Condo Questionnaire Answer Key

FAQs

How does Deephaven qualify borrowers for a Non-QM loan?

There are several programs for qualifying a borrower’s ability to repay a Non-QM mortgage. Bank Statement programs provide income and cash flow verification. We may also utilize personal assets such as individual retirement accounts and stock accounts to qualify while property investors can use the rent on rental properties.

How are Non-QM mortgage rates set?

Non-QM mortgage rates adjust according to the individual characteristics of the loan and borrower profile. These include: loan-to-value ratio, down payment amount, credit score and history.

What does Non-QM stand for?

Non-QM stands for non-qualified mortgage. It is a term used to identify mortgages that do not meet requirements of federal agencies: Freddie Mac and Fannie Mae. Non-Agency is another term for Non-QM.

Do Non-QM mortgages require a down payment?

Yes, typically between 10% and 20%.

What is the maximum amount a Non-QM customer can borrow?

At Deephaven, up to $3 million, depending on the type of loan.

Which loan is right for my Non-QM borrower?

The answer varies depending on the type of loan, the borrower's credit profile and how the loan is to be qualified.

Are there commercial Non-QM mortgages?

Yes, there are. Deephaven offers DSCR (Debt Service Credit Ratio) loans for investment and business purposes.

Can self-employed people get a Non-QM mortgage?

Yes, in fact one of the primary reasons Non-QM mortgages were created was to provide loans to the self-employed.