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.

Test Your Scenario
Bank Statement Analysis
Equity Advantage Blended Rate Calculator

Lending Ingenuity

Programs

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

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 $3.5 million
DTIs up to 50%
Standard Full Doc, 1-year P&L , and Self-Employed Bank Statement Options (12 and 24-months)
Primary, second homes and investment properties
Cash-out solutions to unlock equity or consolidate debt
30-year interest-only and 40-year interest-only options

 

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Non-Prime

Flexible solutions for borrowers recovering from recent credit impairments

Credit scores down to 620
LTVs up to 80%, No MI
Loan amounts up to $1.5 million
DTIs up to 50%
Standard full doc, 1-year P&L with 2 months bank statements, and self-employed bank statement options (12 months)
Cash-out solutions to unlock equity or consolidate debt
30-year interest-only and 40-year interest-only options

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DSCR

Borrowers looking to qualify based on property income

Credit scores down to 660
LTVs up to 80%
1-4 units
Ability to vest in name of LLC borrowing entity.
Loan amounts up to $2.5 million
No borrower income or employment information required
Interest-only options to maximize property cash flow
Cash-out solutions to unlock equity or consolidate debt
0-6 months ownership seasoning options to use the appraised value

 

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Jumbo-Prime

Loan amounts up to $3 million, no PMI

Max cash-out up to $500k
Credit scores down to 660
DTIs up to 43%
LTV up to 89.99% (up to $2M)
LTV up to 80% (up to $3M)
Full doc only – refer to Appendix Q standards
Primary, second homes, and investment properties

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Equity Advantage

A stand-alone second mortgage to help borrowers unlock equity. Borrowers keep current first lien mortgage and interest rate.

Stand-alone second lien mortgage
Primary, second home, and investment properties
Minimum FICO 660
Loan amounts up to $750,000
Maximum CLTV 90% for primary
Maximum CLTV 85% for second homes
Maximum CLTV 80% for investment properties
Maximum DTI 50%
Single family residence, townhomes, 2-4 units, and non-warrantable condos
Full doc, personal and business bank statements
DSCR cash flow qualification
https://deephavenmortgage.com/blended-rate-calculator/

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DSCR 5-9 Unit

A multi-family property loan that provides flexibility for business purpose borrowers.

Credit scores down to 680
LTV up to 75%
Loan amounts up to $2 million, minimum loan amount $350,000
Standard reserves 6 months PITIA
Ability to vest in name of LLC borrowing entity.
Interest only options to maximize property cash flow
Up to 3% seller concessions allowed towards closing

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Features

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

Solutions for self-employed borrowers and 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 $3.5 million
DTIs up to 50%
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 $3.5 million
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 80%

30-year fixed, 30-year interest-only and 40-year interest-only options

Loan amounts up to $3.5 million
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 $3.5 million
Business Purpose

Solutions for real estate investors

Available under DSCR program
Ability to vest in LLCs & corporations
Ability to borrow in the name of a LLC
Interest-only options to optimize cash flow
Underwritten based on subject property rental income
LTVs up to 80%

 

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Turn Times

Turn Times
Initial Underwriting: 2-3 Business Days
Underwriting Condition Review: 2 Business Days
Due Diligence Initial Review: 5 Business Days
Due Diligence Condition Review: 3 Business Days

Tools & Resources

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

Resources

Income Calculator

Self Employed Business Narrative

Non Delegated UW Submission

Verification Earnings Request

Benefit to Borrower

Lock Policy

Condo Questionaire

Business Purpose Affidavit

Exception Request Form

Condo Questionnaire Answer Key

LLC Authorization Questionnaire

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, the maximum loan amount is $3.5 million depending on the loan type.

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.