Deephaven’s DSCR Second Mortgage Allows Real Estate Investors to Obtain Cash to Achieve Their Goals!

Our DSCR second mortgage product is specifically for real estate investors. Your investor borrowers can cash out to renovate a rental home or purchase a new investment property while keeping their first mortgage intact. This second lien investor loan qualifies on the cash flow of the subject property. Traditional income verification is not required.

  • Maximum loan amount $500,000, minimum $75,000
  • Minimum FICO 680
  • Maximum CLTV 80%
  • SFR, PUD, townhomes, 2-4 units
  • 2-4 units 5% CLTV reduction
  • No reserves required
  • Minimum DSCR ratio 1.0
  • AVM options available when the loan amount under $400,000 with a 1025 or 1007 rent schedule
  • Qualification based on the cash flow of the subject property
  • No income or employment documentation required
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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.