DSCR Second mortgage

Short answer: Yes—several lenders on our platform do DSCR second liens at 65% CLTV. Others are first‑lien only and won’t.

Who can do a DSCR 2nd at 65% CLTV

• You’re at 60% LTV on the first and want +5% to 65% CLTV. The lenders below allow DSCR seconds and commonly permit 65% CLTV (subject to FICO/DSCR/property/purpose tiers).

Lender/program snapshot

Lender	Program(s)	DSCR 2nd Allowed	65% CLTV Feasible	Notes
AmWest	Alt Doc-HELOC, Alt Doc Closed-End Second	Yes	Yes (matrix/tier based)	DSCR/No‑Ratio accepted; HELOC up to 75–80% tiers; CES often 60–70% by FICO; 65% OK. [1] [11]
A&D Mortgage	Closed-End Second Lien	Yes	Yes	DSCR and No‑Ratio available; min DSCR 1.00 for DSCR track; 65% within matrix caps. [8]
Champions Funding	Ambassador DSCR 1-4 Units	Yes	Typically yes	Institutional seconds allowed; CLTV follows matrix (often 70–75% by purpose/tier).
Deephaven	Equity Advantage DSCR	Yes (CES)	Yes	Standalone closed‑end 2nd allowed; 65% appears in certain FICO/purpose tiers. [1]
NQM Funding	Second Lien Select	Yes	Yes (by tier)	DSCR for business‑purpose/investment; 65% cap shows in some FICO/loan‑amount tiers.
WMD (Keystone)	KEYSTONE MyEQuity Advantage DSCR, He‑MAN HELOAN	Yes	Yes	DSCR min 1.00x; CLTV tiers often 65–80% depending on FICO/occ. HELOC version doesn’t use DSCR.

Lenders that won’t for DSCR seconds

• FundLoans: No second liens allowed on DSCR. ^[43]
• Change Wholesale: DSCR is first‑lien only; no seconds/HELOCs.
• Angel Oak: DSCR for first lien; their 2nds (CES/HELOC) use full doc/bank statements (not DSCR).
• The Lender (theBlanket): First‑lien blanket DSCR only; no seconds.

Takeaway: You have multiple viable DSCR 2nd options for 65% CLTV. Exact eligibility and pricing will depend on FICO, DSCR, property/occupancy, and purpose (RT vs. cash‑out).

Quick questions to confirm fit and pricing

• Property type and units?
• Occupancy (investment vs. second home)?
• Credit score (FICO)?
• DSCR (or No‑Ratio)?
• Transaction purpose (rate/term vs. cash‑out) and target 2nd‑lien amount?

If you share those, I’ll size the max CLTV/loan amount and highlight the best‑fit program.

Short answer: At 667 FICO, your best DSCR 2nd at 65% CLTV is Champions Funding. Most others either don’t allow DSCR seconds or need ≥680–700 FICO for 65% CLTV.

Who can do 65% CLTV DSCR second (SFR, investment, cash‑out, 667 FICO)

Lender	Program	65% CLTV at 667 FICO?	Notes
Champions Funding	Ambassador DSCR 1-4 Units	Yes	DSCR seconds allowed; CLTV typically capped at program LTV (~70%). 65% fits with institutional second. [—]
The Lender	the2nd	Maybe	DSCR seconds allowed (min DSCR 1.00). Need matrix to confirm 65% at 667 FICO; HELOC option doesn’t allow DSCR.
AmWest	Alt Doc Closed-End Second	No at 667	DSCR CES tier 660–679 caps at 60% CLTV. HELOC allows 65–75% but needs ≥680 FICO. [1] [11]
A&D Mortgage	Closed-End Second Lien	No	Min 680 FICO for DSCR seconds; 667 ineligible. [8]
Deephaven	Equity Advantage DSCR	No	Max CLTV 65% for cash-out, but min FICO 680; 667 ineligible. [1]
NQM Funding	Second Lien Select	No	Min FICO 700 for seconds. [140]
WMD (Keystone)	KEYSTONE MyEQuity Advantage DSCR / He‑MAN HELOAN	Unlikely at 667	65% CLTV typically needs ≥680; at 667 expect 55–60% caps. [3] [1]
FundLoans	DSCR (first‑lien only)	No	DSCR seconds not permitted. [43]
Angel Oak	CES/HELOC seconds (non‑DSCR)	No	DSCR is first‑lien only; seconds require Full Doc/Bank Statements. [1]
Change Wholesale	Investor DSCR	No	First‑lien only; no subordinate financing. [9]

Takeaway: Champions looks viable now at 65% CLTV with DSCR. The Lender’s the2nd may also work, but we need to confirm its CLTV tier for a 667 FICO.

Next steps to lock eligibility and pricing

Please share:

• State
• Estimated property value and target 2nd loan amount
• DSCR (PITIA basis; ≥1.00 likely required)
• Any short‑term rental use?

I’ll confirm caps, exact terms, and pricing for Champions and check if The Lender can hit 65% at your score.

Short answer: Yes—several do buy already-closed DSCR second liens. Others are wholesale-only and won’t purchase closed loans.

Closed-loan purchase (DSCR 2nd) — lender snapshot

Lender	Buy closed loans?	Buy closed DSCR 2nd?	Notes
AmWest	Yes (correspondent/mini-bulk)	Yes	DSCR or No‑Ratio; cash‑out OK; subject to due diligence and program caps.
A&D Mortgage	Yes (whole/mini‑bulk/bulk)	Yes	DSCR ≥ 1.00; SFR investment cash‑out allowed; can review seasoned and some S&D case‑by‑case.
Deephaven	Yes (correspondent/whole‑loan)	Yes	DSCR closed‑end 2nds purchasable if they meet current guide/delivery standards.
Angel Oak	Yes (flow/bulk)	Yes	Purchases DSCR and second liens; standard collateral/compliance diligence.
NQM Funding	Yes (correspondent)	No	DSCR is first‑lien only; seconds offered but not via DSCR.
FundLoans	No	No	Originations only; no closed-loan purchases.
Champions Funding	No	No	Flow at funding only; no seasoned/closed purchases.
Change Wholesale	No	No	Wholesale only; no acquisitions.
The Lender	No	No	New originations only.
WMD (Keystone)	No	No	Wholesale only; no acquisitions.

Takeaway: For a closed DSCR second at 65% CLTV, start with AmWest, A&D Mortgage, Deephaven, or Angel Oak.

If you want bids, please share a quick tape: state, note rate, UPB, CLTV/HCLTV, DSCR, FICO (667), property type (SFR), occupancy (investment), purpose (cash‑out), loan terms, seasoning/payment history, and target execution (single/mini‑bulk).

Short answer: No—at $24,500 in New York, none of our lenders will do a DSCR second. Minimum loan amounts and NY/DSCR‑second restrictions block it.

What the lenders say for your exact scenario (NY, SFR investment, DSCR ≥1.01, FICO 667, cash‑out, target +5% to 65% CLTV, loan $24,500)

Lender	Program(s)	Eligible?	Why	Appraisal transfer
AmWest	Alt Doc‑HELOC	No	HELOC needs ≥680 FICO and typically higher minimums; your 667 FICO and $24.5k are below thresholds. Closed‑end 2nds not allowed in NY anyway. [11]	HELOC can accept AIR transfers with review; closed‑end 2nd does not. [48]
Angel Oak	CES/HELOC (non‑DSCR)	No	Min loan $100k (CES) / $125k (HELOC) and higher FICO; seconds aren’t DSCR‑based. [1]	AIR transfers accepted with specific docs/timelines. [14]
Change Wholesale	DSCR (1st‑lien only)	No	Subordinate financing not allowed on DSCR; min loan $125k. [9] [8]	Guide details appraisal validity; transfer policy not clearly permitted—needs lock desk confirmation. [25–26]
Deephaven	Equity Advantage/DSCR	No	DSCR is 1st‑lien only; seconds/HELOCs not offered in NY; min loan sizes exceed $24.5k.	AIR transfers accepted on eligible products; seconds/HELOC not offered in NY.
NQM Funding	Second Lien Select / DSCR Supreme	No	DSCR seconds not allowed; Second Lien Select not in NY and not for investment; min $125k+. [140]	AIR transfers accepted (age limits/1004D rules).
The Lender	the2nd	No	Program not offered in NY; min ~$75k+ (>$24.5k).	Not specified—likely new appraisal if delivered.
Wholesale Mortgage Direct	SecondXpress HELOAN & HELOC, KEYSTONE MyEQuity Advantage DSCR	No	SecondXpress min ≥$50k and not DSCR; DSCR second needs ≥680 FICO and larger min; your $24.5k and 667 FICO don’t fit.	AIR transfers accepted; typical age/review conditions.

Takeaway: The combination of New York + DSCR second + 667 FICO + $24,500 loan size makes all options ineligible. The minimum loan amount alone (usually ≥$50k–$125k) is a hard stop across lenders.

If you want to proceed

• Increase the 2nd‑lien amount to at least $50k (many need $100k–$125k) and, if possible, target FICO ≥680 for DSCR second options.
• Or pivot to a DSCR first‑lien cash‑out in NY (min loans typically ≥$100k); 1‑year prepay options are available on some programs.

Do you want me to size a first‑lien DSCR cash‑out at 65% CLTV, or explore which seconds open up if you raise the loan to ≥$50k or ≥$100k?

Short answer: Even at 780 FICO, no—your $24,500 DSCR second in NY isn’t eligible. Minimum loan amounts and NY program limits block it.

Lender checks for your updated scenario (NY, SFR investment, DSCR ≥1.12, cash‑out, 65% CLTV, 2nd lien, $24,500, 780 FICO)

Lender	Result	Why
AmWest	No	Closed‑end 2nd not allowed in NY and min $75k; HELOC may allow DSCR/No‑Ratio but NY eligibility/min not meeting $24.5k [4] [2] [11]
Angel Oak	No	Seconds don’t use DSCR; CES min $100k; HELOC min $125k [1] [89]
Change Wholesale	No	DSCR is first‑lien only; min $125k anyway [2] [8]
Deephaven	No	DSCR is first‑lien only; seconds/HELOCs not offered in NY; mins ≥$25k–$50k where offered [1] [1] [1]
NQM Funding	No	DSCR first‑lien only; Second Lien Select excludes NY and investment; mins ≥$125k [29] [24]
The Lender	No	the2nd not available in NY; min $75k [2]
WMD (Keystone)	Likely no at $24.5k	DSCR 2nd appears NY‑eligible and OK at 65% with 780 FICO, but operational minimums apply; SecondXpress requires ≥$50k; Keystone DSCR shows no published min—needs lender confirmation and usually won’t buy/price a $24.5k second [1] [195] [3]

Takeaway: Raising FICO helps tiers, but the $24,500 loan size (and NY limits for DSCR seconds) is the blocker.

Options

• Increase the 2nd‑lien amount:
  • ≥$50,000 opens some HELOAN/HELOC options (not DSCR).
  • ≥$75,000–$125,000 opens more DSCR 2nd options.
• Or switch to a first‑lien DSCR cash‑out (mins typically ≥$100k) at 65% LTV.

Do you want me to:

• Confirm with WMD if they’ll make an exception at $24.5k, or
• Re‑size the second to ≥$50k/≥$75k and show exact programs and pricing?

Short answer: No—at $25,000, none of our lenders will do a DSCR second in New York. Minimum loan amounts and program limits block it.

Lender checks at $25,000 (NY, SFR investment, DSCR ≥1.12, 2nd lien, cash-out)

Lender	DSCR 2nd in NY?	$25k allowed?	Key reason(s)
AmWest	Possible (HELOC/CES)	No	CES min $75k; HELOC needs ≥680 FICO and typically higher minimums [2] [11]
Angel Oak	Seconds allowed but not DSCR	No	CES min $100k; HELOC min $125k; seconds use Full Doc/Bank Statements, not DSCR [1]
Change Wholesale	No (DSCR 1st only)	No	Subordinate financing not permitted; DSCR min $125k [9] [8]
Deephaven	No (seconds not in NY)	No	Second-lien/HELOC not eligible in NY; DSCR 1st only; mins ≥$50k where offered [1]
NQM Funding	No	No	Second Lien Select not in NY/investment; DSCR Supreme is 1st only; mins $125k–$150k [29]
The Lender	Not available in NY	No	the2nd not offered in NY; min $75k
WMD (Keystone)	Yes for DSCR 2nd in NY (≥680 FICO)	Unlikely	Keystone DSCR doesn’t list a min but practical floor is usually ≥$50k; SecondXpress min $50k [195] [3]

Takeaway: The $25,000 size is the primary blocker. Even at 780 FICO, programs require ≥$50k–$125k minimums, and some don’t allow DSCR seconds in NY at all.

Options

• Increase the second to at least $50,000 (preferably $75k–$125k) and keep FICO ≥680 for DSCR second options.
• Or pivot to a first‑lien DSCR cash‑out in NY (mins typically ≥$100k).

Want me to confirm WMD/Keystone’s absolute floor for DSCR seconds and quote if you can bump the request to ≥$50k?

Short answer: At $50,000, your viable DSCR 2nd in NY is through Wholesale Mortgage Direct (Keystone). The others are ineligible due to state limits, DSCR-on-seconds rules, or minimum loan sizes.

Eligibility at $50,000 (NY, SFR investment, DSCR cash‑out, 65% CLTV)

Lender	Program	Result	Key reasons
Wholesale Mortgage Direct	KEYSTONE MyEQuity Advantage DSCR / MyEQuity Advantage (DSCR)	Yes	DSCR 2nd allowed in NY; 65% CLTV OK; $50k min met (1396). FICO: 1396 ≥660 (fits 667); 1403 ≥680 (fits if 780). 1–5 yr PPP allowed [195]
AmWest	Alt Doc CES / HELOC	No	CES min loan $75k and CLTV capped at 60% for FICO 660–679; HELOC needs ≥680 FICO [2] [1] [11]
Angel Oak	CES / HELOC	No	Seconds don’t use DSCR; CES min $100k, HELOC min $125k [1–2]
Change Wholesale	Investor DSCR	No	DSCR first‑lien only; min $125k; no seconds/HELOC [9] [8]
Deephaven	Equity Advantage / DSCR	No	Seconds not offered in NY; DSCR is first‑lien only and min $100k [1]
NQM Funding	Second Lien Select / DSCR Supreme	No	DSCR is 1st‑lien only; Second Lien Select excludes NY/investment and min ≥$125k–$150k [29]
The Lender	the2nd	No	Not available in NY; min $75k [2]

Takeaway: Keystone (WMD) is the path for a $50k DSCR second at 65% CLTV in NY. With FICO 667, use 1396; with FICO 780, 1403 also qualifies. 1‑year prepay is available on Keystone DSCR seconds.

Next step:

• Confirm your target FICO (667 or 780), DSCR ≥1.12, and we’ll size exact terms and docs for 1396 vs. 1403.

Quick answer: Use our platform to connect with Keystone (WMD).

How to contact Keystone via MortgageQ:

• Visit the lender page: Wholesale Mortgage Direct (Keystone)
• Click “Request Introduction” to have us connect you with their AE
• Or submit your scenario there and we’ll route it for pricing/eligibility
• If you’re not approved with WMD yet, start broker approval from that page

Want me to send an intro email and share your scenario details to their team?

Great—happy to do that. Please confirm the details below so I can send the intro to Wholesale Mortgage Direct (Keystone):

• Your name, company, title, NMLS (if applicable)
• Email and phone
• Broker approval status with WMD (approved or need approval link)
• Scenario snapshot:
  • State: New York
  • Property: SFR, investment
  • Purpose: Cash-out, 2nd lien
  • Loan amount: $50,000
  • CLTV: 65% (1st at 60%)
  • FICO: 667 or 780?
  • DSCR: ≥1.12 (confirm exact)
  • Prepay: 1-year OK
  • Any special features (IO, term, escrow waiver, short-term rental, etc.)

I’ll draft the intro email to their AE with this info and copy you. Would you like me to target Keystone DSCR program 1396 (≥660 FICO) or 1403 (≥680 FICO)?

Got it. I can send the intro to Wholesale Mortgage Direct (Keystone) on behalf of Bergen Mortgage Enterprise LLC. Please confirm:

• Contact name and title
• Email and phone
• NMLS ID (company and LO, if applicable)
• WMD approval status (approved or need broker approval)
• Final scenario details:
  • FICO (667 or 780)
  • Exact DSCR
  • 2nd lien amount: $50,000
  • CLTV: 65% (1st at 60%)
  • SFR, investment, cash‑out, New York
  • Desired term/features (e.g., IO, 1‑yr PPP)

Draft intro (I’ll send once you fill blanks): Subject: DSCR 2nd – $50k at 65% CLTV (NY) – Bergen Mortgage Enterprise LLC

Hi Keystone Team,

I’d like an intro for pricing/eligibility on a DSCR second-lien cash‑out.

• Broker: Bergen Mortgage Enterprise LLC (NMLS: [####])
• Contact: [Name], [Title], [Email], [Phone]
• Approval status with WMD: [Approved / Need approval]

Scenario:

• Property: SFR, investment, New York
• Purpose: Cash‑out 2nd
• First LTV/Rate: 60% (existing)
• Requested 2nd: $50,000; Target CLTV 65%
• Borrower FICO: [667 / 780]
• DSCR: [x.xx]
• Prepay: 1‑year OK
• Notes: [any IO/escrow waiver/short‑term rental/etc.]

Please advise program fit (1396 vs. 1403), max terms, and pricing.

Thanks, [Your Name] Bergen Mortgage Enterprise LLC

Want me to proceed once you provide the missing contact and scenario fields? You can also view the lender here: Wholesale Mortgage Direct (Keystone) (/lenders/86).

Short answer: At 70% CLTV, your viable DSCR 2nd in New York is through Wholesale Mortgage Direct (Keystone). Others are ineligible due to NY or program limits.

Eligibility at 70% CLTV (SFR, investment, cash‑out, 2nd lien, $50k)

• Wholesale Mortgage Direct (Keystone): DSCR seconds allowed in NY; $50k minimum met. 70% CLTV is within program caps (FICO drives max CLTV tiers). Min DSCR ≥1.00. 1‑year PPP available ^[195].
  • KEYSTONE MyEQuity Advantage DSCR: FICO ≥680; CLTV tiers up to 80% at ≥720 FICO (70% is within range) ^[195].
  • KEYSTONE MyEQuity Advantage: FICO ≥660; investment seconds up to 80% in many cases; $50k minimum ^[195].
• AmWest: Closed‑end 2nd not allowed in NY; HELOC needs ≥680 FICO and NY eligibility must be confirmed ^{[4] [11]}.
• Angel Oak: Seconds don’t use DSCR; mins $100k–$125k ^[1].
• Change Wholesale: DSCR first‑lien only; no seconds ^[2].
• Deephaven: Seconds/HELOC not offered in NY; DSCR is first‑lien only ^[1].
• NQM Funding: DSCR seconds not allowed; 2nd‑lien program excludes NY/investment ^[29].
• The Lender: the2nd not available in NY ^[2].

Takeaway: Keystone can do your $50k DSCR second at 70% CLTV in NY, subject to DSCR ≥1.00 and FICO tier.

Confirm:

• Final FICO (667 or 780?)
• Exact DSCR (PITIA basis)
• Any interest‑only request (affects CLTV tiering)

I’ll route this to Keystone for pricing once you confirm.

Short answer: Yes—Keystone (WMD) can do it via MyEQuity Advantage [1396]. All others are ineligible.

Fit for your scenario (NY, SFR investment, DSCR 1.12 P&I, FICO 667, 2nd lien $50k, 70% CLTV)

Lender	Program	Eligible?	Why
Wholesale Mortgage Direct (Keystone)	KEYSTONE MyEQuity Advantage	Yes	DSCR seconds allowed in NY; min FICO ≥660; min loan $50k; CLTV cap for 660 tier is 70% (meets your 70%); DSCR ≥1.00; 1‑yr PPP available [1][194][195]
Wholesale Mortgage Direct (Keystone)	KEYSTONE MyEQuity Advantage DSCR	No	Requires FICO ≥680 and at 680 tier caps CLTV at 65% (your 70% exceeds) [3]
AmWest	Alt Doc CES/HELOC	No	CES not allowed in NY; HELOC needs FICO ≥680; 660–679 CLTV cap 60% on CES; min CES $75k [1][2][4][11]
Angel Oak	CES/HELOC	No	DSCR seconds not offered; CES min $100k; HELOC min $125k; FICOs above your 667 [1–2]
Change Wholesale	Investor (DSCR)	No	DSCR is first‑lien only; no subordinate financing; min loan $125k [2][8][9]
Deephaven	Equity Advantage/HELOC/DSCR	No	Seconds/HELOC not permitted on NY investment; DSCR is first‑lien only; min $100k [2][8][1]
NQM Funding	Second Lien Select / DSCR Supreme	No	Second Lien Select: NY/Investment not allowed and min ≥$125k; DSCR Supreme first‑lien only [24][28]
The Lender	the2nd / NONI	No	the2nd not offered in NY; min $75k; NONI is first‑lien DSCR only [2][9]

Takeaway: Proceed with Keystone 1396 at 70% CLTV. Your 667 FICO and 1.12x DSCR meet their 660‑tier requirements. 1‑year prepay is available on business‑purpose seconds ^[195].

Want me to request pricing and a needs list from Keystone now with a 1‑year PPP?

Short answer: ARC Mortgage isn’t on our platform, so I can’t pull their guidelines here. If you upload their guide or send a link, I’ll extract the exact rule. Meanwhile, here’s how our supported DSCR lenders treat properties recently listed for sale (useful as a benchmark).

DSCR refinance rules for homes recently listed for sale (comparison)

Lender	When must the listing be cancelled?	Extra impact if listed within 6 months	Notes
AmWest	Off-market required; typically 6 months off-market to Note Date. Shorter allowed only if a PPP is permitted. [19-20]	6-month seasoning generally required unless PPP allowed; confirm by state/program. [20]	Applies to DSCR firsts and DSCR seconds/HELOCs.
Angel Oak	Must be off-market by application. [8]	Value = lesser of most recent list price or appraised value if listed ≤6 months. After 6 months, normal valuation rules. [5,8]	Investor Cash Flow (DSCR).
Change Wholesale	R/T: off by disbursement. Cash-out: off by application. [10]	No stated seasoning; follow timing above. [10]	DSCR typically first-lien only.
Deephaven	Must be off-market; if listed within prior 6 months, ineligible. [—]	Listed ≤6 months = ineligible.	Applies to DSCR and Equity Advantage seconds.
NQM Funding	Off-market required; timing ties to PPP and purpose. [—]	≤6 months: value = lesser of appraised or lowest list price; DSCR cash-out must be off-market before closing if PPP applies.	Second Lien Select not for investment/NY.
WMD (Keystone)	Must be off-market by application. [195]	If listed ≤6 months and cash-out: -5% LTV and provide explanation. No seasoning after delisting. Max cash-out $500k. [195]	DSCR seconds allowed (program specific).

Takeaway: Most DSCR programs require the property to be delisted before application or closing; common overlays include a 6-month wait (AmWest/Deephaven) or valuation hits (Angel Oak, NQM Funding) or a 5% LTV reduction (Keystone) when the home was listed within 6 months.

Want me to:

• Review ARC’s exact policy if you upload their guideline PDF, or
• Cross-check your specific scenario against one of the active DSCR programs above?