The Flex NQM Income program offers guidelines for non-QM loans, focusing on primary residences, second homes, and investment properties. It includes detailed eligibility matrices for different FICO scores and loan amounts, with specific reserve requirements and state restrictions, and is manually underwritten.
The Flex DSCR Non-QM program is designed for investment properties with a Debt Service Coverage Ratio (DSCR) greater than 1. It includes various loan amounts and FICO score requirements, with specific LTV and CLTV limits. The program also outlines state restrictions, rental income considerations, and eligibility for foreign nationals.
The USDA program now includes financing options for certain manufactured homes under the Section 502 Direct Loan Program. Refer to the USDA Lender Handbook, HB-1-3550 for complete details.
The Flex Non-QM AUS Inv + program is designed for investment properties and requires compliance with Fannie Mae and Freddie Mac Seller Guide requirements, unless otherwise noted. All loans must be investment properties and cannot be occupied by any of the borrowers and or guarantors for this product. It includes eligibility matrices for different FICO scores and loan amounts, with specific reserve requirements and state restrictions.
The Bank Statement / Flex Income Non-QM program allows the use of personal or business bank statements to document and calculate self-employed income. Borrowers must be self-employed for at least 2 years, and the business must be in existence for at least 2 years. Qualifying income is determined by analyzing bank statements and applying an expense factor.