Champions Accelerator DSCR 1-4 Unit Program

LTV Matrices

DSCR >= 1.00

Loan Amount: < $1,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
700	80%	80%	75%
680	75%	75%	70%
660	75%	75%	70%
640	75%	75%	60%
620	65%	65%	55%
600	60%	60%	55%

Loan Amount: $1,000,001 - $1,500,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	80%	75%	75%
720	80%	75%	75%
700	80%	75%	75%
680	75%	70%	70%
660	75%	70%	70%
640	65%	65%	55%
620	50%	50%	50%

Loan Amount: $1,500,001 - $2,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	75%	70%	70%
700	75%	70%	70%
680	70%	65%	65%
660	70%	65%	65%
640	65%	65%	N/A

Loan Amount: $2,000,001 - $2,500,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	70%	70%	65%
700	70%	70%	65%
680	70%	65%	65%
660	70%	65%	65%
640	60%	60%	N/A

Loan Amount: $2,500,001 - $3,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	70%	65%	65%
720	70%	65%	65%
700	70%	65%	65%
680	65%	60%	N/A
660	65%	60%	N/A
640	60%	60%	N/A

DSCR .99 - .75

Loan Amount: < $1,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
700	75%	75%	70%
680	75%	75%	70%
660	70%	70%	60%
640	65%	65%	60%
620	60%	60%	55%
600	55%	55%	50%

Loan Amount: $1,000,001 - $1,500,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	75%	70%	70%
720	75%	70%	70%
700	75%	70%	70%
680	70%	70%	N/A

Loan Amount: $1,500,001 - $2,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	70%	65%	65%
700	70%	65%	65%
680	65%	60%	N/A

Loan Amount: $2,000,001 - $2,500,000

FICO Score	Purchase	R/T Refi
740+	65%	Not listed
700	65%	Not listed

Loan Amount: $2,500,001 - $3,000,000

FICO Score	Purchase	R/T Refi
740+	60%	Not listed
720	60%	Not listed
700	60%	Not listed

NO RATIO < .75

Loan Amount: < $1,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
700	75%	75%	70%
680	75%	70%	70%
660	65%	60%	60%
640	60%	60%	60%

Loan Amount: $1,000,001 - $1,500,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	70%	70%	60%
720	70%	65%	60%
700	65%	65%	60%

Loan Amount: $1,500,001 - $2,000,000

FICO Score	Purchase	R/T Refi	Cash-Out
740+	65%	65%	60%

Asset Depletion Guidelines

DSCR >= 1.00

• Purchase: Minimum FICO 680, Maximum LTV 80%
• Refi R/T or Cash-Out: Minimum FICO 720, Maximum LTV 75%

DSCR .99 - .75

• Purchase: Minimum FICO 680, Maximum LTV 75%
• Refi R/T: Minimum FICO 720, Maximum LTV 75%
• Cash-Out: Minimum FICO 720, Maximum LTV 70%

No Ratio < .75

• Not available for most tiers

Product Highlights

Loan Purpose

• Purchase, Rate-Term, and Cash Out
• Investment Business Purpose only
• Exceptions considered on a case-by-case basis

Prepayment Penalty

• 5% of unpaid principal balance
• Not allowed in: Alaska, Kansas, Maryland, Michigan, Minnesota, New Mexico, Ohio 1-2 Units, Rhode Island, Vermont
• Illinois: Natural person < 8.00% APR required
• Mississippi: Step Down required
• New Jersey: Titled Owner must be an Entity
• Pennsylvania 1-2 Units: > $329,411 restrictions apply

Product Type

• 30-Year Fixed
• 5/6 ARM
• 7/6 ARM
• 10/6 ARM

Interest Only

• Minimum Credit Score: 680
• Maximum LTV:
  • Purchase/R&T: 75%
  • Cash-Out: 70%
• Note: Interest Only transactions DSCR is calculated using ITIA

Loan Amounts

• Minimum: $125,000
• Maximum: $3,000,000

Occupancy

• Investment Property only
• Borrower or Family members are not permitted to live in subject property

Property Type

• Eligible: Single Family, Attached, Detached, 2-4 Units
• Rural: Not eligible
• Condominium:
  • Warrantable: Eligible per Matrix
  • Non-Warrantable and Condotel: 5% LTV reduction
  • Condo in FL with LTV over 70%: Requires Full Condo Review

Cash Out

• Maximum cash-in-hand:
  • LTV > 65%: $600,000
  • LTV ≤ 65%: $1,000,000

Appraisals

• Loan Amounts ≥ $2,000,000 require 2 appraisals
• Desk Review Product ordered on all loans with CU Score over 2.5, with exception of full second appraisal
• Desk Review must be in tolerance
• Transferred appraisal acceptable

Declining Market

• 5% LTV reduction off Matrix Max LTV

Acreage

• Property up to 10-acres, not meeting rural definition, eligible

Income

• Long Term Rental: Refer to Guidelines
• Short Term Rental: Refer to Guidelines
  • STR Max LTV: Purchase & Rate and Term 75%
  • STR Cash out Refinance: 70%

Tradelines

• Borrower(s) have 3 scores; or
• 1 open and reporting 24-months; or
• 2 open and reporting 12-months

Mortgage/Housing History

• Borrowers must have complete 12-month housing history
• Rent Free not permitted
• 1x30x12: No reduction
• 0x60x12: Purchase Max 70% LTV, Refinance Max 65% LTV

First Time Investor

• Definition: Not meeting experienced investor definition (owning/managing commercial or NOO RE for 1+ year in last 3 years)
• Minimum credit score: 680
• Housing history: No housing late payments in most recent 12 months
• Living rent-free: Not permitted

Rent Free Clarification

Not considered rent free:

1. Live in marital home with evidence of spouse's mortgage/lease
2. Sold primary home within past 6 months
3. Own primary home free and clear with current taxes
4. Documented 12-month payment history on other REO (not eligible for First Time Investor)

Credit Event Seasoning

• BK/FC/SS/DIL/Deferral/Modification:
  • ≥36 months: No reduction
  • ≥24 months: Purchase & R/T Max 75% LTV, Cash-Out Max 70% LTV

Assets

• Minimum 30-days asset verification required

Reserves

• Loan Amount ≤ $1.5M: No reserves
• Loan Amount > $1.5M: 2-months PITIA
• Loan Amount > $2.5M: 6-months PITIA
• Cash-Out can satisfy reserves

Seller Contribution

• Maximum 6%

Gift Funds

• Permitted

Citizenship

• US Citizen
• Permanent Resident Alien
• Non-Permanent Resident Alien (With US Credit and acceptable VISA)

Geographic Restrictions

• State or Local High Cost: Not permitted
• Ineligible States: Refer to State Licensing
• Ineligible Locations: Hawaii lava zones 1 & 2, Puerto Rico, Guam, US Virgin Islands, Baltimore MD, Philadelphia PA