DSCR Loans
Qualify on the property's cash flow — no personal income, no tax returns, no employment required.
No Income Docs
Min FICO
620
680+ for best pricing
Max LTV
80%
75% below 1.0x DSCR
Loan Amounts
$75K – $5M+
Varies by lender
Min DSCR
0.75x
1.0x+ most common
Property Types
- SFR / Warrantable Condo
- 2–4 Unit Residential
- 5–10 Unit (select lenders)
- Short-Term Rental (STR overlays apply)
- Non-Warrantable Condo (lender specific)
Key Guidelines
- DSCR = Gross Rent ÷ PITIA
- Market rent used if no lease in place
- No personal income or employment required
- Entity (LLC/Corp) vesting allowed
- Interest-only option available (select lenders)
- Cash-out refi up to 75% LTV
Common Overlays
- Rate adjustment below 1.0x DSCR
- Max 10 financed properties
- 6–12 months reserves often required
- Primary residence not eligible
- Rural properties may be excluded
Best For
Real estate investors, landlords, and portfolio builders who show little personal income on tax returns — or want to keep personal finances separate from investment activity.
Bank Statement Loans
Income qualified using 12 or 24 months of personal or business bank deposits — no tax returns required.
Self-Employed
Min FICO
620
660+ for best pricing
Max LTV
90%
85–90% with strong profile
Loan Amounts
$150K – $4M
Jumbo available
Statement Period
12 or 24 mo
24 mo typically best
Income Calculation
- Personal: 100% of deposits (after transfers/non-recurring removed)
- Business: 50% of deposits (or lender-derived expense factor)
- Some lenders accept CPA-provided expense ratio
- 12-month average deposits ÷ 12 = qualifying monthly income
- Commingled personal/business may require separation
Key Guidelines
- Must be self-employed ≥ 2 years
- Primary, second home, and investment eligible
- No tax returns — ever
- DTI up to 55% with compensating factors
- Seasonal income patterns considered
- Gift funds allowed (primary residence)
Common Overlays
- Large or irregular deposits may be excluded
- Business accounts require business license
- Declining deposit trends raise flags
- 3–6 months reserves typically required
- Fully amortizing and IO available
Best For
Self-employed business owners, freelancers, and gig workers with strong cash flow who write off significant expenses — reducing their taxable income but maintaining healthy deposit history.
P&L Only Loans
Income sourced from a CPA-prepared Profit & Loss statement — no bank statements, no tax returns.
CPA Letter
Min FICO
660
700+ for best pricing
Max LTV
85%
Lower than bank stmt
Loan Amounts
$150K – $3M
Varies by lender
P&L Period
12 or 24 mo
CPA-prepared required
Document Requirements
- CPA or licensed accountant must prepare
- CPA license number on letter required
- Monthly breakdown preferred over annual
- Business license or DBA documentation
- 2 years self-employment history
Key Guidelines
- Net income used from P&L statement
- Some lenders use gross revenue with expense factor
- Primary and investment eligible
- DTI up to 50% typical
- No personal bank statements required
Common Overlays
- Lender may verify with third-party CPA audit
- Declining revenue year-over-year scrutinized
- Higher reserves often required (6 months+)
- Not all lenders accept — limited availability
- Typically paired with asset verification
Best For
Business owners who have clean P&L statements but messy personal bank accounts, or those who prefer not to disclose bank deposit details — while still showing verifiable income through a licensed accountant.
Asset Depletion / Asset Utilization
Convert liquid assets into a calculated monthly income stream — no employment or income documentation required.
High Net Worth
Min FICO
660
700+ common
Max LTV
80%
Lower on jumbos
Min Assets
Varies
Typically $500K+
Loan Amounts
Up to $5M+
Popular for jumbos
Income Calculation
- Eligible assets ÷ loan term (months) = monthly income
- Example: $1.2M assets ÷ 360 months = $3,333/mo
- Retirement accounts: 70% of value (pre-retirement) or 100% (post)
- Down payment and closing costs subtracted first
- Business assets typically excluded
Eligible Asset Types
- Checking / savings accounts
- Brokerage / investment accounts
- 401k / IRA / pension (haircut applied)
- Stocks, bonds, mutual funds
- Vested stock options (select lenders)
- Trust accounts (borrower-controlled)
Common Overlays
- Assets must be fully seasoned (60–90 days)
- Cannot use same assets for both down payment and income
- Employment income can be blended in
- Retirement age may affect eligibility calc
- Documentation: 2–3 months statements required
Best For
Retirees, high-net-worth individuals, and borrowers with significant investment portfolios whose W-2 or reported income no longer reflects their true financial strength.
ITIN Loans
Homeownership for borrowers with an Individual Taxpayer Identification Number — no Social Security required.
No SSN Required
Min FICO
600
Alt credit accepted
Max LTV
80%
Some lenders 85%
Loan Amounts
Up to $2M
Varies by lender
Residency
Non-Permanent
US resident required
Credit Options
- Traditional FICO if established US credit
- Alternative credit: 12-month payment history (rent, utilities, insurance)
- No FICO requirement at some lenders with strong alt credit
- Foreign credit history reviewed on case basis
Income Documentation
- W-2s or 2-year tax returns (ITIN-filed)
- Bank statement programs available
- Pay stubs (last 30 days)
- Employment letter in English (notarized if foreign employer)
- DTI typically up to 50%
Common Overlays
- Primary residence only (most lenders)
- 2-year US residency history preferred
- Valid ITIN required (not expired)
- Down payment sourced from US accounts
- 6 months reserves standard
Best For
Non-citizen US residents — including lawful permanent residents, visa holders, and undocumented individuals filing taxes with an ITIN — who are building long-term roots in the US and ready to purchase a home.
Foreign National Loans
US property purchase for non-US citizens living abroad — no US credit, income, or SSN required.
No US Credit
Min FICO
N/A
Foreign credit used
Max LTV
70–75%
25–30% down typical
Loan Amounts
$100K – $3M
Varies by lender
Property Use
Investment / 2nd
No primary
Income Documentation
- Foreign income docs (translated to English)
- Bank statements from foreign institution
- Employment letter from foreign employer
- DSCR available (no income needed)
- Asset-based qualification at select lenders
Key Guidelines
- Valid passport required
- Visa required if in US at closing
- Foreign reference letters (2–3 trade lines)
- US bank account required for escrow
- Entity vesting available (offshore LLC complications)
- FIRPTA withholding applies on sale
Common Overlays
- Higher rate than domestic programs
- 6–12 months reserves required
- Primary residence not eligible
- Prohibited countries list applies
- Title insurance and international wire delays common
Best For
International investors, expats, and vacation property buyers who live outside the US but want to purchase US investment or second-home real estate without establishing US credit history.
1-Year Tax Return Programs
Qualify with only the most recent year's tax return — ideal for borrowers with income growth or a bad prior year.
1-Year Only
Min FICO
660
700+ preferred
Max LTV
85–90%
Stronger than bank stmt
Loan Amounts
Up to $3M
Varies by lender
Employment
W-2 or S/E
Both eligible
Income Calculation
- Most recent 12-month period used only
- W-2 borrowers: current year W-2 + YTD pay stubs
- Self-employed: most recent 1040 only
- Rental income from most recent return only
- YTD income must support annualized qualifying income
Key Guidelines
- Must document reason prior year is not used
- Income must be stable or increasing
- 2-year employment history still required
- Primary, second home, and investment eligible
- DTI up to 50% with compensating factors
Common Overlays
- Prior year loss disqualifies at most lenders
- Business returns may still be required for S/E
- Lender may require CPA letter explaining change
- Declining income trend = higher scrutiny
- Not widely available — submit scenario first
Best For
Borrowers who had a low-income year due to a career transition, leave of absence, business restructuring, or one-time write-off — but whose current income clearly supports the payment.
Program Comparison
Side-by-side overview to quickly identify which program fits a borrower's situation.
| Program | Tax Returns? | Income Docs? | Employment? | Min FICO | Max LTV | Primary OK? | Investment OK? |
|---|---|---|---|---|---|---|---|
| DSCR | ✗ None | ✗ None | ✗ None | 620 | 80% | ✗ | ✓ |
| Bank Statement (12 mo) | ✗ None | ✓ Deposits | ✓ 2 yrs S/E | 620 | 90% | ✓ | ✓ |
| Bank Statement (24 mo) | ✗ None | ✓ Deposits | ✓ 2 yrs S/E | 620 | 90% | ✓ | ✓ |
| P&L Only | ✗ None | ~ CPA P&L | ✓ 2 yrs S/E | 660 | 85% | ✓ | ✓ |
| Asset Depletion | ~ Optional | ~ Assets only | ✗ None | 660 | 80% | ✓ | ✓ |
| ITIN | ~ ITIN returns | ✓ Standard | ✓ Required | 600 | 80% | ✓ | ✗ Most |
| Foreign National | ✗ None | ~ Foreign docs | ~ Foreign empl. | N/A | 75% | ✗ | ✓ |
| 1-Year Tax Return | ~ 1 year only | ✓ Standard | ✓ 2 yr history | 660 | 90% | ✓ | ✓ |
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