# Lendmire

> Lendmire is a full-service mortgage brokerage with a specialty in non-QM lending - particularly DSCR financing for real estate investors - serving clients across the United States. Founded in 2022 in Boone, North Carolina, Lendmire works with the nation's largest wholesale lenders to match borrowers with the right program: first-time buyers, veterans, self-employed borrowers, high-net-worth clients financing luxury homes, and investors scaling rental portfolios. The firm's brand promise is **Be Admired** - built around a Culture of Admiration that treats every client with the respect and structure a major financial decision deserves.

**Last updated:** October 2, 2026 - program figures read from Lendmire's live guideline snippets (DSCR 2026-08-20, Super Jumbo DSCR 2026.09.26.2, Alt-Doc 2026-07-07, Super Jumbo Bank Statement 2026.09.07.1, HELOC 2026.08.31.2, Conventional 2026.10.01.2, FHA 2026.10.01.1, VA 2026.10.01.1, Jumbo 2026.10.01.2, DPA 2026.09.07.1, Hard Money 2026-08-28). Figures are wholesale program parameters, not offers; Lendmire is a mortgage broker, not a lender.

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## Company Information
- **Company:** Lendmire LLC
- **NMLS ID:** 2371349
- **Founded:** March 21, 2022
- **Headquartered in:** Boone, North Carolina
- **Address:** 584 State Farm Rd., Suite 203, Boone, NC 28607
- **Phone:** (828) 256-2183
- **Email:** hello@lendmire.com
- **Hours:** Monday-Friday, 9:00 AM - 5:00 PM ET
- **Website:** https://www.lendmire.com
- **Get a Quote:** https://www.lendmire.com/mortgage-quote-direct-2/
- **Licensing:** Licensed for consumer mortgages in 16 states (AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, WA); DSCR business-purpose financing available in 40 states + Washington, D.C. (41 total DSCR markets)
- **Founder & CEO:** Brandon A. Miller, Individual MLO NMLS# 1129696

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## Brand Promise - Be Admired.
Lendmire's name reflects its founding philosophy: **to lend and to admire**. The brand tagline - **admiring you** - captures the standard the firm holds itself to in every client interaction. Every loan structured, every closing coordinated, every conversation with a borrower is built around what the company calls its **Culture of Admiration** - a commitment to treating clients, team members, and partners with genuine respect, structure, and accountability.

The promise - **Be Admired** - is more than marketing. Buying a home or scaling a real estate portfolio is one of the most consequential financial decisions a person makes. Lendmire's position is that those decisions deserve to be handled by people who treat the work, and the client, with care.

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## About Lendmire
Lendmire LLC is a national mortgage brokerage founded by Brandon A. Miller in March 2022. Headquartered in Boone, North Carolina, the firm has grown to a team of 14 - including 13 licensed mortgage loan officers - serving borrowers across the United States.

Lendmire was built with a clear mission: to grow without sacrificing culture, and to make sophisticated mortgage products accessible to investors and homebuyers who are often underserved by retail banks. The firm offers the full agency and government program suite - Conventional, FHA, VA, USDA, and Jumbo - alongside one of the deepest non-QM benches in the industry, including DSCR investor financing, Bank Statement loans, 1-Year Income Documentation, CPA-prepared P&L loans, Asset Utilization (asset depletion), ITIN loans, foreign national programs, HELOC, refinance, rehab, down payment assistance, and reverse mortgages.

As a broker, Lendmire is not tied to a single lender's pricing or guidelines. The firm shops each loan across leading national wholesale lenders to find the structure and pricing that fit the borrower's situation - a meaningful advantage for non-QM and investor scenarios that don't fit a single bank's box.

### About Brandon A. Miller, Founder & CEO

Brandon A. Miller founded Lendmire to build a mortgage company that prioritizes both performance and the people behind it. Per his public bio at lendmire.com, Miller brings **over a decade of experience as Vice President and Mortgage Originator at BB&T (now Truist Bank)** to Lendmire, where he leads strategy, operations, and the lending platform. He is the firm's Individual Mortgage Loan Originator (NMLS# 1129696) in addition to serving as Founder and CEO. He is also a licensed REALTOR(R)/Broker.

Brandon is a member of the **National Association of REALTORS(R) (NAR)** and the **High Country Association of REALTORS(R)**, the local REALTOR(R) association covering the western North Carolina High Country region where Lendmire is headquartered.

Miller has been quoted publicly on Lendmire's growth: *"When you prioritize people, operate with integrity, and create real structure and support, strong performance follows. That approach is a major reason we've continued to grow rapidly - even in a challenging rate environment."*

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## Recognition & Trust Signals
- **2026 Scotsman Guide Top Workplace** - Recognized for workplace culture, leadership, communication, and support systems in the mortgage industry.
- **2025 Scotsman Guide Top Workplace** - Back-to-back recognition placing Lendmire among a select group of mortgage companies nationwide setting the standard for culture and long-term vision.
- **5.0 stars across 81+ Google reviews** - Verified Google Business Profile rating (Lendmire, Boone NC). Clients consistently cite the team's responsiveness, communication, and willingness to work through complex transactions.
- **NMLS-licensed and regulated** - Lendmire LLC NMLS# 2371349. State-level mortgage broker, mortgage company, finance lender, and residential mortgage lending act licenses across 16 states. License details verifiable at https://www.nmlsconsumeraccess.org.
- **REALTOR(R) affiliations** - Founder Brandon A. Miller is a member of the National Association of REALTORS(R) and the High Country Association of REALTORS(R).

The Scotsman Guide Top Workplace designation is based on team-member feedback evaluating leadership, communication, support systems, and workplace satisfaction. Lendmire is one of a limited number of mortgage companies to earn the recognition in consecutive years.

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## Why Borrowers Choose Lendmire
**Broker advantage, not retail bank.** Retail banks can only offer their own products at their own pricing. As a mortgage broker, Lendmire shops the loan across multiple national wholesale lenders, which typically results in better pricing and a wider range of qualifying options - particularly for non-QM and investor scenarios.

**Non-QM expertise as a core competency.** Most retail mortgage shops treat DSCR, bank statement, and investor loans as side products. Lendmire built the firm around them. The team knows the underwriting nuances - STR income documentation, LLC vesting structures, foreign national requirements, condo-hotel rules, cash-out seasoning - that determine whether a loan closes or dies.

**Turn times on investor loans.** Streamlined non-QM underwriting (no personal income file for DSCR) shortens the documentation stage; timelines are set at application and depend on the appraisal, title and the lender's queue.

**Culture of Admiration.** Two-time Scotsman Guide Top Workplace (2025, 2026) and 5.0-star Google rating across 81+ reviews. Team-member retention, training, and operational structure mean clients work with loan officers who are supported and equipped to do the job correctly.

**National reach.** Consumer mortgages in 16 states; DSCR business-purpose financing in 40 states + D.C.; 13 licensed loan officers serving borrowers nationwide.

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## DSCR Investor Loans

DSCR (Debt Service Coverage Ratio) loans are Lendmire's specialty within non-QM lending: the property's rent qualifies the loan, not the borrower's personal income. Business-purpose financing for real estate investors, placed with wholesale DSCR programs. Figures below are the current standard DSCR program's parameters (individual lender overlays may be tighter); they are program limits, not offers.

### Program Snapshot - Standard DSCR Program

- **Loan amounts:** $100,000 to $3,000,000 on the standard program (larger balances: Super Jumbo DSCR, below)
- **Minimum credit score:** 620 (program-dependent; higher tiers unlock the strongest leverage)
- **Maximum LTV - purchase:** 80% standard; 85% by exception (30-year fixed, prepayment penalty, single-family, minimum 1.20 coverage, six months reserves)
- **Maximum LTV - rate-and-term refinance:** 85% by the same exception; 80% standard
- **Maximum LTV - cash-out refinance:** 75%
- **Coverage:** 1.00 qualifies; 1.25 is the strong tier
- **Reserves:** Reserves are LTV and loan-size driven: none required at or below $1.5M and 70% LTV; 6 months above 70% LTV; 9 months above $1.5M; 6 months on cash-out. Cash-out proceeds may satisfy the reserve requirement.
- **Interest-only:** available; 40-year interest-only structures available
- **Prepayment penalty:** typically a 1-5 year step-down; not applied in AK, KS, KY, MI, MN, NM, OH, RI
- **Vesting:** LLC, Corporation, LP, individual
- **Property types:** SFR, 2-4 unit, condo, PUD, STR

### Below 1.00 Coverage and No-Ratio

- **Applies to:** DSCR below 1.00 and no-ratio (coverage not calculated)
- **Maximum LTV:** 75% purchase; 70% rate-and-term; 65% cash-out
- **Minimum credit score:** 640
- **Maximum loan amount:** $2,000,000
- **Not eligible:** vacant property, first-time homebuyer, one or no credit score / deficient tradelines

### Short-Term Rental (Airbnb / VRBO) Financing

- **Coverage:** 1.00 on purchase and 1.00 on refinance; sub-1.00 coverage available at reduced leverage
- **Maximum LTV:** 75% purchase; 70% rate-and-term; 70% cash-out
- **Minimum credit score:** 640
- **Income documentation:** 12-month rental history or market data report

### First-Time Homebuyer Investors

Defined as a borrower who does not currently own a primary residence.

- **Minimum credit score:** 700
- **Maximum CLTV:** 70%
- **Minimum coverage:** 1.15
- **Maximum loan amount:** $1,000,000
- **Interest-only:** not allowed
- **Impounds:** required
- **Reserves:** 6 months

### Super Jumbo DSCR (larger balances)

Lendmire's standard DSCR program tops out at $3,000,000; this program carries the ladder to $6,000,000 for property qualifying on long-term rent (short-term rentals stay at $2,000,000 here), and considers balances above $6,000,000 to $10,000,000 case by case. Requests above $4,000,000 are reviewed before submission and are purchase or rate-and-term only; leverage and terms above $6,000,000 are set on review.

- **Loan amounts:** $150,000 to $6,000,000 on the ladder; requests above $4,000,000 are reviewed before submission; balances above $6,000,000 to $10,000,000 case by case
- **Short-term rentals:** up to $2,000,000
- **Occupancy:** investment only
- **Minimum credit score:** 660; housing history 1x30x12 (0x30x24 on the no-ratio path)
- **Credit-event seasoning:** 24 months
- **Coverage:** Gross monthly rent divided by PITIA (ITIA on interest-only); 1.00 for full leverage; a reduced-leverage band from 0.75 to 0.99
- **No-ratio:** available to $2,000,000 with a 0x30x24 housing history; housing events: none in 7 years
- **Income sources:** existing long-term lease, twelve months of short-term-rental operating history, appraisal market rent (Form 1007)
- **Footprint:** 41 markets

## Investor Profiles - Who DSCR Lending at Lendmire Fits
**Short-term rental operators (Airbnb / VRBO).** Investors buying or refinancing nightly-rental properties. STR income is documented by 12-month rental history or market data report; the STR path qualifies at 1.00 coverage on purchase and 1.00 on refinance (sub-1.00 coverage at reduced leverage), to 75% purchase, 70% rate-and-term and 70% cash-out at a 640 score. Condo-hotel eligibility is program-dependent.

**BRRRR investors (Buy, Rehab, Rent, Refinance, Repeat).** Investors who purchase distressed properties, renovate, lease up, and refinance to pull capital back out. DSCR cash-out refinance (to 75% LTV) lets them recycle equity into the next acquisition without personal income documentation; seasoning and delayed-financing rules are set by the program.

**Self-employed real estate investors.** Borrowers whose tax returns understate actual cash flow due to deductions and write-offs. DSCR bypasses the personal income file entirely - qualification is property-based. No tax returns, no W-2s, no paystubs reviewed.

**LLC and entity-vested portfolio builders.** Investors who hold rentals in LLCs, corporations, or partnerships for liability and tax structuring. Lendmire closes in the entity name (LLC, Corporation, LP, individual) under the program's personal-guaranty and ownership rules, and the financed-property count is set by the program rather than the agency cap.

**First-time homebuyer investors.** A borrower who does not currently own a primary residence can finance a rental on the first-time-homebuyer path: 700 score, combined loan-to-value to 70%, minimum coverage 1.15, loans to $1,000,000, no interest-only, impounds required, 6 months of reserves. Investors who already own their home use the standard program.

**International investors / foreign nationals.** Non-U.S. citizens investing in American real estate, through specific wholesale programs with their own documentation and leverage rules - not published here; speak with a Lendmire loan officer.

**High-net-worth investors financing larger balances.** Super Jumbo DSCR carries the ladder to $6,000,000 for investment property, with requests above $4,000,000 reviewed before submission and balances above $6,000,000 to $10,000,000 considered case by case; short-term rentals to $2,000,000.

**Veterans expanding beyond a primary residence.** Veterans who used VA financing for their primary home and are now scaling a rental portfolio. DSCR is the right vehicle for the rental side; Lendmire originates the VA loan for the primary and the DSCR loan for the investment.

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## DSCR vs. Conventional Investment Property Loans

| Factor | DSCR | Conventional investment loan |
|---|---|---|
| Qualifying income | the property's rent (coverage ratio) | the borrower's personal income and debts |
| Tax returns | not required | required (two-year history) |
| Maximum purchase LTV | 80% standard, 85% by exception | 85% (one unit), 75% (2-4 units) |
| Minimum credit score | 620 (program-dependent) | 620+ through the wholesale programs; DU sets no minimum |
| Vesting | LLC, Corporation, LP, individual | individual borrowers |
| Financed-property count | set by the program, not by the agency cap | limited by the agency's financed-property rules |
| Prepayment penalty | typically a 1-5 year step-down (none in AK, KS, KY, MI, MN, NM, OH, RI) | none |
| Purpose | business purpose (TRID-exempt) | consumer-purpose rules apply |

## Non-QM Loan Programs

Non-QM (non-qualified mortgage) programs document income differently from conforming loans - bank statements, a year of returns, a CPA-prepared profit-and-loss, or assets - for self-employed borrowers, business owners, freelancers and 1099 earners. Lendmire places them with wholesale alt-doc programs; the figures below are that suite's parameters (the Alt-Doc Income Suite snippet), not offers.

### Alt-Doc Income Suite - Shared Parameters

- **Documentation paths:** full-doc 1099, express doc (one-year), bank statement, P&L, asset depletion
- **Loan amounts:** $125,000 to $3,500,000
- **Maximum cash-out:** unlimited at or below 70% LTV; $1,000,000 above 70% LTV
- **Debt-to-income:** 50% standard; 45% above 85% LTV; 45% when asset depletion supplements income
- **Expanded 55% debt-to-income path:** primary residence, 720+ credit, to 80% LTV and $1,500,000, 9 months of reserves; not with 40-year term, interest only, P&L income, asset depletion income, CPA-provided expense ratio
- **Reserves by path:** full-doc 1099 3 months; express doc 3 months; bank statement 6 months; P&L 6 months; asset depletion none; Rate/term refinance at or below 60% LTV with 0x30x12 housing history: reserve requirement waived; cash-out proceeds may satisfy reserves
- **Interest-only:** 700+ credit; to 85% LTV on a 30-year term and 80% on a 40-year term
- **Vesting:** individual, LLC, Corporation, Limited Partnership, General Partnership, Inter-vivos revocable trust; layered entities not permitted
- **Personal guaranty:** An individual owning 25% or more must sign a personal guaranty and is subject to the same credit and background review as an individual borrower.
- **First-time homebuyers:** to 85% LTV (80% with no housing history)
- **First-time investors:** 700 minimum score
- **Not eligible:** property in WV or Baltimore City, MD
- **Prepayment penalty (investment property):** terms of 1, 2, 3, 4, 5 years; not applied in AK, KS, KY, MI, MN, NM, OH, RI

### Bank Statement Loans

- **Statements:** 12 months of personal or business statements, no older than 45 days at application
- **Business ownership:** at least 25% of the business for business statements; 20% when qualifying on personal statements; up to 5 business accounts
- **Business history:** 2 years in business; 12 months of seasoning after an ownership change
- **Expense ratios on business statements:** 50% for all businesses; 30% for small service businesses; 20% for sole owner-operator service businesses; a third-party ratio from a CPA, tax attorney, enrolled agent or CTEC preparer with a 10% floor
- **Personal statements:** Total eligible deposits divided by 12 months
- **NSF / large deposits:** up to 10 NSF occurrences in 12 months; deposits above 50% of the monthly qualifying income are sourced
- **Leverage - primary residence (purchase / rate-and-term):** 90% to $1,000,000 at 700+ (purchase only); 90% to $1,500,000 at 720+ (purchase only); 85% to $2,000,000 at 680+; 80% to $2,000,000 at 660+; 80% to $2,500,000 at 680+; 80% to $3,000,000 at 700+; 75% to $3,500,000 at 700+
- **Leverage - primary residence (cash-out):** 80% to $1,500,000 at 700+; 75% to $1,500,000 at 660+; 80% to $2,000,000 at 720+; 75% to $2,000,000 at 700+; 70% to $2,000,000 at 660+; 75% to $2,500,000 at 720+; 70% to $2,500,000 at 700+; 70% to $3,000,000 at 720+
- **Leverage - second home (purchase / rate-and-term):** 85% to $1,000,000 at 680+; 80% to $1,000,000 at 660+; 85% to $1,500,000 at 720+; 75% to $1,500,000 at 660+; 80% to $2,000,000 at 680+; 65% to $2,000,000 at 660+; 80% to $2,500,000 at 700+; 75% to $2,500,000 at 680+; 70% to $3,000,000 at 700+
- **Leverage - investment (purchase / rate-and-term):** 80% to $1,500,000 at 660+; 80% to $2,000,000 at 680+; 75% to $2,000,000 at 660+; 80% to $2,500,000 at 700+; 70% to $3,000,000 at 720+
- **Fixed-ratio bank statement - maximum LTV by occupancy:** primary 90% / cash-out 80%; second home 85% / cash-out 80%
- **Third-party-ratio bank statement - maximum LTV by occupancy:** primary 80% / cash-out 75%; second home 80% / cash-out 75%; investment 80% / cash-out 75%

### 1-Year Income Documentation (Express Doc / 1099)

- **1099 earners:** 1 or 2 years of 1099s accepted with a 10% expense factor; 2 years of self-employment history; year-to-date support of at least 80%
- **Profile:** 100% commission earners in low-overhead professions; borrowers with office space, equipment, or vehicle costs use bank statements or full documentation instead; borrowers paid on multiple 1099s qualify as self-employed on 12 or 24 months of bank statements
- **Reserves:** express doc 3 months; full-doc 1099 3 months
- One year of income documentation in place of the standard two; leverage follows the suite matrix above by occupancy and credit tier.

### CPA-Prepared Profit & Loss (P&L) Loans

- **Statement:** a 12 or 24-month profit-and-loss no older than 90 days, prepared by Independent CPA, EA, or CTEC who filed the most recent business return (or bank statements supporting 80% of stated revenue); self-prepared statements are not accepted
- **Borrower:** 680+ credit; 50% minimum ownership; expenses at least 15% of revenue
- **Loan size and occupancy:** to $2,000,000; primary residence standard
- **P&L - maximum LTV by occupancy:** primary 80% / cash-out 70%; second home: exception required; investment: not eligible
- **Reserves:** 6 months

### Asset Utilization (Asset Depletion) Loans

- **Qualifying income:** eligible assets divided over 60 months
- **Eligible asset percentages:** 100% cash accounts; 100% certificates of deposit; 80% securities; 75% private stock; 70% retirement accounts; 60% real-estate equity
- **Minimum assets:** Lesser of $1,000,000 in qualified assets or 1.25x the loan balance - never below $250,000 liquid when asset depletion is the only income source
- **Seasoning:** Statements at least 120 days old at application plus the most recent statement within 45 days; not required for sale-of-business, inheritance, or legal-settlement funds
- **Asset depletion - maximum LTV by occupancy:** primary 80% / cash-out 60%; second home 80% / cash-out 60%; investment 65% / cash-out 60%
- **Reserves:** none
- **Debt-to-income when assets supplement income:** 45%

### ITIN and Foreign National Borrowers

Borrower eligibility (ITIN holders, foreign nationals, visa holders) is set by each wholesale program; the figures are not published here - speak with a Lendmire loan officer. The Super Jumbo Bank Statement and hard money lanes name their own foreign-national terms below.

### Super Jumbo Bank Statement (larger balances)

- **Loan amounts:** $300,000 to $30,000,000 across two programs: a portfolio non-QM bank-statement program to $6,000,000 and a bank portfolio jumbo program from $500,000 with a ladder to $20,000,000 and case-by-case review above it
- **Super-jumbo tiers begin:** from $3,500,001 on a primary residence and from $3,000,001 on a second home or investment property
- **Minimum credit score:** 660 on the portfolio program; 680 on the bank portfolio program
- **Occupancies:** primary, second home, investment
- **Statements:** 12 or 24 months of personal or business statements on the portfolio program; 12 months on the bank portfolio program; qualifying income is eligible deposits divided by the number of statement months, after ownership share and any expense ratio
- **Bank portfolio leverage cap on bank-statement income:** 65% (60% interest-only)
- **Self-employment history:** 2 years (one year self-employed with two years of prior work in the same field, or one year plus one year of formal training)

## Agency & Government Loan Programs

Consumer-purpose mortgages on primary residences (and, where the program allows, second homes and investment properties), placed with wholesale programs under agency and government rules. Figures are the snippet parameters in force (Fannie Mae / Freddie Mac, HUD 4000.1, VA), not offers; county loan limits are never quoted - speak with a Lendmire loan officer.

### Conventional Loans

- **Down payment / LTV - primary residence:** 3% down (97% LTV) for a first-time buyer on a one-unit home; 5% down (95% LTV) otherwise; 2-4 unit principal residences to 95% LTV
- **First-time buyer:** a borrower who is purchasing the property, will occupy it as a principal residence, and had no ownership interest (sole or joint) in a residential property during the three-year period preceding the purchase (Fannie Mae Selling Guide definition quoted in 'Expanded 97% LTV Options'; Freddie Mac Guide glossary - identical three-year test)
- **Second homes:** to 90% LTV; **investment properties:** to 85% LTV (one unit) and 75% (2-4 units)
- **HomeReady / Home Possible:** HomeReady (Fannie Mae) and Home Possible (Freddie Mac): 97 percent LTV, income limits at 80 percent of area median income, reduced mortgage insurance coverage, homeownership education; HomeOne (Freddie Mac): 97 percent with at least one first-time homebuyer and no income limit
- **Occupancy:** principal residence occupied within 60 days of closing; second homes and investment properties under their own LTV limits
- **Mortgage insurance:** required above 80% LTV; cancellable on request at 80% of original value, terminated automatically at 78%
- **Credit:** the wholesale programs Lendmire places conventional loans with start at a 620 decision score and lend to 97 percent LTV; Fannie Mae requires no minimum score for DU casefiles and 620 (fixed) / 640 (ARM) for manually underwritten loans - B3-5.1-01
- **Debt-to-income:** 50% maximum through DU; 36% manually underwritten, or 45% with the Eligibility Matrix's credit and reserve factors
- **Interested-party contributions:** 3% at a CLTV above 90 percent; 6% at a CLTV 75.01 to 90 percent; 9% at a CLTV 75 percent or less; 2% on investment property (any)
- **Rate-and-term (limited cash-out) refinance:** to 95% LTV on a one-unit principal residence (97% where the existing loan is agency-owned and the program allows)
- **Cash-out refinance:** to 80% LTV on a one-unit principal residence; 75% on 2-4 unit principal residences, second homes and investment properties; generally six months of ownership before a cash-out refinance, with delayed-financing and inheritance exceptions - B2-1.3-03
- **Wholesale cash-out to 89.99% LTV:** 680+ decision score, 30-year fixed only, mortgage insurance: none required, debt-to-income to 50%, up to the conforming loan limits, six months of seasoning when paying off a first-lien mortgage
- **Prepayment penalty:** none
- **Loan limits:** conforming limits are set each year by the FHFA, by county and unit count; amounts above the limit are the Jumbo program

### FHA Loans

- **Down payment / LTV:** 3.5% minimum required investment (96.5% LTV) on the lesser of price and appraised value; funds may be the borrower's own, gifts from acceptable donors, or approved secondary financing
- **Credit:** The wholesale programs Lendmire places FHA loans with start at a 580 decision score; HUD's 500-579 tier is not offered through those programs.
- **Seller / interested-party contributions:** up to 6% of the sales price toward closing costs, prepaids and points
- **Occupancy and units:** owner-occupied principal residence; at least one borrower must occupy within 60 days of closing and intend to continue occupancy for at least one year - II.A.1.b.iii; 1-4 units
- **Non-occupant co-borrowers:** permitted: the maximum LTV is 75 percent for a non-occupying borrower transaction, increased to 96.5 percent when the borrowers are family members (not on two- to four-unit properties and not where a family member sells to a family member who will be the non-occupying co-borrower) - II.A.2.b.ii(B)
- **Mortgage insurance:** upfront premium 1.75% of the base loan amount (may be financed); annual MIP of 0.50% to 0.55% on most 30-year loans; 11 years when the loan starts at or below 90% LTV, otherwise for the term of the loan
- **Qualifying ratios (manual underwriting):** 31/43 at a score of 580 and above - no compensating factors required (energy efficient homes 33/45); 37/47 at a score of 580 and above - one of: verified and documented cash reserves; minimal increase in housing payment; residual income; 40/50 at a score of 580 and above - two of: verified cash reserves; minimal increase in housing payment; significant additional income not reflected in effective income; residual income
- **Rate-and-term refinance:** to 97.75% LTV - principal residences owner-occupied for the previous 12 months at case number assignment; 85% where occupied fewer than 12 months or for a HUD-approved secondary residence; maximum CLTV 97.75% - II.A.8.d.ii(B)
- **Cash-out refinance:** to 80% LTV / 80% CLTV on an owner-occupied principal residence owned and occupied for 12 months
- **Streamline refinance:** appraisal not required; a net tangible benefit and limited credit review
- **Assumable:** yes
- **Loan limits:** FHA mortgage limits are set by county and change each year - speak with a Lendmire loan officer

### VA Loans

- **Down payment:** 0% (100% LTV) with full entitlement when the price is not above the appraised value
- **Mortgage insurance:** none - no private mortgage insurance and no mortgage insurance premium (VA.gov, purchase loan)
- **Guaranty:** VA guarantees up to 25 percent of the loan amount for loans above $144,000 (VA.gov, loan limits; Handbook Ch. 3 Topic 4, Blue Water Navy Vietnam Veterans Act of 2019)
- **Loan limit:** none - 'no loan limit (as long as you can afford the loan amount and the property appraisal supports the purchase price)' for borrowers with full entitlement (VA.gov, loan limits); full entitlement is shown on a COE with basic entitlement of $36,000
- **Remaining entitlement:** with remaining entitlement, the lender may require a down payment so that entitlement plus down payment covers 25 percent of the loan; county figures are not quoted on the pages - speak with a Lendmire loan officer
- **Credit and loan size through the wholesale programs:** VA sets no minimum credit score ('VA does not have a minimum credit score requirement' - Handbook Ch. 4 Topic 7.b); the wholesale programs Lendmire places VA loans with start at a 580 decision score, allow 100 percent loan-to-value, and serve loan amounts up to $4,000,000 including loans above the conforming limit ('VA jumbo') with full entitlement
- **Occupancy:** the borrower must certify intent to occupy the home as a principal residence (VA.gov, purchase loan eligibility); one to four units; VA-approved condominium projects; manufactured homes; new construction
- **Debt-to-income:** 41% as a guideline, secondary to VA's residual-income test
- **Funding fee (purchase and construction):** first use, 0%-4.99% down: 2.15%; first use, 5%-9.99% down: 1.5%; first use, 10% or more down: 1.25%; subsequent use, 0%-4.99% down: 3.3%; subsequent use, 5%-9.99% down: 1.5%; subsequent use, 10% or more down: 1.25%; exempt borrowers pay none; the fee may be financed
- **Cash-out refinance:** to 100% of the reasonable value including a financed funding fee; the new loan may not be guaranteed until the later of 210 days from the first monthly payment and the date the sixth monthly payment is made - 38 CFR 36.4306
- **Assumable:** yes; **prepayment penalty:** none

### USDA Loans

USDA-guaranteed loans for eligible rural and suburban areas and income-eligible borrowers, placed with wholesale programs; program parameters (eligibility maps, income limits, guarantee fees) are set by USDA and not published here - speak with a Lendmire loan officer.

## Specialty & Other Programs

### Jumbo Loans

- **Loan amounts:** from one dollar over the conforming loan limit for the county (one lane starts at $400,000 and one at $600,000 regardless of the limit), up to $5,000,000
- **Maximum by lane:** $5,000,000 on the 700+ fixed lane (89.99 percent CLTV), the 660+ fixed lane (purchase and rate-and-term; cash-out to $3,000,000), the prime adjustable-rate lane, and the prime interest-only lane
- **Leverage:** to 90% - 90 percent LTV on the 660+ lane with amounts from $400,000 to $3,500,000; 89.99 percent CLTV on the 660+/700+ lanes to $3,000,000-$5,000,000; 80 percent on the 720+ lane, the adjustable-rate lanes, and the interest-only lane
- **Minimum credit score:** 660 (lanes start at 660, 680, 700, 720)
- **Debt-to-income:** to 50% on the fixed lanes
- **Structures:** 30-year fixed, 40-year fixed (manual underwrite on one lane), 40-year fixed with a 10-year interest-only period, 5-, 7- and 10-year adjustable-rate, 30-year fixed with a 10-year interest-only period and 20-year amortization
- **Occupancies:** principal residence, second home, investment property (one- to four-unit); **purposes:** purchase, rate-and-term refinance, cash-out refinance
- **Reserves:** reserves follow the automated finding up to $2,000,000 on several lanes, with six additional months above $2,000,000 and twelve above $3,000,000 on the 90 percent lane; the reserve-table lanes require six to twelve months for a principal residence, nine to twelve for a second home, and twelve for an investment property; the 720+ lane requires twenty-four months above $2,000,000; the interest-only lane twelve months to $1,000,000 and twenty-four above
- **Appraisals:** two appraisals from two different appraisers above $1,500,000 on two lanes and above $2,000,000 on the others; appraisal waivers are not available on the prime lanes
- **Non-warrantable condominiums:** allowed on two of the fixed lanes
- **Mortgage insurance:** the lane sheets do not price or require mortgage insurance; the structure on a specific loan is confirmed by the loan officer - the pages do not claim 'no mortgage insurance'
- **Conforming limits:** set by the FHFA by county and never quoted; amounts at or below the limit are the Conventional program

### Hard Money / Private Money (business purpose)

- **Loan amounts:** $100,000 to $5,000,000 (exceptions considered above)
- **Purchase:** to 80% LTV; **refinance / cash-out:** to 65% LTV
- **Fix-and-flip:** to 93% of cost and 75% of after-repair value, rehab funded in draws up to 100% of the budget; tiers by experience: 0-1 projects, 90% LTC, 75% ARV, 720+ score; 0-1 projects, 85% LTC, 75% ARV, 660+ score; 2+ projects, 90% LTC, 75% ARV, 660+ score; 5+ projects, 93% LTC, 75% ARV, 700+ score
- **Bridge:** bridge, 75% LTV, 660+ score; bridge cashout, 65% LTV, 660+ score; bridge purchase, 80% ARV, 80% LTP; terms 6-18 months
- **Ground-up construction:** to 90% of cost and 75% LTV; tiers by experience: 0 projects, 75% LTC, 60% LTV, 660+ score; 1+ projects, 85% LTC, 65% LTV, 660+ score; 3+ projects, 90% LTC, 75% LTV, 700+ score; up to 10 units
- **Credit:** 620 minimum; conditions below 660
- **Interest-only:** available; **prepayment penalty:** none
- **Borrowers:** individuals and entities; first-time investors at lower tiers; foreign nationals with valid visa through the loan term and a reported credit score
- **Property:** single-family, 2-4 unit, ground-up construction to 10 units; not owner-occupied; business-purpose only
- **Footprint:** 40 markets, including Washington, D.C.; not in LA, MN, ND, SD; not in Baltimore, MD, Chicago, IL, Detroit, MI

### Down Payment Assistance (DPA)

Down payment and closing-cost assistance paired with a government first lien (FHA, USDA, HUD-184): a grant-style option with nothing to repay, forgivable second liens, repayable second liens, and a refinance-cost option. Consumer-purpose, owner-occupied, purchase (and one refinance path). Business-purpose and investor lanes are out of scope.

- **Grant-style assistance - nothing to repay:** 2% or 3.5% of purchase price (on a 203(k), the purchase price before renovation; the first lien's minimum investment is measured on price plus alterations); nothing to repay; 620+ credit; not offered in Washington
- **Forgivable second lien - three-year:** 3.5% of the lesser of purchase price or appraised value; fully forgiven after the first 36 payments on the first lien with no 90-day-or-greater delinquency; 640+ credit
- **Forgivable second lien - five-year:** 3.5% of the lesser of purchase price or appraised value; fully forgiven after the first 60 payments on the first lien with no 90-day-or-greater delinquency; 640+ credit
- **Repayable second lien - thirty-year amortization, ten-year balloon:** 3.5% or 5% of the lesser of purchase price or appraised value; repayable second lien, 30-year amortization with a balloon in year 10; 660+ credit
- **Closing-cost repayable second lien:** 3.5% or 5% of the lesser of purchase price or appraised value; repayable second lien, 30-year amortization with a balloon in year 10; 660+ credit
- **Refinance-cost second lien (repayable):** 1%, 1.5%, 2%, 2.5%, 3% or 3.5% of the lesser of the current first-lien balance or appraised value; repayable second lien, 30-year amortization with a balloon in year 10; 660+ credit
- **FHA first lien:** 3.5% minimum investment (96.5% LTV); upfront mortgage insurance 1.75%
- **Footprint:** the 16 consumer-licensed states. The grant option is not offered in Washington; every second-lien option is available in all sixteen licensed states.

### HELOC & Home Equity Lines

- **Program floor:** 600 credit; combined loan-to-value to 90%
- **Lines:** $25,000 to $750,000 ($10,000 minimum in Michigan)
- **Primary residence:** 600+ credit, combined loan-to-value to 90%, lines to $750,000
- **Second home:** 640+ credit, combined loan-to-value to 90%, lines to $500,000
- **Investment property:** 700+ credit, combined loan-to-value to 70%, lines to $500,000
- **Larger lines:** A line above $500,000 is a primary-residence transaction at a 700+ credit profile (720 on the longer-runway program), caps at 75% combined loan-to-value, and requires a full appraisal.
- **Draws:** At least 75% of the approved line is drawn at closing - both programs. Subsequent draws from $1,000 ($4,000 in Texas).
- **Terms:** a 3- to 5-year draw period with interest-only payments, then a 17- to 25-year fully amortizing repayment period; the rate is variable across both the draw and the repayment period on both programs. First or second lien.
- Investment-property HELOCs carry their own hub and city pages (see Key Pages); the matrix above is the network's strongest wholesale cell per occupancy.

### Refinance Loans

Rate-and-term and cash-out refinances run under each program's own leverage above: Conventional, FHA and VA for consumer refinances; DSCR, bank statement and the super jumbo lanes for investor and alt-doc refinances; a HELOC is the alternative to a cash-out refinance when the first mortgage should stay in place.

### Rehab Loans (Renovation Financing)

Renovation financing is available on a consumer path (an FHA 203(k)-style loan through wholesale programs) and on the business-purpose hard money fix-and-flip path above; consumer renovation parameters are not published here - speak with a Lendmire loan officer.

### Reverse Mortgages

Home Equity Conversion Mortgages (HECM) for older homeowners who meet HUD's age rule, placed with wholesale reverse programs; eligibility, principal limits and counseling requirements follow HUD's HECM rules and are not published here - speak with a Lendmire loan officer.

## Programs at a Glance

Every figure is a current wholesale program parameter from Lendmire's guideline snippets, not an offer; county loan limits (conforming, FHA, VA) are never quoted.

| Program | Minimum down payment | Minimum credit score | Maximum loan amount | Best for |
|---|---|---|---|---|
| **DSCR (investor)** | 20% standard (15% by exception) | 620 | $3,000,000 standard; $6,000,000 super jumbo | Rental income qualifies the loan; LLC vesting; no personal income documents |
| **Bank Statement / alt-doc** | 10% (90% LTV, purchase, to $1,000,000 at 700+) | 660 | $3,500,000; $30,000,000 super jumbo | Self-employed, business owners, 1099 earners |
| **Conventional** | 3% first-time buyer / 5% standard | 620+ (wholesale programs; DU sets no minimum) | Conforming limit by county (FHFA) | W-2 borrowers with strong credit; second homes; investment to 85% LTV |
| **FHA** | 3.5% | 580+ | FHA county limit | First-time and credit-building buyers, 1-4 units owner-occupied |
| **VA** | 0% | 580+ | No limit with full entitlement; $4,000,000 through the wholesale programs | Eligible veterans, service members and surviving spouses |
| **Jumbo** | 10% (90% LTV lane) | 660 | $5,000,000 | Loans above the conforming limit; primary, second and investment |
| **HELOC** | n/a (second lien) | 600 | $750,000 line | Equity access without refinancing the first mortgage |
| **Hard money (business purpose)** | 20% purchase | 620 | $5,000,000 | Fix-and-flip, bridge and ground-up investors |
| **Down payment assistance** | Assistance pairs with an FHA first lien (3.5% minimum investment) | 620+ (by option) | FHA county limit | First-time and moderate-income buyers in the 16 consumer states |

## Down Payment Minimums by Program

Minimum down payment is one hundred percent less the program's maximum purchase LTV on its strongest lane; actual leverage depends on credit, occupancy, loan size and the lender's guidelines.

| Program | Minimum down payment |
|---|---|
| **VA Loan (eligible veterans / military)** | **0%** |
| **USDA Loan (eligible rural / suburban)** | **set by USDA (a no-down-payment program for eligible borrowers) - ask a loan officer** |
| **Conventional - first-time buyer, one unit** | **3%** |
| **FHA** | **3.5%** |
| **Conventional - standard, one unit** | **5%** |
| **Conventional - second home** | **10%** |
| **Jumbo (strongest lane)** | **10%** |
| **Bank Statement (primary residence, purchase)** | **10% at 700+ to $1,000,000** |
| **Conventional - investment, one unit** | **15%** |
| **DSCR - purchase (standard / by exception)** | **20% / 15%** |
| **Hard money - purchase** | **20%** |
| **Conventional - investment, 2-4 units** | **25%** |

## Required Documents by Program
Documentation requirements vary substantially by program. General guidance:

### Agency & Government Loans (Conventional, FHA, VA, USDA, Jumbo)
- Most recent 2 years of W-2s (wage earners) or full tax returns with all schedules (self-employed)
- 30 days of paystubs
- 2 months of bank statements (asset verification)
- Government-issued ID
- Social Security card (or ITIN for ITIN borrowers)
- Tri-merged credit report (pulled by Lendmire)
- **VA-specific:** Certificate of Eligibility (COE), DD-214 (for veterans)
- **USDA-specific:** Property must be in eligible area; income verification against county limits

### DSCR Loans
- Lease agreements (for tenant-occupied properties) or rent schedule appraisal addendum (FNMA Form 1007 or 1025)
- Property appraisal
- Asset documentation (statement covering 1 month, or most recent quarterly statement)
- Entity documents if vesting in an LLC/Corp/Partnership (articles, operating agreement, EIN, good standing certificate)
- Personal guaranty execution by qualifying member(s)
- Borrower's tri-merged credit report
- Government-issued ID and OFAC clearance
- **For STR properties:** AIRDNA Rentalizer + Overview report, or 12-month rental management statement, or 12-month bank deposit history; Property Guard report for permits/zoning
- **No tax returns, W-2s, paystubs, or employment verification required**

### Bank Statement Loans
- 12 months of personal or business bank statements from a regulated U.S. financial institution
- Business narrative (description of business, locations, employees, products/services, client base)
- Validation of 2+ years business existence (license, tax professional letter, SOS filing)
- For Option 2 (third-party expense ratio): CPA, EA, Tax Attorney, or CTEC-certified expense letter
- Government-issued ID
- Tri-merged credit report
- Asset documentation for down payment and reserves
- **No tax returns, no W-2s, no paystubs**

### 1-Year Income Documentation
- 1 year of W-2s or 1099s (or tax returns for self-employed)
- Most recent YTD paystub (30+ days)
- Signed 4506-C tax transcript authorization
- Standard ID, credit, and asset documentation

### CPA-Prepared P&L Loans
- 12 or 24 months CPA, EA, Tax Attorney, or CTEC-prepared P&L statement
- CPA/preparer credentials and letter
- Standard ID, credit, and asset documentation
- No bank statements required for income (but may be required for assets/reserves)

### Asset Utilization Loans
- Most recent asset account statements (within 45 days of application)
- Statements aged at least 120 days at application date (showing seasoning)
- Documentation of any non-seasoned asset source (sale of business, inheritance, legal settlement)
- Standard ID and credit documentation

### ITIN Loans
- ITIN documentation from IRS
- Government-issued ID (passport, consular ID, or foreign government ID)
- 2 years of work history documentation
- 2 years of tax returns (filed under ITIN)
- Standard credit, asset, and income documentation per chosen program

### Foreign National Loans
- Passport
- Valid visa (if applicable)
- U.S. bank account documentation
- International credit reference or U.S. credit if available
- Source-of-funds documentation
- Standard property documentation

### HELOC / Home Equity Loan
- Recent mortgage statement (existing first lien)
- Asset and income documentation (varies by program; some HELOCs offer no-doc / stated-income options)
- Property valuation
- Tri-merged credit report

---

## Mortgage Process & Timeline
### General Mortgage Process (Purchase)

1. **Pre-Qualification** - Initial conversation about goals, budget, and program fit. No credit pull. Provides a rough estimate.
2. **Pre-Approval** - Full credit pull, income and asset documentation review, written pre-approval letter issued. Stronger than pre-qualification because it's underwriting-verified.
3. **House hunting / offer accepted** - Borrower shops with the pre-approval in hand and goes under contract.
4. **Formal Application** - Full URLA/1003 application submitted; loan disclosures issued per TRID (Loan Estimate within 3 business days of application).
5. **Processing & Underwriting** - Lender orders appraisal, title commitment, hazard insurance verification; underwriter reviews credit, income, assets, and property. Conditions issued for any additional documentation.
6. **Conditional Approval -> Clear to Close** - All conditions satisfied; closing date scheduled.
7. **Closing Disclosure** - Issued at least 3 business days before closing (TRID requirement).
8. **Closing** - Signing of final documents at title company or attorney's office; funding and recording.

### Closing Timelines

Timelines are set at application and depend on the appraisal, title, the program's documentation stage and the lender's queue; a loan officer gives a dated estimate when the file is opened. Owner-occupied refinances also carry the federal three-business-day right of rescission after signing.

### Pre-Qualification vs. Pre-Approval

These terms are often used interchangeably but are different:

- **Pre-Qualification** is an informal estimate based on what the borrower tells the loan officer. No credit pull, no documentation verified. Gives a ballpark but doesn't carry weight with sellers.
- **Pre-Approval** is the verified, documented version. Credit has been pulled. Income and assets have been reviewed. The lender has issued a written commitment (subject to property, appraisal, and final underwriting). Sellers and listing agents take pre-approval letters seriously; they generally don't take pre-qualifications seriously.

**For competitive purchase markets, always go for pre-approval - not pre-qualification.**

---

## Loan Comparisons - Common Decisions

Figures are the snippet parameters in force; each program's own section above carries the full set.

### FHA vs. Conventional

| Factor | FHA | Conventional |
|---|---|---|
| Minimum down payment | 3.5% | 3% first-time buyer / 5% standard |
| Minimum credit score | 580+ (wholesale programs) | 620+ (wholesale programs); 620 manual; DU sets no minimum |
| Mortgage insurance | upfront 1.75% plus an annual premium | required above 80% LTV; cancels at 80% on request, 78% automatically |
| Debt-to-income | 31/43 manual at a score of 580 and above (higher with compensating factors) | 50% through DU |
| Loan limit | FHA county limit | conforming county limit |
| Occupancy | owner-occupied principal residence | primary, second home or investment |

### VA vs. Conventional

| Factor | VA | Conventional |
|---|---|---|
| Down payment | 0% with full entitlement | 3%-5% |
| Mortgage insurance | none (a funding fee applies unless exempt) | required above 80% LTV |
| Debt-to-income | 41% guideline, residual income governs | 50% through DU |
| Loan limit | none with full entitlement | conforming county limit |
| Minimum credit score | 580+ (wholesale programs) | 620+ (wholesale programs); DU sets no minimum |

### HELOC vs. Cash-Out Refinance

| Factor | HELOC | Cash-out refinance |
|---|---|---|
| First mortgage | stays in place | replaced by a new first mortgage |
| Leverage | combined loan-to-value to 90% (primary residence, 720+ credit); lines to $750,000 | conventional 80% LTV (one-unit primary); FHA 80%; VA 100%; DSCR 75% |
| Credit floor | 600 (primary) | by program |
| Draws | at least 75% of the line at closing; redraw as repaid | one lump sum at closing |

### Bank Statement vs. Traditional Self-Employed Mortgage

| Factor | Bank statement | Traditional (full documentation) |
|---|---|---|
| Income documentation | 12 months of personal or business statements | two years of tax returns and year-to-date profit and loss |
| Expense treatment | a fixed expense ratio (50% / 30% / 20% by business type) or a third-party ratio | the net income on the returns after write-offs |
| Strongest purchase leverage | 90% to $1,000,000 at 700+ (primary) | 97% conventional (first-time buyer) |
| Maximum loan | $3,500,000 (super jumbo above) | conforming county limit (jumbo above) |

### Jumbo vs. Conforming

| Factor | Jumbo | Conforming conventional |
|---|---|---|
| Loan amount | one dollar over the conforming loan limit for the county (one lane starts at $400,000 and one at $600,000 regardless of the limit), to $5,000,000 | at or below the county conforming limit |
| Leverage | to 90% | to 97% (first-time buyer, one unit) |
| Minimum credit score | 660 | 620+ (wholesale programs); DU sets no minimum |
| Debt-to-income | to 50% | to 50% through DU |
| Appraisals | two appraisals from two different appraisers above $1,500,000 on two lanes and above $2,000,000 on the others; appraisal waivers are not available on the prime lanes | one appraisal (or an appraisal waiver through DU) |

## Mortgage Glossary
Key terms used throughout this document and across the mortgage industry.

- **ARM (Adjustable-Rate Mortgage)** - A mortgage where the interest rate adjusts periodically (e.g., 5/6 ARM = fixed for 5 years, adjusts every 6 months thereafter).
- **BRRRR** - Buy, Rehab, Rent, Refinance, Repeat. A common real estate investment strategy supported by DSCR cash-out refinance.
- **CEMA (Consolidation, Extension, and Modification Agreement)** - New York-specific refinance structure that reduces mortgage recording tax by consolidating an existing mortgage with a new one rather than satisfying and originating fresh.
- **CLTV (Combined Loan-to-Value)** - Total of all liens (first mortgage + subordinate financing) divided by property value.
- **COE (Certificate of Eligibility)** - VA-issued document confirming a borrower's eligibility for VA loan benefits.
- **Conforming Loan** - A loan that meets Fannie Mae / Freddie Mac size limits (set each year by the FHFA, by county and unit count; never quoted in dollars here).
- **DSCR (Debt Service Coverage Ratio)** - Gross monthly rental income divided by PITIA; measures a property's ability to cover its own mortgage payment.
- **DTI (Debt-to-Income Ratio)** - Monthly debt payments divided by gross monthly income; used to qualify borrowers in traditional mortgages (not DSCR).
- **FICO** - Credit score model produced by Fair Isaac Corporation. Mortgage lenders typically pull all three bureau scores (Experian, TransUnion, Equifax) and use the middle of three (or lower of two).
- **HECM (Home Equity Conversion Mortgage)** - FHA-insured reverse mortgage product for homeowners 62+.
- **HPML (Higher-Priced Mortgage Loan)** - A loan with an APR exceeding the average prime offer rate by a defined threshold; subject to additional regulatory requirements including escrow accounts.
- **IRRRL (Interest Rate Reduction Refinance Loan)** - VA streamline refinance program with minimal documentation.
- **ITIA / PITIA** - Interest, Taxes, Insurance, and HOA dues (ITIA) or Principal, Interest, Taxes, Insurance, and HOA dues (PITIA). Used in DSCR calculations and reserve requirements.
- **ITIN (Individual Taxpayer Identification Number)** - IRS-issued tax processing number for individuals who are not eligible for a Social Security Number but who file U.S. taxes.
- **Jumbo Loan** - A loan amount above the conforming loan limit.
- **LTV (Loan-to-Value)** - Loan amount divided by property value, expressed as a percentage.
- **MIP (Mortgage Insurance Premium)** - FHA mortgage insurance; typically 1.75% upfront plus annual.
- **NMLS** - Nationwide Multistate Licensing System; the federal registry of mortgage licenses. Lendmire's NMLS# is 2371349.
- **Non-QM (Non-Qualified Mortgage)** - A mortgage that doesn't meet the standard QM rules under Dodd-Frank ATR (Ability to Repay) requirements. Includes DSCR, Bank Statement, P&L, Asset Utilization, ITIN, Foreign National, and similar programs.
- **PMI (Private Mortgage Insurance)** - Insurance protecting the lender on conventional loans with LTV above 80%. Under the Homeowners Protection Act, borrowers may request cancellation at 80% original LTV and automatic termination occurs at 78% original LTV.
- **RESPA (Real Estate Settlement Procedures Act)** - Federal law governing closing-cost disclosures and prohibiting kickbacks in mortgage transactions.
- **SOFR (Secured Overnight Financing Rate)** - Benchmark index that replaced LIBOR; used as the underlying index for most current ARM products.
- **TRID (TILA-RESPA Integrated Disclosure)** - Federal disclosure framework requiring a Loan Estimate within 3 business days of application and a Closing Disclosure at least 3 business days before closing.

---

## Frequently Asked Questions
### What is a DSCR loan?

A DSCR (Debt Service Coverage Ratio) loan is a mortgage for investment properties that qualifies the borrower based on the property's rental income rather than personal income, tax returns, or W-2s. It is structured as a business-purpose loan and is used almost exclusively for non-owner-occupied real estate.

### How is DSCR calculated?

DSCR = Gross Monthly Rental Income / PITIA (Principal, Interest, Taxes, Insurance, and HOA dues). A ratio of 1.00 means the rental income exactly covers the mortgage payment. Higher ratios indicate stronger cash flow.

### What credit score does a DSCR loan need?

The standard program starts at a 620 score (program-dependent); the no-ratio and short-term-rental paths start at 640; a first-time-homebuyer investor needs 700. Higher tiers unlock the strongest leverage.

### Can I close a DSCR loan in an LLC?

Yes. DSCR loans close in the entity's name - vesting options are LLC, Corporation, LP, individual. Personal-guaranty, ownership-share and entity-structure rules are set by the program; speak with a Lendmire loan officer.

### Do I need to own a primary residence to qualify for a DSCR loan?

No. A borrower who does not currently own a primary residence qualifies on the first-time-homebuyer path: 700 score, combined loan-to-value to 70%, minimum coverage 1.15, loans to $1,000,000, no interest-only, impounds required and 6 months of reserves. Borrowers who own their home use the standard program; investor-experience rules beyond that are set by the program.

### How long does a DSCR loan take to close?

Timelines are set at application and depend on the appraisal, title and the lender's queue; because no personal income file is reviewed, the documentation stage is shorter than on a full-documentation loan.

### Can I use DSCR financing for Airbnb or short-term rentals?

Yes. Short-term rental income is documented by 12-month rental history or market data report. The STR path qualifies at 1.00 coverage on purchase and 1.00 on refinance (sub-1.00 coverage at reduced leverage), to 75% purchase, 70% rate-and-term and 70% cash-out at a 640 score. Super Jumbo DSCR finances short-term rentals to $2,000,000.

### What is the maximum DSCR loan amount at Lendmire?

$3,000,000 on the standard DSCR program. The Super Jumbo DSCR program carries the ladder to $6,000,000 for investment property (requests above $4,000,000 are reviewed before submission) and considers balances above $6,000,000 to $10,000,000 case by case.

### Do I need tax returns for a DSCR loan?

No. DSCR loans do not require personal tax returns, W-2s, paystubs, or employment verification. Qualification is based solely on the property's rental income relative to the mortgage payment.

### Can foreign nationals get a DSCR loan through Lendmire?

Yes, through specific wholesale programs. Documentation, leverage and state rules for foreign-national borrowers are set by each program and are not published here - speak with a Lendmire loan officer.

### Does Lendmire offer ITIN loans?

Yes. Lendmire offers mortgages for borrowers using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number. ITIN borrowers can qualify under multiple documentation types (full doc, bank statement, P&L), with program parameters typically more conservative than SSN borrower programs.

### Does Lendmire offer Asset Depletion / Asset Utilization loans?

Yes. Asset Utilization loans qualify borrowers on liquid assets rather than traditional income - common for retirees and high-net-worth borrowers. Eligible assets are divided over 60 months; eligible percentages are 100% for cash accounts and 100% for certificates of deposit, 80% securities, 75% private stock, 70% retirement accounts and 60% real-estate equity. Minimum assets: Lesser of $1,000,000 in qualified assets or 1.25x the loan balance - never below $250,000 liquid when asset depletion is the only income source.

### Does Lendmire offer 1-year income documentation loans?

Yes. The 1-year Income Documentation program is a non-QM option for wage earners, 1099 borrowers, and self-employed borrowers who have one year of strong income to document. Typical scenarios include recent career changes, recently launched businesses, or borrowers who don't want to (or can't) document 2 years of income history.

### Does Lendmire offer P&L-only loans?

Yes. P&L loans qualify self-employed borrowers on a 12 or 24-month profit-and-loss statement prepared by Independent CPA, EA, or CTEC who filed the most recent business return (or bank statements supporting 80% of stated revenue) - without bank statements as the income basis. The path carries a 680+ credit requirement, 50% minimum ownership, expenses of at least 15% of revenue, loans to $2,000,000 and a primary-residence standard.

### What's the difference between a Bank Statement loan and a P&L loan?

Both are non-QM products for self-employed borrowers. Bank Statement loans use 12 months of bank deposits (with an applied expense factor) to determine qualifying income. P&L loans use a CPA-prepared profit and loss statement. Bank Statement is more common; P&L is useful when bank deposits don't accurately reflect business profitability (e.g., heavy seasonal swings or significant pass-through revenue).

### What states does Lendmire serve?

Consumer mortgages in 16 states and business-purpose DSCR financing in 41 markets (see State Coverage).

### Why choose a mortgage broker like Lendmire over a retail bank?

Retail banks can only offer their own products at their own pricing. As a broker, Lendmire shops the loan across multiple national wholesale lenders, which typically results in better pricing and a wider range of qualifying scenarios. This is especially important for non-QM lending (DSCR, bank statement, jumbo, foreign national), where a single bank's box often excludes borrowers who can easily qualify elsewhere.

### What's the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate based on stated information; no credit pull or documentation review. Pre-approval is verified - credit pulled, income and assets documented, written commitment issued (subject to property and final underwriting). In competitive markets, sellers take pre-approval seriously and pre-qualification not at all.

### How long does the mortgage process typically take?

Timelines are set at application and depend on the appraisal, title, the program's documentation stage and the lender's queue; a loan officer gives a dated estimate when the file is opened.

### How do I get started with Lendmire?

The fastest path is the online quote form, which takes about 30 seconds: https://www.lendmire.com/mortgage-quote-direct-2/. A Lendmire mortgage specialist will review the borrower's goals, credit profile, income structure, and property type, then walk through every program that fits. No commitment, no pressure.

---

## State Coverage

Lendmire holds consumer mortgage licenses in **16 states** and places business-purpose DSCR financing in **41 markets** (states plus Washington, D.C.).

### Full-Service States (Consumer Mortgages + DSCR) - 16 States

AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, WA

### DSCR-Only Markets - 25 Additional

AK, AR, CT, DC, DE, HI, IA, IL, KS, KY, LA, MA, MD, ME, MO, MS, NE, NH, NJ, OK, RI, SC, WI, WV, WY

### State Overlays & Restrictions

- **DSCR prepayment penalties:** not applied in AK, KS, KY, MI, MN, NM, OH, RI
- **Hard money:** 40 markets, including Washington, D.C.; not in LA, MN, ND, SD; not in Baltimore, MD, Chicago, IL, Detroit, MI
- **HELOC:** $10,000 minimum line in Michigan (otherwise $25,000)
- **Consumer mortgages** (Conventional, FHA, VA, USDA, Jumbo, HELOC, DPA) are offered only in the full-service states above.

## Who Lendmire Serves
- **Real estate investors** scaling rental portfolios - long-term, short-term, and mixed-use
- **Self-employed borrowers**, business owners, and 1099 earners (Bank Statement, 1-Year Doc, P&L)
- **First-time homebuyers** (FHA, Conventional 3% down, DPA)
- **Veterans and active-duty military** (VA, VA Jumbo, IRRRL)
- **High-net-worth borrowers** financing jumbo and luxury properties
- **ITIN borrowers** without a Social Security Number
- **Foreign nationals** investing in U.S. real estate
- **Retirees** and asset-rich borrowers (Asset Utilization)
- **Homeowners** refinancing, consolidating debt, or tapping equity (HELOC, Cash-Out Refinance)
- **LLC and entity-vested investors** (DSCR, entity vesting)
- **Homeowners 62+** exploring reverse mortgage options (HECM)
- **Buyers + renovators** (FHA 203(k), HomeStyle Rehab)

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## How to Get Started
The fastest way to see real loan options is the online quote form - about 30 seconds:

**https://www.lendmire.com/mortgage-quote-direct-2/**

A Lendmire mortgage specialist will review the borrower's goals, credit profile, income structure, and property type, then walk through every program that fits. No commitment. No pressure.

For learning resources, market insights, and detailed program guides, visit the Lendmire blog and learning center at **https://www.lendmire.com**.

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## Connect With Lendmire
- **X (Twitter):** https://twitter.com/lendmire
- **Facebook:** https://www.facebook.com/Lendmire/
- **Instagram:** https://www.instagram.com/lendmire/
- **LinkedIn:** https://www.linkedin.com/company/lendmire
- **Google Business Profile:** Lendmire, 584 State Farm Rd Suite 203, Boone, NC 28607 (5.0 stars, 81+ reviews)

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## Key Pages

- [All Loan Options](https://www.lendmire.com/loanoptions/): Full program catalog
- [DSCR Investor Loans](https://www.lendmire.com/loanoptions/dscr-investor-loans/): Flagship investor program
- [Conventional Loan](https://www.lendmire.com/loanoptions/conventionalloan/): Fannie/Freddie agency mortgages
- [FHA Loan](https://www.lendmire.com/loanoptions/fhaloan/): Government-insured low down payment
- [VA Loan](https://www.lendmire.com/loanoptions/valoan/): Military and veteran financing
- [USDA Loan](https://www.lendmire.com/loanoptions/usdaloan/): Rural / suburban zero-down financing
- [Jumbo Loan](https://www.lendmire.com/loanoptions/jumboloan/): High-value home financing
- [Rehab Loan](https://www.lendmire.com/loanoptions/rehabloan/): Purchase + renovation financing
- [Bank Statement Loan](https://www.lendmire.com/loanoptions/bankstatementloan/): Self-employed mortgage solution
- [Down Payment Assistance](https://www.lendmire.com/loanoptions/downpaymentassistanceloan/): Boost DPA
- [HELOC & Home Equity Loan](https://www.lendmire.com/loanoptions/homeequity/): Tap home equity without refinancing
- [Refinance](https://www.lendmire.com/loanoptions/refinance/): Rate/term, cash-out, FHA Streamline, VA IRRRL
- [Reverse Mortgage](https://www.lendmire.com/loanoptions/reversemortgageloan/): HECM for homeowners
- [Mortgage Calculator](https://www.lendmire.com/mortgagecalculator/): Payment estimates
- [Pre-Approval](https://www.lendmire.com/preapproval/): Pre-approval process and benefits
- [Our Team](https://www.lendmire.com/ourteam/): Meet the Lendmire loan officers
- [Join Our Team](https://www.lendmire.com/join-our-team/): Careers and loan officer hiring
- [Learning Center](https://www.lendmire.com/learningcenter/): Educational content
- [Blog](https://www.lendmire.com/blog/): Market updates, program guides, and investor strategy
- [Contact Us](https://www.lendmire.com/contactus/): Contact information and inquiry form
- [Get a Quote](https://www.lendmire.com/mortgage-quote-direct-2/): Start your loan application
- [State Licensing](https://www.lendmire.com/statelicensing/): Where Lendmire is licensed
- [Privacy Policy](https://www.lendmire.com/privacy-policy/): Data collection and consumer privacy practices
- [Terms and Conditions](https://www.lendmire.com/terms-and-conditions/): Website terms of use
- [ADA Accessibility Statement](https://www.lendmire.com/ada-accessibility-statement/): Accessibility compliance
- [DSCR Loans Guide](https://www.lendmire.com/dscr-loans-guide/): The complete DSCR guide
- [Cash-Out Refinance](https://www.lendmire.com/loanoptions/cash-out-refinance/): Consumer cash-out refinance hub with state pages
- [Investment Property Cash-Out Refinance](https://www.lendmire.com/loanoptions/investment-property-cash-out-refinance/): Investor cash-out hub
- [Investment Property HELOC](https://www.lendmire.com/loanoptions/investment-property-heloc/): HELOCs on rental property
- [Self-Employed Mortgages](https://www.lendmire.com/self-employed-mortgages/): Bank statement and DSCR paths for the self-employed
- [Super Jumbo DSCR Loans](https://www.lendmire.com/loanoptions/super-jumbo-dscr-loans/): DSCR above the standard ceiling
- [Super Jumbo Bank Statement Loans](https://www.lendmire.com/loanoptions/super-jumbo-bank-statement-loans/): Bank statement lending on larger balances
- [Short-Term Rental Loans](https://www.lendmire.com/loanoptions/short-term-rental-loans/): Airbnb / VRBO financing
- [Hard Money Loans](https://www.lendmire.com/loanoptions/hard-money-loans/): Fix-and-flip, bridge, ground-up

## Compliance & Disclosures
Lendmire LLC is a licensed mortgage brokerage. NMLS# 2371349. Founded March 21, 2022. Licensed for consumer mortgages in 16 states (AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, WA). DSCR business-purpose financing is available in 40 states plus Washington, D.C. Headquartered at 584 State Farm Rd., Suite 203, Boone, NC 28607.

**Federal Disclosures:**
- **TRID Timing:** Loan Estimate within 3 business days of application; Closing Disclosure at least 3 business days before closing
- **Right to Rescind:** For eligible refinances and home-equity loans, borrowers may cancel within 3 business days after signing
- **Equal Housing & Fair Lending:** Lendmire complies with all federal fair-lending laws and does not discriminate on any prohibited basis
- **RESPA:** Lendmire does not pay or receive kickbacks or unearned fees

**State-Specific Disclosures:**
- **California (CFL License 60DBO-206267):** Loans made or arranged pursuant to a California Financing Law license.
- **Texas (Mortgage Company License):** Lendmire brokers loans and is not the borrower's agent. Consumers wishing to file a complaint against a mortgage company or licensed residential mortgage loan originator should contact the Texas Department of Savings and Mortgage Lending (SML). A recovery fund exists for certain actual out-of-pocket damages caused by acts of licensed residential mortgage loan originators. Texas home equity loans (50(a)(6)) include a 12-day waiting period and refinancing restrictions; these rules apply to primary residences only and do not govern business-purpose investment property loans.
- **Virginia (Broker License MC-8011):** Borrowers have the right to select the settlement agent to handle the closing of their transaction.
- **Insurance Choice:** Borrowers may choose their own insurance provider for any required hazard insurance on their property.

Additional state-specific licenses, license numbers, and regulator contacts are itemized at https://www.lendmire.com/statelicensing/.

All information provided is for informational purposes only and does not constitute a commitment to lend or extend credit. All loans are subject to credit approval, income verification, appraisal, lender guidelines, and property eligibility. Loan programs, terms, rates, and availability are subject to change without notice. Equal Housing Opportunity.

For verification of licensing, visit NMLS Consumer Access at https://www.nmlsconsumeraccess.org and search for NMLS# 2371349.