Firstloans – Standard DSCR

Constructive. Conservative DSCR with entity-only, 5yr treasury index.

Overview

Base Rate

7.875%

Base Points

1.00

Min FICO

680

Max LTV

80%

Min Loan

$55K

Max Loan

$2.0M

Min Note Rate

6.125%

Entity Only

Yes

Foreign Nat'l

Yes (65%)

Min DSCR

—

STR Min DSCR

—

Reserves

9 months PITIA + 1% of UPB

Programs

DSCR

Purchase

RateTermRefi

CashOutRefi

PPP terms available: 5yr, 3yr

Excluded states: AK, HI, ND, NV, PA, SD, UT, OH, MD

State surcharge: CT, NY, ME, MA, NH, RI

Rate Adjustment Matrices

FICO × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
760+	0.000	+0.060	+0.120	+0.240	+0.360	+0.600	+0.960
740 - 759	0.000	+0.060	+0.180	+0.300	+0.480	+0.720	+1.080
720 - 739	+0.120	+0.120	+0.240	+0.360	+0.540	+0.780	+1.200
700 - 719	+0.180	+0.240	+0.360	+0.540	+0.840	+1.200	+1.400
680 - 699	+0.360	+0.480	+0.600	+0.720	+0.960	+1.400	n/a

Loan Amount × LTV

	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
$1,500,001 - $2,000,000	+0.060	+0.060	+0.120	n/a	n/a
$1,000,001 - $1,500,000	0.000	0.000	+0.060	+0.060	+0.120
$250,001 - $1,000,000	0.000	0.000	0.000	0.000	0.000
$100,001 - $250,000	0.000	0.000	0.000	0.000	0.000
<=$100,000	0.000	+0.060	+0.060	+0.120	+0.240

Property Type × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
Non-Warrantable Condo	+0.060	+0.060	+0.120	+0.120	n/a	n/a	n/a
Warrantable Condo	0.000	0.000	+0.060	+0.120	+0.120	+0.120	+0.120
2 - 4 Unit Property	+0.120	+0.120	+0.120	+0.130	+0.130	+0.130	+0.160
5 - 8 Unit Properties	n/a	n/a	n/a	n/a	n/a	n/a	n/a
SFR	0.000	0.000	0.000	0.000	0.000	0.000	0.000

DSCR × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
>= 1.40	-0.060	-0.060	-0.060	-0.060	-0.060	0.000	0.000
>= 1.20 < 1.40	-0.060	-0.060	-0.060	-0.060	-0.060	0.000	0.000
>= 1.10 < 1.20	+0.030	+0.030	+0.030	+0.030	+0.030	+0.060	+0.060
>= 1.00 < 1.10	+0.060	+0.060	+0.060	+0.060	+0.060	+0.120	+0.120

Transaction Type × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
Purchase	-0.060	-0.060	-0.060	-0.060	-0.060	-0.060	0.000
Interest Only (10/1 Only)	0.000	+0.060	+0.120	+0.120	+0.180	+0.240	+0.300
Rate & Term Refinance	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Cash-Out Refinance (720+ Fico)	+0.060	+0.060	+0.120	+0.180	+0.240	+0.240	n/a
Cash-Out Refinance (700 - 719 Fico)	+0.060	+0.060	+0.120	+0.180	+0.240	+0.300	n/a
Cash-Out Refinance (680-699 Fico)	+0.060	+0.060	+0.180	+0.240	+0.300	n/a	n/a

PPP × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
3 Year PPP (3/2/1)	+0.375	+0.375	+0.375	+0.375	+0.375	+0.375	+0.375
5 Year PPP (5/4/3/2/1)	0.000	0.000	0.000	0.000	0.000	0.000	0.000

Geography × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
CT, NY, ME, MA, NH, RI	+0.060	+0.060	+0.060	+0.060	+0.060	+0.120	+0.120

Foreign National × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
Foreign National (Cashout max 60% LTV)	+0.360	+0.480	+0.600	+0.960	n/a	n/a	n/a

UW Exception × LTV

	<=50	50.01-55	55.01-60	60.01-65	65.01-70	70.01-75	75.01-80
Underwriting Exception	0.000	0.000	0.000	0.000	+0.100	+0.150	+0.200

Strengths

5yr Treasury index (more stable)

Full 2D FICO×LTV matrix

Foreign nationals OK

5-8 unit capable

Entity-only structure

Avoid When

AK/HI/ND/NV/PA/SD/UT/OH/MD excluded

FICO below 680

No sub-1.0 DSCR

Entity required