LAMD-D30 Foreign National DSCR | DSCR Guidelines

Loan limits

Lien position: First lien
Minimum credit score: 680 with US credit; foreign credit allowed
Max LTV – purchase: 65% (≤$1M)
Max LTV – rate/term refinance: 65%
Max LTV – cash-out refinance: 60%; FL condo cash-out 50%
Minimum loan amount: $150K
Maximum loan amount: $1.0M
Cash-out (cash in hand) limit: Max $250K.
LTV reductions & overlays: Max 65% purchase/rate-term, 60% cash-out up to $1M (680+ FICO or foreign credit). 2–4 units (investment) and warrantable condos 60%. Florida condo cash-out 50%.

DSCR requirements

Minimum DSCR: 1.00
DSCR below 1.00: No
No-ratio (no DSCR calculated): No
How DSCR and qualifying rent are calculated: Gross rent ÷ PITIA; minimum 1.00. No interest-only.

Products & terms

Products: 3/6, 5/6, 7/6, 10/6 ARM; 15/30 fixed
Interest-only: No
Prepayment penalty: Per state law
Reserves: 12 months PITIA; cash-out counts.

Borrower & credit

Housing payment history: 0x30x12 mortgage history.
Credit events (BK, foreclosure, short sale, modification): 4+ years clean of housing events.
Forbearance, deferrals & modifications: N/A
Collections, charge-offs, judgments & liens: Judgments/liens affecting title must be paid. Non-title collections/charge-offs within 3 years over $5,000 (individually or combined) must be paid; medical under $15,000 can stay. IRS plans OK if current and not liened. Past-due accounts brought current; no one currently in credit counseling/debt management. 60-day consumer lates within 4 years need an explanation. Credit can't be frozen.
Tradelines & credit depth: N/A
First-time homebuyer: No – FTI may not be FTHB
First-time investor: Not published – ask us about your scenario
Foreign national: Non-US citizens not authorized to live/work in the US (or on temporary visas). Max $1M, 65%, DSCR 1.00 (or qualify with foreign income at 45% DTI). Escrows required. Non-warrantable condos and co-ops not eligible.
ITIN borrower: Allowed for credit report if FN has ITIN (FN program)
Non-permanent resident: N/A
LLC / entity vesting: LP, GP, Corp, LLC with personal guaranty; layered entities must trace to individuals
Gift funds & assets: Family gifts allowed; not on NOO >80% LTV; not for reserves
Financed property / exposure limits: Up to 20 financed residential properties; lender exposure $7.5M or 10 properties per borrower (not applicable to the cross-collateral program). No extra reserves for other properties on DSCR.
Other borrower rules: Personal recourse/guaranty required. No additional borrowers may join the entity on title. Builder refinances where the builder built 4+ units in the project, or new construction with a borrower-builder relationship, are ineligible.

Property

Eligible property types: SFR, PUD, 2-4 (60%), warrantable condo (60%)
ADUs & unpermitted additions: Single-family homes with ADUs follow Fannie Mae's ADU rules (legal ADUs acceptable). Multiple dwellings on one lot are ineligible except legal ADUs. Unpermitted additions/alterations are judged under Fannie Mae rules – generally acceptable if typical for the market, well built and not given full value – rather than an automatic decline. Rent is the lower of lease or 1007 market rent.
Non-warrantable condo: Non-warrantable condos allowed (where the program permits) with no stacking of features: single-owner concentration up to 30%, commercial up to 49%, investor concentration up to 70%, HOA delinquencies up to 25% (including special assessments), reserves at least 10% (no exceptions), common areas complete, no mandatory dues, no first-mortgagee priority issues, adequate flood coverage. Developer-controlled HOAs by exception. Non-structural litigation within 25% of reserves or insurer-defended.
Condotel: No
Rural / acreage: Max 20 acres; rural not specifically excluded
Minimum square footage: Not published – ask us about your scenario
Mixed use: No
5+ units / multi-property: No
Ineligible properties: Manufactured homes, 5+ units, log homes (faux-log by exception), condotels/motels, projects with registration services or limits on owner occupancy, unique properties, mixed use, model leasebacks, boarding houses, group homes, timeshares/fractional, assisted living, mandatory country-club memberships, zoning violations, under construction, barndominiums, agricultural zoning (by exception), Hawaii lava zones 1–2, multiple dwellings on one lot (legal ADUs OK), working farms, C5/C6, live/work condos, earth-berm homes, domes, houseboats, reservation land, marijuana use, theme-park resort properties. Leaseholds OK; max 20 acres.
Declining markets: 5% reduction to the LTV caps (declining per appraisal or any third-party valuation).
Appraisal, review & insurance: Escrow holdbacks not allowed. Disaster-area damage over $2,000 or affecting habitability is ineligible. Rent-loss insurance of 6 months required. Manual underwriting.

Rental income

Rent used on a purchase: Lower of lease or 1007 market rent
Rent used on a refinance: Higher lease allowed with 3 consecutive months' receipt
Vacant / unleased refinance: Not eligible unless recently renovated (appraiser evidence) – 1007 rent used
Short-term rental (Airbnb/VRBO): Not published – ask us about your scenario
Short-term rental documentation: See
Short-term rental limits: See

Refinance seasoning

Cash-out seasoning: 6+ months of ownership (acquisition to note). Owned 6–12 months: LTV on the lower of purchase price plus documented improvements or appraisal. Refinancing a cash-out loan less than 1 year old counts as cash-out. Inherited or divorce-awarded properties have no seasoning. Cash-out for business purposes only (no renovations that make it uninhabitable). No POA on cash-out or entities.
Delayed financing (cash purchase recoup): Yes – cash purchase within 180 days, arm's length
Recently listed for sale: If listed within 6 months of the note date: not listed at application, with a borrower letter and listing cancellation. Multiple listings within 12 months are ineligible.

Other terms

Seller / interested-party concessions: Interested-party contributions up to 6%.
Secondary financing: N/A
State & local restrictions: N/A

Additional details

Notes: Second home or investment; DSCR route for investment only, personal guaranty required. Declining market −5%.

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