Guidelines
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Aspire (2nd Mortgage) Matrix — FundLoans

Closed-End 2nd Lien

Effective Date: 06-05-2026 | V4.1

Program Guidelines

1st Mortgage Parameters

Max Combined Lien Amount CLTV
$2,000,000 90
$3,000,000 85
$3,500,000 80
$4,000,000 75
$5,000,000 65

Program Parameters

Parameter Value
Max Loan Amount $1,000,000
Min Loan Amount $125,000
Fixed Terms 10/15/20/25/30
Min FICO Primary Earner 660
Min FICO Co-Borrower 600
Seasoning 6 months
Cash Out Unlimited
1st Mortgage Requirements Copy of 1st Note

Ineligible 1st Mortgage Types

  • Balloon
  • Reverse
  • Neg. Amortization
  • Private Note
  • Land Contract
  • Term >40yrs

Interest Only

  • 30 yr fixed (3/27)
  • 30 yr fixed (5/25)
  • 700 min FICO
  • Qualify on amort. payment
  • I/O: Qualify on fully amort. Payment

Documentation Types

Doc Type Requirements
FULL DOC 1yr
BK STATEMENT 12 month
1099 1 yr 1099 + Transcript
P&L ONLY 24 mo CPA/EA P&L
ASSET ALLOWANCE > Income ÷ 120 mo

All doc types: + Asset Depletion

P&L ONLY: +2 mo stmts, 10% Expense Factor

ASSET ALLOWANCE: < Income ÷ 84

FULL DOC

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 720 85
700 85
680 85
660 80
$350k+ to $500k 720 85
700 85
680 80
660 70
$500k+ to $750k 720 80
700 80
680 75
660 70
$750k+ to $1M 720 75
700 70

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 80
700 80
680 75
660 70
$350k+ to $500k 720 80
700 80
680 70
660 65
$500k+ to $1M 720 75
700 70
680 65
660 60

NOO

Loan Amount FICO CLTV
$125k to $350k 720 80
700 80
680 75
660 70
$350k+ to $500k 720 80
700 80
680 70
660 65
$500k+ to $1M 720 75
700 70
680 65
660 60

DTI: Max 50%

ALT DOC

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 720 80
700 80
680 80
660 75
$350k+ to $500k 720 80
700 80
680 75
660 65
$500k+ to $750k 720 80
700 75
680 65
660 60
$750k+ to $1M 720 75
700 70

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 80
700 75
680 70
660 60
$350k+ to $500k 720 75
700 70
680 65
660 60
$500k+ to $1M 720 70
700 65
680 55
660 50

NOO

Loan Amount FICO CLTV
$125k to $350k 720 80
700 75
680 70
660 60
$350k+ to $500k 720 75
700 70
680 65
660 60
$500k+ to $1M 720 70
700 65
680 55
660 50

DTI: Max 50%

P&L ONLY

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 700 65
$350k+ to $500k 700 60
$500k+ to $750k 700 45
$750k+ to $1M 700 40

2nd Home

Loan Amount FICO CLTV
$125k to $350k 700 60
$350k+ to $500k 700 55
$500k+ to $750k 700 40
$750k+ to $1M 700 35

NOO

Loan Amount FICO CLTV
$125k to $350k 700 55
$350k+ to $500k 700 50
$500k+ to $750k 700 35
$750k+ to $1M 700 30

DTI: Max 45%

ASSETS/RESERVES

None Required (excl. Purchases)

TITLE REQUIREMENTS

ALTA/JR ALTA/ALTA LITE/ALTA Short Lenders

ELIGIBLE BORROWERS

  • US Citizens
  • Permanent Resident Aliens
  • Non-Permanent Res Aliens w/ US Credit
  • Irrevocable Trusts or Land Trusts
  • Vesting in LLC allowed if borrower 100% owner
  • Maximum financed properties = 20

Ineligible Borrowers

  • Foreign Nationals
  • Entities (Partnership, Corp, LLC)

CREDIT

  • Traditional Credit Only
  • 3 trades/12 mos or 2 trades/24 mos
  • Charge-off/Collections allowed <$5,000
  • Open Medical Collections <$1,000 allowed

Mortgage History

  • 0x30x12 / 0x60x48
  • 1x30x24 w/ LOE
  • No Forbearance/Deferment/Modification <5 yrs
  • Active Mod/Deferral/Forbearance not allowed
  • No FC/NOD <7 yrs
  • No BK <48 mos

PROPERTY TYPES

Eligible Types

  • SFR max 10 acres
  • 2-4 Units Allowed:
    • Max CLTV: 75% CLTV O/O - 70% NOO
  • Condos: Warrantable & Non-Warrantable
    • Max CLTV: 75% O/O - 70% NOO
    • Limited Review (see Guidelines)

Ineligible Types

  • Manufactured
  • Co-op
  • Condotels
  • Rural/Ag NOO or 2nd
  • Listed <6 months
  • Unique (dome/berm)
  • Assisted Living
  • Mixed-use
  • Room & Board Facilities

APPRAISAL

Type Requirement
HPML Full Appraisal
Non-HPML/Exempt >$400k Full Appraisal
≤$400k AVM + PCI

SEASONING

  • ≤ 6 months from refinance (1st or 2nd)

  • 6 months ownership

PREPAYMENT PENALTY

Min. 1 yr prepayment penalty required on NOO

INTEREST ONLY

  • Primary/OO Only Max 80% CLTV
  • 700 min FICO
  • Qualify on amort. payment
  • 30 yr fixed (3/27)
  • 30 yr fixed (5/25)

SPECIAL NOTES

*TX 50(a)(6) Max 80% CLTV

DTI: Max 50% (Full Doc and Alt Doc)

DTI: Max 45% (P&L Only)