Guidelines

Aspire X (2nd Mortgage) Matrix — FundLoans

Closed-End 2nd Lien

Effective Date: 04-14-2026 | V4.0

Program Guidelines

1st Mortgage Parameters

Max Combined Lien Amount CLTV Max Loan Amount
$2,000,000 90 $350,000
$3,000,000 85 $500,000
$3,500,000 80 $750,000
$4,000,000 75 $850,000
$5,000,000 60 $850,000

Program Parameters

Parameter Value
Max Loan Amount $850,000
Min Loan Amount $125,000
Fixed Terms 10/15/20/30
Balloon Terms 30/15 - 40/15
Min FICO Primary Earner 660
Min FICO Co-Borrower 500
Seasoning 6 months
1st Mortgage Requirements Copy of 1st Note
Neg. Amortization Not Allowed
Balloon Allowed
Reverse Not Allowed
I/O Qualify on fully amort. Payment
Active Forbearance/Deferral Not Allowed (Deferred amounts may remain open if hardship)

Documentation Types

Doc Type Requirements
FULL DOC (1 yr or 2 yr) 1yr or 2 yr Full Doc + Asset Depletion
BANK STATEMENT/1099 (12 mo or 24 mo) 12 or 24 month + Asset Depletion
WVOE 1005 or WorkNumber
1099 1 yr 1099 + Transcript
P&L ONLY 12 mo CPA/EA P&L +2 mo bk statements
DSCR DSCR +1.0
ASSET DEPLETION (Standalone) O/O only / 700 FICO Divide by 60 mos

FULL DOC (1 yr or 2 yr) — Owner Occupied

Owner Occupied — 2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 90
700 90
680 85
660 80
$350k+ to $500k 720 90
700 85
680 80
660 70
$500k+ to $750k 720 80
700 80
680 75
660 70
$750k+ to $850k 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 $750k 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 $750k 720 75
700 70
680 65
660 60

DTI: Max 50%

BANK STATEMENT/1099 (12 mo or 24 mo) — Owner Occupied

Owner Occupied — 2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 90
700 85
680 80
660 75
$350k+ to $500k 720 85
700 80
680 75
660 65
$500k+ to $750k 720 80
700 75
680 65
660 60
$750k+ to $850k 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 $750k 720 70
700 65
680 55
660 50

NOO

Loan Amount FICO CLTV
$125k to $350k 720 80
700 75
680 70
660 65
$350k+ to $500k 720 75
700 70
680 65
660 60
$500k+ to $750k 720 70
700 65
680 55
660 50

DTI: Max 50%

WVOE — Owner Occupied

Owner Occupied — 2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 85
700 80
680 75
660 70
$350k+ to $500k 720 80
700 75
680 70
660 65
$500k+ to $750k 720 75
700 70
680 65
660 60

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 75
700 70
680 65
660 60
$350k+ to $500k 720 70
700 65
680 60
660 55
$500k+ to $750k 720 65
700 60
680 55
660 50

NOO

Loan Amount FICO CLTV
$125k to $350k 720 75
700 70
680 65
660 60
$350k+ to $500k 720 70
700 65
680 60
660 55
$500k+ to $750k 720 65
700 60
680 55
660 50

DTI: Max 50%

P&L ONLY — Owner Occupied (incl. Asset Depletion)

Owner Occupied — 2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 80
700 75
680 70
660 65
$350k+ to $500k 720 75
700 70
680 65
660 60
$500k+ to $750k 720 70
700 65
680 60
660 55

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 70
700 65
680 60
660 55
$350k+ to $500k 720 65
700 60
680 55
660 50
$500k+ to $750k 720 60
700 55
680 50
660 45

NOO

Loan Amount FICO CLTV
$125k to $350k 720 70
700 65
680 60
660 55
$350k+ to $500k 720 65
700 60
680 55
660 50
$500k+ to $750k 720 60
700 55
680 50
660 45

DTI: Max 50%

DSCR — NOO

Loan Amount FICO CLTV
$125k to $350k 720 80
700 75
680 70
$350k+ to $500k 720 75
700 70
680 65
$500k+ to $750k 720 70
700 65
680 55

Prepared or Reviewed
10% Expense Factor

DOC TYPE

1st Mortgage Parameters

Parameter Requirement
Primary/OO Only Max 80% CLTV
DSCR 1yr or 2 yr Full Doc
VESTERANOWN 12 or 24 month
1yr 1099 + Transcript 100% Expense Factor
WVOE
12 mo Exp. Req.
P&L (Standalone) 12 mo SE statements
12 mo P&L Approved by CPA/EA
DSCR
12 MO EXP. REQ - DSCR + 1.0

ASSETS/RESERVES

None Required (excl. Purchases)

TITLE REQUIREMENTS

Eligible Borrowers

  • US Citizens
  • Permanent Resident Aliens
  • Non-Permanent Res Aliens w/ US Credit
  • Maximum financed properties = 20

Ineligible Borrowers

  • Foreign Nationals

PROGRAM GUIDELINES

Appraisal

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

Seasoning

  • ≤ 6 months from refinance (1st or 2nd) = 80% CLTV max
  • Unlimited Cash Out

Credit

  • Traditional Credit Only
  • 3 trades/12 mos or 2 trades/24 mos
  • Charge-off/Collections allowed <$1,000
  • Open Medical Collections <$1,000 allowed
  • No FC/NOD/DIL/BK <48 mos
  • Mortgage History 0x30x12 / 0x60x36
  • PITIA used for qualifying DTI

Property Types

Eligible:

  • SFR max 10 acres
  • 2-4 Units Allowed:
    • Max CLTV: 75% CLTV O/O - 70% NOO
  • Condos: Warrantable ONLY
    • 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

Title Requirements

  • ALTA/JR ALTA/ALTA LITE/ALTA Short Lenders
  • Entities (Partnership, Corp, LLC)
  • Irrevocable Trusts or Land Trusts
  • Non-Occupant Co-Borrowers

Other Requirements

  • 6 months ownership

  • Allowed on business purpose NOO but not req.
  • Min. 1 yr prepayment penalty required on DSCR
  • 12 mo Exp. Req.
  • 3 Year Interest Only
  • 700 min FICO Qualify on amort. payment
  • 20 yr fixed (3/17) 30 yr fixed (3/27)
  • Prepayment Penalty