RAG Test Results — google-ai-studio/gemini-2.5-flash — 2026-03-26 20:58

Instance: fundloans-guidelines-search Model: google-ai-studio/gemini-2.5-flash Mode: Chat Completions Result: 20/22 passed (91%)

Summary

Detailed Results

apex-oo-1 — PASS

Question: What is the maximum LTV for a purchase on an Apex Alt Doc loan with 740 FICO, owner occupied primary residence, loan amount $800,000?

Expected: 90% LTV

AI Answer: According to the "Apex Matrix v 1.0 (01-01-2026).md" document, for an Apex Alt Doc loan, an owner-occupied primary residence, a loan amount of $800,000 (which falls under "up to $1 MM"), and a FICO score of 740, the maximum LTV for a purchase is 90%.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).md (score: 0.940)

   Apex Prime Matrix — FundLoans ## Alternative Documentation Program (12 or 24 Months Bank Statements) Effective Date: 01/01/2026 | V1.0 --- ## Apex Prime — Owner Occupied Primary Residence ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV | C...

2. Montage Matrix v 1.0 (01-01-2026).md (score: 0.907)

   Montage Prime Matrix — FundLoans ## Full Documentation Program (12 or 24 Months Full Doc) Effective Date: 01/01/2026 | V1.0 --- ## Montage Prime — Owner Occupied Primary Residence ### Maximum LTVs (12 or 24 Months Full Doc) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV* | Cash Out LTV/CL...

3. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.890)

   Page 2 Maximum LTVs Purch / RT Refi Cash Out LTV/CLTV** LTV/CLTV**• 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O Unlimited $1.5MM 1x30x12 - 5% LTV 24mo-48mo -5% LTVPurch RT Refi LTV/CLTV LTV/CLTV65 60 60 55 55 50 Warrantable Cond...

Tags: apex, owner-occ, ltv

apex-oo-2 — PASS

Question: Can I get a cash-out refinance under Apex with a 660 FICO score and a $1.2 million loan amount on my primary residence?

Expected: 75% max LTV for cash out

AI Answer: Yes, under the Apex Prime program for an Owner Occupied Primary Residence, with a 660 FICO score and a loan amount of $1.2 million (which falls in the >$1 MM to $1.5 MM range), you can get a cash-out refinance with a maximum Loan-to-Value (LTV) of 70%.

This program typically requires 12 or 24 months of bank statements.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.789)

   . Min FICO 660 Max LTV: Purchase & R/T 90Credit Restrictions (Based off max LTV)Housing Lates FC/BK/SS/DIL/MODEligible Borrowers• US Citizens≤$500k 3 months >$500k-$1.5MMReservesLoan Amount Months Required* 75 65 700 55 Fixed Terms 5/6 Mo SOFR ARM (2/1/5 Caps) **All loan >$4mm on a case-by-case basi...

2. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.759)

   Contents ### Page 1 Apex Prime (Owner Occupied Primary Residence) Effective Date: 01/01/2026 | V1.0 Maximum LTVs Purch / RT Refi • US Citizens • 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O≤60% LTV Unlimited >60% LTV $1.5MM 1x30x1...

3. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.719)

   Page 2 Maximum LTVs Purch / RT Refi Cash Out LTV/CLTV** LTV/CLTV**• 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O Unlimited $1.5MM 1x30x12 - 5% LTV 24mo-48mo -5% LTVPurch RT Refi LTV/CLTV LTV/CLTV65 60 60 55 55 50 Warrantable Cond...

Tags: apex, owner-occ, cashout

apex-inv-1 — PASS

Question: What are the LTV limits for an Apex investor loan with 700 FICO and $2.3 million loan amount?

Expected: 75% purchase/RT refi, 65% cash out

AI Answer: For an Apex investor loan with a 700 FICO and a $2.3 million loan amount (under the 12 or 24 Months Bank Statements program):

• Purchase / Rate Term Refinance LTV/CLTV: 75%
• Cash Out LTV/CLTV: 65%

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).md (score: 0.984)

   Apex Prime — Investor ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV* | Cash Out LTV/CLTV* | |---|---|---|---| | up to $1 MM | 740 | 85 | 75 | | | 720 | 85 | 75 | | | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 75 | | >$1 MM to $1.5 MM ...

2. Apex Matrix v 1.0 (01-01-2026).md (score: 0.948)

   Apex Prime — Second Home ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV** | Cash Out LTV/CLTV** | |---|---|---|---| | up to $1 MM | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 70 | | >$1 MM to $1.5 MM | 740 | 80 | 75 | | | 720 | 80 | 75...

3. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.887)

   . Max LTV: Purchase & R/T Rural <10 acres Must be prior apvd*>$1 MM to $1.5 MM720 45 700 40>$4MM to $5MM** 760 50 720 45 660 70 N/A Housing Event See Guidelines for Formulas 680 • Impounds, High-Cost Loans, & Loan Cost Tolerance 720 680 720 700**>$5MM to $6MM**Not allowed L/A >$3MM Loan Amount...

Tags: apex, investor, ltv

apex-pnl-1 — FAIL

Question: What LTV can I get on an Apex P&L Only loan for $1.8 million with 720 FICO, owner occupied?

Expected: 75% purchase/RT refi, 65% cash out

AI Answer: For an Apex P&L Only loan for $1.8 million with a 720 FICO, owner occupied, the maximum LTV for a purchase or rate/term refinance is 75%.

(Source: Apex Matrix v 1.0 (01-01-2026).md - P&L Only — Owner Occupied Primary Residence table, row for ">$1.5 MM to $2 MM" loan amount and "720" FICO.)

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).md (score: 0.788)

   P&L Only — Second Home | Loan Amount | FICO | Purch / RT Refi LTV/CLTV | Cash Out LTV/CLTV | |---|---|---|---| | up to $1 MM | 740 | 75 | 65 | | | 720 | 70 | 65 | | | 700 | 70 | 60 | | >$1 MM to $1.5 MM | 740 | 70 | 65 | | | 720 | 70 | 65 | | | 700 | 70 | 60 | | >$1.5 MM to $2 MM | 740 | 70 | 6...

2. Apex Matrix v 1.0 (01-01-2026).md (score: 0.668)

   P&L Only — Owner Occupied Primary Residence | Loan Amount | FICO | Purch / RT Refi LTV/CLTV | Cash Out LTV/CLTV | |---|---|---|---| | up to $1 MM | 740 | 80 | 70 | | | 720 | 75 | 70 | | | 700 | 75 | 70 | | >$1 MM to $1.5 MM | 740 | 75 | 70 | | | 720 | 75 | 70 | | | 700 | 75 | 70 | | >$1.5 MM to...

3. Apex Matrix v 1.0 (01-01-2026).md (score: 0.334)

   Apex Prime Matrix — FundLoans ## Alternative Documentation Program (12 or 24 Months Bank Statements) Effective Date: 01/01/2026 | V1.0 --- ## Apex Prime — Owner Occupied Primary Residence ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV | C...

Tags: apex, pnl, ltv

apex-jumbo-1 — PASS

Question: What are the Apex super jumbo LTV limits for a $4.5 million loan with 760 FICO, owner occupied?

Expected: 65% purchase, 60% RT refi, 55% cash out

AI Answer: For an Apex super jumbo loan of $4.5 million with a 760 FICO for an owner-occupied primary residence, the LTV limits are:

• Purchase (Purch LTV/CLTV): 65%
• Rate/Term Refinance (RT Refi LTV/CLTV): 60%
• Cash Out (Cash Out LTV/CLTV): 50%

This information is found under the "Apex Prime (Owner Occupied Primary Residence) - Super Jumbo" section in the Apex Matrix v 1.0 (01-01-2026) document.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).md (score: 0.861)

   Apex Prime — Investor ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV* | Cash Out LTV/CLTV* | |---|---|---|---| | up to $1 MM | 740 | 85 | 75 | | | 720 | 85 | 75 | | | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 75 | | >$1 MM to $1.5 MM ...

2. Apex Matrix v 1.0 (01-01-2026).md (score: 0.839)

   Apex Prime — Second Home ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV** | Cash Out LTV/CLTV** | |---|---|---|---| | up to $1 MM | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 70 | | >$1 MM to $1.5 MM | 740 | 80 | 75 | | | 720 | 80 | 75...

3. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.728)

   . Min FICO 660 Max LTV: Purchase & R/T 90Credit Restrictions (Based off max LTV)Housing Lates FC/BK/SS/DIL/MODEligible Borrowers• US Citizens≤$500k 3 months >$500k-$1.5MMReservesLoan Amount Months Required* 75 65 700 55 Fixed Terms 5/6 Mo SOFR ARM (2/1/5 Caps) **All loan >$4mm on a case-by-case basi...

Tags: apex, super-jumbo, ltv

montage-oo-1 — PASS

Question: What is the max LTV for a Montage Full Doc purchase loan, 720 FICO, $900K, primary residence?

Expected: 85% LTV

AI Answer: For a Montage Full Doc purchase loan, with a 720 FICO, a $900K loan amount, and for a primary residence, the maximum LTV is 85%.

Source found: True | Expected source: Montage Matrix

Retrieved chunks (3):

1. Montage Matrix v 1.0 (01-01-2026).md (score: 0.963)

   Montage Prime — Investment ### Maximum LTVs (12 or 24 Months Full Doc) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV* | Cash Out LTV/CLTV* | |---|---|---|---| | up to $1 MM | 740 | 85 | 75 | | | 720 | 85 | 75 | | | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 75 | | >$1 MM to $1.5 MM | ...

2. Montage Matrix v 1.0 (01-01-2026).md (score: 0.961)

   Montage Prime Matrix — FundLoans ## Full Documentation Program (12 or 24 Months Full Doc) Effective Date: 01/01/2026 | V1.0 --- ## Montage Prime — Owner Occupied Primary Residence ### Maximum LTVs (12 or 24 Months Full Doc) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV* | Cash Out LTV/CL...

3. Montage Matrix v 1.0 (01-01-2026).md (score: 0.949)

   See Guidelines For: - Departing Residence requirements and reserves - Impounds, High-Cost Loans, & Loan Cost Tolerance - Single Borrower Exposure - Residency Qualifications - Interested Party Contributions - Rural Property Limits - First Time Homebuyer - Departing Residence - Use of Business Fun...

Tags: montage, owner-occ, ltv

montage-inv-1 — PASS

Question: What are the Montage investment property LTV limits for a $1.3 million loan with 680 FICO?

Expected: 80% purchase/RT refi, 70% cash out

AI Answer: For a Montage investment property with a $1.3 million loan and a 680 FICO:

• Purchase & Rate/Term Refi LTV/CLTV: 80%
• Cash Out LTV/CLTV: 80%

Source found: True | Expected source: Montage Matrix

Retrieved chunks (3):

1. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.945)

   . 660 85Other LTV/CLTV Limits Credit Restrictions (Based off max LTV)Housing Lates • 3 year standard prepay , 2 year and 1 year prepay available at additional costPrepayment Penalty >$5MM to $6MM80 70 75 75 75 65 80 75 70 N/A 65 70 760 700 660 720 680 680 680 720SUPER JUMBO50 720 50 760 45Cash-O...

2. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.858)

   . Min FICO 660 Max LTV: Purchase & R/T 90Credit Restrictions (Based off max LTV)Housing Lates FC/BK/SS/DIL/MODEligible Borrowers• US Citizens≤$500k 3 months >$500k-$1.5MMReservesLoan Amount Months Required* 75 65 700 55 Fixed Terms 5/6 Mo SOFR ARM (2/1/5 Caps) **All loan >$4mm on a case-by-case basi...

3. Montage Matrix v 1.0 (01-01-2026).md (score: 0.767)

   Program Restrictions — Second Home | Parameter | Value | |---|---| | Housing (12 mos. Minimum) | 0x30x12 | | Credit Event | 48 mo. | | Min FICO | 660 | | Max LTV: Purchase & R/T | 85 | | Max LTV: Cash Out | 75 | | Max CLTV | 85 | | Max Loan Amount | $6,000,000 | | Min Loan Amount | $300,000 | |...

Tags: montage, investor, ltv

spectrum-1 — PASS

Question: What is the maximum LTV for a Spectrum DSCR loan with 700 FICO, $1.2 million purchase, DSCR >= 1.00?

Expected: 75% purchase

AI Answer: For a Spectrum DSCR loan with a 700 FICO, a $1.2 million purchase, and a DSCR >= 1.00, the maximum LTV is 75%.

Source found: True | Expected source: Spectrum Matrix

Retrieved chunks (3):

1. Spectrum Matrix (01-01-2026) v1.0.md (score: 0.998)

   Spectrum Matrix — FundLoans ## DSCR Program (Investment Properties Only) Effective Date: 01/01/2026 | V1.0 --- ## Maximum LTVs — DSCR >= 1.00 | Loan Amount | FICO | Purchase | Rate/Term | Cash Out | |---|---|---|---|---| | <=1MM | 740+ | 80 | 80 | 75 | | | 720 | 80 | 80 | 75 | | | 700 | 75 ...

2. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.989)

   11.0 Debt Service Coverage Ratio (Spectrum) For DSCR loans, borrowers are not required to disclose employment information on the application (Form 1003). Income derived from regular employment, retirement or other investments should not be disclosed and taxreturns are not required. The applicati...

3. Spectrum Matrix (01-01-2026) v1.0.pdf (score: 0.948)

   . FN not allowed.Maximum LTVs Loan Amount FICO680+ No FICOProgram Restrictions Housing ≤60% LTV UnlimitedBK (Chap 13 Discharge) >60% LTV $1.5MMBK (Other) Foreclosure • Program Min: $200,000Short Sale/DIL • Non-Warrantable Condo Max: $1,500,000Min FICO >$2MM 2nd appraisal requiredMax LTV: Purchase >$...

Tags: spectrum, dscr, ltv

spectrum-noratio-1 — PASS

Question: Can I get a no-ratio DSCR loan under Spectrum with 720 FICO for $1.3 million? What are the LTV limits?

Expected: 65% purchase, 65% rate/term, 60% cash out

AI Answer: Yes, you can potentially get a "No Ratio" loan under the Spectrum program with a 720 FICO and a $1.3 million loan amount, provided you meet the specific eligibility criteria for this type of loan.

Eligibility for "No Ratio" Loans:

To be eligible for a "No Ratio" loan, you must meet the following conditions:

• 7 years no Housing Credit Events.
• 1 x 30 x 12 months all loans on personally held real estate.
• Foreign Nationals are not allowed for this program.

LTV Limits for your scenario ($1.3 Million Loan Amount, 720 FICO, No Ratio):

For loan amounts greater than $1.0 MM up to $1.5 MM and a FICO score of 720 under the "No Ratio" program, the maximum LTVs are:

• Purchase: 65%
• Rate/Term Refinance: 65%
• Cash Out Refinance: 60%

This information is from the "Spectrum Matrix — FundLoans" document under the "Maximum LTVs — No Ratio*" section.

Source found: True | Expected source: Spectrum Matrix

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.991)

   11.0 Debt Service Coverage Ratio (Spectrum) For DSCR loans, borrowers are not required to disclose employment information on the application (Form 1003). Income derived from regular employment, retirement or other investments should not be disclosed and taxreturns are not required. The applicati...

2. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.956)

   11.6 Debt Service Coverage Calculation Borrowers financing non-owner-occupied investment properties qualify based on their ability to service the debt over the life of the loan. For Debt Service Coverage, rental income is used to qualify for the transaction. Debt Service Coverage is available t...

3. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.946)

   • Transaction is delayed financing. - Evidence the property is actively marketed for rent is required. Use the market rent from Form 1007/1025 with no vacancy factor. For properties defined as a one-unit property with an accessory unit (ADU), rental income may be qualified from <!-- page:45 ...

Tags: spectrum, no-ratio, ltv

spectrum-fn-1 — PASS

Question: What are the LTV limits for a foreign national borrower under the Spectrum DSCR program?

Expected: 65% purchase, 65% rate/term, 60% cash out for loans up to $1.5MM

AI Answer: For a foreign national borrower under the Spectrum DSCR program, the LTV limits are:

• Purchase / Rate Term: 65% LTV
• Cash Out: 60% LTV

Source found: True | Expected source: Spectrum Matrix

Retrieved chunks (3):

1. Spectrum Matrix (01-01-2026) v1.0.pdf (score: 0.989)

   : 75% • DSCR ≥ .75 Only • Borrowers not meeting Investor Experience are eligible if:≥ 700 FICO / >1.0 DSCR / <$2m Loan Amount / 5% LTV reduction / No gift funds / 12 mo reservesC/O & R/T FN65 65 • US Citizen • Permanent & Non-Permanent Res Alien • FN See guidelines for Visa/Credit requirement • Loan...

2. Spectrum Matrix (01-01-2026) v1.0.md (score: 0.988)

   Cash-Out Limits | LTV Threshold | Maximum Cash Out | |---|---| | ≤60% LTV | Unlimited | | >60% LTV | $1.5MM | ## Loan Amount Restrictions - Program Min: $200,000 - Non-Warrantable Condo Max: $1,500,000 - >$2MM: 2nd appraisal required - >$3MM: Additional overlays apply ## Reserves - 6 mo PITIA/...

3. Spectrum Matrix (01-01-2026) v1.0.pdf (score: 0.988)

   . FN not allowed.Maximum LTVs Loan Amount FICO680+ No FICOProgram Restrictions Housing ≤60% LTV UnlimitedBK (Chap 13 Discharge) >60% LTV $1.5MMBK (Other) Foreclosure • Program Min: $200,000Short Sale/DIL • Non-Warrantable Condo Max: $1,500,000Min FICO >$2MM 2nd appraisal requiredMax LTV: Purchase >$...

Tags: spectrum, foreign-national, ltv

reserves-1 — FAIL

Question: How many months of reserves are required for a $600,000 Apex loan?

Expected: 6 months (>$500k-$1.5MM tier)

AI Answer: For a $600,000 Apex loan, 6 months of reserves are required.

This is based on the "Reserve Requirements" tables in the "Portfolio Guidelines v1.0" documents and the "Apex Matrix v 1.0" documents, where loan amounts >$500,000 to $1,500,000 require 6 months.

Note: An additional 2 months are required for each additional financed property owned, up to a maximum of 12 months, but the base requirement for a $600,000 loan is 6 months.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.149)

   Page 63 - including the subject property taxes, insurance, HOA dues, etc. (do not include the subject property P&I) - • Subject property reserves requirements based on the loan amount as detailed in the Reserves section of this guide. Residual Income: In accordance with ATR standards, a mon...

2. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.082)

   10.4 Gift Funds: 100% of gift funds are allowed on owner-occupied transactions For second homes and investment properties, the borrower must demonstrate they have a minimum of 10% of their own funds for the down payment. Gifts must be from a family member. Gifts can be ...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.070)

   10.4 Gift Funds: 100% of gift funds are allowed on owner-occupied transactions For second homes and investment properties, the borrower must demonstrate they have a minimum of ### Page 43 10% of their own funds for the down payment. Gifts must be from a family member. Gifts can be used...

Tags: reserves

reserves-inv-1 — PASS

Question: What are the reserve requirements for a first-time investor under Apex?

Expected: 12 months

AI Answer: The reserve requirement for a first-time investor is 12 months.

This information is found in the "Portfolio Guidelines v1.0 (1-1-2026).pdf" (and .md) under section "10.5 Reserves", which lists:

• First Time Investor | 12 Months

Although the Apex Matrix document refers to "See Guidelines" for some restrictions, the Portfolio Guidelines serve as the overarching guideline document that defines reserve requirements for different investor types, including first-time investors.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.890)

   . SOFR - 3.75% Margin/Floor Max CLTV Rural <10 acres **Must be prior apvd*ReservesLoan Amount Months Required*≤$500k 3 months >$500k-$1.5MM 6 months >$1.5MM 9 months First Time Investor 12 months Additional 2 months to above requirement for each addl property financed (12 mo. max)...

2. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.794)

   Contents ### Page 1 Apex Prime (Owner Occupied Primary Residence) Effective Date: 01/01/2026 | V1.0 Maximum LTVs Purch / RT Refi • US Citizens • 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O≤60% LTV Unlimited >60% LTV $1.5MM 1x30x1...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.617)

   11.2 First Time Investors First Time Investors are borrowers who do not meet the definition of an experienced investor. First Time Investors are permitted as follows: - • Loan amounts ≤$2,000,000 - • FICO ≥ 700 - • Minimum 1.00 DSCR - • 5% LTV reduction - • months reserves - • No gift fu...

Tags: reserves, investor

cashout-1 — PASS

Question: What is the maximum cash-out amount if my LTV is 65%?

Expected: $1.5MM (over 60% LTV cap is $1.5MM)

AI Answer: Based on the provided documents:

All three matrix documents (Montage Matrix, Apex Matrix, and Spectrum Matrix) state the following for Cash-Out Limits:

• ≤60% LTV: Unlimited
• >60% LTV: $1.5MM

Since your LTV is 65%, which falls into the ">60% LTV" category, the maximum cash-out amount is $1.5MM.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.979)

   Page 2 Effective Date: 01/01/2026 | V1.0 Maximum LTVs Purch / RT Refi Cash Out LTV/CLTV* LTV/CLTV*• Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O≤60% LTV Unlimited >60% LTV $1.5MM 1 x 30 x 12 -5% LTV 24mo-48mo -5% LTVPurch RT Refi Warrantable Condo 85%LTV/CLTV LTV/CLTV No...

2. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.973)

   Page 3 Effective Date: 01/01/2026 | V1.0 Maximum LTVs Purch / RT Refi Cash Out LTV/CLTV* LTV/CLTV*• 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O≤60% LTV Unlimited >60% LTV $1.5MM • Single Borrower Exposure • Residency Qualificati...

3. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.966)

   Page 3 Effective Date: 01/01/2026 | V1.0 Maximum LTVs Purch / RT Refi Cash Out • US CitizensLTV/CLTV* LTV/CLTV* • Permanent Resident Aliens • Non-Permanent Resident Aliens • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O≤60% LTV Unlimited >60% LTV $1.5MM • Residency Qualif...

Tags: cashout

fico-min-1 — PASS

Question: What is the minimum FICO score for any FundLoans loan program?

Expected: 660 for Apex and Montage, 660 for Spectrum

AI Answer: Based on the provided documents, the minimum FICO score for any FundLoans loan program is 660.

This is found in:

• Spectrum Matrix (01-01-2026) v1.0.md: Various tables for DSCR and "No Ratio" programs list 660 as a minimum FICO.
• Apex Matrix v 1.0 (01-01-2026).pdf: Explicitly states "Min FICO 660" for the Apex program.

Source found: True | Expected source: Portfolio Guidelines

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.996)

   4.1 Analysis of Credit Credit must meet FundLoans eligibility requirements described in this section. For any scenario or guideline not addressed or contained herein, FNMA credit guidelines will apply. ## 4.2 General Requirements Underwriting must document that the borrower does not qualif...

2. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.993)

   Flood Insurance: Flood insurance coverage is required when a loan is secured by a property located in a Special Flood Hazard Area (SFHA), or a Coastal Barrier Resources System (CBRS) or Otherwise Protected Area (OPA). FundLoans follows Fannie Mae Guidelines in regards to Flood Insurance Cov...

3. Spectrum Matrix (01-01-2026) v1.0.pdf (score: 0.991)

   : 75% • DSCR ≥ .75 Only • Borrowers not meeting Investor Experience are eligible if:≥ 700 FICO / >1.0 DSCR / <$2m Loan Amount / 5% LTV reduction / No gift funds / 12 mo reservesC/O & R/T FN65 65 • US Citizen • Permanent & Non-Permanent Res Alien • FN See guidelines for Visa/Credit requirement • Loan...

Tags: fico, eligibility

max-loan-1 — PASS

Question: What is the maximum loan amount FundLoans will fund?

Expected: $6,000,000

AI Answer: Based on the documents provided, the maximum loan amount FundLoans will fund is $6,000,000.

This is explicitly stated in:

• "Apex Matrix v 1.0 (01-01-2026).pdf" under "Max Loan Amount".
• "Apex Matrix v 1.0 (01-01-2026).md" under "Program Restrictions — Investor".
• "Montage Matrix v 1.0 (01-01-2026).pdf" under "Max Loan Amount".

Several documents also show loan amount brackets extending up to ">$5MM to $6MM" for various programs (e.g., Apex Prime, Montage Prime, Spectrum DSCR). Note that loans >$4MM may be on a case-by-case basis ("Montage Matrix v 1.0 (01-01-2026).pdf") and there's a specific exposure limit of $3MM for DSCR <1 ("Portfolio Guidelines v1.0 (1-1-2026).md").

Source found: True | Expected source: Portfolio Guidelines

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.498)

   : 01/01/2026 | V1.0680up to $1 MM >$1 MM to $1.5 MM680 80FICO • Permanent Resident Aliens 700 85 75 • Non-Permanent Resident Aliens 80Eligible Borrowers75 45 I/O max 0x30x12 Credit Event 48 mo.DTI• Impounds, High-Cost Loans, & Loan Cost Tolerance • Interested Party Contributions • Rural Property Lim...

2. Spectrum Matrix (01-01-2026) v1.0.md (score: 0.496)

   Spectrum Matrix — FundLoans ## DSCR Program (Investment Properties Only) Effective Date: 01/01/2026 | V1.0 --- ## Maximum LTVs — DSCR >= 1.00 | Loan Amount | FICO | Purchase | Rate/Term | Cash Out | |---|---|---|---|---| | <=1MM | 740+ | 80 | 80 | 75 | | | 720 | 80 | 80 | 75 | | | 700 | 75 ...

3. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.183)

   State Specific Acquisition Guidance FundLoans will not fund loans with prepayment penalties in the following states: - Alaska, Kansas, Minnesota, New Mexico, North Dakota and - Maryland when a Note is contracted under the Usury Laws (either explicitly or if Choice of Law is not stated) ...

Tags: loan-amount

min-loan-1 — PASS

Question: What is the minimum loan amount for a Spectrum DSCR loan?

Expected: $200,000 (Spectrum min is $200K vs $300K for Apex/Montage)

AI Answer: The minimum loan amount for a Spectrum DSCR loan is $200,000.

(Source: Spectrum Matrix (01-01-2026) v1.0.md, "Loan Amount Restrictions" section)

Source found: True | Expected source: Spectrum Matrix

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.999)

   11.2 First Time Investors First Time Investors are borrowers who do not meet the definition of an experienced investor. First Time Investors are permitted as follows: - • Loan amounts ≤$2,000,000 - • FICO ≥ 700 - • Minimum 1.00 DSCR - • 5% LTV reduction - • months reserves - • No gift fu...

2. Spectrum Matrix (01-01-2026) v1.0.pdf (score: 0.999)

   : 75% • DSCR ≥ .75 Only • Borrowers not meeting Investor Experience are eligible if:≥ 700 FICO / >1.0 DSCR / <$2m Loan Amount / 5% LTV reduction / No gift funds / 12 mo reservesC/O & R/T FN65 65 • US Citizen • Permanent & Non-Permanent Res Alien • FN See guidelines for Visa/Credit requirement • Loan...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.999)

   11.0 Debt Service Coverage Ratio (Spectrum) For DSCR loans, borrowers are not required to disclose employment information on the application (Form 1003). Income derived from regular employment, retirement or other investments should not be disclosed and taxreturns are not required. The applicati...

Tags: spectrum, loan-amount

borrower-1 — PASS

Question: Are foreign nationals eligible for FundLoans programs?

Expected: Only under the DSCR/Spectrum program

AI Answer: Yes, Foreign Nationals are eligible for FundLoans programs, but only under the DSCR program.

Here's a summary of their eligibility:

• Definition: A Foreign National is a citizen of a country other than the United States who resides outside of the U.S. and has not become a naturalized U.S. Citizen.
• Program Restriction: They are eligible exclusively under the DSCR (Debt Service Coverage Ratio) program.
• Eligible Countries/Continents: Borrowers must reside from Canada, Caribbean (except Cuba), China (except Hong Kong), Europe (except Balkan Region, Belarus, Russia, and the Crimea, Donetsk, Luhansk, Kherson, and Zaporizhzhia regions of Ukraine), Latin America (except Nicaragua), or South America (except Venezuela).
• Ineligible Countries: Foreign Nationals from Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, and Luhansk regions of Ukraine, or any other country not explicitly listed as eligible, are ineligible.
• Verification of Residency Status:
  • Permitted visa types: B-1, B-2, J-1, J-2.
  • Visas must be valid through the Note date.
  • Documentation required: Copies of passport and unexpired visa. Acceptable alternatives include an I-797 form (Notice of Action) with valid extension dates and an I-94 form (Arrival/Departure Record).
• Credit Requirements: Must provide evidence of three (3) active credit trade lines with a 2-year history from their country of origin. No derogatory mortgage history is permitted in the last 24 months if a housing/mortgage trade line is provided.
• Asset Requirements:
  • Must have twelve (12) months PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves plus two (2) months for each additional property.
  • All funds for down payment, closing costs, and reserves must be sourced and seasoned for 60 days and must be in a US account for 30 days.
  • Foreign bank accounts must be verified in U.S. Dollar equivalency from a publicly traded internationally known financial institution.
• Cash-Out: Maximum cash-out is $250,000.
• Gift Funds: Not eligible for the Foreign National Program.
• Loan Exposure: Limited to two (2) FundLoans loans per borrower.
• Occupancy: All Foreign National loans are considered investment properties.
• Vesting: Not permitted in a Business Entity or Trust.
• Eligible Property Types: Single Family Dwelling, Single Family Dwelling with 1 Accessory Unit (ADU), Multi Family Dwelling 2-4 Units. (Other property types might be eligible under the general collateral guidelines, but the document specifically mentions these for foreign nationals, as investment properties).

Source found: True | Expected source: Portfolio Guidelines

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.984)

   3.0 ELIGIBILITY ## 3.1 Eligible Borrowers All borrowers on loans funded by FundLoans will be individual, natural persons. - • U.S. Citizens (as defined by USCIS) - • Permanent Resident Aliens: An individual who is not a U.S. Citizen but maintains legal, permanent residency in the United Stat...

2. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.924)

   3.1 Eligible Borrowers All borrowers on loans funded by FundLoans will be individual, natural persons. - U.S. Citizens (as defined by USCIS) - Permanent Resident Aliens: An individual who is not a U.S. Citizen but maintains legal, permanent residency in the United States. Documentat...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.845)

   Page 49 - - o The letter must mention the borrower by name - - o Name, title & contact information of the person signing the letter must be included - - o Currency must be converted to U.S. Dollars and signed and dated by certified translator - • Credit report and reference letters must ...

Tags: eligibility, foreign-national

housing-1 — PASS

Question: What is the minimum housing history requirement for FundLoans?

Expected: 12 months minimum, 0x30x12 (no 30-day lates in 12 months)

AI Answer: The minimum housing history requirement for FundLoans is generally at least the last 12 months of housing payments.

However, there are specific instances where this requirement differs:

• WVOE loans: Require 24 months of housing history.
• Super Jumbo (Apex/Montage) loans: Require 24 months (specified as 0x30x24 Housing History).
• DSCR Doc type: Requires a complete 12-month housing history, and borrowers without this are ineligible for the program. This history is limited to verifying the borrower’s primary residence and the subject property if a refinance transaction.

(Sources: Portfolio Guidelines v1.0 (1-1-2026).pdf - Sections 4.2.9, 11.4; Portfolio Guidelines v1.0 (1-1-2026).md - Sections 4.2.5, 4.2.6, 11.4, 11.5, 16.1)

Source found: True | Expected source: Portfolio Guidelines

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.982)

   • • Properties owned free and clear are considered 0x30 for grading purposes for each month the property has been owned free and clear (e.g. a property owned free and clear for the last 12 months satisfies the housing history requirement). Documentation verifying free and clear is required such as p...

2. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.950)

   11.5 No Housing History or Less Than 12 Months Verified This section applies to any borrower who has not made at least 12 months of housing payments on any property (or as a tenant in a rental situation) in the most recent 12 months. Borrowers who live rent free at their primary residence are n...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.940)

   4.2.9 Mortgage Forbearance, Deferral, Modification - - - - • Forbearance, Deferral or Modification completed or reinstated more than 12-months from the note ### Page 23 - - - - date and having 0x30x12 Housing History is allowed. Examples include:date and having 0x30x12 Housing H...

Tags: credit, housing

dti-1 — PASS

Question: What is the maximum DTI ratio allowed under FundLoans programs?

Expected: 50% max DTI

AI Answer: The maximum DTI ratio allowed under FundLoans programs will never exceed 50%. While it may vary depending on the specific loan program, this is the absolute maximum limit.

Source found: True | Expected source: Portfolio Guidelines

Retrieved chunks (3):

1. Portfolio Guidelines v1.0 (1-1-2026).md (score: 0.967)

   9.0 Monthly Debt - DTI = total monthly debt ÷ total monthly gross income. - Monthly debt service used to calculate DTI must include the following: - Monthly mortgage principal and interest, hazard and flood insurance, real estate taxes, special assessments, association dues and any s...

2. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.963)

   8.0 Departing Residence # 9.0 Monthly Debt - • DTI = total monthly debt ÷ total monthly gross income. - • Monthly debt service used to calculate DTI must include the following: - - o Monthly mortgage principal and interest, hazard and flood insurance, real estate taxes, special assessments, as...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.939)

   Portfolio Guidelines v1.0 (1-1-2026).pdf ## Metadata - PDFFormatVersion=1.6 - Language=EN-US - IsLinearized=true - IsAcroFormPresent=false - IsXFAPresent=false - IsCollectionPresent=false - IsSignaturesPresent=false - Author=semone aye - Custom=[object Object] - CreationDate=D:20251230111207-07'00...

Tags: dti

edge-boundary-1 — PASS

Question: I have a 680 FICO and want a $2 million Apex investment loan. What is my max LTV for a purchase?

Expected: 75% (>$1.5MM to $2MM tier, 680 FICO row) for purchase/RT refi

AI Answer: For an Apex Prime investment loan of $2 million with a 680 FICO, your maximum LTV for a purchase is 75%.

This information is found under the "Apex Prime — Investor" section, "Maximum LTVs (12 or 24 Months Bank Statements)" table, for "Loan Amount >$1.5 MM to $2 MM" and FICO "680".

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).md (score: 0.988)

   Apex Prime — Investor ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV* | Cash Out LTV/CLTV* | |---|---|---|---| | up to $1 MM | 740 | 85 | 75 | | | 720 | 85 | 75 | | | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 75 | | >$1 MM to $1.5 MM ...

2. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.987)

   Page 2 Maximum LTVs Purch / RT Refi Cash Out LTV/CLTV** LTV/CLTV**• 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O Unlimited $1.5MM 1x30x12 - 5% LTV 24mo-48mo -5% LTVPurch RT Refi LTV/CLTV LTV/CLTV65 60 60 55 55 50 Warrantable Cond...

3. Apex Matrix v 1.0 (01-01-2026).md (score: 0.977)

   Apex Prime — Second Home ### Maximum LTVs (12 or 24 Months Bank Statements) | Loan Amount | FICO | Purch / RT Refi LTV/CLTV** | Cash Out LTV/CLTV** | |---|---|---|---| | up to $1 MM | 700 | 85 | 75 | | | 680 | 80 | 75 | | | 660 | 80 | 70 | | >$1 MM to $1.5 MM | 740 | 80 | 75 | | | 720 | 80 | 75...

Tags: apex, edge-case, boundary

edge-na-1 — PASS

Question: Can I get a cash-out refinance on a $2.8 million Apex investment property with 680 FICO?

Expected: Not eligible (N/A) — cash out not available at that FICO/loan amount combination

AI Answer: Based on the "Apex Matrix v 1.0 (01-01-2026)" document, a cash-out refinance is not available for an Apex investment property with a loan amount of $2.8 million and a 680 FICO.

In the "Apex Prime - Investor" section, under "Maximum LTVs (12 or 24 Months Bank Statements)", for a "Loan Amount >$2.5 MM to $3 MM" and a FICO of "680", the "Cash Out LTV/CLTV*" is listed as "N/A". The same applies to the "P&L Only - Investor" section for that FICO and loan amount range.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).pdf (score: 0.737)

   Page 2 Maximum LTVs Purch / RT Refi Cash Out LTV/CLTV** LTV/CLTV**• 12 or 24 Months consecutive stmts req'd • Max LTV 80% • Max 50% DTI *PITIA for fully amortized and ITIA for I/O Unlimited $1.5MM 1x30x12 - 5% LTV 24mo-48mo -5% LTVPurch RT Refi LTV/CLTV LTV/CLTV65 60 60 55 55 50 Warrantable Cond...

2. Montage Matrix v 1.0 (01-01-2026).pdf (score: 0.619)

   . Min FICO 660 Max LTV: Purchase & R/T 90Credit Restrictions (Based off max LTV)Housing Lates FC/BK/SS/DIL/MODEligible Borrowers• US Citizens≤$500k 3 months >$500k-$1.5MMReservesLoan Amount Months Required* 75 65 700 55 Fixed Terms 5/6 Mo SOFR ARM (2/1/5 Caps) **All loan >$4mm on a case-by-case basi...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.586)

   Page 14 ### 3.5.3 Cash-out Refinance Transactions Proceeds from the transaction used for any refinance that does not meet the definition of a rate/term transaction. A mortgage secured by a property currently owned free and clear is considered cash-out. The payoff of delinquent real estate ...

Tags: apex, edge-case, not-eligible

edge-casebycase-1 — PASS

Question: What happens with Apex P&L Only loans over $3 million?

Expected: Case-by-case review required; all loans >$4MM require prior submission review

AI Answer: For Apex P&L Only loans over $3 million:

• Owner-Occupied Primary Residence: Loans from >$3 MM to $6 MM are handled on a case-by-case basis. Additionally, all loans >$4 MM require a prior to submission review and are also on a case-by-case basis.
• Investor: Loans from >$3 MM to $6 MM are handled on a case-by-case basis.

Source found: True | Expected source: Apex Matrix

Retrieved chunks (3):

1. Apex Matrix v 1.0 (01-01-2026).md (score: 0.939)

   P&L Only — Owner Occupied Primary Residence | Loan Amount | FICO | Purch / RT Refi LTV/CLTV | Cash Out LTV/CLTV | |---|---|---|---| | up to $1 MM | 740 | 80 | 70 | | | 720 | 75 | 70 | | | 700 | 75 | 70 | | >$1 MM to $1.5 MM | 740 | 75 | 70 | | | 720 | 75 | 70 | | | 700 | 75 | 70 | | >$1.5 MM to...

2. Apex Matrix v 1.0 (01-01-2026).md (score: 0.723)

   P&L Only — Second Home | Loan Amount | FICO | Purch / RT Refi LTV/CLTV | Cash Out LTV/CLTV | |---|---|---|---| | up to $1 MM | 740 | 75 | 65 | | | 720 | 70 | 65 | | | 700 | 70 | 60 | | >$1 MM to $1.5 MM | 740 | 70 | 65 | | | 720 | 70 | 65 | | | 700 | 70 | 60 | | >$1.5 MM to $2 MM | 740 | 70 | 6...

3. Portfolio Guidelines v1.0 (1-1-2026).pdf (score: 0.677)

   Portfolio Guidelines v1.0 (1-1-2026).pdf ## Metadata - PDFFormatVersion=1.6 - Language=EN-US - IsLinearized=true - IsAcroFormPresent=false - IsXFAPresent=false - IsCollectionPresent=false - IsSignaturesPresent=false - Author=semone aye - Custom=[object Object] - CreationDate=D:20251230111207-07'00...

Tags: apex, edge-case, case-by-case

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