Spectrum (DSCR) — Eligibility Rules (If-Then Format)

Auto-generated from Spectrum Matrix (01-01-2026) v1.0 on 2026-03-23

These rules are structured for RAG ingestion and AI chatbot eligibility determination. Each rule is self-contained and independently retrievable.

Spectrum Matrix — FundLoans

DSCR Program (Investment Properties Only)

• IF the loan program is Spectrum (DSCR) (DSCR Program (Investment Properties Only)), THEN Effective Date: 01/01/2026 | V1.0**

Maximum LTVs — DSCR >= 1.00

• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is <=1MM, FICO is 740+, THEN Purchase: max 80%; Rate/Term: max 80%; Cash Out: max 75%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is <=1MM, FICO is 720, THEN Purchase: max 80%; Rate/Term: max 80%; Cash Out: max 75%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is <=1MM, FICO is 700, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 70%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is <=1MM, FICO is 680, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 63%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is <=1MM, FICO is 660, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 65%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.0 MM - 1.5 MM, FICO is 740+, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 70%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.0 MM - 1.5 MM, FICO is 720, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 70%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.0 MM - 1.5 MM, FICO is 700, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 70%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.0 MM - 1.5 MM, FICO is 680, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.0 MM - 1.5 MM, FICO is 660, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.5 MM - 2.0 MM, FICO is 740+, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.5 MM - 2.0 MM, FICO is 720, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.5 MM - 2.0 MM, FICO is 700, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.5 MM - 2.0 MM, FICO is 680, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >1.5 MM - 2.0 MM, FICO is 660, THEN Purchase: max 60%; Rate/Term: max 60%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >2.0 MM - 3.0 MM, FICO is 740+, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >2.0 MM - 3.0 MM, FICO is 720, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >2.0 MM - 3.0 MM, FICO is 700, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >2.0 MM - 3.0 MM, FICO is 680, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >2.0 MM - 3.0 MM, FICO is 660, THEN Purchase: max 60%; Rate/Term: max 60%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >3.0 MM - 4.0 MM, FICO is 700+, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >3.0 MM - 4.0 MM, FICO is 660-699, THEN Purchase: max 60%; Rate/Term: max 60%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 1.00, loan amount is >4.0 MM - 6.0 MM, FICO is 660+, THEN Purchase: Case-by-case review required; Cash Out: Not Eligible.

Maximum LTVs — DSCR >= 0.75

• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is <=1MM, FICO is 740+, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 70%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is <=1MM, FICO is 720, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 70%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is <=1MM, FICO is 700, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 65%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is <=1MM, FICO is 680, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is <=1MM, FICO is 660, THEN Purchase: max 60%; Rate/Term: max 60%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is >1.0 MM - 1.5 MM, FICO is 740+, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 65%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is >1.0 MM - 1.5 MM, FICO is 720, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 65%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is >1.0 MM - 1.5 MM, FICO is 700, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 65%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is >1.5 MM - 2.0 MM, FICO is 740+, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is >1.5 MM - 2.0 MM, FICO is 720, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is DSCR >= 0.75, loan amount is >1.5 MM - 2.0 MM, FICO is 700, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.

Maximum LTVs — No Ratio

*7 years no Housing Credit Events & 1 x 30 x 12 months all loans on personally held real estate. FN not allowed.

• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is <=1MM, FICO is 740+, THEN Purchase: max 75%; Rate/Term: max 75%; Cash Out: max 65%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is <=1MM, FICO is 720, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is <=1MM, FICO is 700, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is <=1MM, FICO is 680, THEN Purchase: max 65%; Rate/Term: max 60%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is <=1MM, FICO is 660, THEN Purchase: max 60%; Rate/Term: max 60%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is >1.0 MM - 1.5 MM, FICO is 740+, THEN Purchase: max 70%; Rate/Term: max 70%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is >1.0 MM - 1.5 MM, FICO is 720, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is >1.0 MM - 1.5 MM, FICO is 700, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is >1.5 MM - 2.0 MM, FICO is 740+, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is >1.5 MM - 2.0 MM, FICO is 720, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.
• IF the program is Spectrum (DSCR), documentation type is No Ratio, loan amount is >1.5 MM - 2.0 MM, FICO is 700, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: Not Eligible.

Maximum LTVs — FN >= 1.0 (Foreign National)

• IF the program is Spectrum (DSCR), documentation type is Foreign National, loan amount is <=1.5MM, FICO is 680+, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.
• IF the program is Spectrum (DSCR), documentation type is Foreign National, loan amount is <=1.5MM, FICO is No FICO, THEN Purchase: max 65%; Rate/Term: max 65%; Cash Out: max 60%.

Program Restrictions

• IF the program is Spectrum (DSCR), THEN Housing = 1x30x12 (0x30x24 No Ratio).
• IF the program is Spectrum (DSCR), THEN BK (Chap 13 Discharge) = 24 mo.
• IF the program is Spectrum (DSCR), THEN BK (Other) = 24 mo.
• IF the program is Spectrum (DSCR), THEN Foreclosure = 24 mo.
• IF the program is Spectrum (DSCR), THEN Short Sale/DIL = 24 mo.
• IF the program is Spectrum (DSCR), THEN Min FICO = 660.
• IF the program is Spectrum (DSCR), THEN Max LTV: Purchase = 80.
• IF the program is Spectrum (DSCR), THEN Max LTV: R/T = 80.
• IF the program is Spectrum (DSCR), THEN Max LTV: Cash-Out = 75.
• IF the program is Spectrum (DSCR), THEN Max CLTV = 80.
• IF the program is Spectrum (DSCR), THEN Max Loan Amount = $6,000,000.
• IF the program is Spectrum (DSCR), THEN Min Loan Amount = $200,000.
• IF the program is Spectrum (DSCR), THEN Fixed Terms = 30 Year Fixed & 30 or 40 Year Fixed IO.
• IF the program is Spectrum (DSCR), THEN 5/6 Mo SOFR ARM = 3.750% Margin/Floor - 2/1/5 Caps.
• IF the program is Spectrum (DSCR), THEN 7/6 Mo SOFR ARM = 3.750% Margin/Floor - 5/1/5 Caps.
• IF the program is Spectrum (DSCR), THEN Qualifying Rate = Qualify on the Note Rate.

Cash-Out Limits

• IF the program is Spectrum (DSCR) and LTV is ≤60% LTV, THEN max cash-out = Unlimited.
• IF the program is Spectrum (DSCR) and LTV is >60% LTV, THEN max cash-out = $1.5MM.

Loan Amount Restrictions

• IF the loan program is Spectrum (DSCR) (Loan Amount Restrictions), THEN Program Min: $200,000
• IF the loan program is Spectrum (DSCR) (Loan Amount Restrictions), THEN Non-Warrantable Condo Max: $1,500,000
• IF the loan program is Spectrum (DSCR) (Loan Amount Restrictions), THEN >$2MM: 2nd appraisal required
• IF the loan program is Spectrum (DSCR) (Loan Amount Restrictions), THEN >$3MM: Additional overlays apply

Reserves

• IF the loan program is Spectrum (DSCR) (Reserves), THEN 6 mo PITIA/ITIA for subject property only
• IF the loan program is Spectrum (DSCR) (Reserves), THEN 1st Time Investor: 12 mo subject property only
• IF the loan program is Spectrum (DSCR) (Reserves), THEN Foreign National: 12 months subject
• IF the loan program is Spectrum (DSCR) (Reserves), THEN +2 mo each additional property

Other LTV/CLTV Limits

• IF the program is Spectrum (DSCR) and property is Non-Warrantable Condo, THEN max LTV/CLTV = 75%.
• IF the program is Spectrum (DSCR) and property is 1st Time Investor, THEN max LTV/CLTV = -5% LTV.
• IF the program is Spectrum (DSCR) and property is FN Purchase / Rate Term, THEN max LTV/CLTV = 65%.
• IF the program is Spectrum (DSCR) and property is FN Cash Out, THEN max LTV/CLTV = 60%.

Interest Only

• IF the loan program is Spectrum (DSCR) (Interest Only), THEN IO Period: 120 Months
• IF the loan program is Spectrum (DSCR) (Interest Only), THEN Loan Term: 480 or 360 mo
• IF the loan program is Spectrum (DSCR) (Interest Only), THEN 5/6 & 7/6 Mo SOFR ARM IO + 30 & 40 Yr FRM IO
• IF the loan program is Spectrum (DSCR) (Interest Only), THEN Max LTV/CLTV: 75%
• IF the loan program is Spectrum (DSCR) (Interest Only), THEN DSCR >= .75 Only

Condotels LTV

• IF the program is Spectrum (DSCR), loan amount is 75, FICO is 75, THEN Purchase: max 65%; C/O & R/T: max 65%.
• IF the loan program is Spectrum (DSCR) (Condotels LTV), THEN Max Cash in hand $250,000
• IF the loan program is Spectrum (DSCR) (Condotels LTV), THEN Max Loan Amt $1.5MM

Income — Debt Service Coverage Ratio (DSCR)

• IF the loan program is Spectrum (DSCR) (Income — Debt Service Coverage Ratio (DSCR)), THEN Gross Income/PITIA (or ITIA for I/O products)
• IF the loan program is Spectrum (DSCR) (Income — Debt Service Coverage Ratio (DSCR)), THEN Transaction qualified on cash flow of the subject property
• IF the loan program is Spectrum (DSCR) (Income — Debt Service Coverage Ratio (DSCR)), THEN Gross Income**: Existing Long Term Lease, 12 mos Short Term (AirBnB) History, or 1007
• IF the loan program is Spectrum (DSCR) (Income — Debt Service Coverage Ratio (DSCR)), THEN Gross rents * .80
• IF the loan program is Spectrum (DSCR) (Income — Debt Service Coverage Ratio (DSCR)), THEN Refinance: 12 mo history
• IF the loan program is Spectrum (DSCR) (Income — Debt Service Coverage Ratio (DSCR)), THEN Purchase: STR 1007

STR Income (>1.00 DSCR + Loan Amount <$2MM)

• IF the loan program is Spectrum (DSCR) (STR Income (>1.00 DSCR + Loan Amount <$2MM)), THEN Minimum 12 mo history required
• IF the loan program is Spectrum (DSCR) (STR Income (>1.00 DSCR + Loan Amount <$2MM)), THEN Purchase: STR 1007

Investor Experience

Experienced Investor

• IF the loan program is Spectrum (DSCR) (Experienced Investor), THEN 12 months ownership of income-producing real estate experience in last 36 months

First Time Investor

• IF the loan program is Spectrum (DSCR) (First Time Investor), THEN Borrowers not meeting Investor Experience are eligible if:
• IF the loan program is Spectrum (DSCR) (First Time Investor), THEN >= 700 FICO / >1.0 DSCR / <$2m Loan Amount / 5% LTV reduction / No gift funds / 12 mo reserves

Living Rent Free

• IF the loan program is Spectrum (DSCR) (Living Rent Free), THEN Max LTV 65% / Minimum FICO 700+

Residency

• IF the loan program is Spectrum (DSCR) (Residency), THEN Permanent & Non-Permanent Res Alien
• IF the loan program is Spectrum (DSCR) (Residency), THEN FN: See guidelines for Visa/Credit requirement

Interested Party Contributions

• IF the loan program is Spectrum (DSCR) (Interested Party Contributions), THEN See Guidelines

Max Acreage

• IF the loan program is Spectrum (DSCR) (Max Acreage), THEN <20 Acres to $3MM; <10 acres >$3MM

Rural Properties

• IF the loan program is Spectrum (DSCR) (Rural Properties), THEN <5 acres allowed

Financed Properties

• IF the loan program is Spectrum (DSCR) (Financed Properties), THEN Max 20 financed properties
• IF the loan program is Spectrum (DSCR) (Financed Properties), THEN FundLoans exposure to a single borrower at UW discretion

Prepayment Penalty

• IF the loan program is Spectrum (DSCR) (Prepayment Penalty), THEN 3 yr standard PPP - 1 & 2 available at additional cost
• IF the loan program is Spectrum (DSCR) (Prepayment Penalty), THEN Minimum of 1 yr PPP required (5% fixed penalty)

Compliance

• IF the loan program is Spectrum (DSCR) (Compliance), THEN Loans considered high-cost by Federal or State law not allowed
• IF the loan program is Spectrum (DSCR) (Compliance), THEN Points and Fees may not exceed 5%