Programs
Bundt Cake.
90% LTV all the way to $2M. Nine ways to document income. Its Investor version is for non-owner-occupied properties.
- Score from
- 620
- LTV up to
- 90%
- Loans to
- $3M
The limits, by paperwork.
Minimum score, maximum LTV, and maximum loan for each way the borrower can document income, for every version of Bundt Cake. A number in red is stricter than that version allows elsewhere. Open an income type for how its income is figured.
Full docStandardminimum score 620+maximum LTV 90%maximum loan $3MInvestorminimum score 660+maximum LTV 85%maximum loan $3M
Paystubs and W-2s, or one or two years of personal and business tax returns. Depreciation, depletion, amortization, and documented one-time expenses may be added back.
Bank statementsStandardminimum score 660+ (tighter than its best)maximum LTV 85% (tighter than its best)maximum loan $3MInvestorminimum score 660+maximum LTV 85%maximum loan $3M
Deposits from 12 or 24 months of statements, less a 50% fixed expense ratio, or a lower ratio from a CPA, EA, CTEC preparer, PTIN holder, or tax attorney, with a 10% minimum.
P&L onlyStandardminimum score 660+ (tighter than its best)maximum LTV 85% (tighter than its best)maximum loan $3MInvestorminimum score 660+maximum LTV 80% (tighter than its best)maximum loan $3MNo bank statements required
Net income from the P&L, divided by the months it covers, times the borrower’s ownership share. Depreciation, depletion, and amortization may be added back.
WVOE onlyStandardminimum score 660+ (tighter than its best)maximum LTV 80% (tighter than its best)maximum loan $3MInvestorNot offered
Income as the employer states it on FNMA Form 1005. Bonus, commission, and overtime count when most income is base pay.
1099Standardminimum score 620+maximum LTV 90%maximum loan $3MInvestorminimum score 660+maximum LTV 85%maximum loan $3M
The 12 or 24 month average of total 1099 income, less a 10% expense factor.
Asset utilizationStandardminimum score 660+ (tighter than its best)maximum LTV 80% (tighter than its best)maximum loan $3MInvestorminimum score 660+maximum LTV 75% (tighter than its best)maximum loan $3M
Net qualified assets divided by 60 months. Cash counts at 100%, stocks and bonds at 70%, retirement at 70% from age 59½ and 50% before.
DSCR, 1 to 4 unitsStandardminimum score 640+ (tighter than its best)maximum LTV 85% (tighter than its best)maximum loan $3MInvestorNot offeredNo ratio allowed
Gross rent divided by the qualifying payment: PITIA, or ITIA on interest-only. Rent is the higher of the lease or the 1007/1025 market rent when they are within 20%.
Foreign nationalStandardminimum score 660+ (tighter than its best)maximum LTV 70% (tighter than its best)maximum loan $1.5M (tighter than its best)InvestorNot offeredMinimum 1.0 ratio required
The DSCR test on the property’s rent. No US credit or housing history is required.
Closed-end secondStandardminimum score 640+ (tighter than its best)maximum LTV 90%maximum loan $850K (tighter than its best)InvestorNot offeredAll income types available
Qualified on the same income documentation as the first lien: full doc, bank statements, 1099, WVOE, 12-month P&L, or DSCR.
Matrices and guidelines
- Bundt Cake Closed-end second matrix(PDF, opens in a new tab)
- Bundt Cake Non-QM matrix(PDF, opens in a new tab)
- Bundt Cake DSCR matrix(PDF, opens in a new tab)
- Bundt Cake Investor matrix(PDF, opens in a new tab)
- Closed-end second guidelinesVersion 2.1(PDF, opens in a new tab)
- Non-QM guidelinesVersion 5.0(PDF, opens in a new tab)
- DSCR guidelinesVersion 5.0(PDF, opens in a new tab)
The other cakes.
+ Lite
+ Investor
+ Lite
+ Lite
+ Lite
Have a Bundt Cake file?
Approved partners submit in TPO Connect. New to Cake? Apply and an account executive calls within 24 hours. Questions on a scenario go to (833) 717-0401.
Already approved? Log in to TPO Connect (opens in a new tab)