Programs

Cheese Cake.

No reserves on refis to 65% LTV. Eight ways to document income.
See the limitsMatrix(opens in a new tab)
Score from
660
LTV up to
85%
Loans to
$3M
Cheese Cake

The limits, by paperwork.

Minimum score, maximum LTV, and maximum loan for each way the borrower can document income. A number in red is stricter than Cheese Cake allows elsewhere. Open an income type for how its income is figured.

  • Full docminimum 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.

    What the file needs Matrix, PDF

  • Bank statementsminimum 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.

    What the file needs Matrix, PDF

  • P&L onlyminimum score 700+ (tighter than its best)maximum LTV 75% (tighter than its best)maximum loan $1M (tighter than its best)No 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.

    What the file needs Matrix, PDF

  • WVOE onlyminimum score 680+ (tighter than its best)maximum LTV 80% (tighter than its best)maximum loan $3M

    Income as the employer states it on FNMA Form 1005. Bonus, commission, and overtime count when most income is base pay.

    What the file needs Matrix, PDF

  • 1099minimum score 660+maximum LTV 85%maximum loan $3M

    The 12 or 24 month average of total 1099 income, less a 10% expense factor.

    What the file needs Matrix, PDF

  • Asset utilizationminimum score 660+maximum LTV 80% (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.

    What the file needs Matrix, PDF

  • DSCR, 1 to 4 unitsminimum score 680+ (tighter than its best)maximum LTV 80% (tighter than its best)maximum loan $3MMinimum 0.8 ratio required

    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%.

    What the file needs Matrix, PDF

  • Foreign nationalminimum score 700+ (tighter than its best)maximum LTV 70% (tighter than its best)maximum loan $1.5M (tighter than its best)Minimum 0.8 ratio required

    The DSCR test on the property’s rent. No US credit or housing history is required.

    What the file needs Matrix, PDF

Matrices and guidelines

The other cakes.

Have a Cheese Cake file?

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