Onslow Bay Programs

Onslow Bay focuses on closed, funded, performing residential loans made to mortgagors with stable incomes and employment histories.

Common Sense Lending

Onslow Bay is willing to consider exceptions to loans outside our guides with appropriate compensating factors

Expanded Prime Plus

Opportunity to qualify through full documentation (W2, tax returns, asset depletion, 1099), streamlined verification (1 year full documentation) or alternative documentation (Personal or Business Bank Statements, 12 Month Profit & Loss (PnL) and Written Verification of Employment (WVOE))
Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed
Minimum FICO of 660; Maximum LTVs of 90%
Owner occupied, investment properties and second homes available
Maximum DTI of 55%
Maximum loan sizes of $3.5 million
4+ years housing event seasoning
Payment history: 0x30x12
Interest only products available

Sharp A+

Opportunity to qualify through full documentation (W2, tax returns, asset depletion, 1099), streamlined verification (1 year full documentation) or alternative documentation (Personal or Business Bank Statements, 12 Month Profit & Loss (PnL) and Written Verification of Employment (WVOE))
Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed
Minimum FICO of 660; Maximum LTVs of 90%
Owner occupied, investment properties and second homes available
Maximum DTI of 50%
Maximum loan sizes of $3.0 million
3+ years housing event seasoning
Payment history: 1x30x12, 0x60x24
Interest only products available

Sharp A-

Opportunity to qualify through full documentation (W2, tax returns, 1099), streamlined verification (1 year full documentation) or alternative documentation (Personal or Business Bank Statements)
Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed
Minimum FICO of 660; Maximum LTVs of 85%
Owner occupied, investment properties and second homes available
Maximum DTI of 45%
Maximum loan sizes of $2.0 million
2+ years housing event seasoning
Payment history: 2x30x12, 1x60x24

Foreign National Plus

Opportunity to qualify with full documentation, including foreign credit for investment properties or second homes. Opportunity for borrowers to qualify for investment properties through a DSCR underwrite
Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed
Maximum LTVs of 65%
Investment properties and second homes available
Maximum DTI of 45%
Maximum loan sizes of $1.0 million
4+ years housing event seasoning
Payment history: 0x30x12

Agency Investor

Opportunity to qualify for an investor loan with AUS approval
File must contain a DU “Approve/Eligible” or LP “Accept/Eligible”
Product type 30 year fixed only
Minimum FICO of 660; Maximum CLTVs of 80%
Investment properties only
Maximum DTI of 50%
Maximum loan size subject to Agency Conforming and Agency High Balance loan limits
Derogatory Credit and Mortgage History per DU/LP`

Non-Agency Investor (AUS)

Opportunity to qualify for an investor loan with a larger loan balance with AUS approval
File must contain a DU “Approve/Ineligible” (due to Loan Balance only) or “Accept / Ineligible” (due to Loan Balance only)
Product type 30 year fixed only
Minimum FICO of 680; Maximum CLTVs of 80%
Investment properties only
Maximum DTI of 50%
Minimum loan size $1 above Agency High Balance; Maximum loan size $2.25mm
Derogatory Credit and Mortgage History per DU/LP

DSCR Plus

Qualify with the lower of the appraisal market rents or executed lease agreement
DSCR = Gross Rent/PITIA; DSCR = Gross Rent/ITIA (Interest Only)
Professional Investors Only (12 Months of Managing Income Producing Real Estate)
Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed
Minimum FICO of 660; Maximum LTV of 80%
Minimum DSCR of .75x or No Ratio Permissible
Maximum loan size $2.0mm
Borrowers can qualify with or without employment verification
3+ years housing event seasoning
Interest only products available

Cross Collateralized

Up to 15 properties
DSCR = Total Gross Rent/Cross Collateralized Loan PITIA (P&I), Total Gross Rent/Cross Collateralized Loan ITIA (Interest Only)
Professional Investors Only (12 Months of Managing Income Producing Real Estate)
Product types: 3/6 ARM, 5/6 ARM, 7/6 ARM, 30 YEAR FIXED, 40 YEAR FIXED
Minimum FICO of 680; Maximum LTV of 75
Minimum DSCR of 1.10x per property
Maximum Loan Size of $2.0mm
Borrowers can qualify with or without employment verification
4+ years housing event seasoning
Interest only products available

Agency Second Home

Opportunity to qualify for a second home with AUS approval
File must contain a DU “Approve/Eligible” or LP “Accept/Eligible”
Product type 30 year fixed only
Minimum FICO of 660; Maximum CLTVs of 80%
Second homes only
Maximum DTI of 50%
Maximum loan size subject to Agency Conforming and Agency High Balance loan limits
Derogatory Credit and Mortgage History per DU/LP

Non-Agency Second Home (AUS)

Opportunity to qualify for a second home with a larger loan balance with AUS approval
File must contain a DU “Approve/Ineligible” (due to Loan Balance only) or “Accept / Ineligible” (due to Loan Balance only)
Product type 30 year fixed only
Minimum FICO of 660; Maximum CLTVs of 80%
Second homes only
Maximum DTI of 50%
Minimum loan size $1 above Agency High Balance; Maximum loan size $2.25mm
Derogatory Credit and Mortgage History per DU/LP

Jumbo (AUS)

Opportunity to qualify if ran through an Automated Underwriting System (“AUS”)
Loans must be run through Fannie Mae’s Desktop Underwriter (“DU”) or Freddie Mac’s Loan Prospector (“LP”)
Product Types: 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed
Minimum FICO of 680; Maximum LTV of 80%
Owner Occupied and second homes available
Maximum DTI of 45%
Maximum Loan Size of $2.5 million
4+ years housing event seasoning
Payment History: Default to DU/LP
No Exceptions allowed

Closed End Seconds

Opportunity to qualify for a Closed End Second Lien with documentation per Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)
Product types: 10 Year Fixed, 15 Year Fixed, 20 Year Fixed, 30 Year Fixed
Minimum FICO of 680; Maximum LTVs of 85%
Owner occupied, investment properties and second homes available
Maximum DTI of 50%
Maximum loan sizes of $500k
4+ years housing event seasoning
Payment history: 0x30x12

HELOC

Opportunity to qualify for a Home Equity Line of Credit with documentation per Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)
Product Types: 30 Year Maturity (3 Year Draw), 30 Year Maturity (5 Year Draw), 30 Year Maturity (10 Year Draw), 20 Year Maturity (3 Year Draw), 20 Year Maturity (5 Year Draw), 20 Year Maturity (10 Year Draw)
Minimum FICO of 680; Maximum CLTV of 85%
Owner occupied, investment properties and second homes available
Maximum DTI of 50%
Maximum loans sizes of $500k
4+ years housing event seasoning
Payment history: 0x30x12, 1x30x24

Click here to view a comparison of all Onslow Bay whole loan programs

		Expanded Prime Plus	Sharp		Foreign National Plus⁽¹⁾	AGENCY INVESTOR	NON-AGENCY INVESTOR (AUS)	DSCR Plus	Cross Collateralized	AGENCY SECOND HOME	NON-AGENCY SECOND HOME (AUS)	Jumbo (AUS)	Closed End Seconds	HELOC
			A+	A-
Income/ Asset Qualification	Full Doc Wage Earner	2 years W2 or 1040 Tax Returns or 1099, 4506-T Transcripts, YTD Paystubs. (If 1099, there is an option to provide most recent 3 months bank statements if a paystub is not available - must be able to show YTD)				Subject to Agency Guidelines, Covid 19 Overlays and AUS Approval		Lower of Appraisal Market Rents or Executed Lease Agreement DSCR = Gross Rent/PITIA or Gross Rent/ITIA (Interest Only). Professional Investors Only (12 Months of Managing Income Producing Real Estate)	Total Gross Rent/Cross Collateralized Loan PITIA (P&I), Total Gross Rent/Cross Collateralized Loan ITIA (Interest Only)	Subject to Agency Guidelines, Covid 19 Overlays and AUS Approval		Full Doc Only/ Only DU or LP are acceptable	Subject to Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)	Subject to Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)
	Full Doc Self Employed	2 years Personal & Business 1040's (Including K1), YTD P&L with third party verification (CPA, Accountant etc.)
	Streamlined (1Yr) Wage Earner	1-year W2 or 1040 Tax Returns or 1099, 4506-T Transcripts, YTD Paystubs (If 1099, there is an option to provide most recent 3 months bank statements if a paystub is not available - must be able to show YTD)			NA
	Streamlined (1Yr) Self Employed	1 year Personal & Business 1040's (Including K1), YTD P&L with third party verification (CPA, Accountant etc.)			NA
	Asset Depletion/ Asset Qualifier	Borrowers must have a minimum amount of qualified assets, Qualified Assets amortized over 84 Months		NA
	Bank Statement 12 or 24 Months (Personal)	12 or 24 Months consecutive personal bank statements			NA
	Bank Statement 12 or 24 Months (Business)	12 or 24 Months consecutive business bank statements, Expense ratio or 3rd party profit & loss statement or 3rd party expense ratio, Business narrative			NA
	12 Month Profit & Loss	12 Month Prepared Profit and Loss Statement prepared by a CPA or other certified preparer		NA
	Written Verification of Employment	Written VOE (FNMA Form 1005)		NA
Employment Verification	Wage Earner	Verbal Verification of Employment (VVOE)				Subject to Agency Guidelines, Covid 19 Overlays and AUS Approval		Employer letter, FNMA form 1005		Subject to Agency Guidelines, Covid 19 Overlays and AUS Approval		Subject to Agency Guidelines	Subject to Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)	Subject to Fannie Mae Seller Guidelines or Desktop Underwriter (“DU”)
	Self Employed	Third party verification, Business License, CPA Letter, etc.						Letter from tax professional, 2 years SE required

Product Type		3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed	3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed	3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed		30 Year Fixed		3/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed, 30 Year Fixed, 40 Year Fixed (IO Only)	3/6 ARM, 5/6 ARM, 7/6 ARM, 30 Year Fixed, 40 Year Fixed (IO Only)	30 Year Fixed		5/6 ARM, 7/6 ARM, 10/6 ARM, 15 Year Fixed,30 Year Fixed	10 Year Fixed, 15 Year Fixed, 20 Year Fixed, 30 Year Fixed	30 Year Maturity (3 Year Draw), 30 Year Maturity (5 Year Draw), 30 Year Maturity (10 Year Draw), 20 Year Maturity (3 Year Draw), 20 Year Maturity (5 Year Draw), 20 Year Maturity (10 Year Draw)
Interest Only Products Available		Yes	Yes	No	No	No		Yes	Yes	No		No	No	Yes
Occupancy		Owner Occupied, 2nd Home, Investment			2nd Home, Investment	Investment				2nd Home		Owner Occupied, 2nd Home	Owner Occupied, 2nd Home, Investment	Owner Occupied, 2nd Home, Investment
Asset Seasoning		2 months				4 months subject to Covid 19 Overlays		2 months		4 months subject to Covid 19 Overlays		Subject to Agency Guidelines	N/A	N/A
Max Loan Amount		$3.5mm	$3.0mm	$2.0mm	$1.0mm	Refer to 2022 Conforming Balances	$2.25mm	$2.0mm		Refer to 2022 Conforming Balances	$2.25mm	$2.5mm	$500k	$500k
Min Loan Amount		$150k				$150k	$1 above Agency High Balance	$125k	$250k	$150k	$1 above Agency High Balance	$1 above Conforming	$50k	$20k
Mortgage History		0x30x12	1x30x12, 0x60x24	2x30x12, 1x60x24	0x30x12	Per Du		0x30x12		Per Du		Default to DU/LP	0x30x12	0x30x12,1x30x24
Housing Event Seasoning (FC, SS, Deed in Lieu, BK, Mod)		4+ Years	3+ Years	2+ Years	4+ Years	Per Du		3+ Years	4+ Years	Per Du		4+ Years	4+ Years	4+ Years
Min FICO / Max LTV		660/90	660/90	660/85	NA/65	660/80	680/80	660/80	680/75	660/80		680/80	680/85	680/85
Max DTI/Min DSCR		55%	50%	45%	45%	50%		.75x or no ratio permitted	1.10x Min Property	50%		45%	50%	50%

1. Foreign National Borrowers with income and employment sourced in the U.S. must comply with the standard documentation guidelines noted above. For non-U.S. income refer to Onslow Bay Program Guidelines for additional requirements.