Guidelines
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Aspire X (2nd Mortgage) Matrix — FundLoans

Closed-End 2nd Lien

Effective Date: 08-11-2026 | V4.1

Program Guidelines

1st Mortgage Parameters

Max Combined Lien Amount CLTV Max Loan Amount
$2,000,000 90% $350,000
$3,000,000 85% $500,000
$3,500,000 80% $750,000
$4,000,000 75% $850,000
$5,000,000 60% $1,000,000

Program Parameters

Parameter Value
Max Loan Amount $1,000,000
Min Loan Amount $125,000
Fixed Terms 10/15/20/30
Balloon Terms 30/15 - 40/15
Min FICO Primary Earner 640
Min FICO Co-Borrower 500
Seasoning 6 months
1st Mortgage Requirements Copy of 1st Note
Neg. Amortization Not Allowed
Balloon Allowed
Reverse Not Allowed
I/O Qualify on fully amort. Payment
Active Forbearance/Deferral Not Allowed (Deferred amounts may remain open if hardship)

Documentation Types

Doc Type Requirements
FULL DOC (1 yr or 2 yr) 1yr or 2 yr Full Doc + Asset Depletion
BANK STATEMENT/1099 (12 mo or 24 mo) 12 or 24 month + Asset Depletion
WVOE 1005 or WorkNumber
1099 1 yr 1099 + Transcript
P&L ONLY 12 mo CPA/EA P&L +2 mo bk statements
DSCR DSCR +1.0
ASSET DEPLETION (Standalone) O/O only / 700 FICO Divide by 60 mos

FULL DOC (1 yr or 2 yr)

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 720 90%
700 90%
680 85%
660 80%
640 70%
$350k+ to $500k 720 90%
700 85%
680 80%
660 70%
$500k+ to $750k 720 80%
700 80%
680 75%
660 70%
$750k+ to $850k 720 75%
700 70%
$850k+ to $1MM 720 65%
700 60%

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 80%
700 80%
680 75%
660 70%
$350k+ to $500k 720 80%
700 80%
680 70%
660 65%
$500k+ to $750k 720 75%
700 70%
680 65%
660 60%

NOO

Loan Amount FICO CLTV
$125k to $350k 720 80%
700 80%
680 75%
660 70%
$350k+ to $500k 720 80%
700 80%
680 70%
660 65%
$500k+ to $750k 720 75%
700 70%
680 65%
660 60%

DTI: Max 50%

BANK STATEMENT/1099 (12 mo or 24 mo)

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 720 90%
700 85%
680 80%
660 75%
$350k+ to $500k 720 85%
700 80%
680 75%
660 65%
$500k+ to $750k 720 80%
700 75%
680 65%
660 60%
$750k+ to $850k 720 75%
700 70%
$850k+ to $1MM 720 65%
700 60%

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 80%
700 75%
680 70%
660 60%
$350k+ to $500k 720 75%
700 70%
680 65%
660 60%
$500k+ to $750k 720 70%
700 65%
680 55%
660 50%

NOO

Loan Amount FICO CLTV
$125k to $350k 720 80%
700 75%
680 70%
660 60%
$350k+ to $500k 720 75%
700 70%
680 65%
660 60%
$500k+ to $750k 720 70%
700 65%
680 55%
660 50%

DTI: Max 50%

WVOE

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 720 85%
700 80%
680 75%
660 70%
$350k+ to $500k 720 80%
700 75%
680 70%
660 65%
$500k+ to $750k 720 75%
700 70%
680 65%
660 60%

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 75%
700 70%
680 65%
660 60%
$350k+ to $500k 720 70%
700 65%
680 60%
660 55%
$500k+ to $750k 720 65%
700 60%
680 55%
660 50%

NOO

Loan Amount FICO CLTV
$125k to $350k 720 75%
700 70%
680 65%
660 60%
$350k+ to $500k 720 70%
700 65%
680 60%
660 55%
$500k+ to $750k 720 65%
700 60%
680 55%
660 50%

DTI: Max 50%

P&L ONLY (incl. Asset Depletion)

Owner Occupied

Loan Amount FICO CLTV
$125k to $350k 720 80%
700 75%
680 70%
660 65%
$350k+ to $500k 720 75%
700 70%
680 65%
660 60%
$500k+ to $750k 720 70%
700 65%
680 60%
660 55%

2nd Home

Loan Amount FICO CLTV
$125k to $350k 720 70%
700 65%
680 60%
660 55%
$350k+ to $500k 720 65%
700 60%
680 55%
660 50%
$500k+ to $750k 720 60%
700 55%
680 50%
660 45%

NOO

Loan Amount FICO CLTV
$125k to $350k 720 70%
700 65%
680 60%
660 55%
$350k+ to $500k 720 65%
700 60%
680 55%
660 50%
$500k+ to $750k 720 60%
700 55%
680 50%
660 45%

DTI: Max 50%

DSCR

NOO

Loan Amount FICO CLTV
$125k to $350k 720 80%
700 75%
680 70%
$350k+ to $500k 720 75%
700 70%
680 65%
$500k+ to $750k 720 70%
700 65%
680 55%

DSCR +1.0
Prepared or Reviewed
10% Expense Factor
Min. 1 yr prepayment penalty required on DSCR
Allowed on business purpose NOO but not req.

ASSETS/RESERVES

None Required (excl. Purchases)

TITLE REQUIREMENTS

  • ALTA / JR ALTA / ALTA LITE / ALTA Short Lenders
  • <$350k Standalone: O&E Only

ELIGIBLE BORROWERS

  • US Citizens
  • Permanent Resident Aliens
  • Non-Permanent Res Aliens w/ US Credit
  • Maximum financed properties = 20
  • Non-Occupant Co-Borrowers
  • Irrevocable Trusts or Land Trusts
  • Entities (Partnership, Corp, LLC)

Ineligible Borrowers

  • Foreign Nationals

CREDIT

  • Traditional Credit Only
  • 3 trades/12 mos or 2 trades/24 mos
  • Charge-off/Collections allowed <$1,000
  • Open Medical Collections <$1,000 allowed
  • No FC/NOD/DIL/BK <48 mos
  • Mortgage History: 0x30x12 / 0x60x36
  • PITIA used for qualifying DTI

APPRAISAL

Type Requirement
HPML Full Appraisal
Non-HPML/Exempt >$400k Full Appraisal
≤$400k AVM + PCI

SEASONING

Parameter Requirement
Ownership Seasoning >6 months (default)
Full Doc <$500k = no ownership seasoning
Recent Listing <6 months = not eligible
Full Doc <$500k = 4 months
Refinance Seasoning ≤6 months from refinance (1st or 2nd) = 80% CLTV max
Cash Out Unlimited

PROPERTY TYPES

Eligible

  • SFR max 10 acres
  • 2-4 Units Allowed:
    • <$500k + Full Doc = 85% OO 80% NOO Max

    • $500k Full & Alt Doc (all loan amts) = 75% Max

  • Condos: Warrantable ONLY:
    • <$500k + Full Doc = 90% OO 80% NOO Max

    • $500k Full & Alt Doc (all loan amts) = 75% Max

  • Declining markets:
    • OO/2nd = 75% CLTV Max
    • NOO = 70% CLTV Max

Ineligible Types

  • Manufactured
  • Co-op
  • Condotels
  • Rural/Ag NOO or 2nd
  • Unique (dome/berm)
  • Assisted Living
  • Mixed-use
  • Room & Board Facilities

PREPAYMENT PENALTY

  • Min. 1 yr prepayment penalty required on DSCR
  • Allowed on business purpose NOO but not req.

3 YEAR INTEREST ONLY

  • Primary/OO Only Max 80% CLTV
  • 700 min FICO
  • Qualify on amort. payment
  • 20 yr fixed (3/17)
  • 30 yr fixed (3/27)

OTHER REQUIREMENTS

  • 12 mo Exp. Req.