Onyx NonQM
Jet Direct Funding Guidelines
Onyx ITIN
ITIN borrower program guidelines, including LTV / FICO matrices, loan parameters, credit, income, asset, reserve, and property requirements.
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LTV / FICO Matrix
Primary Residence / Second Home1
| Property Type | Loan Amount | Credit Score | Purchase Max LTV | Rate/Term Max LTV | Cash-Out Max LTV | Reserves (mo.) |
|---|---|---|---|---|---|---|
| SFR / PUD / Condo (1-Unit) | ≤ $1,000,000 | 680+ | 75% | 75% | 70% | 3 |
| 660–679 | 75% | 75% | 60% | 3 | ||
| 640–659 | 65% | 65% | 50% | 3 | ||
| 620–639 | 65% | 65% | NA | 3 | ||
| SFR / PUD / Condo (1-Unit) | $1,000,001 – $1,500,000 | 680+ | 75% | 75% | 70% | 6 |
| 660–679 | 75% | 75% | 60% | 6 | ||
| 640–659 | 65% | 65% | 50% | 6 | ||
| 620–639 | 65% | 65% | NA | 6 | ||
| 2–4 Units | ≤ $1,000,000 | 680+ | 70% | 70% | 65% | 3 |
| 660–679 | 65% | 65% | 60% | 3 | ||
| 640–659 | 60% | 60% | 50% | 3 | ||
| 2–4 Units | $1,000,001 – $1,500,000 | 680+ | 70% | 70% | 65% | 6 |
| 660–679 | 70% | 70% | 60% | 6 | ||
| 640–659 | 60% | 60% | 50% | 6 |
Investment
| Property Type | Loan Amount | Credit Score | Purchase Max LTV | Rate/Term Max LTV | Cash-Out Max LTV | Reserves (mo.) |
|---|---|---|---|---|---|---|
| SFR / PUD / Condo (1-Unit) | ≤ $1,000,000 | 700+ | 75% | 75% | 70% | 3 |
| 680–699 | 70% | 70% | 65% | 3 | ||
| 660–679 | 70% | 70% | 60% | 3 | ||
| SFR / PUD / Condo (1-Unit) | $1,000,001 – $1,500,000 | 700+ | 75% | 75% | 70% | 6 |
| 680–699 | 70% | 70% | 65% | 6 | ||
| 660–679 | 70% | 70% | 60% | 6 | ||
| 2–4 Units | ≤ $1,000,000 | 680+ | 65% | 65% | 60% | 3 |
| 660–679 | 60% | 60% | 55% | 3 | ||
| 2–4 Units | $1,000,001 – $1,500,000 | 680+ | 65% | 65% | 60% | 6 |
| 660–679 | 60% | 60% | 55% | 6 |
Footnotes & Additional Requirements
- ¹ Second Homes: 2–4 unit properties not allowed.
- Cash-Out (Texas): Texas Cash-Out 50(a)(6) not eligible.
- No Credit Score: Limited to 65% Max LTV/CLTV and 1-Unit properties only. Must meet same requirement as score of 620 for Purchase/R/T and 660 for Cash-Out.
- Interest Only: Min FICO 700 | Max LTV/CLTV 70%.
- P&L Income Option: Min FICO 700.
- Declining Market: 5% LTV Reduction applies.
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LOAN PARAMETERS
| PARAMETER | DETAIL |
|---|---|
| Eligible Income Doc Types | Salary: WVOE Self-Employed: Full Doc (2-yr Tax Returns), P&L (12 mo.), Bank Statements (12 or 24 mo.), 1-Year 1099 |
| Max DTI | 50% |
| Available Loan Terms | Fixed Rate: 30 Year Interest Only: 10-Year I/O on 30-Year Fixed — qualified at higher of Note Rate or Fully Indexed Rate |
| Minimum Loan Amount | $100,000 |
| Eligible Occupancy Types | Primary Residence, Second Home, Investment Property |
| Pre-Payment Penalty (PPP) | State-specific; refer to PPP Matrix |
| Ineligible Property Types | Working Farms / Ranches / Orchards Hobby Farms Condotels / Co-ops Timeshares Mixed-Use Modular / Manufactured / Mobile Homes Unique Homes (Log Homes, Geodesic Domes, Tiny Homes, Barndominiums, etc.) |
| Eligible Borrowers | ITIN Borrowers with valid government photo ID (license, passport). Visa/EAD card not required. Co-Borrowers with SSN allowed. Individuals (sole ownership, joint tenancy, tenancy in common, etc.) Inter-Vivos Revocable Trusts (must meet Fannie Mae guidelines) |
| First Time Homebuyers | Allowed. May NOT use proposed rental income to qualify for investment property purchases. |
| Rate/Term Refinance — Seasoning | No seasoning required. Non-purchase money mortgages: 6 months seasoning. Max cashback: lesser of $5,000 or 2% of new loan amount. |
| Cash-Out Refinance — Seasoning | 6 months required. If property acquired < 12 months, LTV/CLTV based on lower of appraised value or purchase price + documented improvements. |
| Seller Concessions (IPC) | > 75% LTV/CLTV: 6% max ≤ 75% LTV/CLTV: 9% max |
| Max LenderMAC Loans / Borrower | 4 loans; Aggregate loan amount may not exceed $5 million |
| Escrow Hold Back | Ineligible |
| Impounds / Escrow | May be waived per state law. HPML and flood insurance must be escrowed. |
| Approved States | Refer to eligible states list on website |
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CREDIT GUIDELINES
| CATEGORY | GUIDELINE |
|---|---|
| Credit Report | Tri-Merged Credit Report using Borrower's ITIN Number required. |
| Qualifying FICO | Middle score of 3 scores, or lower of 2 scores. |
| No Credit Score — Default FICO | 620 for Purchase & Rate/Term Refinance; 660 for Cash-Out Refinance. |
| Frozen Accounts | Invalid credit score due to frozen account must be unfrozen; new credit report required. |
| Credit Inquiries | Must confirm no undisclosed debt. |
| Minimum Tradelines (with Score) | Per program matrix; if not met, non-traditional tradelines may be provided in Credit Supplement format. |
| Minimum Tradelines (No Score) | 3 Non-Traditional tradelines documented in credit supplement. |
| Acceptable Non-Traditional References | Housing payments, installment loans, non-payroll deducted insurance, auto/renter's insurance, lease payments, local store payments, childcare, documented loans. |
| Authorized User Accounts | May be excluded from Debt-to-Income calculation. |
| Disputed Accounts | Must be supported by credit supplement showing dispute removed and remaining balance details. |
| Collections / Charge-Offs | Non-medical: if within past 3 years and > $5,000 (individually or in aggregate), must be paid off. |
| Judgments / Garnishments / Liens | All delinquent credit (including taxes, judgments, tax liens) must be paid at or before closing. |
| Deed in Lieu / Pre-Foreclosure / Short Sale | Waiting period required — refer to Note date guidelines. Credit events > 7 years not counted. |
| Bankruptcy | 3 years from discharged/dismissed date to Note date. |
| Foreclosure | Refer to program-specific seasoning requirements. |
| Mortgage / Rent History | No more than 1×30 late payment within 12 months. |
| VOM / VOR — Private Landlord | 12 months cancelled checks, bank statements, Credit Supplement, or similar acceptable evidence. |
| Age of Credit Documents | Credit Reports: 120 days Refresher Credit: within 10 days Title Reports: 120 days Employment/Income: 90 days Asset Docs: 90 days Appraisal: 120 days |
| IRS Debt | Must be paid in full prior to closing, or IRS Payment Agreement provided with 3 months' payments. |
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INCOME GUIDELINES
| INCOME TYPE | DOC OPTION | REQUIREMENTS / NOTES |
|---|---|---|
| Wage Earner | Full Doc | Minimum 2 years employment history. Verbal VOE within 10 business days prior to note date. |
| Self-Employed — Full Doc | 2-Year Tax Returns | Most recent 2 years personal & business tax returns, YTD P&L, business/professional license for past 2 years. IRS Transcripts required. |
| Self-Employed — P&L Only | P&L (12 mo.) | Licensed Tax Preparer (CPA, CTEC, EA) prepared P&L for most recent 12 months. PTINs not acceptable. End date must be < 90 days from closing. |
| Self-Employed — P&L + Bank Stmts | P&L + 2 mo. Bank Stmts | CPA/CTEC/EA P&L supported by min 2 months business bank statements. Deposits must be ≥ P&L sales/revenue (or no more than 20% below). Qualifying income = lower of: (a) P&L net income ÷ 12, or (b) avg monthly deposits. |
| Self-Employed — 1099 | 1-Year 1099 | Business owners paying via 1099 NOT eligible. Gross 1099 income minus 10% expense factor = qualifying income. 1099 Tax Transcripts required. |
| Self-Employed — Bank Statements (Business) | 12 or 24 mo. | Min 25% ownership required. 100% owner required if using personal bank statements (sole prop, SMLLC, Sch C). Large deposits (>150% avg monthly) must be documented. |
| Self-Employed — Bank Statements (Personal) | 12 or 24 mo. | Borrower must be 100% owner. Deduct deposits not associated with business. Joint accounts: only 50% of deposits considered. NSF occurrences require LOE. |
| Rental Income | Lease / Form 1007 or 1025 | Qualify at gross rent × 75% (vacancy factor). Non-subject property: lower of current lease or market data. New purchase: lower of lease or Form 1007/1025 rent schedule. |
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ASSETS & RESERVES
| CATEGORY | GUIDELINE |
|---|---|
| Acceptable Liquid Asset Docs | Most recent 1-month bank statement VOD covering at least 30 days balance Sourcing of large deposits NOT required |
| Business Funds | Eligible per % of borrower's ownership of business |
| Reserves — ≤ $1,000,000 Loan | 3 Months PITIA |
| Reserves — > $1,000,000 Loan | 6 Months PITIA |
| Interest Only Loans — Reserves | Based on ITIA (excludes principal) |
| Reserve Scope | Required for subject property only. Cash-out net proceeds may be used to meet reserve requirements. |
| Restricted Stock Units (RSUs) | NOT eligible for reserves |
| Life Insurance Net Cash Value | 100% of vested amount may be considered for reserves |
| 1031 Exchange | Assets from Like-Kind Exchange eligible if properly documented per IRC and Fannie Mae guidelines |
| Gifts | Allowed; donor must state repayment is not expected |
| Asset Document Age | Must be dated within 90 days of Note date |
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PROPERTY GUIDELINES
| TOPIC | GUIDELINE |
|---|---|
| Appraisal — ≤ $1.5MM | One full appraisal + CDA* if both CU and LCA scores exceed 2.5 |
| Appraisal — Transferred | Permitted; CDA required when both CU and LCA scores exceed 2.5 or score unavailable. Must comply with AIR. |
| CDA Variance Tolerance | Must be within 10%. If variance exceeds 10% (lower than appraised value), additional appraisal or CDA may be required. |
| Appraisal — Flip (≤365 days) | A CDA is required. No assignment of contract to another buyer. Acknowledgement from borrower required. |
| Declining Market | 5% LTV reduction applies when appraiser indicates declining market. |
| Rural Property — Criteria | Neighborhood < 25% built-up; area zoned agricultural; comparable outbuildings or large storage sheds. |
| Rural Property — Eligibility | 1-unit only; Purchase and R/T Refi only (no cash-out); max 10 acres; max 70% LTV; neighborhood ≥ 25% built-up; no working farm; no income generation; no transferred appraisals. |
| Solar Panels (Leased / PPA) | May not be included in appraised value. Property must maintain alternate electric access. Lease/PPA must include damage repair obligation and loss payee restrictions for lender protection. |
| Condos — Warrantable | Must comply with Fannie Mae B4-2 Project Standards. Not in 'Unavailable' status in CPM. |
| Condos — Non-Warrantable | Minimum loan: $175,000. Full Lender Review required; Limited Review not allowed. Arms-length transaction required. Max LenderMAC exposure: 20% of total project units. |
| Non-Warrantable — Commercial Space | Up to 50% allowed |
| Non-Warrantable — HOA Reserves | ≥ 5% minimum annual budgeted replacement reserve |
| Non-Warrantable — Investor Concentration | Up to 30% allowed |
| Non-Warrantable — Delinquent HOA Dues | No more than 25% of total units may be 60+ days past due on HOA fees |
| Non-Warrantable — Master Policy | Up to 10% allowed |
| ADUs — General | Total units + ADUs may NOT exceed 4. ADU must be subordinate in size, have separate ingress/egress, kitchen, and bathroom. Cannot be accessible only through primary dwelling. |
| ADUs — Rental Income | Qualify at gross rent × 75%. Form 1007 required. Owner-Occupied/2nd Home: ADU income may NOT be used for qualifying. |
| HPML — Second Appraisal | >10% price increase if seller acquired property in past 90 days; >20% increase if seller acquired in past 91–180 days. Borrower may not pay for 2nd appraisal. |
| For Sale By Owner (FSBO) | Allowed; must confirm no property flipping and arms-length transaction. |