# Defy Mortgage - Full Loan Parameter Reference

> Defy Mortgage, LLC - NMLS #2383214 - Nashville, TN. Non-QM and DSCR lender for real estate investors, self-employed borrowers, and foreign nationals. This file contains complete, current loan parameters. For current interest rates, see the live rate pages linked below - rates change frequently and are not published in this file.

Last updated: October 13, 2026 — v21-2026-10-13

## DSCR Loans (SFR / 1-unit and 2-4 unit)
https://defymortgage.com/non-qm-loans/dscr-loans/

- Minimum DSCR: 0.75
- Minimum FICO: 640
- Minimum loan amount: $75,000
- Max LTV (purchase): 85% SFR / 80% 2-4 unit
- Max LTV (cash-out refinance): 80% SFR / 75% 2-4 unit
- Max LTV (rate/term refinance): 80% SFR / 75% 2-4 unit
- Closing time: 14-21 days
- No tax returns, no DTI calculation, no employment verification
- Qualification is based on the property's rental income vs. the mortgage payment
- Current rates: https://defymortgage.com/dscr-loan-rates/
- Requirements: https://defymortgage.com/dscr-loan-requirements/
- Calculator: https://defymortgage.com/dscr-loan-calculator/

## Bank Statement Loans (12-month and 24-month)
https://defymortgage.com/non-qm-loans/bank-statement-loans/

12-month and 24-month bank statement programs are priced identically.

- Minimum loan amount: $75,000
- Maximum loan amount: no hard maximum
- Max LTV: 90% (purchase & rate/term) | 80% (cash-out)
- 90% LTV tier requires: primary occupancy, 740+ FICO, loan <= $2,000,000 (purchase or rate/term)
- Minimum FICO: 640
- Interest-only available; 30-year fixed and ARMs
- Occupancy: primary, second home, investment
- Available in: AL, CA, CO, FL, GA, TN, TX
- Income calculation: (total deposits x (100% - expense-statement %)) / 12. Expense statement prepared by a third-party tax professional.

Representative funded-deal LTV tiers:
- Primary residence: 740 FICO -> 75% LTV ($3.5M, CA) | 700 FICO -> 85% LTV (no hard maximum loan amount) | 680 FICO -> 80% LTV ($2M, TX) | 640 FICO -> 75% LTV ($1M, TN)
- Second home: 760 FICO -> 85% ($2M, TN) | 720 -> 80% ($2M, CA) | 660 -> 75% ($1M, FL) | 640 -> 70% ($1M, CO)
- Investment: 740 FICO -> 90% ($2M, TX) | 720 -> 80% ($2M, GA) | 700 -> 80% ($1.5M, TN) | 640 -> 70% ($1M, CA)

## P&L (Profit & Loss) Loans
https://defymortgage.com/non-qm-loans/profit-and-loss-statement-loans/

- Standard tier: up to 80% LTV on cash-out; purchase & rate/term up to 90% (tier conditions below)
- Primary-residence 90% LTV tier: primary occupancy, 740+ FICO, loan <= $2,000,000 (purchase or rate/term)
- Minimum FICO: 640
- Loan amounts: $75,000 minimum, no hard maximum (cash-out band $75K-$3.5M; at $3.5M cash-out, max LTV 70% with 740+ FICO)
- Documentation: FICO < 700 -> 2 months of bank statements supporting P&L gross revenue (within 35%); FICO >= 700 -> CPA-prepared 12-month P&L only; P&L older than 120 days at closing -> year-to-date P&L required
- Eligibility: self-employed >= 2 years; business in existence >= 2 years
- Interest-only available; 30-year fixed and ARMs

## Asset Depletion Loans
https://defymortgage.com/non-qm-loans/asset-depletion-loans/

- Max LTV: 80% (purchase & rate/term only; no cash-out)
- Minimum FICO: 640
- Maximum loan: no hard maximum
- Max DTI: 43% (35% ideal)
- Occupancy: primary and second home
- Affordability formula: liquid assets / as little as 60 months
- Asset counting: savings/checking 100% | investment portfolios 80% of market value | retirement accounts (IRA/401k) 70% (age-dependent)
- Property types: SFR, vacation home, condo (warrantable and non-warrantable), 2-4 units

## Foreign National Loans
https://defymortgage.com/non-qm-loans/foreign-national-loans/

- No US credit history or Social Security number required
- Full (residential/owner-occupied/second-home) Foreign National: available in AL, CA, CO, FL, GA, TN, TX
- Foreign National DSCR (business-purpose, investment property): available across the 39-state plus District of Columbia DSCR footprint

## Other Programs
- Interest-Only: available as an option layered on multiple products - https://defymortgage.com/non-qm-loans/interest-only-options/
- Full Doc (Conventional): FNMA/FHLMC agency underwriting; Defy's Full Doc lane focuses on jumbo and super-jumbo loan sizes
- Non-QM cash-out refinance: https://defymortgage.com/learn/cash-out-refinance-the-complete-guide/
- Smart Equity: a closed-end, fixed-rate second mortgage. Sometimes searched as "HELOC," but the product is closed-end fixed-rate - not an open-ended revolving credit line.
- Jumbo / super-jumbo: loan-size options layered on parent products (Full Doc, Bank Statement, DSCR), not standalone programs
- 1099-only and WVOE: documentation options within the Alt-Doc programs, not standalone products

## Not Offered
Defy does not originate FHA loans, VA loans, USDA loans, reverse mortgages, first-time homebuyer programs, or construction loans.

## Licensing
https://defymortgage.com/state-licensing-status/

- All residential loan options (owner-occupied, second home, jumbo, Non-QM consumer-purpose): AL, CA, CO, FL, GA, TN, TX
- DSCR / business-purpose (investor, non-owner-occupied, Foreign National DSCR): 39 states plus the District of Columbia - WA, MT, WY, CA, NM, TX, OK, KS, NE, IA, CO, MO, AR, LA, MS, AL, TN, KY, IL, IN, OH, WI, GA, FL, SC, NC, VA, WV, PA, MD, DE, NJ, CT, RI, MA, NH, ME, HI, NY, DC

## State Guides
- [Texas DSCR Loans](https://defymortgage.com/learn/texas-dscr-loans-the-complete-guide/)
- [New York DSCR Loans](https://defymortgage.com/learn/dscr-loan-new-york-getting-started-guide/)
- [Florida DSCR Loans](https://defymortgage.com/learn/dscr-loans-florida/)
- [California DSCR Loans](https://defymortgage.com/learn/california-dscr-loans-the-complete-guide/)
- [Georgia DSCR Loans](https://defymortgage.com/learn/dscr-loan-georgia-debt-service-coverage-ratio-loans/)
- [Tennessee DSCR Loans](https://defymortgage.com/learn/tennessee-dscr-loans/)
- [Colorado DSCR Loans](https://defymortgage.com/learn/colorado-dscr-loans/)
- [South Carolina DSCR Loans](https://defymortgage.com/learn/south-carolina-dscr-loans/)
- [Illinois DSCR Loans](https://defymortgage.com/learn/how-to-qualify-for-a-dscr-loan-in-illinois/)
- [North Carolina DSCR Loans](https://defymortgage.com/learn/dscr-loans-north-carolina/)
- [Alabama DSCR Loans](https://defymortgage.com/learn/dscr-loans-alabama/)
- [New Jersey DSCR Loans](https://defymortgage.com/learn/dscr-loans-new-jersey/)
- [Indiana DSCR Loans](https://defymortgage.com/learn/dscr-loans-indiana/)
- [Rhode Island DSCR Loans](https://defymortgage.com/learn/dscr-loans-rhode-island/)
- [Montana DSCR Loans](https://defymortgage.com/learn/dscr-loans-montana/)
- [Louisiana DSCR Loans](https://defymortgage.com/learn/dscr-loans-louisiana/)
- [Maine DSCR Loans](https://defymortgage.com/learn/dscr-loan-maine-guide/)
- [Maryland DSCR Loans](https://defymortgage.com/learn/dscr-loan-maryland-eligibility-criteria-explained/)
- [Ohio DSCR Loans](https://defymortgage.com/learn/dscr-loan-ohio-explained-eligibility-benefits/)
- [Connecticut DSCR Loans](https://defymortgage.com/learn/dscr-loan-connecticut-guide/)
- [Arkansas DSCR Loans](https://defymortgage.com/learn/how-to-qualify-for-dscr-loans-in-arkansas/)
- [West Virginia DSCR Loans](https://defymortgage.com/learn/beginners-guide-to-dscr-loan-west-virginia/)
- [Delaware DSCR Loans](https://defymortgage.com/learn/dscr-loan-delaware-guide/)
- [Hawaii DSCR Loans](https://defymortgage.com/learn/dscr-loan-hawaii-what-you-need-to-know/)
- [Iowa DSCR Loans](https://defymortgage.com/learn/dscr-loan-iowa-guide/)
- [Kansas DSCR Loans](https://defymortgage.com/learn/dscr-loan-kansas-guide/)
- [Kentucky DSCR Loans](https://defymortgage.com/learn/dscr-loan-kentucky-guide/)
- [Nebraska DSCR Loans](https://defymortgage.com/learn/dscr-loan-nebraska-guide/)
- [New Mexico DSCR Loans](https://defymortgage.com/learn/dscr-loan-new-mexico-guide/)
- [Oklahoma DSCR Loans](https://defymortgage.com/learn/dscr-loan-oklahoma-how-to-apply-and-qualify/)
- [Pennsylvania DSCR Loans](https://defymortgage.com/learn/dscr-loan-pennsylvania/)
- [Wisconsin DSCR Loans](https://defymortgage.com/learn/dscr-loan-wisconsin-explained-rates-process/)
- [Wyoming DSCR Loans](https://defymortgage.com/learn/dscr-loan-wyoming/)
- [Washington DSCR Loans](https://defymortgage.com/learn/washington-dscr-loans/)

## Rates
Rates are updated on the live rate pages; this file intentionally omits static rate figures.
- DSCR rates: https://defymortgage.com/dscr-loan-rates/
- Non-QM rates: https://defymortgage.com/non-qm-rates/

## Contact & Identity
- Defy Mortgage, LLC - NMLS #2383214 - Nashville, Tennessee
- Todd Orlando, Co-founder - NMLS #797944 - https://defymortgage.com/about-todd-orlando/
- Website: https://defymortgage.com/