Compare Loan Programs. Find your fit in one table.
Every program we broker, side by side — real minimums, real state footprints, no vague ranges. These are the same rules our 60-second qualifier enforces.
Program details last reviewed: August 23, 2026 · Questions? Call/text 949-738-9770
All programs at a glance
| Program | Best for | Credit | Loan range | Down payment / equity | Income documentation | Property types |
|---|---|---|---|---|---|---|
| HELOC | Tapping equity fast without touching your first mortgage | 620+ (hard floor) | $50K–$5M | Up to 90% CLTV (80% in Texas by state law) | Streamlined — no appraisal (automated valuation), soft pull to see options | 1–4 units, owner or non-owner occupied |
| P&L Only Loan | Self-employed borrowers whose tax returns understate income | 660+ | From $150K | Purchases: 20% down at 680+, 25% at 660–679; investment purchases 20% minimum | One profit & loss statement (CPA-prepared; self-prepared options) — no tax returns, no bank statements | Primary, second home, investment |
| DSCR | Investors qualifying on the property’s rent, not personal income | Flexible (sub-620 conditional) | $75K–$3M | 20% minimum down on purchases (80% max LTV) | None personal — rental income covers the debt service | Investment only; not offered in SD/ND/VT (limited refi exception) |
| Long & Short-Term Rental | Airbnb/STR and long-term rental investors | Flexible (sub-620 conditional) | $75K–$3M | 20% minimum down on purchases | DSCR-style — qualifies on rent | Investment only |
| Cash-Out / Investor Refi | Pulling equity out of rentals | Flexible | $75K–$5M | Equity-based; refinance only | DSCR-style options | Investment only |
| Hard Money | Speed and asset-based approvals when the file is unusual | Flexible — purchase minimums are FICO-tiered | $75K–$5M | Purchases: 10% down with 700+ FICO (carries 3.5 points); 15% down below 700 | Asset-based | Investment nationwide; primary residence in OR, ID, WA, CA & FL only |
| Conventional | Strong-file purchases and refis at the best pricing | 620+ | $75K–$5M | From 3% down (primary); 20% minimum on investment purchases; removable PMI | Full documentation | Primary, second, investment — 21 states (list) |
| FHA | Lower credit or smaller down payments on a primary home | Flexible; below 620 needs 20% down | $75K–$5M | From 3.5% down | Full documentation | Primary residence only |
| VA | Veterans — purchase or cash-out | Flexible; below 620 needs 10% down | $75K–$5M | 0% down possible on purchases | Full documentation | Primary only; no VA cash-out in Texas (IRRRL still allowed) |
| Reverse Mortgage | Homeowners 62+ converting equity to cash flow | Credit-flexible | Up to $5M (equity-driven) | Roughly 50%+ equity required | Minimal | Primary residence, 62+ |
| HEA | Equity access with no monthly payments | Accepted from the 500s | $50K–$600K | Equity-share agreement, not a loan payment | Minimal | 11 states (list) |
DSCR vs. Conventional for an investment property
Both work for rentals — the difference is what does the qualifying. A conventional investment loan underwrites you: your tax returns, your DTI, your W-2s. A DSCR loan underwrites the property: if the rent covers the payment, the deal qualifies, even if your personal tax returns are thin from write-offs.
| DSCR | Conventional (investment) | |
|---|---|---|
| Qualifies on | The property’s rental income (debt-service coverage) | Your personal income, tax returns & DTI |
| Minimum down (purchase) | 20% (80% max LTV) | 20% |
| Tax returns required | No | Yes — full documentation |
| Loan range | $75K–$3M | $75K–$5M |
| Credit | Flexible; sub-620 conditional (50%+ down on purchases) | 620+; sub-620 investment purchase needs 30%+ down |
| Where | Nationwide except SD/ND/VT | 21 states — see state availability |
| Choose it when | Write-offs shrink your taxable income, you own through an LLC, or you’re scaling past conventional loan limits | Your documented income is strong and you want the sharpest pricing |
HELOC vs. Cash-Out Refinance vs. HEA
Three ways to turn equity into cash. The deciding question is almost always: what happens to your existing first mortgage? A HELOC leaves it untouched — critical if you locked a low rate. A cash-out refinance replaces it entirely. An HEA takes payments off the table altogether in exchange for sharing future appreciation.
| HELOC | Cash-Out Refinance | HEA | |
|---|---|---|---|
| Keeps your current first mortgage? | Yes — sits behind it | No — replaces it | Yes |
| Monthly payment | Yes, on what you draw | Yes, new full payment | None — settled when you sell or refinance |
| Amount | $50K–$5M, up to 90% CLTV | $75K–$5M, equity-based | $50K–$600K |
| Credit floor | 620 — no exceptions | Flexible | Accepted from the 500s |
| Speed | As fast as 5 business days (no appraisal) | Typically 2–4 weeks | Varies |
| Where | 40 states + DC | Investment: nationwide | 11 states |
| Choose it when | Your first-mortgage rate is low and you want speed | You want one payment, or rates favor a full reset | Payments don’t fit the budget, or credit blocks the other two |
Texas note: state law caps home-equity lending at 80% combined LTV and adds a 12-day waiting period; VA cash-out refinances aren’t permitted in Texas at all.
Self-employed: P&L Only vs. full-doc Conventional
Tax strategy and mortgage qualifying pull in opposite directions: every legitimate write-off lowers the income a conventional underwriter sees. The P&L Only loan resolves that — one profit & loss statement is the entire income file. No tax returns, no bank statements, no deposit reviews.
| P&L Only | Conventional full-doc | |
|---|---|---|
| Income file | One P&L statement (CPA-prepared; self-prepared options) | 2 years of tax returns, W-2s/1099s, bank statements |
| Write-offs hurt you? | No | Yes — they reduce qualifying income |
| Credit | 660+ | 620+ |
| Minimum loan | $150K | $75K |
| Down payment (purchase) | 20% at 680+ credit; 25% at 660–679; investment 20% min | From 3% primary / 20% investment |
| Choose it when | Your returns understate what you actually earn | Your documented income already qualifies you |
Hard Money vs. DSCR for investors
Hard money buys speed and flexibility — asset-based approvals for flips, bridges, unusual properties, or credit situations DSCR can’t price. DSCR buys cheaper long-term money for stabilized rentals. Many investors use both: hard money to close fast, DSCR to refinance out once the property is rented.
| Hard Money | DSCR | |
|---|---|---|
| Underwrites | The asset | The rent vs. the payment |
| Purchase minimum down | 10% with 700+ FICO (3.5 points); 15% below 700 | 20% |
| Where | Investment: nationwide. Primary: OR, ID, WA, CA, FL | Nationwide except SD/ND/VT |
| Best for | Flips, bridge situations, speed, unusual files | Stabilized long-term rentals |