Are we able to go over 70% LTV on a DSCR cash out refi with ratio < 1.0?
In most programs, 70% LTV is the hard ceiling for a DSCR cash-out refi at sub-1.0 coverage. The one exception identified across the reviewed guidelines is JMAC Lending's Newport DSCR program, which permits up to 75% LTV on loan amounts ≤ $1.0M at DSCR 0.75–0.99 with 700+ FICO.
DSCR Cash-Out Refi at DSCR < 1.0 — Maximum LTV by Lender
Greenbox — Elite DSCR (DSCR 0.75x–0.99x)
| Loan Amount | Min FICO | C/O Refi Max LTV |
|---|---|---|
| $150K–$1.0M | 720 / 700 | 70% |
| $150K–$1.0M | 680 | 60% |
| $150K–$1.0M | 660 | N/A |
| $1.0M–$1.5M | 700 | 70% |
| $1.0M–$1.5M | 680 | N/A |
| $1.5M–$2.0M | 700 | 65% |
| $1.5M–$2.0M | 680 | N/A |
| $2.0M+ | — | Not eligible at DSCR < 1.0 |
- 70% is the maximum cash-out LTV, available only at 700+ FICO on loan amounts up to $1.5M.
- Additional overlay: "DSCR < 1.00x: $500,000" max cash-in-hand.
Nations Direct — Ignite Express DSCR (DSCR 0.75–0.99)
| Loan Amount | FICO | C/O Refi Max LTV |
|---|---|---|
| $100K–$1.5M | 720–680 | 70% |
| $1.5M–$2.0M | 720–700 | 65% |
| $1.5M–$2.0M | 680 | 60% |
| $2.0M–$2.5M | 720–680 | 60% |
| $2.5M+ | — | N/A for DSCR < 1.0 |
- Explicitly states: "Unlimited Cash Out no LTV restrictions with DSCR 1.00 and above. Maximum LTV DSCR .75 to .99 = 70%" — confirming 70% is the firm cap for this program tier.
Nations Direct — NonQM Express DSCR (DSCR 0.75–0.99)
| Loan Amount | FICO | C/O Refi Max LTV |
|---|---|---|
| $150K–$1.0M | 700 | 70% |
| $150K–$1.0M | 680 | 60% |
| $1.0M–$1.5M | 700 | 70% |
| $1.0M–$1.5M | 680 | N/A |
| $1.5M–$2.0M | 700 | 65% |
| $1.5M–$2.0M | 680 | N/A |
| $2.0M+ | — | N/A for DSCR < 1.0 |
- "Product Code 110 with a score below 700 is 65% for Rate and Term and ineligible for Cash Out."
JMAC Lending — Venice DSCR (DSCR < 1.00)
Domestic borrowers:
| FICO | Loan Amount | C/O Refi Max LTV |
|---|---|---|
| 700+ | ≤ $1.5M | 70% |
| 700+ | $1.5M–$2.0M | 65% |
| 700+ | $2.0M+ | N/A |
| 680–699 | Any | Not available |
Foreign National borrowers:
| FICO | Loan Amount | C/O Refi Max LTV |
|---|---|---|
| 680 | ≤ $1.5M | 65% |
| 680 | $1.5M–$2.0M | 60% |
JMAC Lending — Newport DSCR (DSCR 0.75–0.99) — Exception Program
| Loan Amount | FICO | C/O Refi Max LTV |
|---|---|---|
| ≤ $1.0M | 700 / 680 / 660 | 75% |
| ≤ $1.0M | 640 | 60% |
| ≤ $1.0M | 620 | 55% |
| $1.0M–$1.5M | 740+ / lower tiers | 75% or 70% |
| $1.5M–$2.0M | 740+ / lower tiers | 70% / 65% / 60% |
- Newport DSCR is the only program in the reviewed guidelines that allows cash-out above 70% LTV at DSCR < 1.0 — up to 75% LTV at ≤ $1.0M loan amounts with 660+ FICO.
Newfi Lending — Sequoia DSCR — Hard Ineligible
- "Cash out available only on DSCR >= 1" — cash-out at sub-1.0 DSCR is not permitted under this program.
Greenbox — FN/ITIN DSCR (DSCR 0.75x–0.99x)
- Foreign National borrowers: max C/O LTV = 65% across all loan tiers.
- ITIN borrowers: max C/O LTV = 50%.
Forward Lending — Sub1 DSCR (DSCR ≥ 0.75 < 1.0)
- Dedicated Sub1 DSCR program tier; cash-out LTV up to 65% on loan amounts ≤ $1.0M, scaling down at higher balances.
- For inexperienced investors: "60% Max LTV & C/O not allowed for Sub1."
Overlays that can further reduce LTV below the program cap
- Vacant property: additional 5–10% LTV reduction at most lenders.
- Declining market: typically 5–10% reduction.
- FICO below 700: cash-out at sub-1.0 DSCR often becomes ineligible entirely.
- Property type (condo, 2–4 unit, rural): additional LTV reductions apply.
