The Studio A team at Rize Mortgage  ·  Plantation, FL  ·  Your direct contact: Geoffrey Nguyen
Direct(760) 608-9941 · Geoff.Nguyen@homeloanstudio.com
Home Loan Studio · A Team at Rize Mortgage Start a conversation
Programs

Programs. In detail.

Most lenders run a handful of standard programs. The studio runs dozens. Here are the programs that come up most often and what each one is for.

Programs

Many doors, one studio.

Conventional, FHA, VA, USDA, Jumbo, DSCR, Non-QM: most lenders treat these as separate products with separate price sheets. The studio treats them as different doorways into the same conversation.

The work is the same: read the file, find the right program, file the application correctly the first time, communicate at each milestone.

Which door fits your situation depends on credit, income structure, down payment, and goal. Geoffrey identifies the right one during the first conversation.

03
Elevation Many faces, one house
01  ·  Conventional & government

The core programs.

Most files fit into one of four standard programs. Each has specific eligibility, specific structure, and specific situations where it is the right choice for you.

Conventional
3% to 20% down.
As low as 3% down for first-time buyers. 5% to 20% for most others. Private Mortgage Insurance required below 20%, but it can be removed once you have 22% equity. The default for stable W-2 income with good credit.
Best for: stable income, good credit, planning to stay 5+ years
FHA
3.5% down.
Federally insured. More flexible credit guidelines than conventional. Allows lower credit scores. Mortgage insurance typically stays for the life of the loan, which sometimes makes refinancing later attractive. Pairs well with down payment assistance.
Best for: lower credit scores, first-time buyers, DPA combinations
VA
0% down for veterans.
Guaranteed by the Department of Veterans Affairs. Available to active-duty service members, veterans, and qualifying surviving spouses. No down payment required. No PMI. Competitive rates. Funding fee can be financed into the loan.
Best for: service members, veterans, surviving spouses
USDA
0% down for eligible areas.
Backed by USDA Rural Development. 0% down for properties in designated rural and some suburban areas. Income limits apply. Many fringe suburbs qualify even though they do not feel rural. Worth checking eligibility on the property.
Best for: rural and outlying suburban properties
02  ·  Jumbo

Above the conforming limit.

If your loan amount exceeds the FHFA conforming limit, you are in jumbo territory. Different investors, different guidelines, sometimes better rates than conforming.

Where jumbo starts

The 2026 conforming limit is approximately $806,500 for one-unit properties in most counties, higher in high-cost areas (up to roughly $1.21M). Any loan amount above the applicable limit is a jumbo loan.

What jumbo requires

  • Generally higher credit minimums than conforming (typically 720+, though some investors flex lower)
  • Larger down payments (10% to 25% typical, varies by loan amount and property type)
  • More reserves (6 to 24 months of PITI in reserves is common)
  • Full income documentation, though some jumbo programs accept alt-doc (bank statement, asset utilization)

Why this can be good news

In recent years, jumbo rates have sometimes been lower than conforming for the same borrower, because jumbo files are typically lower-risk on average. If you are near the conforming threshold, worth running the math on both.

03  ·  Investor files

DSCR. Qualifies on the property.

Debt-Service Coverage Ratio loans qualify on the rental property's cash flow, not your personal income. The default choice for serious investors. The studio also runs three DSCR variants most lenders don't: no-ratio DSCR, first-time investor DSCR, and DSCR with gifted down payment.

How DSCR works

The qualifying ratio is the property's projected rental income divided by the loan's monthly principal, interest, taxes, and insurance. A DSCR of 1.0 means the property pays for itself. Most investors target 1.2 or higher, meaning rent covers debt service plus 20%.

No tax returns required. No employment verification. No personal debt-to-income calculation. The file qualifies on the property's economics.

Typical DSCR file

  • 20% to 25% down (sometimes 15% on certain product variants)
  • Credit minimums typically 660 to 680
  • Borrower can be an LLC or an individual
  • Rent verified by lease, market rent appraisal, or investor-stated
  • 3 to 12 months reserves required depending on the investor and loan size

Where DSCR fits

Self-employed investors whose tax returns understate real income. Investors who already own enough properties that traditional DTI math does not work. Short-term rental investors where AirDNA or Mashvisor data supports the rental projection. First-time investors who don't yet have landlord history. Borrowers who need to use gifted funds for the down payment.

What sets these DSCR options apart

Most DSCR programs share a baseline set of rules. The variants below relax specific constraints that block otherwise-qualified investors. These are the products that close deals when the standard DSCR file gets stuck.

Variant
No-ratio DSCR.
A no-ratio DSCR loan removes the minimum coverage requirement entirely. The property does not have to cash flow positive to qualify. Useful when rents temporarily lag prices in a hot market, when a property is being acquired for renovation upside, or when short-term rental income exceeds long-term lease comps. Standard DSCR rate adjustments still apply, but the deal stops dying on a 0.9 ratio.
Typical: same down and credit as standard DSCR, no minimum ratio
Variant
First-time investor DSCR.
Most DSCR programs require 6 to 12 months of prior landlord history. A first-time investor DSCR waives that requirement, opening the program to borrowers buying their first rental, professionals doing a 1031 exchange into investment property for the first time, or W-2 earners starting a rental portfolio. The property's economics still have to work; the borrower's investor resume does not.
Typical: no prior landlord history required, primary residence ownership often accepted as housing history
Variant
DSCR with gifted down payment.
Standard DSCR loans require the down payment to come from the borrower's own funds. A DSCR loan that allows gifted funds opens the program to investors getting family help, parents helping adult children buy their first rental, or multi-generational wealth transfer strategies. Gift letter and source documentation requirements are tighter than on owner-occupied loans, but it's a real path.
Typical: gift letter required, donor source documented, gift counts toward down and reserves
04  ·  Self-employed

When your tax returns understate the real income.

The most common self-employed file pattern: a profitable business that writes off enough that tax-return income is far below what the business actually generates. Traditional underwriting penalizes you. Alt-doc programs do not.

Alt-doc
Bank Statement.
12 or 24 months of personal or business bank statements. We calculate qualifying income from deposits, with an expense factor for business accounts. Higher credit minimums (typically 660+) and slightly higher rates than full-doc, but closes when the W-2 path does not.
Typical: 12-24 mo statements, 660+ credit, 10-20% down
Alt-doc
P&L Only.
CPA-prepared profit and loss statement in lieu of tax returns. Faster than bank statement because there is less to underwrite. Requires the CPA to attest to the numbers. Best for established businesses with clean books and a long-standing CPA relationship.
Typical: 24-mo P&L, CPA attestation, 680+ credit
Alt-doc
1099 Income.
For contractors, consultants, and gig-economy professionals. Qualifies off the 1099 amount directly, rather than reconstructing income from bank statements or tax returns. Good for stable contract income.
Typical: 1-2 years 1099s, current YTD validation
Alt-doc
Asset Utilization.
Qualifies off liquid assets divided over a period (typically 60-120 months) to create a calculated income stream. For high-net-worth borrowers whose income is intentionally low but whose assets support the loan amount cleanly.
Typical: substantial liquid assets, 680+ credit
05  ·  Other programs

Less common. Still here.

Specialty
Bridge Loans.
Short-term financing for sell-and-buy situations. Closes the new purchase before the old home sells. Useful in tight inventory markets where you need to write contingency-free offers.
Specialty
Foreign National.
For non-US residents purchasing US property. No US credit required. Larger down payment (typically 25-40%). Documentation requirements vary by investor and country of origin.
Specialty
Non-QM.
The catch-all for loans that fall outside qualified mortgage rules but are otherwise sound. Recent credit events, unconventional income, complex asset structures.
Specialty
Second Homes & Vacation.
Conventional or jumbo second-home financing. Specific occupancy and distance-from-primary rules apply. Different rate and down-payment structure than primary residence financing.