Compare

Compare loan programs: find your fit in one table

Every program we offer, side by side — real minimums, real state footprints, no vague ranges.

All programs at a glance

Every program we offer, side by side — real minimums and state footprints. Tap a program name for full details.

HELOC
Best for
Tapping equity fast without touching your first mortgage
Credit
620+ (hard floor)
Loan range
$50K–$5M
Down payment / equity
Up to 90% CLTV (80% in Texas)
Income documentation
Streamlined — no tax returns, automated valuation
Property & where
1–4 units. Primary: 30 states. Investment: 30 states
P&L Only Loan
Best for
Borrowers whose tax returns understate income
Credit
640+
Loan range
From $150K
Down payment / equity
Purchases: 20% down at 680+, 25% at 660–679, 30% at 640–659
Income documentation
One profit & loss statement — no tax returns, no bank statements
Property & where
Primary, second home, investment
Bank Statement Loan
Best for
Self-employed borrowers with steady deposits
Credit
620+ first position · 660+ second
Loan range
Set per file
Down payment / equity
Set per file
Income documentation
12–24 months of bank statements
Property & where
Primary and investment (not second homes)
DSCR
Best for
Investors qualifying on the property’s rent
Credit
Flexible (below 620 caps at 50% LTV)
Loan range
$75K–$3M
Down payment / equity
20% minimum down on purchases (80% max LTV)
Income documentation
None personal — rent covers the debt service
Property & where
Investment only · 44 states plus Washington, D.C.
Long & Short-Term Rental
Best for
Airbnb/STR and long-term rental investors
Credit
Flexible
Loan range
$75K–$3M
Down payment / equity
20% minimum down on purchases
Income documentation
DSCR-style — qualifies on rent
Property & where
Investment only
Cash-Out / Investor Refi
Best for
Pulling equity out of rentals
Credit
Flexible
Loan range
$75K–$5M
Down payment / equity
Equity-based; refinance only
Income documentation
DSCR-style options
Property & where
Investment: 44 states plus Washington, D.C.
Hard Money
Best for
Speed and asset-based approvals for unusual files
Credit
Flexible — purchase terms tier at 700
Loan range
$75K–$5M
Down payment / equity
10% down with 700+ (3.5 points); 15% below 700
Income documentation
Asset-based
Property & where
Investment: 44 states plus Washington, D.C.. Primary: CA, ID, OR & WA
Conventional
Best for
Strong-file purchases and refinances
Credit
620+ (below-620 exceptions)
Loan range
$75K–$5M
Down payment / equity
From 3% down (primary); 20% on investment purchases; removable PMI
Income documentation
Full documentation
Property & where
Primary, second, investment · 30 states
FHA
Best for
Lower credit or smaller down payments
Credit
500–579 with 10% down; 580+ with 3.5%
Loan range
$75K–$5M
Down payment / equity
From 3.5% down
Income documentation
Full documentation (Streamline: none)
Property & where
Primary residence only · 30 states
VA
Best for
Veterans — purchase or refinance
Credit
Flexible; below 620 needs 10% down
Loan range
$75K–$5M
Down payment / equity
0% down possible on purchases
Income documentation
Full documentation
Property & where
Primary only · 30 states; no VA cash-out in Texas (IRRRL allowed)
Reverse Mortgage
Best for
Homeowners 62+ converting equity to cash flow
Credit
Credit-flexible
Loan range
Up to $5M (equity-driven)
Down payment / equity
Roughly 50%+ equity
Income documentation
Minimal (financial assessment)
Property & where
Primary residence, 62+ · 30 states
HEA
Best for
Equity access with no monthly payments
Credit
Accepted from the 500s
Loan range
$50K–$600K
Down payment / equity
Equity-share agreement, not a loan payment
Income documentation
Minimal
Property & where
11 states

All programs at a glance
Program	Best for	Credit	Loan range	Down payment / equity	Income documentation	Property & where
HELOC	Tapping equity fast without touching your first mortgage	620+ (hard floor)	$50K–$5M	Up to 90% CLTV (80% in Texas)	Streamlined — no tax returns, automated valuation	1–4 units. Primary: 30 states. Investment: 30 states
P&L Only Loan	Borrowers whose tax returns understate income	640+	From $150K	Purchases: 20% down at 680+, 25% at 660–679, 30% at 640–659	One profit & loss statement — no tax returns, no bank statements	Primary, second home, investment
Bank Statement Loan	Self-employed borrowers with steady deposits	620+ first position · 660+ second	Set per file	Set per file	12–24 months of bank statements	Primary and investment (not second homes)
DSCR	Investors qualifying on the property’s rent	Flexible (below 620 caps at 50% LTV)	$75K–$3M	20% minimum down on purchases (80% max LTV)	None personal — rent covers the debt service	Investment only · 44 states plus Washington, D.C.
Long & Short-Term Rental	Airbnb/STR and long-term rental investors	Flexible	$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: 44 states plus Washington, D.C.
Hard Money	Speed and asset-based approvals for unusual files	Flexible — purchase terms tier at 700	$75K–$5M	10% down with 700+ (3.5 points); 15% below 700	Asset-based	Investment: 44 states plus Washington, D.C.. Primary: CA, ID, OR & WA
Conventional	Strong-file purchases and refinances	620+ (below-620 exceptions)	$75K–$5M	From 3% down (primary); 20% on investment purchases; removable PMI	Full documentation	Primary, second, investment · 30 states
FHA	Lower credit or smaller down payments	500–579 with 10% down; 580+ with 3.5%	$75K–$5M	From 3.5% down	Full documentation (Streamline: none)	Primary residence only · 30 states
VA	Veterans — purchase or refinance	Flexible; below 620 needs 10% down	$75K–$5M	0% down possible on purchases	Full documentation	Primary only · 30 states; no VA cash-out in Texas (IRRRL allowed)
Reverse Mortgage	Homeowners 62+ converting equity to cash flow	Credit-flexible	Up to $5M (equity-driven)	Roughly 50%+ equity	Minimal (financial assessment)	Primary residence, 62+ · 30 states
HEA	Equity access with no monthly payments	Accepted from the 500s	$50K–$600K	Equity-share agreement, not a loan payment	Minimal	11 states

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. A DSCR loan underwrites the property: if the rent covers the payment, the deal qualifies, even if your returns are thin from write-offs.

Qualifies on
DSCR
The property’s rental income (debt-service coverage)
Conventional (investment)
Your personal income, tax returns & DTI
Minimum down (purchase)
DSCR
20% (80% max LTV)
Conventional (investment)
20%
Tax returns required
DSCR
No
Conventional (investment)
Yes — full documentation
Loan range
DSCR
$75K–$3M
Conventional (investment)
$75K–$5M
Credit
DSCR
Flexible; below 620 caps at 50% LTV
Conventional (investment)
620+; below-620 investment purchase needs 30%+ down
Where
DSCR
44 states plus Washington, D.C.: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WV and WY
Conventional (investment)
30 states — see state availability
Seasoning to cash out
DSCR
None on loans of $100K+ — appraised value counts immediately (6 months under $100K)
Conventional (investment)
Typically 6–12 months, lender-dependent
Choose it when
DSCR
Write-offs shrink your taxable income, you own through an LLC, or you’re scaling past conventional limits
Conventional (investment)
Your documented income is strong and you want the most standardized loan

DSCR vs. Conventional for an investment property
Item	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; below 620 caps at 50% LTV	620+; below-620 investment purchase needs 30%+ down
Where	44 states plus Washington, D.C.: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WV and WY	30 states — see state availability
Seasoning to cash out	None on loans of $100K+ — appraised value counts immediately (6 months under $100K)	Typically 6–12 months, lender-dependent
Choose it when	Write-offs shrink your taxable income, you own through an LLC, or you’re scaling past conventional limits	Your documented income is strong and you want the most standardized loan

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. A cash-out refinance replaces it. An HEA takes payments off the table in exchange for sharing future appreciation. More in the HEA vs. HELOC guide.

Keeps your current first mortgage?
HELOC
Yes — sits behind it
Cash-Out Refinance
No — replaces it
HEA
Yes
Monthly payment
HELOC
Yes, on what you draw
Cash-Out Refinance
Yes, new full payment
HEA
None — settled when you sell or refinance
Amount
HELOC
$50K–$5M, up to 90% CLTV
Cash-Out Refinance
$75K–$5M, equity-based
HEA
$50K–$600K
Title seasoning
HELOC
None
Cash-Out Refinance
None on DSCR-based refis of $100K+ (6 months under $100K)
HEA
None
Credit floor
HELOC
620 — no exceptions
Cash-Out Refinance
Flexible
HEA
Accepted from the 500s
Speed
HELOC
As little as 5 business days (12-day minimum in Texas)
Cash-Out Refinance
Typically 2–4 weeks
HEA
Varies — typically weeks
Where
HELOC
Primary: 30 states. Investment: 30 states
Cash-Out Refinance
Primary: 30 states. Investment: 44 states plus Washington, D.C.
HEA
11 states
Choose it when
HELOC
Your first-mortgage rate is low and you want speed
Cash-Out Refinance
You want one payment, or a full reset makes sense
HEA
Payments don’t fit the budget, or credit blocks the other two

HELOC vs. Cash-Out Refinance vs. HEA
Item	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
Title seasoning	None	None on DSCR-based refis of $100K+ (6 months under $100K)	None
Credit floor	620 — no exceptions	Flexible	Accepted from the 500s
Speed	As little as 5 business days (12-day minimum in Texas)	Typically 2–4 weeks	Varies — typically weeks
Where	Primary: 30 states. Investment: 30 states	Primary: 30 states. Investment: 44 states plus Washington, D.C.	11 states
Choose it when	Your first-mortgage rate is low and you want speed	You want one payment, or a full reset makes sense	Payments don’t fit the budget, or credit blocks the other two

Texas: 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.

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.

Income file
P&L Only
One P&L statement (CPA-prepared; self-prepared options)
Conventional full-doc
2 years of tax returns, W-2s/1099s, bank statements
Write-offs hurt you?
P&L Only
No
Conventional full-doc
Yes — they reduce qualifying income
Credit
P&L Only
640+
Conventional full-doc
620+
Minimum loan
P&L Only
$150K
Conventional full-doc
$75K
Down payment (purchase)
P&L Only
20% at 680+; 25% at 660–679; 30% at 640–659
Conventional full-doc
From 3% primary / 20% investment
Choose it when
P&L Only
Your returns understate what you actually earn
Conventional full-doc
Your documented income already qualifies you

Self-employed: P&L Only vs. full-doc Conventional
Item	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	640+	620+
Minimum loan	$150K	$75K
Down payment (purchase)	20% at 680+; 25% at 660–679; 30% at 640–659	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 bridges, unusual properties, or credit DSCR can’t price. DSCR buys longer-term money for stabilized rentals. Many investors use both: hard money to close fast, DSCR to refinance out once the property is rented.

Underwrites
Hard Money
The asset
DSCR
The rent vs. the payment
Purchase minimum down
Hard Money
10% with 700+ (3.5 points); 15% below 700
DSCR
20%
Where
Hard Money
Investment: 44 states plus Washington, D.C.. Primary: CA, ID, OR & WA
DSCR
44 states plus Washington, D.C.
Best for
Hard Money
Bridge situations, speed, unusual files
DSCR
Stabilized long-term rentals

Hard Money vs. DSCR for investors
Item	Hard Money	DSCR
Underwrites	The asset	The rent vs. the payment
Purchase minimum down	10% with 700+ (3.5 points); 15% below 700	20%
Where	Investment: 44 states plus Washington, D.C.. Primary: CA, ID, OR & WA	44 states plus Washington, D.C.
Best for	Bridge situations, speed, unusual files	Stabilized long-term rentals

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FAQ

Frequently Asked Questions

Choosing between programs.

Which loan program is right for me?

It depends on occupancy, credit, how you document income, and what happens to your existing first mortgage. Answer a few questions in the strategy builder and you’ll be matched to the programs your scenario supports — no hard credit pull.

Do all programs lend in every state?

No. Primary-residence programs lend in our 30 states owner-occupied footprint; DSCR in 44 states plus Washington, D.C.; HEAs in 11 states. The full program-by-state matrix is on where we lend.

Can I combine programs?

Often, yes. Investors commonly close with hard money and refinance into DSCR once a property is rented; homeowners sometimes use an HEA as a bridge and move to a HELOC or cash-out refinance once credit improves.

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Program details are summaries; guidelines, loan limits, and availability are state- and scenario-specific and change without notice. Not a commitment to lend. All loans subject to credit approval.

FHA-approved lender. Not affiliated with or acting on behalf of HUD/FHA.

VA-approved lender. Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

This material is not from HUD or FHA and has not been approved by HUD or any government agency.

Elevate Mortgage · Anthony Huynh, NMLS #1996696 · West Capital Lending, Inc., NMLS #1566096. West Capital Lending, Inc. is an Equal Housing Lender. We do not discriminate on the basis of race, color, religion, national origin, sex, handicap, or familial status.