Non-QM · GMFS Expanded

More ways to say yes. Expanded Prime, Non-Prime and DSCR.

Flexible income, credit and property options for self-employed, credit-event and investor borrowers who don’t fit the conventional box. Three programs, one set of guidelines, and the service you already get from GMFS.

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Guidelines effective October 26, 2026. For mortgage professionals only. Not for consumer distribution.

Expanded Prime Full doc, 1099, 1-year P&L or Asset Utilization for strong-credit borrowers.

To $3.5MTo 89.99% LTV660+ FICO

Non-Prime Standard and Recent Event options for borrowers rebuilding after a credit event.

To $2M620+ FICO24-month seasoning

DSCR Business-purpose investor loans qualified on the property’s cash flow.

To $2.5MDSCR to 0.75xNo DTI

$3.5MMax loan amount (Expanded Prime)

89.99%Max LTV, primary residence

620Minimum FICO (Non-Prime)

55%Max DTI (Expanded Prime)

0.75xMinimum DSCR

$0Mortgage insurance on any program

Why Expanded

For the borrowers conventional guidelines turn away.

Self-employed borrowers whose tax returns understate their income. Buyers two years past a bankruptcy or foreclosure. Investors who want to qualify on rent, not their W-2. The Expanded line gives you a common-sense path for each one.

Flexible income documentation: 1 year of W-2s or tax returns, 12 months of 1099s, a 1-year profit and loss statement, or Asset Utilization.
Credit-event flexibility: bankruptcy, foreclosure, deed-in-lieu or short sale eligible on Non-Prime Recent Event with 24 months of seasoning.
Broader borrower eligibility: U.S. citizens, permanent residents and non-permanent resident aliens with U.S. credit, including asylees and DACA recipients with a valid EAD.
Wide property eligibility: SFR, PUD, townhomes, condos, non-warrantable condos, 2–4 units, rural (purchase) and leasehold estates.
Interest-only options: 10-year interest-only on 30- and 40-year fixed and 5/6 ARM products.
No mortgage insurance, gift funds allowed (including on investment properties with a 10% borrower contribution), and seller concessions up to 6%.

Documentation options

Doc type	What’s required	Programs
Full Doc	1 year of W-2s or tax returns	Prime · Non-Prime
1099	12 months of 1099 income	Prime · Non-Prime
1-Year P&L	12-month profit and loss statement. Non-Prime also requires 2 months of business bank statements.	Prime · Non-Prime
Asset Utilization	Qualified assets ÷ 60 months, or total assets cover the loan and 5 years of obligations. Max 80% LTV, purchase and rate/term only.	Prime
DSCR	Gross rents ÷ PITIA (or ITIA on interest-only). No personal income or DTI.	DSCR

Alt doc borrowers must be self-employed for 2 years. Qualifying on a P&L alone on Expanded Prime requires a 720 FICO, max 70% LTV purchase / 60% refinance and a $2.0M max loan.

The programs

Three programs. Pick the one that fits the file.

Highlights from the October 2026 matrices. For the full LTV grids, open the matrices linked at the bottom of the page.

Full & Alt Doc

Expanded Prime

Higher loan amounts and LTVs for strong-credit borrowers who need flexible income documentation.

Loan amount: $100,000 – $3,500,000
Min FICO: 660
Max LTV: 89.99% (720+, to $1.5M)
Max DTI: 50%; 55% with overlays
Reserves: 6 – 12 months
Mortgage history: 1x30x12
BK / FC / SS / DIL: 48 months
Residual income: $2,500
Occupancy: Primary, second, investment

Standard & Recent Event

Non-Prime

For borrowers with a recent credit event, limited tradelines or a lower score.

Loan amount: $100,000 – $2,000,000
Min FICO: 620
Max LTV: 80% Standard · 70% Recent Event
Max DTI: 50%
Reserves: 3 months
Mortgage history: 0x60x12 · 1x120x12 Recent Event
BK / FC / SS / DIL: 24 months
Residual income: $1,500 + $150 per dependent
Credit: Limited credit option: no minimum tradelines

Investor Cash Flow

DSCR

Business-purpose investment loans qualified on the subject property’s rent. No DTI.

Loan amount: $100,000 – $2,500,000
Min FICO: 640 (660 above $1.5M)
Max LTV: 80%
Min DSCR: 0.75x ($200,000 min loan)
Reserves: 3 months; 6 above $1M
Mortgage history: 0x30x12
BK / FC / SS / DIL: 36 months
Borrowers: Individuals, domestic LLCs, foreign nationals
Short-term rentals: Eligible, min 1.15x DSCR

Scenarios

How Expanded closes the loan.

DSCR

Qualify on the interest-only payment

Scenario: An investor is refinancing a leased rental. On a fully amortizing 30-year PITIA payment, the DSCR comes in at 0.92x.
Problem: Below 1.00x, the DSCR grid limits a 720-FICO rate/term refinance to 75% LTV with a $200,000 minimum loan.
Solution: A 30-year fixed with a 10-year interest-only period is qualified on ITIA. The lower payment lifts the DSCR above 1.00x, which opens the 80% LTV grid.

Expanded Prime · DSCR

Gift funds on an investment purchase

Scenario: A homeowner is buying a first rental property with 10% of their own funds and a gift for another 15% down plus closing costs. FICO 744, DTI 38%.
Problem: Conforming products don’t allow gift funds on investment properties.
Solution: Expanded programs accept gifts on investment properties once the borrower puts in 10%. At 75% LTV the loan fits well inside the Expanded Prime investment grid.

Non-Prime

1-year P&L for a self-employed buyer

Scenario: A borrower self-employed for more than 2 years is buying a $950,000-loan home with 20% down and a 692 FICO.
Problem: Tax-return income puts the DTI at 63%.
Solution: Non-Prime P&L only allows 80% LTV on a purchase with a 660 FICO. With income from the 1-year P&L, supported by 2 months of business bank statements, the DTI drops to 48%, under the 50% max.

Program documents

Matrices, guidelines and resources.

Download the current documents. They’re superseded by any bulletins or overlay matrices posted after their effective dates.

Expanded Program MatricesExpanded Prime, Non-Prime and DSCR · Updated October 22, 2026 · 6 pagesOpen the matrices → Expanded Product GuidelinesLoan, borrower and property eligibility · Effective October 26, 2026Open the guidelines → Non-Warrantable Condos OverviewGMFS allowances compared with FNMA conventional standards, for all three programsOpen the overview →

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Matrices updated October 22, 2026. Guidelines effective October 26, 2026. This page summarizes the GMFS Partners Expanded Program Matrices and Expanded Product Guidelines, which are superseded by any later bulletins or overlay matrices. For licensed mortgage professionals only. Not for consumer distribution. Not a commitment to lend. Programs and pricing are subject to change without notice. Not available in all states. Terms subject to qualification. GMFS LLC, NMLS #64997. Equal Housing Lender. Disclosures and licenses: gmfspartners.com/state-licensing-information.