Deephaven Mortgage 2026: Non-QM Programs and Qualifying Guidelines

Deephaven Mortgage is a non-QM-focused wholesale lender that competes directly with Angel Oak and Acra for self-employed, investor, and credit-challenged borrowers. Deephaven's underwriting is known for file-level flexibility, particularly on credit events and shorter seasoning periods. For non-QM brokers, Deephaven is worth running scenarios when the big non-QM shops decline or price too aggressively.

Core Product Lines

• ✦Prime Advantage: bank statement or W-2/1099 income; FICO floor 660; LTV to 90%
• ✦Non-Prime: credit events as recent as 1 day out of bankruptcy or foreclosure; FICO floor 500 on some products
• ✦DSCR (Debt Service Coverage Ratio): rental income only; FICO 620+; LTV to 80%; no DTI calculated
• ✦Alt-Doc: P&L only, asset utilization, or CPA letter income; FICO 640+

Seasoning Flexibility on Credit Events

Deephaven's Non-Prime product allows borrowers with very recent credit events to qualify. Bankruptcy discharge as recent as 1 day is eligible on certain LTV/FICO tiers. Foreclosure, short sale, and deed-in-lieu may have shorter waiting periods than agency products. Pricing adjusts materially for recent credit events, but the option to originate day-1-out borrowers is not available from most non-QM lenders. Confirm current seasoning matrix with your Deephaven AE before quoting.

Documentation and Approval Process

Deephaven uses a delegated underwriting model for approved brokers. Conditional approvals typically run 5 to 10 business days. A detailed loan summary and scenario notes speed up review. Credit event documentation (discharge papers, trustee letters) must be complete and legible. For DSCR files, include a signed lease agreement or comparable rent analysis for vacant properties. Deephaven uses an operating expense ratio of 25% for DSCR calculations on long-term rentals unless the actual lease supports a different figure.