Compare Programs
Every program, side by side.
Real minimums from the same rules our 60-second quiz enforces, for the 35 states + D.C. where Arran is licensed. No rates: your pricing is always quoted individually.
Program details last reviewed: October 12, 2026 · Questions? Call or text (949) 401-7593
All programs at a glance
| Program | Best for | Credit | Loan amounts | Down payment / equity | Income documentation | Property types |
|---|---|---|---|---|---|---|
| HELOC | Tapping equity fast while your first mortgage stays in place | 620 minimum (below it, a Home Equity Investment may work) | $50K–$5M | Up to 90% of value counting current loans (80% in Texas) | Household income; no income documents at 680+ on lines of $150K+ | 1–4 units, primary home or investment property |
| P&L Loan | Business owners whose tax returns understate their income | 640+ | $150K–$5M | Purchases: 20% down at 680+, 25% at 660–679, 30% at 640–659 (rentals 20% minimum). Refinances up to 75% of value at 660+, 70% at 640–659 | One profit and loss statement; no tax returns or bank statements | Primary home, second home or investment property |
| DSCR | Investors who qualify on the rent, not personal income | 620+ standard; below 620: refinances up to 50% of value, purchases with 50% down | $75K–$3M | 20% down on purchases | None personal: the rent qualifies | Investment only, 1–4 units (North Dakota & South Dakota: refinance exception only) |
| Rental Property Loans | Long-term and short-term rental investors | 620+ standard; below 620: refinances up to 50% of value, purchases with 50% down | $75K–$3M | 20% down on purchases | DSCR-style: the rent qualifies | Investment only, 1–4 units |
| Refinance / Cash-Out | Pulling cash from equity, or replacing your loan with a new one | 620+ standard (below 620: see Where We Lend) | $75K–$5M | Conventional cash-out up to 80% of value on a primary home (VA up to 100%) | Full documentation on most programs | Primary homes and investment properties |
| Hard Money | Speed, and approvals based on the property | Flexible; purchase minimums step at 700 | $75K–$5M | Purchases: 10% down at 700+ credit, 15% at 620–699, and below 620 a rental only, with 50% down. Refinances up to 70% of value (50% on a rental below 620) | Asset-based: no income documentation | Investment properties across our footprint; primary homes in CA, OR & WA only |
| Conventional | Strong-credit purchases and refinances | 620+ (below 620 with a larger down payment, or more equity on a refinance) | From $75K; county loan limits apply | From 3% down on a primary home (20% on a rental); PMI can come off at 20% equity, and does on its own at 22% | Full documentation | Primary home, second home or investment property |
| FHA | Smaller down payments and credit that is still rebuilding | 620+ for 3.5% down; below 620 with 20% down (HUD's minimum is 500) | From $75K; county loan limits apply | From 3.5% down; FHA mortgage insurance applies | Full documentation (a Streamline needs much less) | Primary residence, 1–4 units |
| VA | Veterans, active duty and surviving spouses | 620+ for 0% down; below 620 with 10% down | $75K–$5M (VA itself sets no limit with full entitlement) | 0% down on a purchase; cash-out up to 100% of value | Full documentation (an IRRRL needs no income documents) | Primary residence; our lenders don't offer VA cash-out in Texas (IRRRLs work there) |
| Reverse Mortgage | Homeowners 62+ who want no monthly mortgage payment | Any credit score | Up to $5M: your equity sets it | Current balance under 50% of value | Minimal | Primary residence, generally 62+ |
| Home Equity Investment (HEI) | Equity cash with no monthly payments | From 500; your band sets the max (60%–75% combined) | $50K–$600K | Not a loan: a share of future value, up to 25% of your home's value | Minimal: the equity does the qualifying | Primary or investment, in AZ, CA, CO, FL, OH, OR, PA, TN, UT & WA |
| Bank Statement | Self-employed borrowers with strong deposits | 620+ in first position (660+ in second) | $75K–$5M | Set per file and confirmed on a call | 12 months of personal or 12 or 24 months of business bank statements | Primary home or investment property |
| No-Ratio | Investors who would rather not document income | 680+ | $75K–$5M | Up to 65% of value (35% down on a purchase) | No income documents and no debt-to-income math | Investment properties only |
- HELOC →
- Best for
- Tapping equity fast while your first mortgage stays in place
- Credit
- 620 minimum (below it, a Home Equity Investment may work)
- Loan amounts
- $50K–$5M
- Down payment / equity
- Up to 90% of value counting current loans (80% in Texas)
- Income documentation
- Household income; no income documents at 680+ on lines of $150K+
- Property types
- 1–4 units, primary home or investment property
- P&L Loan →
- Best for
- Business owners whose tax returns understate their income
- Credit
- 640+
- Loan amounts
- $150K–$5M
- Down payment / equity
- Purchases: 20% down at 680+, 25% at 660–679, 30% at 640–659 (rentals 20% minimum). Refinances up to 75% of value at 660+, 70% at 640–659
- Income documentation
- One profit and loss statement; no tax returns or bank statements
- Property types
- Primary home, second home or investment property
- DSCR →
- Best for
- Investors who qualify on the rent, not personal income
- Credit
- 620+ standard; below 620: refinances up to 50% of value, purchases with 50% down
- Loan amounts
- $75K–$3M
- Down payment / equity
- 20% down on purchases
- Income documentation
- None personal: the rent qualifies
- Property types
- Investment only, 1–4 units (North Dakota & South Dakota: refinance exception only)
- Rental Property Loans →
- Best for
- Long-term and short-term rental investors
- Credit
- 620+ standard; below 620: refinances up to 50% of value, purchases with 50% down
- Loan amounts
- $75K–$3M
- Down payment / equity
- 20% down on purchases
- Income documentation
- DSCR-style: the rent qualifies
- Property types
- Investment only, 1–4 units
- Refinance / Cash-Out →
- Best for
- Pulling cash from equity, or replacing your loan with a new one
- Credit
- 620+ standard (below 620: see Where We Lend)
- Loan amounts
- $75K–$5M
- Down payment / equity
- Conventional cash-out up to 80% of value on a primary home (VA up to 100%)
- Income documentation
- Full documentation on most programs
- Property types
- Primary homes and investment properties
- Hard Money →
- Best for
- Speed, and approvals based on the property
- Credit
- Flexible; purchase minimums step at 700
- Loan amounts
- $75K–$5M
- Down payment / equity
- Purchases: 10% down at 700+ credit, 15% at 620–699, and below 620 a rental only, with 50% down. Refinances up to 70% of value (50% on a rental below 620)
- Income documentation
- Asset-based: no income documentation
- Property types
- Investment properties across our footprint; primary homes in CA, OR & WA only
- Conventional →
- Best for
- Strong-credit purchases and refinances
- Credit
- 620+ (below 620 with a larger down payment, or more equity on a refinance)
- Loan amounts
- From $75K; county loan limits apply
- Down payment / equity
- From 3% down on a primary home (20% on a rental); PMI can come off at 20% equity, and does on its own at 22%
- Income documentation
- Full documentation
- Property types
- Primary home, second home or investment property
- FHA →
- Best for
- Smaller down payments and credit that is still rebuilding
- Credit
- 620+ for 3.5% down; below 620 with 20% down (HUD's minimum is 500)
- Loan amounts
- From $75K; county loan limits apply
- Down payment / equity
- From 3.5% down; FHA mortgage insurance applies
- Income documentation
- Full documentation (a Streamline needs much less)
- Property types
- Primary residence, 1–4 units
- VA →
- Best for
- Veterans, active duty and surviving spouses
- Credit
- 620+ for 0% down; below 620 with 10% down
- Loan amounts
- $75K–$5M (VA itself sets no limit with full entitlement)
- Down payment / equity
- 0% down on a purchase; cash-out up to 100% of value
- Income documentation
- Full documentation (an IRRRL needs no income documents)
- Property types
- Primary residence; our lenders don't offer VA cash-out in Texas (IRRRLs work there)
- Reverse Mortgage →
- Best for
- Homeowners 62+ who want no monthly mortgage payment
- Credit
- Any credit score
- Loan amounts
- Up to $5M: your equity sets it
- Down payment / equity
- Current balance under 50% of value
- Income documentation
- Minimal
- Property types
- Primary residence, generally 62+
- Home Equity Investment (HEI) →
- Best for
- Equity cash with no monthly payments
- Credit
- From 500; your band sets the max (60%–75% combined)
- Loan amounts
- $50K–$600K
- Down payment / equity
- Not a loan: a share of future value, up to 25% of your home's value
- Income documentation
- Minimal: the equity does the qualifying
- Property types
- Primary or investment, in AZ, CA, CO, FL, OH, OR, PA, TN, UT & WA
- Bank Statement →
- Best for
- Self-employed borrowers with strong deposits
- Credit
- 620+ in first position (660+ in second)
- Loan amounts
- $75K–$5M
- Down payment / equity
- Set per file and confirmed on a call
- Income documentation
- 12 months of personal or 12 or 24 months of business bank statements
- Property types
- Primary home or investment property
- No-Ratio →
- Best for
- Investors who would rather not document income
- Credit
- 680+
- Loan amounts
- $75K–$5M
- Down payment / equity
- Up to 65% of value (35% down on a purchase)
- Income documentation
- No income documents and no debt-to-income math
- Property types
- Investment properties only
DSCR vs. conventional for an investment property
Both finance rentals. The difference is what does the qualifying: a conventional investment loan looks at your income, tax returns and debt-to-income, while a DSCR loan asks one question, whether the rent covers the payment.
| Feature | DSCR | Conventional (investment) |
|---|---|---|
| Qualifies on | The rent vs. the full monthly payment | Your income, tax returns and debt-to-income |
| Minimum down (purchase) | 20% | 20% |
| Tax returns | Not needed | Required |
| Loan amounts | $75K–$3M | From $75K; county loan limits apply |
| Credit | 620+ standard; below 620: refinances up to 50% of value, purchases with 50% down | 620+; below 620, rentals with 30% down |
| Properties you can finance | No cap | Up to 10 (Fannie/Freddie limit) |
| Where | All 35 states + D.C. where Arran is licensed (North Dakota & South Dakota: refinance exception only) | All 35 states + D.C. where Arran is licensed |
| Choose it when | Write-offs shrink your taxable income, you buy in an LLC, or you are growing past conventional limits | Your documented income already qualifies you |
HELOC vs. cash-out refinance vs. HEI
Three ways to turn equity into cash. The first question is what happens to your first mortgage: a HELOC sits behind it, a cash-out refinance replaces it, and a Home Equity Investment adds no payment at all in exchange for a share of your home’s future value.
| Feature | HELOC | Cash-out refinance | HEI |
|---|---|---|---|
| Keeps your first mortgage? | Yes: the line sits behind it | No: it replaces it | Yes |
| Monthly payment | Yes, on what you draw | Yes, one new payment | None: settled when you sell, refinance or buy it back |
| How much | $50K–$5M, up to 90% of value counting current loans | $75K–$5M, conventional cash-out up to 80% of value on a primary home (VA up to 100%) | $50K–$600K, up to 25% of your home’s value |
| Credit | 620 minimum | 620+ standard | From 500 |
| Speed | As little as 5 business days (at least 12 days on a Texas home you live in) | Longer: full appraisal and underwriting; we give you a timeline up front | Varies; we give you a timeline up front |
| Where | All 35 states + D.C. | All 35 states + D.C. | AZ, CA, CO, FL, OH, OR, PA, TN, UT & WA |
| Choose it when | Your first mortgage is a keeper and you want speed | You want one loan and one payment | A payment won’t fit the budget, or credit rules out the other two |
Texas: on a home you live in, state law caps home-equity lending at 80% combined loan-to-value and adds a 12-day wait before closing. Our HELOC keeps the same 80% limit on a Texas rental, and our lenders don’t offer VA cash-out refinances in Texas.
Self-employed: P&L loan vs. full-doc conventional
Every legitimate write-off lowers the income a conventional underwriter sees. A P&L loan sidesteps that: one profit and loss statement is the whole income file, with no tax returns and no bank statements.
| Feature | P&L loan | Conventional, full documentation |
|---|---|---|
| Income file | One profit and loss statement | W-2s, tax returns and pay stubs |
| Do write-offs hurt you? | No | Yes: they reduce qualifying income |
| Credit | 640+ | 620+ |
| Smallest loan | $150,000 | $75,000 |
| Down payment (purchase) | 20% at 680+, 25% at 660–679, 30% at 640–659; rentals 20% minimum | 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 on deals a bank can’t close in time. DSCR is long-term financing for a rented property. Plenty of investors use both: hard money to close fast, then a DSCR refinance once the property is rented.
| Feature | Hard money | DSCR |
|---|---|---|
| Underwrites | The property and your equity | The rent vs. the payment |
| Minimum down (purchase) | 10% at 700+ credit, 15% at 620–699, 50% on a rental below 620 | 20% |
| Refinance | Up to 70% of value | 620+ standard; below 620 up to 50% of value |
| Loan amounts | $75K–$5M | $75K–$3M |
| Where | Investment properties in all 35 states + D.C.; primary homes in CA, OR & WA only | Investment properties in all 35 states + D.C. (North Dakota & South Dakota: refinance exception only) |
| Best for | Fast closings, short-term holds and unusual files | Long-term and short-term rentals with steady rent |