Defy Mortgage Overview
Defy Mortgage has emerged as one of the most flexible and competitively priced non-QM lenders in the market. Based out of Florida, Defy has built a reputation for pushing the boundaries of what non-QM lending can offer — lower rates, more flexible qualification criteria, and a wider range of borrower scenarios than most competitors are willing to underwrite.
Defy's DSCR rates are among the lowest in the industry, starting from approximately 6.0% as of March 2026. More importantly, Defy accepts DSCR ratios as low as 0.75, meaning the property does not need to fully cover its debt payments to qualify. This is a significant differentiator — most DSCR lenders require a 1.0 DSCR minimum, which excludes properties in high-appreciation markets where rents may not fully cover mortgage payments.
Beyond DSCR, Defy offers bank statement loans, asset depletion loans, foreign national loans, and profit-and-loss statement loans. This product diversity, combined with their willingness to accept lower credit scores (starting at 620), makes Defy one of the most accessible non-QM lenders for a wide range of investor profiles.
Loan Products Offered
- DSCR loans — investor rental property financing with the lowest rate floors in the market
- Bank statement loans — 12 or 24 months of bank statements for self-employed borrowers
- Asset depletion loans — qualify based on liquid assets for high-net-worth investors
- Foreign national loans — financing for non-U.S. citizens investing in American real estate
- Profit & loss statement loans — qualify using a CPA-prepared P&L instead of tax returns
Rates and Terms
Defy Mortgage offers DSCR loan rates starting from approximately 6.0%, making them one of the lowest-priced DSCR lenders in the current market. Actual rates depend on credit score, LTV, DSCR ratio, and property type, but Defy consistently prices at or near the top of rate-comparison charts.
LTV maximums reach up to 85% on certain DSCR products, and Defy accepts minimum DSCR ratios of 0.75 — well below the industry-standard 1.0. This means investors in markets like San Francisco, Austin, or Miami, where rents may not fully cover mortgage costs, can still qualify for financing based on the property's strong appreciation potential.
Loan terms include 30-year fixed, 5/1 and 7/1 ARMs, and interest-only options. Bank statement and asset depletion programs have similar term structures. Closing timelines are generally 25-35 days depending on the complexity of the deal and documentation requirements.
Requirements
- Minimum credit score: 620 — among the lowest in the DSCR market
- Minimum DSCR: 0.75 — one of the few lenders that will finance properties that do not fully cash flow
- Down payment: As low as 15% on some DSCR products (85% LTV)
- LTV: Up to 85% on DSCR loans
- Property types: Single-family, 2-4 unit, condos, townhomes, short-term rentals
- Documentation: No tax returns, no W-2s, no employment verification for DSCR products
Pros
- Lowest DSCR rates in the market — starting from approximately 6.0%
- Accepts DSCR as low as 0.75 — ideal for high-appreciation, lower-cash-flow markets
- Minimum credit score of 620 — among the most accessible DSCR lenders
- Up to 85% LTV for maximum leverage
- Extensive non-QM product lineup: bank statement, asset depletion, foreign national, P&L
- No tax returns, W-2s, or employment verification required for DSCR
Cons
- Newer lender compared to established names like Visio or Angel Oak
- Lower DSCR ratios (below 1.0) will result in higher rates and may require larger reserves
- Closing timelines of 25-35 days are average, not industry-leading
- Some investors may prefer the track record and scale of more established lenders
Who Is Defy Mortgage Best For?
Defy Mortgage is the best choice for rate-sensitive investors who want the lowest possible DSCR rates. If you are comparing rates across multiple lenders, Defy should be on your shortlist because they consistently price competitively. They are also the top pick for investors in high-appreciation markets where properties may not achieve a 1.0 DSCR — the 0.75 minimum opens doors that other lenders close.
Defy is also excellent for investors with lower credit scores. At 620 minimum combined with competitive rates, Defy offers an unusual combination of accessibility and pricing. Foreign national investors will also find Defy's dedicated program valuable, as many DSCR lenders do not serve non-U.S. borrowers.
How to Apply
Defy Mortgage accepts applications through their website and phone. Start by requesting a rate quote online — you will provide basic property details and financial information, and a loan officer will respond with a preliminary rate sheet, typically within 24 hours.
To expedite the process, have your property details (address, estimated value, expected rent), credit score range, and entity documentation ready. For bank statement or asset depletion products, prepare 12-24 months of bank statements or a current statement of liquid assets. Defy's team will walk you through the specific documentation requirements for your chosen product.