Is Figure Still Offering DSCR Loans? Kiavi Deal Explained

What changed on September 1, 2026

Three things are checkable right now.

Figure closed the Kiavi acquisition. In a newsroom post dated September 1, 2026, Figure CEO Michael Tannenbaum announced the deal had closed. Figure purchased Kiavi’s technology platform, and a new joint venture between Figure and Sixth Street will originate residential transition loans (fix-and-flip) and sell them through Figure Connect, Figure’s capital markets marketplace. Figure says Kiavi adds more than $7 billion in volume across RTL and DSCR loans. National Mortgage Professional reported the price at $717 million.

Figure’s DSCR page now routes to Kiavi. The page at figure.com/dscr-loan/ carries a banner reading “We’ve acquired Kiavi, the #1 Residential Transition Loan lender and AI-powered platform for residential real estate investors.” The page content is unchanged, but the calls to action are not. “Check your DSCR rate,” “Get a free DSCR quote,” and “Get started” all open a Kiavi rate form tagged as a Figure partnership redirect.

Figure updated its disclosures. The footer of Figure’s DSCR page now reads: “Kiavi Funding LLC NMLS #1125207 is a subsidiary of Figure Technology Solutions, Inc.” and “All DSCR and Residential Loans are originated and funded by Figure Lending LLC dba Figure effective 9/1/2026.”

That’s the public record. Figure has not published a date for when combined underwriting guidelines, pricing, or a single application flow will be final, and it hasn’t said whether the Figure-branded DSCR loan will keep its current terms once Kiavi’s platform is fully integrated.

What Figure’s DSCR page says today

For anyone comparing, here are the terms Figure publishes on its DSCR page as of September 1, 2026:

Loan amounts: $100,000 to $2,000,000
Minimum FICO: 660
DSCR: as low as 0.8x
Maximum LTV: 80% for rate-and-term refinances, 75% for cash-out
Lien position: first lien only
Property types: single-family, condos, PUDs, townhomes, 2 to 4 units
Availability: 49 states plus D.C. listed, with a notice that no New York applications can be taken through the site
Down payment: “typically 20%, though it depends on your DSCR”

Kiavi publishes its own DSCR terms on kiavi.com. We’re not restating them here because they may move during the integration, and we’d rather you check the source than rely on a number that goes stale.

What this means if you were about to apply with Figure

Nothing about the acquisition makes a DSCR loan harder to get. It does add a variable.

If you already have a Figure or Kiavi quote, get it confirmed in writing before you go under contract. Companies mid-integration change rate sheets, guidelines, and points of contact, and a quote from August may not survive September. Ask who your lender of record is, which entity will service the loan, and whether the terms you were quoted are locked.

If you were about to start an application, you’ll be filling out Kiavi’s form, not Figure’s. That’s fine if Kiavi’s program fits your deal. The four things to check against your property: the $2 million ceiling, the 660 FICO floor, the 0.8x DSCR floor, and the first-lien-only requirement. If any of those is a problem, you need a different lender, and the acquisition doesn’t change that.

Automated underwriting also tends to do best on standard single-family rentals. If your property is a condo with a warrantability question, a 2 to 4 unit building, or a short-term rental qualified on projected income, ask up front how the file will be reviewed and by whom, because those are the deals where a human underwriter changes the outcome.

If your deal is above $2 million, your credit is between 620 and 659, your property’s DSCR is under 0.8, or you need a second-lien DSCR product, keep reading.

How the published terms compare

The table below puts Figure’s published DSCR terms next to Griffin Funding’s. Figure’s column is drawn from figure.com/dscr-loan/ as of September 1, 2026. Griffin’s column is drawn from our current guidelines.

Figure DSCR loan terms compared with Griffin Funding DSCR loan terms, as of September 1, 2026
Term	Figure DSCR (via Kiavi)	Griffin Funding DSCR
Loan amounts	Figure (via Kiavi)$100,000 to $2,000,000	Griffin Funding$100,000 to $4.5 million in-house, exceptions to $20 million
Minimum credit score	Figure (via Kiavi)660	Griffin Funding620
Minimum DSCR	Figure (via Kiavi)0.8x	Griffin FundingNone. Sub-1.0 ratios funded when reserves support the deal, plus a no-ratio program
Minimum down payment	Figure (via Kiavi)Typically 20%	Griffin Funding15% with 740+ FICO (program conditions apply); 20% standard
Cash-out LTV	Figure (via Kiavi)Up to 75%	Griffin FundingUp to 80%
Lien position	Figure (via Kiavi)First lien only	Griffin FundingFirst lien, plus DSCR HELOAN and HELOC second-lien products
Property types	Figure (via Kiavi)1 to 4 units	Griffin Funding1 to 4 units, plus short-term rentals qualified on comparable rents or 12 months of platform history
State mortgage licensing	Figure (via Kiavi)Figure Lending LLC NMLS #1717824; Kiavi held 13 state licenses at our May 2026 NMLS check	Griffin FundingLicensed in 47 states plus D.C.; VA-Approved Lender; HUD FHA Non-Supervised Lender; CFPB supervised
Lender fee	Figure (via Kiavi)Not published on the DSCR page	Griffin FundingFlat $1,990 ($795 processing, $1,195 underwriting)
Fastest close	Figure (via Kiavi)“Weeks, not months”	Griffin Funding6 calendar days (2026 record); 34-day average
Application	Figure (via Kiavi)Kiavi online form	Griffin FundingOnline application, Griffin Gold app, or a loan officer by phone

Figure column: figure.com/dscr-loan/ as of September 1, 2026. Griffin column: current Griffin Funding guidelines, subject to underwriting approval. Not a rate quote or commitment to lend.

Two notes on that table. Figure’s published floors (660 FICO, 0.8x DSCR) are reasonable for a lender running automated underwriting on standard single-family rentals, and plenty of deals clear them. The gap shows up on everything else: jumbo balances, thin cash flow, borrowers with a 620 to 659 score, second liens, and anyone who wants a state-licensed, federally supervised lender behind a business-purpose loan.

Where Griffin stands

Griffin Funding is funding DSCR loans today in 47 states plus D.C. Nothing about our program changed this month. In August 2026, Griffin funded 85 DSCR loans totaling $28,044,033 across 31 states.

We don’t have Figure’s blockchain marketplace, and we’re not building one. What we have is a direct lender that underwrites the whole file, with multiple capital sources behind it, so a deal that falls outside one box has somewhere else to go. That’s why we can offer no-minimum DSCR and a no-ratio program, while most of the market draws a line at 1.0 or 1.25.

If you’re comparing lenders, start with the eight criteria in our best DSCR lenders comparison, which now includes the Kiavi ownership change. To see how a specific property pencils, run it through the DSCR loan calculator. For metro-level rent, value, and DSCR data in your state, use the DSCR loans by state hub.

Current program details are on the Griffin Funding DSCR loan page.

What to watch next

Figure’s stated plan is to tokenize DSCR and RTL loans as core products on Figure Connect and to offer Kiavi’s underwriting technology to its partner network of more than 480 lenders and brokers. If that happens, expect Figure-branded and Kiavi-branded DSCR loans to converge on one set of guidelines. Watch for three signals: a change to the CTA destination on figure.com/dscr-loan/, updated terms in the page’s FAQ block, and a change to the originating-entity disclosure in the footer. We check that page on the first of each month and will update this post when any of the three moves.

Sources

Figure newsroom, “With our Kiavi acquisition closed, we’re adding an express lane for the next generation of credit,” Michael Tannenbaum, September 1, 2026. https://www.figure.com/newsroom/company-voices/building-the-express-lane-for-the-next-generation-of-credit-with-kiavi/
Figure DSCR loan page and footer disclosures, accessed September 1, 2026. https://www.figure.com/dscr-loan/
National Mortgage Professional, “Figure acquires top RTL lender Kiavi in $717M deal.” https://nationalmortgageprofessional.com/news/figure-acquires-top-rtl-lender-kiavi-717m-deal
NMLS Consumer Access, Figure Lending LLC (#1717824) and Kiavi Funding LLC (#1125207). https://www.nmlsconsumeraccess.org/

Griffin Funding, Inc. (NMLS #1120111) is a direct non-QM lender. DSCR loans are business-purpose loans secured by non-owner-occupied investment property. Program terms are subject to change and to underwriting approval. This post is informational and is not a rate quote, advertisement, or commitment to lend. Figure and Kiavi are trademarks of their respective owners; Griffin Funding is not affiliated with either company’s DSCR lending program.

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Frequently Asked Questions

Is Figure still offering DSCR loans?

Yes, through Kiavi. As of September 1, 2026, Figure's DSCR loan page is live and its rate-check buttons open Kiavi's application. Figure closed its acquisition of Kiavi the same day, and Figure's disclosures state that DSCR loans are originated and funded by Figure Lending LLC dba Figure effective 9/1/2026. Published terms are $100,000 to $2,000,000, 660 minimum FICO, DSCR as low as 0.8x, and LTV up to 80%.

Did Figure buy Kiavi?

Yes. Figure announced on September 1, 2026 that it closed its acquisition of Kiavi. Figure bought Kiavi's technology platform, and a joint venture between Figure and Sixth Street will originate residential transition loans and sell them through Figure Connect. National Mortgage Professional reported the deal at $717 million. Kiavi Funding LLC (NMLS #1125207) is now a subsidiary of Figure Technology Solutions.

What happens to my Figure DSCR application?

Figure has not published guidance for in-process applicants. Contact your loan contact at Figure or Kiavi, ask which entity is your lender of record, and get your quoted terms confirmed in writing. If you're under a purchase contract with a hard closing date, line up a backup lender now rather than after a delay surfaces.

Is Kiavi the same company as Figure now?

Kiavi is a subsidiary of Figure Technology Solutions as of September 1, 2026. Kiavi still operates under its own name and NMLS number (#1125207), and its website and application remain separate for now. Figure has said it plans to integrate Kiavi's technology into its own platform and partner network, but it hasn't published a date.

What is the best alternative to a Figure DSCR loan?

It depends on why Figure's program doesn't fit. For loan amounts above $2 million, credit scores between 620 and 659, properties with a DSCR under 0.8, or second-lien DSCR products, Griffin Funding funds all four. For a broader comparison across six lenders, including Angel Oak, Visio, Lima One, and Easy Street Capital, see our best DSCR lenders guide.

Does the Kiavi acquisition change DSCR loan rates?

Not directly. DSCR rates are set by credit score, DSCR ratio, LTV, prepayment penalty term, and the lender's cost of capital, not by who owns the lender. Figure has said the acquisition should lower its capital costs over time through Figure Connect, but it has not published new DSCR pricing. Current Griffin Funding DSCR rates are on our rates page.

Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 25 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list six times in its 12 years in business. Follow his updates on LinkedIn.