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Anthony · Karam Team
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The state-by-state rules, in plain English
Where Anthony can lend for a home you’ll live in, where investment (business-purpose) lending is open, and what each state says about prepayment penalties on investment loans: the detail DSCR pricing actually turns on. Nobody else publishes this in one place.
Show the full table: all 50 states plus DC
| State | Home loans | Investment lending | Prepay penalty (investment) |
|---|---|---|---|
| Alabama | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Alaska | On request | Open | Prohibited by statute |
| Arizona | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Arkansas | On request | Open | Three-year structures max |
| California | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Colorado | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Connecticut | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Delaware | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| District of Columbia | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Florida | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Georgia | On request | Open | Two-year structures max |
| Hawaii | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Idaho | On request | Ask first | Standard structures OK (e.g. 5-4-3-2-1) |
| Illinois | Licensed | Open | LLC/corp vesting only if APR over 8%; Cook County wants $250k+ for entities |
| Indiana | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Iowa | On request | Open | Never allowed on residential investment loans |
| Kansas | On request | Open | Never allowed on residential investment loans |
| Kentucky | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Louisiana | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Maine | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Maryland | On request | Open | Capped at two months’ advance interest |
| Massachusetts | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Michigan | Licensed | Open | 1% cap; secondary market treats it as prohibited |
| Minnesota | Licensed | Open | Never allowed on residential investment loans |
| Mississippi | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Missouri | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Montana | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Nebraska | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Nevada | On request | Ask first | Standard structures OK (e.g. 5-4-3-2-1) |
| New Hampshire | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| New Jersey | On request | Ask first | C-corporation vesting only |
| New Mexico | On request | Open | Never allowed on residential investment loans |
| New York | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| North Carolina | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| North Dakota | On request | Ask first | Generally not permitted |
| Ohio | On request | Open | None on 1-2 units under ~$110k; OK on 3-4 units |
| Oklahoma | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Oregon | On request | Ask first | Standard structures OK (e.g. 5-4-3-2-1) |
| Pennsylvania | On request | Open | None on 1-2 units under ~$329k; OK on 3-4 units |
| Rhode Island | On request | Open | 1-2% cap; secondary market treats it as prohibited |
| South Carolina | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| South Dakota | On request | Ask first | Widely prohibited or suspended |
| Tennessee | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Texas | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Utah | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Vermont | On request | Ask first | Severe restrictions; generally prohibited |
| Virginia | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Washington | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| West Virginia | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Wisconsin | On request | Open | Standard structures OK (e.g. 5-4-3-2-1) |
| Wyoming | Licensed | Open | Standard structures OK (e.g. 5-4-3-2-1) |
“Home loans: on request” means Anthony isn’t licensed there today but adds state licenses when a client needs one. Prepayment-penalty notes apply to non-owner-occupied, business-purpose loans only; verified June 2026; dollar thresholds shift annually; individual lender overlays supersede state law. Informational only. Not legal advice and not a commitment to lend.