This varies based on the sponsor's creditworthiness, asset, and experience.

Reason being is you will be qualified based on these two things:  Credit worthiness & income history. 

@Richard Dee For 2nds, it's vital to get a profile of the borrower and their overall credit worthiness.

Fix/flip loans are not so much about credit worthiness, as to the willingness to repay debt. 

Not sure if that may depend on the borrower credit worthiness.

The financial crisis had a significant impact on young adult homeownership, with a large share of millennials opting to move back home to regain their economic footing.8 Millennials of color were disproportionately affected by the housing bubble and bursting, which damaged their creditworthiness and made it more difficult to obtain a mortgage."

Do hard money lenders look at your FICO 8 score or the traditional bank or credit union widely used FICO 5,4,2 when judging your credit worthiness?

If you can purchase using a 20% or 25% downpayment and you are otherwise credit-worthy then you'll find the interest rates to be quite favorable!

And first-time homebuyers are not as creditworthy as step-up buyers.

-My credit worthiness is less than prospective partners.