Nationwide* Rental Property Loans
*ND, SD, UT, & VT not included. Scores as low as 650
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MAXIMUM ADVANCES
Up To 80% LTV on a new Purchase
Up to 75% LTV on a Refinance of a current property (80% if property purchased within the past 3 months)
DSCR up to 1.00
Minimum loan $50,000.00
Maximum loan $1,000,000.00 (1 unit) and $2,000,000.00 (2-4 unit)
LOAN PRODUCTS/AMORTIZATION
5/6, 7/6 or 10/6 ARM (Adjustable Rate Mortgage) or up to 40-Year FRM (Fixed Rate Mortgage)
Maximum IO periods for ARMs: initial fixed rate period (5, 7 or 10 years)
30-Year FRM loans are offered as Fully Amortizing or 10-year IO/20-year Fully Amortizing options
40-Year FRM loans are offered as Fully Amortizing or 10-year IO/30-year Fully Amortizing options
30- year Amortization Term
5-year Interest Only Period + 25-year Amortization Term
7-year Interest Only Period + 23-year Amortization Term
10-year Interest Only Period + 20-year Amortization Term
LOAN GENERAL GUIDELINES
1-4 Unit Properties/PUDs/Warrantable Condos/ Townhomes
No Vacation or Seasonal rentals
Properties without existing debt financed within 180 days of purchase are considered Delayed Purchase loans, and eligible for all terms applicable to Purchase loans
Available Nationwide except in ND, SD, UT, & VT
BORROWER/GUARANTOR REQUIREMENTS
Credit & Background
Credit & Background
New Borrower: Tri-Merge Credit Report No Older than 90 Days
Existing Borrower with 0x30x12 Payment History: TriMerge Credit Report No Older than 120 days
680 Minimum Qualifying FICO determined as:
Mid Score if 3 Scores are available
Low Score if 2 Scores are available
For Multiple Guarantors, Lowest Score Calculated as above is used
Bankruptcy Discharge Date must be no less than 3 Years Prior to Closing Date
Foreclosure/Deed-in-Lieu/Short Sale Date must be no less than 3 Years Prior to Closing Date
Liquidity
Liquidity
Loan Amount ≤ $1,000,000: 6 Months of PITIA
Loan Amount > $1,000,000: 9 Months of PITIA
Subject to ...
Non-Permanent Residents & Foreign Nationals: Minimum 12 Months of PITIA
Cash Out Amounts from Subject Loan May Be Used to Satisfy Reserve Requirements
Liquid Reserves Must Be Seasoned for a Minimum of 3 Months for Purchase Transactions
The cumulative amount including all guarantors is considered for loans with multiple guarantors
What we need from you to get started....
Credit Application.
Identification.
EIN.
Articles of Incorporation or Articles of Organization.
By laws.
2 months of business bank statements.
This program is currently available to investors with valid a corporation only, not for personal loans. For a personal residence mortgage, please visit Residential Real Estate Loan Programs
Financing is subject to verification and lender approval. We reserve the right to request additional documents for processing and underwriting.
Shtar HeterIska available.
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