30 Year Header Image #1

30 Year Investor Financing

GET PREQUALIFIED NOW

California & Arizona Refinance Program 

30 Year Mortgage – Investor Financing!

Loan Amounts $50,000.00 – $5,000,000.00!

4.99% – 6.90% Interest Rates

Portfolio Loans Available!

Overview

California & Arizona 30 Year Investor Financing Program Highlights:

– Current owner must be on title a minimum of 180 days! 

– Maximum LTV 75% of Current Value With Minimum 700+ Credit!

– Maximum LTV 70% of Current Value With Minimum 660+ Credit!

Loan Amounts from $50,000.00  –  $5,000,000.00!

Minimum property value is $75,000.00!

30 Year fixed Or 5/1 ARM!

Vacant Properties OK.  We Use 90% Of Market Rent!

No Income Verification Required!

No Employment Verification Required!

No DTI Personal Income Calculations!

 CALIFORNIA & ARIZONA

30 YEAR INVESTOR LOAN FUNDING GUIDELINES

Credit Score Requirement

Minimum 700+ Credit Score Up To Max 75% LTV

Minimum 660+ Credit Score Up To Max 70% LTV.  

 

Required Documentation For Funding Approval    See bottom of this page for list of required documents

 

Borrower Underwriting Qualifying Requirements:

  Current owner must be on title a minimum of 180 days in order to qualify for refinance funding approval.

Must currently own primary residence OR own more than one (1) rental property.

  Minimum credit score of 660+ required for funding approval.

Minimum of three (3) active tradelines with 24 months on credit report is required.  Minimum $1K credit limit.

No foreclosures, short sales or deed in lieu of in past 3 years.

 No bankruptcies in past 4 years.

No unpaid tax liens.  Any unpaid tax liens must be paid prior to or at closing.

Portfolio Loans Requirements

  Available for “refinance” transactions only.

  All properties must be in same general geographical location.

  Minimum property value is $80,000.00.

–  Minimum loan amount is $200,000.00.

  No maximum number of properties allowed.

  Maximum loan amount is $5,000,000.00!

When submitting 30 year financing prequal application, only submit one property address and our office will forward instructions via email for submitting information on additional properties. 

Qualifying Types Of Properties

Single Family residences, town-homes, warrantable condo’s and 2-4 units.  Non owner-occupied only.  No primary residence or vacation homes.

Minimum and Maximum Loan Amounts:

  Minimum loan amount is $50,000.00.

  Maximum loan amount is $5,000,000.00.

  Minimum property value is $75,000.00.

Maximum Loan To Values (LTV):

– The maximum LTV is 75% of the Current As-Is Value with 700+ credit score (with qualifying DSCR).

– The maximum LTV is 70% of the Current As-Is Value with 660+ credit score (with qualifying DSCR).

DSCR:  Debt Service Coverage Ratio is defined as:  gross monthly rents divided by PITIA (principal, interest, taxes, insurance and HOA monthly payment).

Minimum Property Values

–  Minimum property value is $75,000.00.

 

Interest Rates

5/1 ARM (30 Year Term) – Interest rates range from a low of 4.99% to 6.90% depending on the following factors:  Credit Score, Final LTV and Debt Service Coverage Ratio (DSCR Calculation).

30 Year Fix Rate Financing – Interest rates range from a low of 6.99% to 8.90% depending on the following factors:  Credit Score, Final LTV and Debt Service Coverage Ratio (DSCR Calculation).

 Liquid Asset Verification Requirement

– 6 months of liquid reserve payments required (PITIA).

Liquid Asset Documentation Requirement

  The Last 2 months of most recent bank statements (verified electronically).

  The value of any stock, bond or mutual funds are reduced by 30%

  The value of retirement accounts are reduced by 50%.

Amortization Term

30 Year Fully Amortized Loan OR

5/1 ARM fixed for first 5 years.

Prepayment Penalty

30 Year Term and 5/1 ARM:  A prepayment penalty is applied as follows:  5% for the 1st year, 4% the 2nd year, 3% the 3rd year, 2% the 4th year and 1% the 5th year. 

 Property Requirements To Qualify for Funding Approval

  Must not be owner occupied.

  No deferred maintenance allowed.

  Must be less than 2 acres in size.

  Must be gross living area of minimum 750 square feet.

  No Condo’s

Loan Origination Fees

Level 1:  0-1 flip last 24 months               2.99% origination fee of total loan amount

Level 2:  2-4 flips last 24 months             2.75% origination fee of total loan amount

Level 3:  5+ flips last 24 months              2.50% origination fee of total loan amount

 – Minimum dollar amount of loan origination fee is $4,500.00

–  IMPORTANT:  Completed flips are defined as residential investment properties “exited or sold in the last 24 months” and owned for no more than 12 months during the last 24 months OR a property acquired, rehabbed, and converted to permanent financing and owned for no more than 12 months during the last 24 months.

Other Lenders Fees

Processing Fee:  $495.00

Escrow For Taxes and Property Insurance

Escrow of property taxes and property hazard insurance is required.

Days To Close

On average we can close in about 25-30 days from the time we receive ALL REQUIRED DOCUMENTATION.

Minimum And Maximum Loan Amounts

Minimum loan amount is $50,000.00.

Maximum loan amount is $2,000,000.00.

Full Property Appraisal Required

Full property appraisal is required on all purchase and refinance transactions.  Appraisal fee varies by state.  On average $475.00 – $650.00.  Cost of appraisal is paid directly to 3rd party appraisal company and is due at time of full file submission.  Cost of appraisal can be higher depending on location of property, complexity of the property and/or availability of qualified appraisers in the respective local market.

No Verification Of Income Or Employment Required

No verification or documentation of personal or business income is required. Personal or business income is NOT used as bases for qualifying.

REQUIRED DOCUMENTATION – Must Close In Name On A Business Entity

__ Clear and legible copy of drivers license (all members of business entity)

__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation

__ Operating Agreement or Corporate Charter/Bylaws

__ Copy of last years personal and business tax return for all members of business entity. This documentation is NOT to verify income but to validate that federal income taxes are being paid and reduces likelihood of unpaid tax liens being filed on subject property.

__ Copy of last 2 months bank statements (all pages)

__ Certificate Of Good Standing (Issued By Secretary Of State within 30 days)

__ Copy of long term lease agreement(s) and verification of two (2) months rental payments.

__ Copy of current homeowners insurance declaration page

Note:   Terms are subject to change. Final terms vary depending on the property and borrowing entity

Get Started Now – Free Pre-qualification – 550+ Credit OK!

Low Rates – Flexible Terms – Close in 10 days Or less!