Long Term 30 Year Investor Financing
Loan Amounts $75,000.00 – $2,000,000.00!
Refinance Cash Out With 30 Days On Title!
Optional – Roll Lender Origination Points Into Loan!
30 Year Investor Financing Program Highlights:
– 660+ Credit Score Required For Max 75% LTV!
– 650-659 Credit Score Is Maximum 65% LTV
– Maximum LTV 75% of Current Value With 660+ Credit!
– Maximum LTV 70% LTV If On Title Less Than 12 Months!
– Loan Amounts from $75,000.00 – $2,000,000.00!
– No Income Verification and No Employment Verification Required!
– Optional To Roll Lender Origination Points Into Loan With Minimum $150,000 Loan Amount! (add .60 to interest rate)
– Vacant Properties OK and Properties Currently Listed For Sale OK!
– First Time Investors OK!
30 YEAR INVESTOR FINANCING PROGRAM
Funding Available NATIONWIDE, except following states:
AK, AZ, CA, DE, HI, ID, KS, MN, NE, NV, NH, ND, OR, SD, UT, VT
**Reduce all LTV’s by 5% In Following Areas. Cook County and Chicago, IL, Cuyahoga County, Dayton & Cleveland, Ohio. All New Jersey Transactions**
***Must close in a business entity name in state of Georgia***
30 YEAR INVESTOR LOAN FUNDING GUIDELINES
Credit Score Requirement
MINIMUM 660+ CREDIT SCORE REQUIRED.
650+ Credit Allowed With Maximum LTV Of 70%.
Required Documentation For Funding Approval – See bottom of this page for list of required documents
Qualifying Types Of Properties
Single Family residences, town-homes, 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 $75,000.00.
– Maximum loan amount is $2,000,000.00.
– Minimum property value is $100,000.00.
Maximum Loan To Values (LTV):
– The maximum LTV is 75% of the Current As-Is Value if property owned for more than 12 months. (70% Maximum LTV in New Jersey).
– The maximum LTV is 70% of the Current As-Is Value if property owned for less than 12 months. (65% Maximum LTV in New Jersey)
– 650-659 Credit Score Is Maximum 65% LTV
– We can fund refinance cash out after owner has been on title for 30+ days using the improved value of property.
Borrower Underwriting Qualifying Requirements:
– Minimum credit score of 650 required for funding approval. Minimum of 2 credit scores required to qualify for funding approval. 660+ credit score required to 75% LTV.
– Minimum of three (3) active tradelines with $1K Minimum credit limit reporting last 24 months on credit report is required.
– No foreclosures, short sales or deed in lieu 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.
– 2 months prior bank statements required. No seasoning of funds to close.
– Proof of down-payment required for purchase transactions. No seasoning of funds to close required.
– 1st time investor OK!
– Foreign Nationals OK!
Liquid Asset Verification Requirement
– Instant Bank Verification (IBV): To increase speed, privacy, security and convenience, we will now electronically verify your banking information using IBV. Paper statements will not be accepted unless your bank does not participate in IBV. We never see your user ID or password, and we receive a “read-only” copy of bank statements. Funds to close must be sourced from same bank account. NO SEASONING REQUIRED.
– 3 months cash/liquid reserves for PITIA required for all transactions.
– The value of any stock, bond or mutual funds are reduced by 30% and the value of retirement accounts are reduced by 50%.
Interest rates range from a low of 6.50% to 8.99% depending on the following factors: Credit Score, Loan To Value (LTV) and Actual Monthly Lease Cash Flow or Fair Market Rent cash flow (for vacant properties).
30 Year Fully Amortized Loan with follow ARM options:
– 7/1 LIBOR ARM fixed for first 7 years.
– 3/1 LIBOR ARM fixed for first 3 years.
7/1 Arm transactions have a prepayment penalty of 5% for the 1st year, 4% the 2nd year, 3% the 3rd year, 2% the 4th year and 1% the 5th year.
3/1 Arm transactions have a prepayment penalty of 3% for the 1st year, 2% the 2nd year, 1% the 3rd year.
Property Requirements To Qualify for Funding Approval
– Must not be owner occupied.
– Must be less than 2 acres in size.
– Must be gross living area of minimum 750 square feet.
– Warrantable Condominiums Allowed and Non-Warrantable Condo’s allowed with additional underwriting adjustments.
Loan Origination And Other Fees Associated With Funding
Origination Points: 3.99% of total loan amount ($3,500.00 minimum).
Underwriting Fee: $1,495.00
Escrow For Taxes and Property Insurance
Escrow of property taxes and property hazard insurance is required.
Seller Financing Or Secondary Financing Not Allowed
For purchase transactions, no secondary financing or seller held financing is allowed.
Seller Concessions / Seller Paid Closing Cost
For purchase transactions, the seller may contribute up to 3% of the agreed purchase price towards buyer closing cost expenses or concessions in the contract to purchase.
Proof Of Financing Letter
For purchase transactions, after completing a pre-qualification application we can also promptly provide you with a proof of financing letter(s) to assist you in making offers on prospective investment properties. To obtain a proof of financing letter you must provide your last 3 months of bank statements reflecting a balance of the minimum required funds to close.
Days To Close
On average we can close in about 30-45 days from the time we receive ALL REQUIRED DOCUMENTATION.
Minimum And Maximum Loan Amounts
Minimum loan amount is $75,000.00.
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 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.
__ Copy of 2 forms of valid identification (all members of business entity)
__ For Purchase Transactions: Copy of purchase and sales agreement (all pages)
__ Last 2 month’s bank statements (must include all pages)
__ Copy of void check for bank account to be used for monthly auto debit
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ IRS Issued EIN Letter For Business Entity
__ Certificate Of Good Standing (Issued By Secretary Of State within 30 days)
__ Copy of lease agreement(s) if applicable.
__ For Refinance: Copy of current homeowners insurance declaration page
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity