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!
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.
Refinance Plus Rehab Loan
– No seasoning on title is required for refinance with a rehab loan.
– Refinance with a rehab loan is structured the same as Silver Funding Program fix and flip product. Click Her To View Fix & Flip Funding Program.
– 90% financing of payoff amount plus cost of rehab combined, not to exceed 70% of After Repair Value (ARV),
– Difference between payoff amount and original purchase price will be applied towards down payment.
– Closing cost can be included if difference between payoff amount and original purchase qualifies. Reviewed on a case by case basis.
– Cash out option is only available if property is owned free and clear.
– Must provide a construction budget/scope of work detailing specific repairs just like a fix and flip project.
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.
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%.
30 Year Fully Amortized Loan OR
5/1 ARM fixed for first 5 years.
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