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Mandatory Qualification Requirements

Borrower Loan Qualification Requirements

Listed below are the MANDATORY underwriting qualification criteria in order to be approved for our short term investor mortgage financing program.  These underwriting guidelines are mandatory and cannot be waived.   

GOLD Funding Program:  

Business Entity Borrowers

 – My business entity is registered with Secretary Of State and is listed as active and in compliance.

– There are no unpaid public records judgments in the name of the business entity.

– The most recent business bank account statement shows an ending balance of a minimum of 6 months of reserve payments (monthly loan payment for new loan).

– There are no unpaid tax liens.  Any unpaid tax liens reporting in public records will be required to be paid before or at closing.

 

FOR “GUARANTOR” OF A BUSINESS ENTITY  (Required for all business entity financing)

– Minimum credit score of 550+ to qualify for GOLD funding program.

– Have no foreclosures, bankruptcies, short sales or notice of defaults within the last 36 months.  Prior events of any previously items will require a written letter of explanation.

– Have no unpaid judgments.

– Have no unpaid tax liens.  Any unpaid tax liens reporting in public records will be required to be paid before or at closing.

– Have no record of criminal felony convictions within the last 7 years.  Any prior criminal convictions or criminal charges will require a letter of explanation and is subject to review and approval by underwriter on a case by case basis.

– Have no convictions of any type of financial fraud, ever.

 

FOR INDIVIDUAL BORROWERS  

 – Minimum credit score of 550+ to qualify for GOLD funding program.

– Most recent bank account statement shows an ending balance of a minimum of 6 months of reserve payments (monthly loan payment for new loan).

– Have no foreclosures, bankruptcies, short sales or notice of defaults within the last 36 months.  Prior events of any previously items will require a written letter of explanation.

– Have no unpaid judgments.

– Have no unpaid tax liens.  Any unpaid tax liens reporting in public records will be required to be paid before or at closing.

– Have no record of criminal felony convictions within the last 7 years.  Any prior criminal convictions or criminal charges will require a letter of explanation and is subject to review and approval by underwriter on a case by case basis.

– Have no convictions of any type of financial fraud, ever.

 

SILVER Funding Program:  

Business Entity Borrowers

 – My business entity is registered with Secretary Of State and is listed as active and in compliance.

– There are no unpaid public records judgments in the name of the business entity.

– The most recent business bank account statement shows an ending balance that covers:  down payment amount, 6 months of reserve payments, lender origination fees, 10% of rehab budget contingency and closing cost.

– There are no unpaid tax liens.  Any unpaid tax liens reporting in public records will be required to be paid before or at closing.

FOR “GUARANTOR” OF A BUSINESS ENTITY 

– Minimum credit score of 630+ to qualify for SILVER funding program.

– Have no foreclosures, bankruptcies, short sales or notice of defaults within the last 36 months (still subject to underwriter approval)

– Have no unpaid judgments.

– Have no unpaid tax liens.  Any unpaid tax liens reporting in public records will be required to be paid before or at closing.

– Have no record of criminal felony convictions.  

IMPORTANT NOTES

If you do not meet any one of the specific qualifying guidelines listed above please contact us to discuss if there is any alternative way of “structuring” your investment real estate transaction.