General Funding Guidelines
Funding In The Following States:
Nationwide, except: AZ, CA, ID, MN, ND, NV, OR, SD, VT
Serving markets with population of $25,000+ OR within 25 miles of a market area with 100K+ population.
For state of Virginia: Must close in business entity name.
- Minimum Qualifying FICO: 600!
- Interest only payment for 24 months!
- No Appraisal – Use BPO for valuation!
- No personal income verification!
- Close in 10-12 Business Days!
- No escrows of taxes and insurance!
- No income docs required!
- Properties listed for sale OK!
- Vacant properties OK!
- No employment verification!
- No pre payment penalty!
- Close in personal name or business entity!
24 Hour Pre-qualification With No Credit Pull Required – Click Here
Loan amounts are from $75,000.00 – $2,000,000.00 for single family and 2-4 units, including condo’s and townhomes.
Interest Rate Range:
Interest rates typically range from 8.75% – to 10.50% (interest only payment) based on borrower credit and LTV.
Single Family, 2-4 units, town-homes, condo’s.
No Prior Borrower Experience Required
No borrower experience required. No prior flips and no minimum number of rental properties required.
Seasoning On Title Requirement
Current owner must be on title for a period of 180+ days for maximum 75% LTV. Less than 6 months on title reduces maximum LTV to 50%.
Closing can be executed in either registered corporation (LLC, S-Corp, C-Corp) or individual name.
A Broker Price Opinion (BPO) is required for determination of property value rather than full traditional property appraisal. Cost of BPO is $250.00 and is paid at time of submission to underwriting.
– Loan origination fee: 2.99% of total loan amount or $4,295.00 (whichever is greater)
– Underwriting fee: $999.00
– Processing fee: $595.00
Required Documents For Underwriting Approval
– Clear and legible copy of government issued ID (all members of business entity)
– Copy of SSN card
– Copy of HUD Settlement Statement from acquisition of property
– Last month bank statement (all pages)
– Copy Of IRS EIN Letter for business entity (if applicable)
– Business Entity Certificate Of Good Standing
– Copy of Articles of Organization for LLC or Incorporation for a Corporation (if applicable)
– Copy of Operating Agreement for LLC or Corporate Charter/Bylaws for Corporation
– Copy of fully executed lease agreement (if applicable)