30 Year Investor Financing Program Highlights:
Only 30 Days Seasoning On Title Required!
– 660+ Credit Score Required For Max 75% LTV!
– Maximum 70% LTV If On Title Less Than 12 Months!
– For Purchase Transactions Max 80% LTV 80%!
– Loan Amounts from $50,000.00 – $2,000,000.00!
– No Income Verification and No Employment Verification Required!
– Vacant Properties OK!
– First Time Investors OK!
Funding Available NATIONWIDE, except following states:
AK, AZ, CA, DE, HI, ID, KS, MN, NE, NV, NH, ND, OR, SD, UT, VT
For Maryland, Philadelphia and Cook County, the minimum property value is $150,000.00.
**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 states of Georgia, Massachusetts, New York, Virginia***
30 YEAR INVESTOR FINANCING GUIDELINES
1. Credit Score Requirement
MINIMUM 660+ CREDIT SCORE REQUIRED.
2. Required Documentation For Funding Approval
– See bottom of this page for list of required documents.
3. Qualifying Types of Properties
Single Family residences, town-homes, condo’s and 2-4 units. Non owner-occupied only. No primary residence.
4. Minimum and Maximum Loan Amounts:
– Minimum loan amount is $50,000.00.
– Maximum loan amount is $2,000,000.00.
– Minimum property value is $75,000.00.
5. 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)
We can fund refinance cash out after owner has been on title for 30+ days using the improved value of the property.
5-A. Portfolio Loan Program
– Refinance only transactions. 4 – 8 properties per portfolio.
– Minimum value per each property is $75,000.00.
– Minimum loan amount is $300,000.00.
– All properties must be in same general geographical location.
– Underwriting fee: $1645.00 1st property and $750.00 per each additional property.
6. Borrower Underwriting Qualifying Requirements:
– Minimum credit score of 660 required for funding approval. Minimum of 2 credit scores required to qualify for funding approval.
– 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.
– 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!
7. Liquid Asset Verification Requirement
– Instant Bank Verification (IBV): To increase speed, privacy, security and convenience, we will 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%.
8. Interest Rates
Interest rates range from a low of 5.00% to 7.5% depending on the following factors: Credit Score, Loan To Value (LTV) and Actual Monthly Rental Income or Fair Market Rental Income (for vacant properties).
9. Amortization Term
30 Year Fixed – Fully Amortized Loan OR the following ARM options:
– 5/1 LIBOR ARM fixed for first 7 years.
– 7/1 LIBOR ARM fixed for first 3 years.
10. Prepayment Penalty
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.
5/1 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.
11. 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.
12. Loan Origination And Other Fees Associated With Funding
Origination Points: 3.50% of total loan amount OR $5,500.00, whichever is greater.
Underwriting Fee: $1,645.00
13. Escrow For Taxes and Property Insurance
Escrow of property taxes and property hazard insurance is required.
14. Seller Financing Or Secondary Financing Not Allowed
For purchase transactions, no secondary financing or seller held financing is allowed.
15. Seller Concessions/Seller Paid Closing Cost (Purchase Transactions)
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.
16. 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 months bank statements reflecting a balance of the minimum required funds to close.
17. Days To Close
On average we can close in about 30 days from the time we receive ALL REQUIRED DOCUMENTATION.
18. Minimum And Maximum Loan Amounts
Minimum loan amount is $50,000.00.
Maximum loan amount is $2,000,000.00.
19. Full Property Appraisal Required
Full property appraisal is required on all purchase and refinance transactions. Appraisal fee varies by state. On average $450.00 – $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.
20. 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.