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PURCHASE OR REFINANCE

GET PREQUALIFIED NOW

Cash Out refinance With 6 Months On Title!

30 Year Investor Financing

30 Year Mortgage – Investor Rental Property Financing!

Loan Amounts $75,000.00 – $2,000,000.00!

5.75% – 7.50% Average Interest Rate

Refinance, Purchase Option & Qualifying Portfolio Loans Available!

No Income & No Employment Verification!

Overview

30 Year Investor Financing Program Highlights:

– 660+ Credit Score Required For Max 75% LTV! 

– Maximum LTV 75% of Current Value With 660+ Credit!

– Maximum LTV 70% LTV If On Title Less Than 12 Months!

– For Purchase Transactions Max LTV Is 80%!

– Loan Amounts from $75,000.00  –  $2,000,000.00!

– Can Use Current Appraised Value After 30 Days On Title!

– No Income Verification and No Employment Verification Required!

– Vacant Properties 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

 

For Maryland, Philadelphia and Cook County, the minimum property value is $125,000.00.

**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 LOAN FUNDING GUIDELINES

1.  Credit Score Requirement

Minimum 660+ Credit Score Required.   

 

2.  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.

– 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!

 

3.  Purchase Option

– 30 year financing purchase option is available with a maximum loan amount of 80% of the purchase price OR appraised value, whichever is less.

– If property is currently vacant, we will use 90% of the property appraisal “market rent” as basis to determine debt service coverage ratio.

– The seller may contribute up to 3% of the agreed purchase price towards buyer closing cost.

 

4.  Portfolio Loans Requirements

– Refinance only transactions.  4 – 7 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.

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. 

 

5.  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.

 

6.  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.

 

7.  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 property.

 

8.  Minimum Property Values

–  Minimum property value is $75,000.00.

 

9.  Interest Rates

5/1 ARM (30 Year Term) – Interest rates range from a low of 5.50% to 7.50% depending on the following factors:  Credit Score, Final LTV and Debt Service Coverage Ratio (DSCR Calculation).

 

10.  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%.

 

11.  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%.

 

12.  Amortization Term

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.

 

13.  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.

3/1 Arm transactions have a prepayment penalty of 3% for the 1st year, 2% the 2nd year, 1% the 3rd year.

 

14.  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.

 

15.  Loan Origination Fees

3.75% origination fee of total loan amount OR $5,500.00 (whichever is greater) 

 

16.  Other Lenders Fees

Underwriting Fee:  $1,645.00

Processing Fee:  $495.00

 

17.  Escrow For Taxes and Property Insurance

Escrow of property taxes and property hazard insurance is required.

 

18.  Days To Close

On average we can close in about 30 days from the time we receive ALL REQUIRED DOCUMENTATION.

19.  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.

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.

21.  REQUIRED DOCUMENTATION – Must Close In Name On A Business Entity

__ Copy of 2 forms of valid identification (all members of business entity)

__ For Purchase Transactions:  Copy of purchase and sales agreement (all pages)

__ 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

Note:   Terms are subject to change. Final terms vary depending on the property and borrowing entity

Get Started Now – Free Pre-qualification – 600+ Credit OK!

Low Rates – Flexible Terms – Close in 10 days Or less!