30 Year Fixed Rate – Rental Property Financing!
Loan Amounts $55,000.00 – $1,000,000.00!
Refinance Or Purchase!
Platinum 30 Year Investor Financing Program Highlights:
– Cash Out Refinance – Up To 70% LTV (based on credit and experience – see paragraph 7.1 below)!
– Rate & Term Refinance – Up To 75% LTV (based on credit and experience – see paragraph 7.2 below)!
– Minimum 680+ Credit Score Required For Funding Approval (see paragraph 5 below)!
– Interest Rates From 6.5%%!
– For Purchase Transactions – Up To 75% of As-Is Value Or 75% Purchase Price (whichever is less)!
– Loan Amounts from $55,000.00 – $1,000,000.00!
– Recently Completed Renovations OK – Use Current Appraised Value After 90 Days On Title (if financed)!
– No Income Docs and No Employment Verification Required!
– Vacant Properties OK On Purchase Transactions!
– First Time Investors OK!
– Foreign Nationals OK with reduced LTV!
No credit report pull required for fast 24 hour prequalification! Click Here
30 YEAR INVESTOR FINANCING PROGRAM
Funding Available NATIONWIDE, except in the following states:
Hawaii, Minnesota, Nevada, North Dakota, Oregon, South Dakota and Vermont.
Property Minimum Value Exceptions:
a. $150,000 minimum property value/ARV for following areas: Atlanta GA, Baltimore MD, Chicago IL, Cleveland OH, Detroit MI, Flint MI, New Haven CT, New Jersey NJ and Philadelphia PA.
b. $100,000 minimum property value/ARV for following areas: Los Angeles CA, Miami FL, New Orleans LA, Oakland CA
c. For Greater Newark New Jersey and New York City markets, reduce all LTV’s by 10%.
- All transactions must close in the name of a business entity.
- Minimum qualifying property value is $100,000.00
30 YEAR INVESTOR LOAN FUNDING GUIDELINES
1. Credit Score Requirement
Minimum 680+ Credit Score Required For Underwriting Approval (see paragraph 5 below).
2. Borrower Qualifying Requirements:
– Minimum credit score of 680+ required for funding approval. Minimum of 2 credit scores required to qualify for funding approval.
– No foreclosures, short sales or deed in lieu in past 2 years.
– No bankruptcies in past 2 years.
– No unpaid tax liens. Any unpaid tax liens must be paid prior to or at closing.
– Most recent month bank statement.
_ Documented nine (9) months reserve payments (PITIA).
– For Purchase Transactions: Proof of down-payment required for purchase transactions. No seasoning of funds to close required.
3. Purchase Option
– 30 year financing purchase option is available with a maximum loan amount of 75% of the As-Is value OR 75% of purchase price, whichever is less. Final loan amount/LTV based on credit score and debt service coverage ratio.
– If property is currently vacant, we will use 90% of the property appraisal “market rent” as basis to determine debt service coverage ratio (DSCR).
4. Qualifying Types Of Properties
Single Family residences, town-homes, condo’s and 2-4 units. Non owner-occupied only.
5. Debt Service Ratio Coverage (DSCR) Requirements
– For Property Values Less Than $150,000.00, DSCR must equal: 1.33+
– For Property Values Of $150,000.00 or higher, DSCR must equal: 1.25+
Important Note: We will currently use 83% of the actual or market rent to determine the qualifying rental income for DSCR.
6. Ownership/Seasoning On Title Requirement
– Property Purchased With Financing: 90 days seasoning on title if property purchased with financing and has an existing mortgage balance.
– Property Purchased With Cash: 180 days seasoning on title if property purchased with cash.
7. Minimum Property Values
Minimum property value is $100,000.00.
7.1 Cash Out Refinance – Maximum Loan To Values (LTV) – Based On Credit Score
720+ Up to 70% of Current As-Is Value
680-719: Up to 65% of Current As-Is Value
7.2 Rate & Term Refinance – Maximum Loan To Values (LTV) – Based On Credit Score
720+: Up to 75% of Current As-Is Value
680-719: Up to 70% of Current As-Is Value
7.3 Purchase – Maximum Loan To Values (LTV) – Based On Credit Score
720+: Up to 75% of Purchase Price, not to exceed 75% of Current As-Is Value
680-719: Up to 70% of Purchase Price, not to exceed 70% of Current As-Is Value
8. Interest Rates
Interest rates range on average from a low of 6.50% to 7.99% depending on the following factors: Credit Score, Final LTV and Debt Service Coverage Ratio (DSCR Calculation).
9. Amortization Term
30 Year Amortized Loan. Fixed principal and interest payment for 30 years.
10. Prepayment Penalty
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 10 acres in size.
– Must be gross living area of minimum 750 square feet.
– Warrantable Condominiums Allowed.
12. Loan Origination Fees
3.50% of total loan amount or $3,995.00 (whichever is greater)
13. Other Lenders Closing Fees
Legal Fee: $995.00
Processing Fee: $795.00
14. Escrow For Taxes and Property Insurance
Escrow of property taxes and property hazard insurance is required.
14.1 9 Months PITIA Cash Reserves Required
Borrower must document a minimum of nine (9) months principal, interest, taxes, insurance and HOA (PITIA) cash reserves for funding approval. Cash reserve requirement applies even if borrower is receiving cash out proceeds at closing.
15. Days To Close
On average we can close in about 15-20 business days from the time we receive all required documentation.
16. 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.
17. 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.
18. REQUIRED DOCUMENTATION – Must Close In Name On A Business Entity
__ Copy of valid identification (all members of business entity)
__ For Purchase Transactions: Copy of purchase and sales agreement (all pages, signed by all parties)
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ Copy of IRS Issued EIN Letter For Business Entity
__ Copy of most recent months bank statement (all pages)
__ Copy of lease agreement(s) if applicable
__ Documentation of receipt of last 2 months rents for subject property
For Renovated Properties: Scope Of work for completed repairs OR List of repairs completed
Note: All above terms are subject to change without prior written notice.
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity