PURCHASE OR REFINANCE

GET PREQUALIFIED NOW - NO CREDIT PULL REQUIRED

Cash Out Refinance Up To 75% LTV

No Income Docs

30 Year Investor Financing

30 Year Mortgage – Investor Rental Property Financing!

Loan Amounts $50,000.00 – $2,000,000.00!

Low Interest Rates From 5.00%!

Refinance Or Purchase 

No Income Docs Required! 

Overview

30 Year Investor Financing Program Highlights:

– Up To 80% LTV –  Rate and Term Refinance!

– Up To 75% LTV  –  Cash Out Refinance!

– Minimum 620+ Credit Score Required For Funding Approval (see paragraph 5 below)!

– For Purchase Transactions Up To 80% of As-Is Value OR 85% of Purchase Price (whichever is less)!

– Loan Amounts from $50,000.00  –  $2,000,000.00!

– Use Current Appraised Value Immediately After Completion Of Renovation!

– No Income Docs and No Employment Verification Required!

– Vacant Properties OK!

– First Time Investors OK!

– Foreign Nationals OK At Lowered LTV!

No credit report pull required for fast 24 hour prequalification!  Click Here

30 YEAR INVESTOR FINANCING PROGRAM

 

Funding Available NATIONWIDE, except following states:

Minnesota, Nevada, North Dakota, Oregon, South Dakota and Vermont.

 

Notes: 

  1. Must close in a business entity name.
  2. Minimum qualifying property value is $70,000.00

 

30 YEAR INVESTOR LOAN FUNDING GUIDELINES

 

1.  Credit Score Requirement

Minimum 620+ Credit Score Required For Underwriting Approval (see paragraph 5 below).

 

2.  Borrower Qualifying Requirements:

–  Minimum credit score of 620+ 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.

_  2 months reserve payments

–  For Purchases:  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 80% of the As-Is value or 85% 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 95% of the property appraisal “market rent” as basis to determine debt service coverage ratio.

Seller Contributions are allowed up to 3% of purchase price towards buyers non-recurring closing cost.

 

3.1  Portfolio Refinance Qualifying Criteria 

– Minimum of three (3) rental properties required for portfolio funding.

– No maximum number of properties up to maximum loan amount of $2,000,000.00.

– Minimum loan amount is $150,000.00.

– Minimum individual property value for funding approval is $75,000.00.

For portfolio refinance submit only one (1) initial property using our refinance prequal application (click here).  Once received we will forward you a real estate owned spreadsheet to enter information for all remaining properties.

 

4.  Qualifying Types Of Properties

Single Family residences, town-homes, condo’s and 2-4 units.  Non owner-occupied only.

 

5.  Cash Out  Refinance –  Maximum Loan To Values (LTV)  – Based On Credit Score

680+  Up to 75% of Current As-Is Value

660 – 679  Up to 70% of Current As-Is Value

640 – 659  Up to 65% of Current As-Is Value

620 – 639  Up to 60% of Current As-Is Value

Final qualifying loan to value (LTV) also based on property Debt Service Coverage Ratio. (DSCR) in addition to credit score.

 

5.1  Rate & Term Refinance  –  Maximum Loan To Values (LTV)  – Based On Credit Score

For rate & term refinance increase maximum LTV by 5% for all credit score ranges listed in paragraph 5 above.

Final qualifying loan to value (LTV) also based on property Debt Service Coverage Ratio. (DSCR) in addition to credit score.

 

6.  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 $70,000.00.

 

8.  Interest Rates

Interest rates range from a low of 5.00% to 7.50% depending on the following factors:  Credit Score, Final LTV and Debt Service Coverage Ratio (DSCR Calculation).

 

9.  Amortization Term

30 Year Fully Amortized Loan with following ARM options:

–  7/1 ARM fixed for first 7 years.

–  5/1 ARM fixed for first 3 years.

–  3/1 ARM fixed for first 3 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

2.50% origination fee of total loan amount OR $3,800.00.00 (whichever is greater) 

 

13.  Other Lenders Fees

Legal Fee:  $995.00

Processing Fee:  $495.00

 

14.  Escrow For Taxes and Property Insurance

Escrow of property taxes and property hazard insurance is required.

 

14.1   3 Months PITI Cash Reserves Required

Borrower must document a minimum of three (3) months PITI 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 30 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.

Note:   Terms are subject to change without prior notice. 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