General Funding Guidelines
Funding Available Nationwide:
Diamond Program: AZ, CA, CO, DC, FL, GA, HI, ID, IL, MD, NC, NJ, NV, OR, PA, SC, TN, TX, UT, VA, WA. Up To 75% LTV Cash Out (80% rate & term) in Certain Metropolitan Markets:
Platinum Program: All other states except: Minnesota, Nevada, North Dakota, Oregon, South Dakota and Vermont. Up To 70% LTV Cash Out – See Funding Guidelines – Click Here
Diamond Program Highlights
- Minimum Qualifying FICO: 600!
- Interest only payment for fixed period!
- BPO for value under $1.5Million!
- No Personal income verification!
- Close in about 15 Business Days!
- 30 year loan (5/1 ARM)!
- No seasoning on title for completed rehab!
- Vacant properties OK if leased within 60 days!
- No employment verification!
- No personal guarantee under $1.5Million!
24 Hour Pre-qualification With No Credit Pull Required – Click Here
Loan amounts are from $75,000.00 – $5,000,000.00 for single family and 2-4 units, including condo’s and town-homes.
Interest Rate Range:
30 year interest rates average range are from 5.5% – 7.99% based on credit, borrower experience, final LTV and debt service coverage ratio.
– Single Family, 2-4 units, town-homes, condo’s.
– Maximum 5 acres lot/land size. Exceptions can be requested and approved at underwriters discretion.
For properties located in Florida and Texas a survey is required for purchases and refinances. If an existing survey is available we can normally accept.
Reduced LTV’s In Florida and South Carolina
All LTV’s are reduced by 5% in states of Florida and South Carolina.
Borrower Experience – Qualifying Tier Level
Tier 1: Currently own 5 or more residential properties and/or sold in the past 24 months.
Tier 2: Currently own 1-4 residential properties and/or sold in the past 24 months.
Tier 3: 0 residential properties owned and/or sold in the past 24 months.
– 640+ Credit Score At Tier 2 qualifies for Max 75% LTV Cash Out.
– 600-639 Credit Score – Max 65% LTV Cash Out.
Prior Foreclosure and/or Bankruptcy
Any prior foreclosure or bankruptcy must be more than 24 months old prior to loan application date.
Funding for rural properties is available on a case by case basis. Maximum LTV for rural funding is 65% of current value.
Seasoning On Title Requirement
No seasoning on title requirement for properties that have been completely renovated. 12 month seasoning on title for properties that have not been renovated.
For Renovated Properties: Must provide original scope of repair work OR list of repairs completed and interior/exterior photos.
Closing can be executed in either an LLC or individual name.
Minimum Number Of Months Reserves Required
Borrower must document four (4) months of monthly reserve payments.
A Broker Price Opinion (BPO) is required for properties under $1.5Million and up to $2Million in California. Borrower can choose to have a full traditional property appraisal if so desired.
– Loan origination fee: 2.99% or $3,995.00 (whichever is greater)
– Processing fee: $1,195.00
– Admin fee: $795.00
Required Documents For Underwriting Approval
– Clear and legible copy of government issued ID (all members of business entity)
– Copy of HUD Settlement Statement from acquisition of property
– Last 2 months bank statements (all pages)
– Copy Of IRS EIN Letter for business entity (if applicable)
– 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)
– Documentation of receipt of last 2 months rents for subject property
– For Properties Renovated Within Last 12 Months: Copy of original scope of repair work OR list of repairs completed AND interior/exterior photos.