Rental Property Financing Program
Up To 80% LTV Refinance Cash Out!
Up To 90% Purchase Price
(within maximum applicable LTV)
A short term and long-term financing program with maximum cash out opportunity
for seasoned and first time investors!
General Funding Guidelines
Where We Lend:
AZ, CA, CO, DC, FL, GA, HI, ID, IL, IN, LA, MD, MI, MN, NC, NJ, NV, OH, OK, PA, SC, TN, TX, UT, VA, WA, WI.
Up To 80% LTV Cash Out Refinance In These States:* AZ, CA, CO, GA, MI, NC, OK, PA, TN, TX, UT, VA, WA
For All Purchases: Up To 85% Loan To Cost (Purchase Price), not to exceed applicable LTV.
*Max LTV determined by borrower credit score, experience and property location.
Diamond Program Highlights
- 640+ Credit Qualifies Up To 80% LTV!
- 600+ credit qualifies at lower LTV!
- Recently renovated properties OK!
- Interest only payment for fixed period!
- Hybrid Appraisal for value under $1.5Million!
- No Personal income verification!
- 30 year loan (5/1 ARM, 7/1 ARM, 10/1 ARM)!
- No seasoning on title for completed rehab!
- Vacant properties OK!
- No employment verification!
- No personal guarantee under $1.5Million!
24-48 Hour Pre-qualification With No Credit Pull Required – Click Here
1. Loan Amounts:
Loan amounts are from $75,000.00 – $5,000,000.00 for single family and 2-4 units, including condo’s and town-homes.
2. Interest Rate Range:
30 year interest rates average range from 5.25% – 10.99% based on credit, borrower experience, final LTV and debt service coverage ratio AND if bridge loan or 30 year financing.
3. Property Types
– Single Family, 2-4 units, town-homes, condo’s.
– Maximum 5 acres lot/land size. Exceptions can be requested and approved at underwriters discretion.
4. Survey Requirements
For properties located in Florida and Texas require a survey for purchases and refinances. We can normally except an existing survey if approved by the closing title company.
5. 2nd Mortgage Allowed On Purchase Transactions
Seller/Owner financing and institutional 2nd mortgages allowed on purchase transactions for all LTV’s up to a maximum of 90% combined loan to value (CLTV).
6. Reduced LTV’s In Florida and South Carolina
All LTV’s are reduced by 5% in states of Florida and South Carolina.
7. 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 36 months.
Tier 3: 0 residential properties owned and/or sold in the past 36 months.
– 640+ Credit Score At Tier 2 qualifies for Max 80% LTV Cash Out In Qualifying Market Areas.
– 580-639 Credit Score – Max 70% LTV Cash Out.
8. Prior Foreclosure and/or Bankruptcy
Any prior foreclosure or bankruptcy must be more than 24 months old prior to loan application date.
9. Seasoning On Title Requirement
No seasoning on title requirement for properties that have been completely renovated. 6 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.
10. Title Vesting
Closing can be executed in either an LLC or individual name.
When closing in the name of a business entity, the guarantor must show as having a minimum of 20% ownership in the business entity.
11. Minimum Number Of Months Reserves Required
Borrower must document four (4) months of monthly reserve payments.
12. Property Appraisal
A Hybrid/Broker Price Opinion (BPO) is allowed for properties under $1.5Million and up to $2Million in California. Full traditional appraisal is required for the purchase or refinance of newly constructed properties.
13. Loan Fees:
– Loan origination fee: 2.99% or $3,995.00 (whichever is greater)
– Processing fee: $1,195.00
– Admin fee: $795.00
14. 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.