No Minimum Fico Credit Score

Get Prequalified Now – No Credit Report Pull Required

Investor Financing Program

NO MINIMUM FICO CREDIT SCORE REQUIRED

Rental Property Financing  Program

“Fix & Flip Transactions OK”

 

Up To 80% LTV Refinance Cash Out!

(With 640+ Credit Score In Select Market Areas)

 

Final Loan Amount Based On Actual Credit Score, Borrower Experience & Location Of Property!

Diamond Program – General Funding Guidelines

Where We Lend:

CO, DC, FL, GA, HI, ID, IL, IN, LA, MA, MD, MI, MN, NC, OH, OK, PA, SC, TN, TX, UT, VA, WA, WI.  

Up To 80% LTV Cash Out Refinance In These States:*  CO, GA, MA, MI, MN, NC, OK, PA, TN, TX, UT, VA, WA

*Max LTV determined by actual credit score, borrower 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!
  • No Personal income verification!
  • No Minimum Fico Score Required To Qualify!
  • 30 year loan (5/1 ARM, 7/1 ARM, 10/1 ARM)!
  • No seasoning on title for recently completed rehabs!
  • Vacant properties OK!
  • No employment verification!

24-48 Hour Pre-qualification With No Credit Pull RequiredClick Here

 

1.  Loan Amounts:

Loan amounts are from $100,000.00 – $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 5.99% – 8.99% based on credit, borrower experience, final LTV and debt service coverage ratio AND if bridge loan or 30 year financing.

3.  Property Types / Minimum Value

– Minimum As-Is property value is $100,000.00.

– Single Family, 2-4 units, town-homes, condo’s.

– Maximum 5 acres lot/land size.  Exceptions can be requested and approved at underwriters discretion.

MODULAR & MANUFACTURED HOMES

– Modular & manufactured homes now qualify for 30 year term financing, 12 and 24 month terms.

–  Modular & manufactured homes must have a manufacture date/built date after 1976 to qualify for underwriting approval.

– Only one (1) dwelling allowed per lot/parcel.

– 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.  Maximum LTV Based On Borrower Experience (NO MINIMUM CREDIT SCORE REQUIRED)

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.

 

5.1  Reduced LTV’s In Florida and South Carolina 

All LTV’s are reduced by 5% in states of Florida and South Carolina.

 

5.2   Purchase Transactions:  For All Rental Ready Purchases –  Up To 90%  Financing of Loan To Cost (Purchase Price) or maximum LTV per borrower qualification (whichever is less).

 

6.  Prior Foreclosure and/or Bankruptcy

Any prior foreclosure or bankruptcy must discharged for more than 36 months prior to loan application date.

7. Minimum Number Of Months Reserves Required

Borrower must document four (4) months of monthly reserve payments for 30 year financing.

8.  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.