INVESTOR |
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Loan Amount Range |
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$200K-$3.0MM |
$200K-$3.0MM |
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First Time Investor |
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No |
Yes w/$750K Max Loan Amount |
Experienced Investor (12 Months Experience in Last 36 Months) |
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Required |
Allowed < 12 Mo. with Restrictions |
Maximum LTV |
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75% |
80% |
Maximum Cash-Out |
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$750K |
$1.0MM |
Housing History Owner Occupied |
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Yes |
Yes |
Minimum FICO |
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660 |
620 |
Interest Only & Qualify at I/O? |
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Yes - Max 75% |
Yes |
Term Options |
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30 & 40 Year (I/O for first 10 Years) |
30 & 40 Year (I/O for first 10 Years) |
Short Term Rental (Air BnB) |
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Yes* |
Yes* |
Rural Properties |
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No |
No |
Unleased 1-4 Unit Purchase |
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Max 1 of 4 Units Unleased |
Max 1 of 4 Units Unleased |
Vacant Single Unit Refinance |
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Yes w/ Restrictions |
Yes w/ Restrictions |
Vacant 2-4 Unit Refinance |
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Yes (Max 1 Unit) |
Yes (Max 1 Unit) |
Vacancy Factor |
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None |
None |
ADU Accessory Unit Income (1-4) |
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Yes |
Yes |
Elite Investor (5+ Rentals & 3 Loans over Last 3 Years) Rate Mortgage Only on Subject Property Rental |
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N/A |
Yes |
Bankruptcy |
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4+ Years |
OK, 12 / 24 / 36 Months Reduce LTV 10% / 5% / 0% |
Rent Higher than Appraiser Survey |
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3 Mo. Proof & Must be Reasonable |
3 Mo. Proof & Must be Reasonable |
Rent Loss Insurance |
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6 Months |
6 Months |
Financed Property Limit |
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None |
None |
Maximum Number of Loans We Fund to One Borrower |
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8 |
8 |
Gift Funds Allowed |
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Yes (but not for reserves) |
Yes (but not for reserves) |
Mortgage Lates |
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1x30x12 |
1x30x12 / 0x60x12 |
Primary Cannot be Listed for Sale |
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Yes |
Yes |
Listed for Sale Last 6 Months |
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Yes with 3-Year Pre-Pay |
Yes with 3-Year Pre-Pay |
4506 |
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No |
No |
Disclose All REO's on 1003 |
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Yes |
Yes |
Pre Payment Penalty Required |
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1, 2, 3 or 5 Year |
1, 2, 3 or 5 Year |
Minimum Reserves |
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6 Months to $1MM, 9 Months to $1.5M, 12 Months to $3MM |
6 Months to $1MM, 9 Months to $1.5M, 12 Months to $3MM |
Reduced Reserves |
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N/A |
3 Month Reserve Reduction with 5% LTV Reduction |
Reserves for Each Additional Financed Property |
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Yes (1 Month) |
Yes (1 Month) |
Cash Out as Reserves |
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Yes |
Yes |
Personal Guaranty for All Non-Individual Vesting |
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Yes |
Yes |
DSCR LEVELS*** 0.750 to 0.99 1.00 to 1.09 1.10 to 1.14 1.15+ |
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No No Yes Yes |
Yes Yes Yes Yes |
Additional Notes |
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ELITE INVESTOR - No mortgage ratings on borrower's primary or other properties. Must own 5+ properties and 3 mortgages within past 3 years. |
ELITE INVESTOR - No mortgage ratings on borrower's primary or other properties. Must own 5+ properties and 3 mortgages within past 3 years. |
* with 12 months 3rd party history | *** Interest Only Loans May Qualify Using ITIA (vs. PITIA)
Documentation of receipts of rents (equal to lease agreement) for most recent 2-month period required.
New leases executed within 6 months of note date require documented receipt of security deposit and the most recent 3 month's rent.
Documentation of receipts of rents (equal to lease agreement) for most recent 2-month period required.
New leases executed within 6 months of note date require documented receipt of security deposit and the most recent 3 month's rent.
