This loan is for investment properties. Rental income may be used to qualify. No mortgage insurance is required. Investment properties will always require mortgage reserves. No multi-units allowed.
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| Credit score: | 620 minimum |
| Property type: | SFR, Condo, PUD |
| Occupancy: | Non-Owner Occupied |
| Down Payment: | 15% minimum |
| Loan to Value: | 85% Max. CLTV: 85% |
| Gift Funds | Never allowed |
| Closing cost: | Seller and/or lender can pay up to 2% |
| Debt Ratio: | 45% |
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Additional Notes:
- Condos must be Fannie Mae approved
- Unpermitted additions will not be given value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- No gifts allowed. Non-arms length transaction prohibited
- Qualifying rental income requires rental agreement
- 6 months reserves required if using rental income
- 75% market rents may be used to qualify
- Debt ratios extended with 12 months reserves
- Flips usually one appraisal. No home inspection required
- Impounds payments are optional
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