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 Gifts are permitted on investment properties.
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| Credit score: | 620 minimum |
| Property type: | 2-4 Units, Condo, PUD |
| Occupancy: | Non-Owner Occupied |
| Down Payment: | 25% minimum |
| Loan to Value: | 75% Max. CLTV: 75% |
| Gift Funds | Never allowed |
| Closing cost: | Seller and/or lender can pay up to 2% |
| Debt Ratio: | 45% with compensating factors up to 50% |
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Additional Notes:
- Condos must be Fannie Mae approved.
- Unpermitted additions will not be given any 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
- SFR 15% down w/ 620 Score
- Flips usually one appraisal. No home inspection required
- Expanded High Balance with 20% down
- Impound payments are optional
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