This is a reduced down payment program with higher loan amounts. The program has a reduced down payment requirement in comparison to the standard 25% down for 3-4 units. Borrower must have previous landlord experience.
|Credit score:||620 minimum|
|Property type:||3-4 Units|
|Down Payment:||20% minimum|
|Loan to Value:||80% Max. CLTV: 80%|
|Gift Funds||Allowed. No minimum buyer contribution required|
|Closing cost:||Seller and/or lender can pay up to 6%|
|Debt Ratio:||45% with compensating factors up to 50%|
- Standard 3-4 Units – 25% Down, but program allows 20%
- Condos must be Freddie Mac approved
- Lender-paid closing cost available
- Unpermitted additions will not be given any value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- First time buyer not required. Must be primary residence.
- Mortgage reserves may be required
- 75% market rent may be used to qualify
- Blended ratios acceptable with non-occupant co-borrower
- Borrower must have 2 year history managing rentals
This page contains program highlights only. See sidebar links for further information and details.