Program Description: Qualification not based on income – either personal or from subject property.

Products and Terms:

  • 5/1 ARM: Fully Amortizing
  • 30-Yr Fixed: Fully Amortizing

Eligible borrowers: Borrowers who are natural persons may be citizens / US or foreigners. Borrowers who are eligible legal persons (LLCs and corporations) must be organized in one of the 50 states or DC.

Minimum DTI / Debt Service: Not applicable

Minimum credit score: 640, based on no less than three trade lines established for one or more years, no foreclosure or bankruptcy over past 48 months at Standard LTVs and reserves. No foreclosure or bankruptcy over past 24 months available at a max LTV of 75% and reserves increased by 6 months. Maximum permitted mortgage or rental payment delinquency is 1x30x12.

Loan amounts and loan to value limits:

  • 65% to $3,000,000
  • 55% to $3,000,000

Acceptable occupancy: Investor / business purpose properties only. Borrowers must sign a business use affidavit (no primary or second home occupancies)
Acceptable property types: 1-4 units, warrantable / non-warrantable condo (non-warrantable condos require a rate add-on)

Required reserves: 3 -12 months PITIA (based on loan amount) For cash-out refinances, loan proceeds
disbursed to Borrower may be used to meet reserve requirements.

Acceptable states: 50 states and DC (US Territories not allowed)

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