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.
|Credit score:||620 minimum|
|Property type:||SFR, Condo, PUD|
|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%|
- 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 rent 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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