Summary
If your lease or rent schedule covers the mortgage, this is the loan for you! No income needed and prime rate!
Qualifications
Minimum Down Payment
15% of sales price
Minimum Credit Score
600
Cash Flow Ratio
100% Debt service coverage – Rent must cover mortgage
Eligible Property Types
Single family residence, 1-4 unit, PUD’s, townhouse, condo, and non-warrantable condo
Loan Amount
$100,000 to $300,000
Reserves
3-12 Months (based on loan amount)
Occupancy Type
Investment Only
Vacancy
Can be vacant (will use appraisal rent schedule for rent amount or lease if property occupied)
Appraisal Transfer
Yes, we will accept appraisals from another company
Transaction Types Allowed
Purchase, refinance, and cash out
Sourced Funds
2 months bank statements