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Investors looking to purchase or refinance rental properties in hot markets, where the rents have not caught up with the property values can now take advantage of our No DSCR Loan Product. Here is a closer look at the loan structure, general requirements, and key program features for this new product.
Offering- Purchase, Rate & Term Refinance, Cash-Out Refinance
Loan Type- Single Asset Rental Loan
Rate Structure- 5/1 ARM, 7/1 ARM, 30-Yr Fixed
Minimum Loan Amount- $150,000
Geography- Nationwide except: AK, DE, ID, MN, NE, NV, ND, OR, RI, SD, UT, VT*
Property Type- 1 Unit Single Family Residential Rentals
Borrower Type- Investor Only, Individuals LLCs, corporations and limited partnerships. U.S. Citizens, permanent and non-permanent resident aliens.
FICO Score- Minimum 680
Reserves- Minimum 3 Months PITIA (Principal, Interest, Taxes, Insurance, Association Dues)
Streamlined qualification process
Full 30 year terms, no balloons
No tax returns or 4506 requirements
No DTI or personal income qualifications
5/1 ARM, 7/1 ARM, and 30-Year Fixed rate structures
Pre-payment penalty buy-downs available
Loans for individuals and corporate entities
Ready to take advantage of this new product offering? Contact us for more information and to get started on your loan.
Check out our Investor Resources for everything you need to know to grow your rental portfolio!