The Solution for Borrowers Falling Just Outside Agency Guidelines.
- LTV as high as 85% for purchase and R/T refinance (80%for cash-out refinance)***
- Qualify based on cash flow of the subject property
- DSCR calculated using the interest only payment for interest only loans
- No DTI calculated
- Standard min. DSCR 1.00 with no min. DSCR qualifiers:
- Purchase and rate/term refinances: LTV < 75% = no min. DSCR**
- Cash-out refinances: LTV < 70% = no min. DSCR**
- No income | No employment verification | No tax returns | No 4506C
- Loan amounts up to $2.5MM for purchase, cash-out refinance, and rate & term refinance
- Business funds allowed for down payment, closing costs, & reserves
- Borrower can own unlimited financed properties
- FICO as low as 600 (or 660 for I/O)
- LTV ≤ 65% = Unlimited cash-out
- Cash-out allowed for reserves
- Multiple term options: 5/6 & 7/6 SOFR ARM* | 30YR Fixed* | 40YR Fixed/10YR I/O
*Interest only option available. No I/O in Illinois. | **W/ 700 FICO, 0x30x12 mtg rating, addt’l 3 mo. reserve. | ***For qualified borrowers. Restrictions may apply
How to Qualify
Calculate DSCR by dividing the lesser of the market rent from appraisal Form 1007 or the lease agreement (when refinancing) by the proposed PITIA of the subject transaction. For refinances, when the lease agreement > market rent from appraisal Form 1007, the higher lease amount can be used in the DSCR calculated if within 10% variance of the market rent (or up to 25% variance when proof of the most recent 3 months of rent receipts to support the lease amount is provided).
Our Commitment to You
- Common Sense Underwriting With In-House Approvals
- Closing In As Few As 10 Business Days
- Referrals Valued & Brokers Protected
- Committed to the Highest Level of Customer Satisfaction
To help you determine if a Rental Loan is right for you, please contact one of our licensed Loan Specialists by calling us directly at 844-574-LOAN (5626), by submitting the form on the right or by completing an application directly on our website.
Schedule a Loan Officer Consultation
To determine the right loan program with you, schedule some time with a loan officer to discuss your options. Call us at 844-574-5626 now or schedule a time to meet with a loan officer.