Recourse

Full Recourse only

Rate Types

Fixed and adjustable rate options available

Experience

not required

Loan Purpose

Purchase, rate-term refinance, or cash-out of a single rental property

Minimum FICO

660

Amortization

Fully amortizing and Partial Interest Only options available

Borrower Type

Entity required

Property Types

Single family residences (SFR)

2-4 unit properties

Warrantable condos

Townhomes

PUD

Vacancy Maximum

Purchases vacant are ok & 1 unit on a 2-4 unit refinance

Rural Properties

Not permitted

Foreign Nationals

65% LTV

Lease Requirements

Leased Units: Lower of (i) in-place rent & (ii) market rent

Unleased Units: 90% of market rent

Maximum Loan-To-Cost

If owned < 3 months, 80% of total cost basis

Minimum Loan Amount

$75k - $2MM

Maximum Loan-To-Value (LTV)

Up to 80% on purchase and rate & term. Up to 75% on cash-out

Property Acquisition Minimum

1 property per loan, up to 4 units max

Minimum Debt Service Coverage Ratio (Gross Rent/PITIA)

1.05x

Seasoning Requirement (To use value vs. cost basis)

90 days

Term

30 years

Interest Rate

Call for quote