This investor purchase loan program provides flexible financing for borrowers acquiring residential investment properties, second homes, and select owner-occupied properties. Qualified borrowers may finance multiple properties, use lease-based documentation, and access jumbo loan amounts from $250,000 to $4,000,000.
Borrowers may own an unlimited number of properties; however, no more than 10 properties may currently have mortgage liens. Financing may be available for borrowers with up to 12 financed properties, subject to credit, reserve, property, and underwriting requirements.
Investor Loan Credit and LTV Requirements
Qualified borrowers may be eligible for financing up to 85% loan-to-value with a 680 middle credit score.
Final LTV eligibility depends on the loan amount, occupancy, property type, available reserves, credit history, and overall loan profile.
No-Ratio and Rental Income Documentation
A no-ratio income documentation option may be available, allowing qualification without calculating the borrower’s personal debt-to-income ratio.
Property income may be documented using:
- Current lease agreements
- Appraisal Form 1007 market-rent analysis
- Tax returns when rental income must be included in the qualifying calculation
Lease agreements may also be accepted when permitted under the applicable underwriting guidelines.
Reserve Requirements for Multiple Properties
Borrowers must generally document:
- Six months of reserves for the subject property
- Six months of liquid reserves for each additional financed property
Eligible cash-out proceeds may be used to satisfy reserve requirements when permitted by the lender.
Jumbo Investor Loan Amounts
Available loan amounts include:
- Minimum loan amount: $250,000
- Maximum loan amount: $4,000,000
Maximum financing is determined by credit score, loan-to-value ratio, property type, occupancy, reserves, and the borrower’s complete financial profile.
Eligible Property Types
The investor purchase loan program may be available for:
- Single-family residences
- Non-warrantable condominiums
- Two-unit properties
- Planned unit developments
Eligible Occupancy Types
Financing may be considered for:
- Owner-occupied properties
- Non-owner-occupied investment properties
- Second homes
Program guidelines and income-documentation requirements may differ by occupancy type.
Additional Underwriting Guidelines
Rental income may require tax returns when it is used for qualification, although current lease agreements may be accepted under select program guidelines.
A minimum seven-year seasoning period may be required following a bankruptcy or foreclosure.
Interested-party contributions may be permitted for eligible second-home and non-owner-occupied investment-property transactions.
Available States
This business purpose mortgage program may be available in:
Alabama, Arkansas, California, Colorado, Connecticut, DC, Delaware, Florida, Georgia, Hawaii, Iowa, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
Last Updated on 16 hours ago by Broker Mortgages