Real Estate Investor (DSCR) Loan Program
620 Minimum Credit Score
- Maximum LTV 85% Purchase Transactions and 80% Cash Out Refinance Transactions
- Maximum Loan Amount $15,000,000
- Rental Lease or Appraisal Form 1007
- DSCR - .80% - 1.5%
- No Traditional Income Documentation
- DTI - N/A
- Employment Types: No Job Needed
- Income Documentation Types: N/A
Jumbo DSCR Loan Amounts: Loan-to-Value (LTV) & FICO Score
$4,000,000
- Purchase: 75% LTV with 700 FICO or 70% LTV with 680 FICO
- Cash Out: 70% LTV with 680 FICO or 70% LTV with 700 FICO
- $3,500,000
- Purchase: 80% LTV with 700 FICO or 75% LTV with 660 FICO
- Cash Out: 70% LTV with 720 FICO or 65% LTV with 700 FICO
$2,500,000
- Purchase: 75% LTV with 700 FICO or 70% LTV with 680 FICO
- Cash Out: 75% LTV with 720 FICO or 70% LTV with 700 FICO
3 Months Reserves Requirements:
- Purchase 6 Months (PITI/PITIA) to 80% LTV or 3 Months to 75% LTV
- Cash Out - Not Required
-
- Above + 3 Months PITI/PITIA for each additional Real Estate Owned (REO)
Eligible Property Types:
- Single Family Residence (SFR)
- Condos - Warrantable
- No Condotels
Eligible Occupancies:
- Non-Owner/Investment Only
- Second/Vacation Homes - Not Eligible
Available Terms:
- ARM: 3 Year ARM, 5 Year ARM, and 7 Year ARM
- 40-year fixed Fully Am or Interest Only Options are Available with 660 Credit Score
Credit Criteria:
Tradelines:
- 1 - 36-Month payment history
- 2 - 24-month Previous History Open and Active
Credit Scores:
- 620 Minimum
"Housing Event" Credit Seasoning:
- Bankruptcy - 2 years required
- Foreclosure - 2 years required
- Short Sale - 2 years required
- Deed in Lieu - 2 years required
Underwriter Notes and Highlights:
- Mortgage Lates - 12 Months Seasoning
- First Time Home Buyers – OK
- Gift Funds OK with 5% Minimum Borrower Contribution from Family Immediate Member
- Rent-free housing history OK
- Pre-payment Penalty Options
- Investors: 15 financed Real Estate Owned (REO)
Loan Scenario Form - Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin