DSCR Real Estate Investor Loan Program

Minimum Credit Score 620

  • Maximum LTV 80%
  • Maximum Loan Amount $4,000,000
  • Rental Lease or Appraisal Form 1007
  • DSCR - .75% - 1.5%
  • No Traditional Income Documentation
  • DTI - N/A
  • Employment Types: No Job Needed
  • Income Documentation Types: N/A

Loan Purpose: Loan-to-Value (LTV) & Credit 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

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: 3,5 and 7 year
  • 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

"Housing Event" Credit Seasoning:

  • Bankruptcy - 2 years required
  • Foreclosure - 2 years required
  • Short Sale - 2 years required
  • Deed in Lieu - 2 years required

Credit Scores:

  • 620 Minimum

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)

 

States:

Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Louisiana, Maryland, Massachusetts, Missouri, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin