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Permanent Loans - Single Family Property Rentals
Residential and Mixed Use (1-8 units)
Property Type:
- Single Family
- 2-8 Units
- Townhomes
- PUD
- Warrantable Condos
- Mixed Use (50%+ Residential)
Loan Amount:
$50,000 - $2,000,000
Loan Types:
30-Yr Fixed Rate Mortgage (Fully Amortizing) 5/1, 7/1 And 10/1 Hybrid ARMs (Partial IO or Fully
Amortizing)
Maximum Loan to Cost:
If Owned >180 Days, No LTC Limit
If Owned < 90 Days, 80% Of Purchase Price If Owned Between 91 And 180 Days Additional 5% Haircut On Max Allowable LTV
Maximum Loan To As-Is Value (Subject To FICO):
Purchase/Rate Term Refinance: 80% Cash Out Refinance: 75%
Minimum Debt Service Coverage Ratio:
1.20x (Gross Rent/PITIA)
Term Length:
30 Years
Recourse:
Full Recourse Only
Minimum Guarantor FICO:
620
Lease/Rent Requirements:
Leased Units: Lower Of In-Place Rent and Market Rent
Non-Leased Units: 90% Of Market Rent