Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to the lower of either:DSC Debt Service Coverage calculation of gross rents-OR-Rent schedule from the Rental Addendum on 1007 Appraisal ReportMin FICO: 620Minimum Loan amount $75K – $5 Million1-4, Units, Warrantable and Non-Warrantable CondosInvestor/Business use onlyReserves: 3-12 months (based on LTV). If Bwr owns other investment properties with mortgages the reserve requirement is increased by 1% of total mortgage balance outstanding.Purchase, Rate and Term Max LTV of 80%Cash out available Max LTV of 80%Cash out proceeds can be used to meet reserve requirementsGift funds permitted. Bwr to provide 5% of fundsGifts of Equity permitted at a 75% Max LTV and Bwr to provide 5% of fundsUS Citizens, Permanent Resident Aliens Max LTV of 80%Foreign Nationals Max LTV 70%. No FICO qualifies for immediate financing
I’ve written about this before, but we have more and more people passing the age…
I had this situation come up again last week, and I wanted to address it…
One of the most important things you will have to do when you apply for…
I wanted to remind you that we have a 2% to 5% downpayment and closing…
If you receive money from the State or a County sponsored organization for providing foster…
Do you have investment property, and would like to pull cash out of your property?…