Purchase or refinance non-owner occupied rental properties with 1-4 units
RATES STARTING AT 6.1%*
Term
30-year fixed, arm options available
recourse
Full Recourse only
loan types
30-Year fixed rate mortgage (Fully Amortizing)
5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing)
experience
Not required
Loan purpose
Purchase, rate-term refinance, or cash-out of a single rental property
Minimum FICO
660
Borrower Type
Entity required
Interest Rate
Call for quote
Property Type
Single Family Residences (SFR)
2-4 unit properties
Warrantable condos
Townhomes
PUD
Vacancy Maximum
Purchases only or leased within 30 days
Rural Properties
Not permitted
Foreign Nationals
Not allowed from ineligible country list
Lease Requirements
Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent
Unleased Units: 90% of Market Rent (Purchase Loans only)
Maximum Loan To Cost
If Owned < 3 months, 80% of Total Cost Basis
Minimum Loan Amount
$75k – $2MM
Maximum loan-to-value (ltv)
Up to 80% on purchase and rate & term. Up to 75% on cash-out
Property Or Unit Acquisition Minimum
1 property per loan
Minimum Debt Service Coverage Ratio (Gross Rent/Pitia)
1.10x
Seasoning Requirement (To use value vs. Cost basis)
180 days