Non-Owner No Income One to eight units

Property qualifies on rental income alone.  You don’t need a job or tax returns to qualify for this program.  Below are some Loan highlights for this one to eight unit program:

     Ficos as low as 620 and loan amounts up to as high as             $3.5M

     LTV’s up to 85% (680 Fico minimum)

     No Debt Service Minimum

     No Reserves Required on Purchases or Rate/Term                   refinances.

      30 and 40 year fixed rate loan terms

      Interest Only available for 10 years

     

Property Types

This program works for Non-Owner Occupied one-to-eight-unit apartment and mixed-use properties.  For Mixed-Use properties, residential units must comprise more than 50% of the income of the property.  Property must not be in a rural area.

Program Advantages

Qualify for higher loan dollars and increase your cash flow by opting for interest only payments. Interest only period is for ten years and then amortized over the remaining twenty or thirty year term.  The initial rate is fixed for the duration of the loan.  This could be the last loan you’ll ever need!  I’ve used this loan for my own properties.