| No | personal income or tax returns required | |
| No | property count max | |
| 80% | max Purchase LTV | |
| Blanket loans for 7+ rent-producing doors |
| Single Rental Loan | Portfolio Rental Loan | ||
|---|---|---|---|
| Purpose | Purchease or refinanced a single rental property | Purchase or refinance a portfolio of rental properties | |
| Individual loan size | 57$K -51,SMM | $700k+ | |
| Term & Amortization | 30 year fixed, full amortization 5 year& interest – only,then 25 year amortization |
5 or 10 year term (balloon due at end) up to 30 year amortization |
|
| Max loan-to-Value | 80% on purchases, 75% on refinances | 75% | |
| Cash Flow Coverage Property Debt to income ratio (PDTI) |
Fully Amortized Partial Interesk-only >=150k value: >=150k valve : Max 86% PDTI Max 85% PDTI <150k value : >=125k value : Max 70% PDTI Max 70% PDTI |
Debt Service Coverage Ratio Fully Amortized: 1.15x DSCR Interest only, LTV <= 66%: DSCR 1.15x Interest only., LTV > 60%: DSCR 1.20x |
|
| Borrower Type | Indivisual or Entry (single purpose) | Entity (single Purpose) | |
| Eligible Property Types must be non-owner occupied |
SRF, 2-4 units, condos, townhomes, Multi-family up to 20 (portfolio only) | ||
| Pre-Pay Penaity | 3% ofunpaid principal balance in ye 1; 2% in yr 2; 1% in yr 3 |
yield maintanance or Declining Points for the life of the loan |
|
| Min credit score requirement | Fully amortize / 600 Partial Interest-only / 700 |
600 |
