At MB Financial we are a National Lender that goes above and beyond for our clients and I cater to assisting investors with all of their financing needs:

A credit tool to assist with improving your (or your clients) credit score to qualify for financing (Free of Charge)

Investor loans - Financing for up to 10 investment properties, with Conventional Financing, backed by Fannie Mae, or Freddie Mac
Conventional or Refinance

Cash Out Financing on the first four investment property's

Delayed financing with up to ten mortgages

Credit scores down to 600 on FHA/VA/USDA loans - primary residence only
National lender!

Streamline refinance programs for FHA/VA/Conventional - Save money with less documentation

Low rates & Low closing costs

I am available extended hours
Opportunity to increase your business to have more capital available for purchasing and rehabbing

Lender credit available for purchases

Automated approval system

FHA FINANCING;

Single Family Residence or The rental units are an owner-occupied two (2), three (3) or four (4) unit property

Maximum Basic Standard Financing

Single - $271,050

Duplex - $347,000

Triplex - $419,425

Fourplex - $521,250

FHA Basic High Cost area limits are:

Single - $625,500

Duplex - $800,775

Triplex - $967,950

Fourplex - $1,202,925

Financing for Hawaii, Alaska, Guam, Virgin Islands -

Single - $938,250

Duplex - $1,201,150

Triplex - $1,451,925

Fourplex - $1,804,375

Here is the site to search by county for the maximum financing.

https://entp.hud.gov/idapp/html/hicostlook.cfm

Maximum Financed Properties

The maximum of four financed properties includes the subject property.

Inducements to Purchase

Certain expenses, paid by the seller and/or another interested third party, on behalf of the borrower, are considered "inducements to purchase" and result in a dollar for dollar reduction to the lesser of the sales price or appraised value of the property before applying the appropriate LTV factor. These expenses include:
Contributions up to 6% of the sales This information is accurate as of the time of posting. Please also verify the accuracy of this information at the time you are considering these options as guidelines change.price
Decorating allowances
Repair allowances
Moving costs
Note—a dollar for dollar sales price reduction is also required for - Excess rent credit and gift funds not meeting FHA requirements Contributions exceeding the actual cost of prepaid expenses, discount points and other financing concessions

Credit Requirements

Required is 600. FICOs below 620 have maximum DTI of 43% regardless of AUS approve/accept
Minimum of 2 trade lines are required
No more than $1,000 in disputed collections
Must be all on time payments in the past 12 months of mortgage history
No more than $2,000 in collections ........ Medical bills are excluded.
Minimum of 2 years from Chapter 7 or 13 bankruptcy discharge
Minimum of 3 years from Preforeclosure, short sale, deed in lieu, foreclosure from discharge date or release date.

Down Payment Requirements

The borrower is required to make a minimum down payment into the transaction of at least 3.5% of the lesser of the appraised value of the property or the sales price. The borrower must have sufficient funds to cover borrower-paid closing costs and fees at the time of settlement. Gift funds are considered part of borrower’s own funds.
60 day history is required to verify the source of the down payment. Down payment can not be borrowed, from any source.
Gifts may be funded by a family member....... But must be verified by 60 day history, and must be a gift with no requirement to pay back.

Reserve Requirements

3-4 Unit owner occupied properties must have 3 months PITI

Three (3)- and Four (4)-Unit Property

The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.

Livable Conditions

The property must demonstrate the following characteristics:

A continuing and sufficient supply of safe and potable water under adequate pressure and of

appropriate quality for household uses.
Sanitary facilities and a safe method of sewage disposal. Every living unit must have at least one (1)
bathroom which includes a flushing toilet, lavatory/sink and a bathtub/shower.
A source of heat adequate for healthful living conditions.
Domestic hot water, and;
Electricity adequate for lighting and any mechanical equipment within the home.
Provide safe pedestrian and vehicular access from a public or private street. Streets must either be
devoted to public use and maintenance, or private streets protected by permanent recorded
Easements.
The remaining economic life, as determined by the appraisal, must be greater than or equal to the term
of the proposed mortgage.
Be free of any encroachments.
Utility Service must be permanently dedicated to the local municipality or appropriate public utility entity
as evidenced by recorded easements.
Up Front Mortgage Insurance Premium - For most of its mortgage insurance programs, FHA collects an:

Upfront mortgage insurance premium (UFMIP), and
Annual insurance premium which is collected in monthly installments
Mortgage Insurance Premium - For 15 year and greater than 15 years.

1.75% of purchase price
Annual Insurance Premium

Greater than 15 years & greater than or = 95% LTV - 0.8%
Greater than 15 years & less than 95% LTV - 0.85%
Less than or = 15 years & Grester than 90% LTV - 0.7%
Less than or = 15 years & less than 90% LTV - 0.45%
High Balance Loan Amounts

Less than or = to $625,000 & less than or = to 95% LTV - 0.8%
Less than or = to $625,000 & greater than 95% LTV - 0.85%
Greater than $625,000 & less than or = to 95% LTV - 0.1%
Greater than $625,000 & greater than 95% LTV - 0.105%
INCOME—RENTAL
Rental income from a borrower’s primary single family residence (boarder income) is not acceptable for qualifying.
Rental Income from the subject property may be considered effective income if the subject property is a 2-4 unit dwelling. Required documentation is dependent upon the length of time the borrower has owned the property.
Rental Income – Subject Property For FHA Mortgage
Limited or No History of Rental Income
Defined as when the borrower is purchasing or does not have a history of rental income from the subject property since the previous tax year.
If rental income is from other property owned other than subject, must show 25% equity in property by appraisal.
In order to calculate Rental Income from a 2-4 unit subject property, the following documentation must be provided:
�Fair Market Rent must be calculated using FNMA 1025/FHLMC 72 – Small Residential Income Property Appraisal Report; and Copies of existing or proposed leases, if available.
Calculating Effective Rental Income
� Any net rental income from the subject property must be added to the borrower’s qualifying gross monthly income by applying 75% of the lesser of;
o Fair Market Rent reported by the appraiser; or
oThe rent reflected on the existing or proposed lease agreement.
History of Rental Income.
When a borrower has a history of receiving rental income from the subject property since the previous tax year, the borrower must provide most recent Federal Tax Returns, including IRS Schedule E, covering the previous two (2) years
Calculating Effective Rental Income
� Any net rental income from the subject property must be added to the borrower’s qualifying gross monthly income after averaging the reported net rental income/loss reflected on Schedule E of the tax returns.
� When calculating the average net rental income/loss, any depreciation, mortgage interest, taxes, insurance, and HOA dues reflected for the subject property may be added back to the net income/loss.
� If the borrower has owned the subject property for less than 2 years, rental income/loss must be annualized for the length of time the property has been owned.

For VA home loan purposes, a veteran is a person who has served or is currently serving on active duty in the United States Military or Coast Guard and who was discharged or released from active duty under conditions other than dishonorable. Un-remarried surviving spouses of an eligible service member who died as a result of service or service-related injuries may also be eligible.

TERMS

Fixed rate fully amortized 15 and 30 year terms

ELIGIBLE PROPERTY TYPES

1 – 4-unit single family detached homes

PUDs

Townhouses

Condominiums—per VA guidelines

CONDOMINIUMS
All condominiums must be on the VA approved list. To avoid an unnecessary appraisal fee, a condominium unit should not be appraised unless there is a reasonable likelihood that VA or HUD will accept the project prior to loan closing.
Please Note **The link below may be used to determine if a condominium project is VA Approved. Properties located within Planned Unit Developments (PUD) do not require VA Approval.
https://vip.vba.va.gov/portal/VBAH/VBAHome/condopu...
INCOME
In order to be considered for approval of a VA home loan, income stability is a mandatory requirement

Veterans recently separated from the service must have a minimum 2 year work history in the same line of work that he/she did in the service. The veteran should be in his/her most recent job for at least 12 months.

W-2s for the last two years

Signed Federal tax returns for the past 2 years for self-employed borrowers and rental income/loss

Rental Income *** In order to consider verified rental income from any other property(s) not securing the VA loan, documentation of at least 3 months mortgage payment(s) (PITI) is required. Rental income verified as stable and reliable may be included in effective income. If there is little or no prior rental history on the property, make a determination based on review of the applicant's prior experience managing rental units or other background involving both property maintenance and rental; any existing leases on the property along with the strength of the local rental market. If rental income is not considered, documentation of reserves is not required.
Rental Income *** Multi Unit Property Securing the VA Loan (2-4 units) cash reserves totaling at least 6 months PITI along with documentation of the applicant’s prior experience managing rental units is required.The prospective rental income considered for qualifying is 75% of verified prior rent(s) collected on the units (existing property) or the appraisers opinion of market rent on (new/proposed construction).
Rental Income*** Property the applicant occupied prior to the new VA Loan, use the prospective rental income to offset the mortgage payment on the rental property and only if there is no indication the property will be difficult to rent. This type of rental income may not be included in effective income. It may only be used to offset the mortgage payment on the departed residence. Obtain the following documentation:
1.) Copy of fully executed lease agreement 2.) Evidence of receipt of security deposit
Please Note – If the applicant can support the mortgage payment (PITI) without any rental income, neither the landlord experience nor reserves are required.
“Other” Types of Income *** If it is reasonable to conclude other types will continue in the foreseeable future, include it in effective income. The follow list of “Other” types of income which may be considered include, but are not limited to:
- Pension or other retirement benefits
- Disability income
- Dividends from stocks • Royalties

MAXIMUM FINANCED PROPERTIES

The maximum number of financed properties that the borrower(s) can have is four (4). However, the borrower must still have remaining VA eligibility for a VA loan.

GIFTS

A gift letter, source of funds and evidence of transfer of gift funds is required.

MAXIMUM LTV

100% for Purchase transactions
100% for Refinance transactions
100% for IRRRL Refinance transactions

MAXIMUM LOAN AMOUNTS, MINIMUM FICO SCORE AND RESERVE REQUIREMENTS

Base Loan Amount -

Up to the applicable county loan limit for the subject property - including high cost counties

Minimum FICO - 600

Required Reserves - none

Base Loan Amount -

Above County Loan Limit - $750,000

Minimum FICO - 640

Required Reserves - 2 Months PITI

Base Loan Amount - $750,001 - $1,000,000

Minimum FICO - 680

Required Reserves - 4 Months PITI

Base Loan Amount - $1,000,001 - $1,200,000

Minimum FICO - 720

Required Reserves - 6 Months PITI

MINIMUM LOAN AMOUNT

There is no minimum loan amount.

OCCUPANCY

Owner-occupied, primary residences are allowed. Second homes or investment properties are not allowed.

RESERVE REQUIREMENTS
RESERVES – must be liquid, readily accessible funds (e.g. checking, savings, money market, non-retirement investment account(s) such as stock or mutual fund accounts)

Cash reserves are required under the following circumstances:
- If the borrower uses rental income to qualify and the subject property is 2-4 units, six (6) months cash reserves must be documented.
- If the borrower uses rental income from other rental property(s), three (3) months cash reserves must be documented.
- Please refer to “Maximum Loan Amounts, Minimum FICO, and Reserve Requirements” section for any additional restrictions due to loan size.

SELLER CONCESSIONS

Seller concessions include, but are not limited to, the following:

Payment of the buyer's VA funding fee

Prepayment of the buyer’s property taxes and insurance

Gifts such as a television set or microwave oven

Payment of extra points to provide permanent interest rate buydowns

Provision of escrowed funds to provide temporary interest rate buydowns,

Payoff of credit balances or judgments on behalf of the buyer

Seller concessions do not include payment of the buyer’s closing costs or payment of points as appropriate to the market.

Any seller concession or combination of concessions which exceeds 4% of the established reasonable value of the property is considered excessive, and unacceptable for VA guaranteed loans.

Here is a link to VA's site with the maximum VA loan limits, in 2015. This year it is the same as FHFA or Freddie Mac and Fannie Mae's guidelines.

A few of the areas we lend in:

San Jose San Francisco Oakland, CA Boston Worcester Providence, MA RI NH CT
Dallas Fort Worth, TX OK Riverside San Bernardino-Ontario, CA
Seattle Tacoma, WA San Diego Carlsbad, CA Greenville Spartunburg, Anderson SC Columbia Newberry SC Myrtle Beach Conway Georgetown SC Charleston Florence Sumter SC Virginia Beach Norfolk, VA NC Fresno Madera, CA Bridgeport Stamford Norwalk, CT New Haven Milford, CT Bakersfield, CA Oxnard Thousand Oaks Ventura, CA
Stockton Lodi, CA Charleston North Charleston, SC Spokane Spokane Valley Coeur d'Alene, WA ID Colorado Springs, CO Visalia Porterville Hanford, CA Corpus Christi Kingsville Alice, TX Santa Rosa, CA Myrtle Beach Conway, SC NC Santa Maria-Santa Barbara, CA Salinas, CA Vallejo Fairfield, CA

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