FICO-Only Product for BUY & HOLD Investors - No Doc/Asset Based
Now a simple loan program for savvy investors!!! "Fico Only Product" for Residential Investment 1-4's & Traditional Commercial properties!
If you answer yes to these simple questions, you can qualify for Velocity's "FICO Only Program"
DO YOU QUALIFY ???
- Is the subject property a Residential Investment 1-4 (non-owner occ), Multifamily, Mixed-Use, Office, Retail, Warehouse, Self-Storage, Automotive?
- Is the subject property located in a major metropolitan area with 100k residents or within a 25-mile radius? (We lend nationwide except for ND, SD, IL, MI, AK, MN, NH, TN, VT)
- Is the subject property 100% turnkey ready, habitable with no more than minor cosmetic repairs needed (if any)?
- Is the subject property valued over $105,000 for Residential or $140,000 for Commercial? (LTVbased off current "as-is" value and we use the lower of the two: Purchase Price vs Appraised Value)
- Do you have a 640+ mid fico, with no mortgage lates, bankruptcies or foreclosures in the past 2yrs? (Exceptions for 2x30 if more than 90 days ago with a lower LTV)
- Do you have at least 30% (25% for 5+ Multifamily & Mixed Use) down payment/equity for a purchase or refinance transaction?
- Are you interested in keeping the property for at least 2-3yrs as a rental?
- If the subject property is a Single Family Residence, do you currently own a minimum of 2 properties (1 Primary Residence and 1 Investment property)?
WHY VELOCITY?
NO INCOME - NO TAX RETURNS - NO EMPLOYMENT VERIFICATION
NO PAY STUBS
NO YTD PROFIT & LOSS
NO 4506/CPA LETTER
NO 12-24 MONTHS BUSINESS BANK STATEMENTS
NO BALLOON PAYMENT
NO CASH OUT RESTRICTIONS
NO RESERVE REQUIREMENTS
NO EXIT STRATEGY, PERSONAL FINANCIALS or EXECUTIVE SUMMARY
PROGRAMS FOR FOREIGN NATIONALS
OKAY FOR WAGE EARNERS & FIRST TIME INVESTORS
CAN FINANCE UP TO 12 PROPERTIES PER BORROWER
CAN VEST AS INDIVIDUAL OR LLC/CORP
1ST TD’s ONLY/ PURCHASES & REFINANCES
LOAN AMOUNTS FROM 75k-5MM
NO MAXIMUM NUMBER OF PROPERTIES OWNED
FAST BROKER APPROVAL WITH NO BUYBACK CLAUSE
NO DCR ON SFR's or COMMERCIAL LOANS UNDER $500k
6.75% Floor Rate, No Upfront Points, Fully Amortized Terms
NOW OFFERING BROKER REBATES UP TO 2PTS (5pts total commission per loan)!!!!