Refinance out of Hard Money - BRRR Strategy
Are you using the BRRRR Strategy?
Then you know the 3rd R is "Refinance".
Besides conventional loans, I can provide an additional loan product to help you refinance out of your acquisition loan. It's called our "Investor Advantage" program. Our "Investor Advantage Pro" program does not require income documentation.
Investor Advantage- Minimum FICO – 640
- Max Loan Amount- $2M
- SFR & 1-4 unit properties
- Non-warrantable Condos allowed (on an exception basis)
- Income documentation required
- Minimum FICO – 640
- Max Loan Amount- $2M
- SFR & 1-4 unit properties
- Non-warrantable Condos allowed (on an exception basis)
- No income documentation required. Appraisal and asset documentation required
Seasoning Requirements
If the property was acquired ˃ 12 months from application date, the appraised value must be used to determine loan-to-value.
For properties acquired between 7 and 12 months from application date, the maximum loan-to-value cannot exceed 65% based on the current appraised value.
If the property was acquired < 6 months from application date, the lesser of the current appraised value or the previous purchase price plus documented improvements (if any) must be used. The purchase settlement statement and any invoices for materials/labor will be required.
For refinance transactions, an executed lease with no less than 3 months remaining at time of close is required for all units in the subject property.
Does this sound like a program that could work for you? Please feel free to contact me.
Best,
DeWitt Gibson
I am a fully licensed mortgage loan officer located in Arizona. I can assist you in obtaining a residential mortgage loan in the following states: WA, OR, CA, ID, MT, WY, UT, CO, AZ, NM, KS, OK, TX, MN, IA, MO, IL, AK, HI.
I look forward to working with you!
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