Jerry PadillaPoster
Premium#5 Classifieds Contributor
Lender
- Lender
- Rochester, NY
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LLC FINANCING, No Income Documentation, $100k min. loan
Program Overview
- No personal income used to qualify
- Qualification based on property cash flow
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Credit scores down to 660
- Rates starting in the 6’s
- Up to 80% LTV
- No DTI restrictions
- Must have current mortgage
- 1-4 units and condos
- No limit on number of properties financed (5 loans or $3,000,000 in aggregate with this program)
- Minimum Loan Amount -$100,000
- Loans up to $1.5 million
- Seller concessions to 2%
- 7/1 ARM
Eligible Loan Purposes:
- Purchase
- Rate/Term Refinance
- The loan-to-value will be based off of appraised value.
- The property cannot be vacant.
- Cash-Out Refinance
- If the property has been owned for more than twelve (12) months, the LTV will be based off of the appraised value.
- If the property has been owned less than twelve (12) months the LTV will be based off the original purchase price.
- The borrower must be on title for a minimum of three (3) months.
- The property cannot be vacant at the time of closing.
Taxes and insurance escrows required for all loans.
Documentation Requirements | ||||
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Prepayment Penalty Two (2) years – Six (6) months interest on the amount prepaid that exceeds 20% of the original principal balance (unless otherwise restricted by State law)
A prepayment penalty is required (unless otherwise restricted by state law) with a two (2) year duration and a payoff. | ||||
Eligible Property Types
Property: Recent Listings
The property cannot be listed for sale on date of loan application.
The property cannot be listed for sale by the current owner within twelve (12) months from date of loan application. | ||||
Fee Simple with Title Vesting as
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PROGRAM AVAILABLE IN MANY STATES
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Lender NY (#NMLS 1084877) and Prime Lending Licensed in All 50 States (#NMLS 13649 )
- 585-204-6923
- http://www.jerryrpadilla.com
- [email protected]
Offering