80% LTV - Rental Loan Program!

[Fred Shatzoff]

Fico: 680+ 

 Loan Terms: 30-year amortization. 5 and a full 30-year fixed option.

Loan Size: $75K to 2 Million ($500k+ for blanket loans)

Property Value: Property must be worth at least $75k (each property). The lender does offer blanket loans but they need 3+ properties in order to blanket!

Max LTV:

• 80% on purchase & rate and term refinance if mid fico is 740+
• 75% on a refinance cash out

Debt Service Ratio: 1.00+-Interest Rate: 5.0%+-Property Types:

• 1 - 4 unit investment properties
• SFR
• 2 - 4 Unit Properties
• PUDs
• Warrantable Condos, and Townhomes
• Can do non-warrantable condos
• No log homes!

Property Values: The minimum purchase price for a SFR is $100k. The minimum market value for a SFR for a cash-out refinance is $110k.

Seasoning: 6 months-Pre-Payment Penalty: 5-year (5%, 4%, 3%, 2%, 1%)

Reserves: Borrower must have 12 months of PITI payments on hand prior to funding-Use of Funds: Purchase, 

Refinance, Cash-Out Refinance-Lending Territory: Nationwide besides Alaska, North Dakota, South Dakota, Nevada, and Utah

Closing Time Frame: 30 days-Appraisal Cost: $500-$600 per property

Lender Points: 1 lender point with a minimum $2,000 origination fee. They also charge a $1,495 closing fee (per property)

Experience: Borrower needs to own their own home and also 1 other investment rental. If they don’t own their primary home, they need to own 3 other investment properties if it is a refinance transaction; if it's a purchase, they need to own 2 other investment properties. If they have 6 months of ownership, investment properties can be vacant.

Special:

• Works with only Canadian foreign nationals.
• Can be used as a blanket loan if properties are in the same general cities and state.
• Deals over $1M require 2 appraisals.
• The borrower cannot have any BK’s or mortgage lates in the past 3 years.
• No tax returns are needed!
• The property must be fully rehabbed and actually rented out with a 1-year lease!
• The lender offers non-recourse loans with standard carve-outs.
• To Find out More Contact Fred Shatzoff 551-272-9066 or