All Forum Posts by: Silviano Vasquez

@Curran D Bishop

Non QM / Alt A lenders are non bank lenders. These lenders like Impac, Sprout, NewRez, Argent etc. They portfolio their loans and don't sell them on the second market like the big banks do. That they portfolio allows them to set their own guidelines.

Good afternoon, there are Non-QM lenders (portfolio lenders) that will lend in the name of an LLC. They would also give you credit for the estimated rents that are listed in the comparable rent schedule of the appraisal. That would probably be your best option. The LTV could be as high as 80% LTV.

Good afternoon, there are Non-QM / Alt-A lenders out there that have no seasoning requirements on using the newly appraised value of your rental property.  That means once your rehab work is completed you can use the newly appraised value of the property to cash out on the residence and use that money to recoup your rehab expenses use the proceeds to invest in another property.

Unfortunately, the two lenders you are referencing are correct. Fannie Mae and Freddie Mac the two quazi government entities that control the conventional housing market have in their guidelines that a 3-4 unit property has a maximum loan to value of 75%.

https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf

FHA will allow for up to 96.5% loan to value on a 1-4 unit property. This would be your best option in purchasing a 3-4 unit owner occupied property with as little down payment as possible.

You could also try a Non-QM / Alt-A lender as they generally can go up to 80% on a 3-4 unit owner occupied residence.

Good luck and I hope you find the financing option that helps you get that property.

The Impac Investor program qualifies the borrower based on cash flow of the subject property with no vacancy factor and no seasoning for cash out. It’s a great program! Call me to discuss your next Investor scenario.

Steve Vasquez

949-475-3610

Lara,

9% at 70% LTV sounds quite high. I think you need to have your mortgage broker look around for better options for you.

Kevin,

What Stephen is referring to is a lender who offers a no ratio loan.  A no ratio loan does not verify employment and does not verify income.  It only needs to have the subject property you are buying to be cash flow positive.  As long as the rental income is at least $1 more than the mortgage payment, taxes and insurance you would qualify for the loan. 

I have an investor No Ratio product where no employment or income is required.  We only require that the income be cash flow positive.  We have no limits on the amount of financed properties and we do not require any rental income information on any of your other rental properties.  We have interest rates as low as 4.99% and we never have any prepayment penalties.  We lend throughout the entire United States.

Steve Vasquez

Impac Mortgage

949-475-3610