Rental Property Hybrid ARM Loan

The Rental Property Hybrid ARM Loan is a 30 year loan with a fixed rate equal to the fixed rate term: 3, 5 or 7 years. Designed for borrowers seeking a streamlined loan solution; personal income, business income and employment are stated on the loan application but not verified. Purchase loans require down-payment verification and 2-3 month reserves for first time buyers. Tax Returns, W2's, Pay-Stubs, Bank Statements, P&L Statements or a Signed 4506 are not required. Flexible common sense underwriting allows for a previous bankruptcy or foreclosure, need 2 years seasoning to be eligible. This is an ideal alternative to a traditional bank or hard money loan.

 

Key Points

Same Day LOI

Minimum FICO 660

No Upfront Fee

No Seasoning Requirements

No Income or Employment Verification

No Limit On Property Owned

No Debt Service Coverage Ratio (DSCR) Available

Vacant Property - OK

Close in 4 Weeks

 

 

Terms

$100,000 - $2 million

LTV: up to 80%*

Interest: from 5.75%**

Rate: Hybrid

Fixed Term: 5 & 10 year option

Term: 30 years

Amort: 30 years

DSCR: 0-1.25 minimum

PPP: Multiple Options, 1 year minimum

Impounds Required

 

 

Purpose

Purchase

Refinance

Cash-Out

 

 

Collateral

Condominium

Single Family Home

Townhouse

Duplex

Triplex

Quadruplex

 

 

*Up to 80% LTV on purchase and rate and term refinance. Up to 75% LTV on refinance with cash-out.

**Interest Rate dependent upon credit score, loan-to-value, fixed term and DSCR.