What is Required for Stated Investor Loans?

Stated Residential Investor – 1- 4 Family Requirements

Rental Home Financing now provides a stated program for residential rental properties that does not require borrower tax returns to conform to a global underwrite. We like to see a minimum FICO score of 650 and will base the underwriting off of the asset(s). Typical guidelines are as follows:

Financing for 1 to 4 units investment/rental units free standing or attached duplex, triplex and fourplex properties. “blanket mortgage” funding available for multifamily apartment properties.

• 30-year amortization
• Property identification (application)
• Credit report with middle score of 650
• Maximum LTV of 75%
• No rehabilitation or construction costs financed.
• Will finance completed properties as a take-out/permanent mortgage funding.
• Borrower may use “stated income” - No personal debt to income ratios. No global underwrite.
• Appraisal done by a National Appraiser Service with average cost in the $400 to $600 range/property.
• 1 – 2% lender origination points.
• Property tax and property insurance impounds are required.
• 3/30 - 5/30 - 7/30 - 10/30 / 30/30 Fixed Rates
• Prepayment penalty is 3% for 1-4 unit deals and 5% for commercial. Borrower can pay off 20% of equity in any 12 month rolling period without triggering prepayment penalty. Example: 3 year fixed loan, a borrower can pay off 60% of principal without triggering penalty.
• Prepayment penalty can be bought down options available.
• 2% max gift allowance of total loan amount.
• First time buyers can be allowed

BOTTOM LINE:
STATED INCOME LOANS = EASY APPROVAL & CLOSING

Rental Home Financing offers commercial stated income mortgage loans in most locations including:

Call us today – 1-888-375-7977 and speak with one of our qualified representatives.