No Doc Rental Property Mortgage
Qualify with Cash Flow from Rental Property
Are you a real estate investor who paid cash for an investment property?
Do you own multiple properties?
This loan program may be able to help!
Your loan is qualified based on the cash flow of the subject property. Your other monthly personal debts are not a factor for this loan. Basically, the rental income needs to cover the "new" mortgage payment taxes and insurance.
No Doc Loan for Investment Properties
If your property cash flows now or will soon with a new tenant this could be the right loan.
All that matters is the rental income should be more than the proposed mortgage payment, property taxes and insurance.
No Income, No Employment, and No Tax Returns needed. None. Zilch.
$0 Processing & $0 Application fees
• No Debt to Income ratios requirement as it is not calculated
• The program uses the current property value (no matter if you just bought it)
• Borrowers may own an unlimited number of financed properties
• Available on a 5/1, 7/1, and 10/1 Adjustable rate mortgage or 30 & 15 year Fixed
• No first-time investors. You must have a history of owning and managing commercial or residential investment real estate
• Minimum FICO credit scores is 640. Better rates are available above 720.
• Minimum loan amount is $150,000
• Eligble properties include single family homes, condos, townhomes, duplex, triplex, and fourplexes.
• Perfectly okay to title the property in an LLC.
*** Available for properties in California, Colorado, Florida, and Texas.
Approval is dependent on a licensed appraisal confirming market rents for the property as well as the condition of the property. Borrower may have (1) mortgage late in the most recent 12 months.
EXAMPLE: Triplex with (3) 2 bedrooms renting for $1,525/month each.
Purchase price: $800,000
Loan amount: $600,000
Mortgage Payment: $3,597/mo
Taxes & Insurance: $950/mo
The rent needs to be $4,550 or more per month. In this case, it is $4,575 which covers the P.I.T.I. Additionally, the appraiser's rent survey must also agree that the market rent is $1,525 or more for the area.
PURCHASE & REFINANCE (no cash back):
With a 720 credit score; 70% financing up to $1,500,000
up to $1,000,000 on a $1,428,000 property purchase price or appraisal.
$750,000 loan on a $1,070,000 valued property with a 680 middle credit score.
REFINANCING with CASH BACK:
The loan to value is lowered by 5%.
No Prepayment Penalty
Rates range from 5.875% on a 5 Year ARM up to 7.25% on a 30 year Fixed mortgage.
No Foreclosure or Short sale in last 7 years
No Bankruptcies in last 4 years