When the appraisal is ordered, a licensed appraiser performs a standard residential appraisal report, along with a supplemental report called a Market Rental Analysis which provides the average market rent for similar homes in the surrounding area.
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At a Glance
Minimum Down Payment
15% - for seasoned investors
30% - for new investors
Minimum Down Payment to avoid PMI
PMI (Private Mortgage Insurance)
Minimum mid-credit score
620 - Max 70% LTV
660 - Max 80% LTV
700 - Max 85% LTV
Min/ Max Loan Amount
$100,000 - $3MM
Loan Repayment Terms
30 Year Fixed Rate
Optional, equal to 6 months interest on 80% of the original principal balance.
3 Years, 2 Years, 1 Year, or None
5 Year options are also available.
(see Loan Originator for Options and Details)
Recent Housing Events
Minimum 36 months waiting period must elapse for prior Bankruptcy 7, Foreclosure, Short Sale or Deed-in-Lieu of Foreclosure
(See Loan Originator for details)
Max Seller Contributions
2% for Investment Homes
Escrows for Property Taxes and Home Insurance required
Primary Residence / Second/Vacation Home / Investment
Acceptable Property Types
Single Family, Townhome/ Villa/ 2-4 Unit Multi-Family/ Condominium/ Condotel or Non-Warrantable Condominium, 5-8 Unit Properties, Adult Care Facilities
UNACCEPTABLE Property Types
Manufactured Homes, Modular Homes, Mobile Homes, Raw Land, Condotels, Log Homes, Dome Homes, Tiny Homes, Commercial Mixed-Use
This is not a commitment to lend. Not all borrowers will qualify for the loan programs listed. All program terms and conditions are subject to change and may be discontinued without prior notice. Contact loan originator for program questions and scenarios.