PROPERTY TYPES

Single Family/2-4 Unit/Townhomes/PUD/Warrantable Condos

LOAN AMOUNT

$75,000 – $2,500,000

LOAN TYPES

• 30-Year Fixed Rate Mortgage (Fully Amortizing)
• 5/6, 7/6, 10/6 Hyrbid ARMS (Partial IO or Fully Amortizing)
  
  

MAXIMUM LOAN TO COST

If Owned < 3 months, 80% of Total Cost Basis

MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)

• Purchase/Rate-Term Refinance: 80%
• Cashout Refinance: 75%

MINIMUM DEBT SERVICE COVERAGE RATIO (GROSS RENT/PITIA)

1.10x

TERM LENGTH

30 Years

RECOURSE

Full Recourse Only

MINIMUM GUARANTOR FICO

Mid-Score of 660

LEASE REQUIREMENTS

• Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent
• Unleased Units: 90% of Market Rent (Purchase Loans only)

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