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Long Term Rental

TERMS 

 

PROPERTY TYPES

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

LOAN AMOUNT

$75,000 – $2,000,000

LOAN TYPES

30-Year Fixed Rate Mortgage (Fully Amortizing)
5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing)

RECOURSE

Full Recourse Only

TERM LENGTH

30 Years

MAXIMUM LOAN TO COST

If Owned less than 3 months: 80% of Total Cost Basis
If Owned between 3 and 6 months: additional 5% haircut on Max Eligible LTV

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

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

MINIMUM DEBT SERVICE COVERAGE RATIO

1.00x (Gross Rent/PITIA)

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)