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)