You need Credit, Money to close and a Loan Officer.
Credit: A 640 score. Ideally a 740.
Money: $$ in your bank for down payment and closing costs.
Loan Officer: Chris Luis, your future favorite mortgage broker.
Traditional Banks will require tax returns, employment verification, invoices on your current mortgages, reserves on your primary home and on the investment property, and much more.
Here, you need: 2 months bank statements.
The Appraisal will have an estimate rent income. If that rental income is more than your mortgage payment, you are APPROVED!
Down Payment based on Credit score:
- 740 = 20%
- 660 = 25%
- 640 = 30%
- 5.25% 5 Year Adjustable
- 6.25% 30 year fixed
Also available are 10 Year Interest Only.
It is Called a NONI – No Owner, No Income
I call it: No Bull
Realtors call it: That CRAZY LOAN.
Homes: Non-Owner Occupied. 1 to 4 units.
- Condos and manufactured homes require 30% down.
Close in an LLC, or Partnership or Corporation Name.
Unlimited number of properties.
MINIMUM PRICE OF HOME: $200,000.
LIGHTNING QUICK PRE-APPROVALS: Have your OFFICIAL MORTGAGE CREDIT pulled = PRE-APPROVED.
Close in 3 weeks!
For more info:
Chris Luis, My Favorite Mortgage Broker
Write me or call or text me 941-219-4389