Self Employed and W2 borrowers have now a new program at their disposal to help build their investment property portfolios.  This product can be used for both Purchase and Refinance transactions.  No personal income or employment will required to be verified, such as 1040s or W2s.  This investment property product uses the homes cashflow to qualify.  In other words, the lender will review the total monthly rental income versus total monthly expense on the subject property.  You can even have the properties in your LLC’s name for those who have one! One thing to note is that all LLC members must be on the loan if the LLC is used.

Property and Loan Requirements:
– Up to 4 Units and Condos allowed

– Investment ONLY
– Minimum $75,000 Loan Amount and up to $1 Million

– Rental Income vs Mortgage Payment must be minimum 1:1
– 6 Months of Mortgage Payments in Reserves

Example: $1,000 Rent / $900 Mortgage Payment = 1.11% (111%)

Borrower Requirements:
– No Tax Returns or Transcripts Required
– Rent/Housing/Mortgage Payment History with ZERO missed Payments over the last 24 months
– 660 FICO = 30% Down Payment
– 680 FICO = 25% Down Payment
– 740 FICO = 20% Down Payment
– 6 Months of Mortgage Payments in Reserves
– Cash Out option available with 660 FICO at 20% (80% LTV) or with a 700 minimum FICO at 25% (75% LTV). However 12 months Reserves Required

Also, the seller is allowed to contribute 3% of their sale (purchase price x 3%) toward borrower’s closing costs!

For more information or if you have any questions regarding this product, please do not hesitate to contact me!

Ramazan Sinani
Loan Officer NMLS 1590862
Email: Ramazan@northeast-mortgage.com
Office: (860) 788 – 7237 (Ext: 7462)