Jumbo Fixed 30 Year – Investment Property Expansion
If your property development is successful with positive cash flow, then why not expand it to achieve higher profits? The MortgageDepot Jumbo Fixed 30 Year loan provides the borrower with plenty of time for repayment. The guidelines for eligibility and ineligibility should be carefully reviewed.These Fixed 30 Year loans are geared towards small residential 1-4 unit condo developments with 740 FICO Score, maximum 65% LTV, maximum DTI 40% and minimum of 24 months in reserves. Reserves can include cash (or cash-equivalent), bank accounts, money markets, mutual funds or public stocks.The Jumbo Fixed 30 Year loan can be used for either purchase or R/T refinance. The applicant must submit the following documents to the financing company: federal income tax returns, income property appraisal, operating & income analysis, uniform residential appraisal report and comparable rent schedule.“Reasons for Ineligibility”The property development must satisfy all of the aforementioned eligibility requirements. Investment properties with negative cash flow are not eligible for this loan program. Cash reserves cannot by illiquid amounting to more than 50%; retirement accounts, gift funds and business funds are not allowed for down payment, reserves or cash-to-close. Rent from said property cannot be used for reserve qualification if DTI exceeds 30%.
Ineligible terms and conditions include Florida properties, first-time home buyers and developments with negative cash flow, to name a few. Review all of the other ineligibility details. See if your property development qualifies for this great Jumbo Fixed 30 Year financing opportunity.
*This product is not regulated by the New York State Department of Financial Services