At MortgageDepot, we are always looking for creative mortgage programs. The latest program to Hit the market is the No credit or even No experience needed when it comes to fixing a property and then flipping it. See below some of the highlights of the program:
No Credit Score Required, Non Owner Occupied
Residential Bridge / Rehab Program
Our non-owner occupied 1 to 4 unit residential bridge/rehab program is ideal for experienced investors and first-time fix and flippers alike.
We offer interest only bridge and rehab loans for the short term flipper and require no credit score or report (as long as the loan closes in an entity).
We also require no personal or property income, no primary residence ownership, and no investment experience. Purchase, refinance, cash-out refinance, purchase fix and flip and refinance fix and flip loans are ok.
This program is currently available in CA, CO, CT, FL, GA, IL, MD, MI, MO, NC, OH, PA, SC, TN, TX, VA, WA and WV.
Permanent (3/30) NOO 1- 4 unit loans are also available nationwide Term Sheet Requirements
- No Credit | No Tax Returns | No Rent Roll
- Rehab/Bridge Loans $100,000 to $1,000,000 (+/- considered case-by-case) 12 Month Interest Only Term
- No Tax Returns and No Financials
- No Credit Score/Report Required
- (cannot exceed 80% of AIV) To 100% of Rehab
- (cannot exceed 75% of ARV) No Prepay Penalty
- (no exit fee, no interest guarantee, nothing!) 2 to 3 Week Closing (with timely receipt of documents)
The terms above are estimates and are subject to change or withdrawal.