We are always looking for ways to make sure that our borrowers have many mortgage options available to choose from. Below is a new investor program that is completely income free, that’s right its a No Income Loan for investment properties.
Investor (DSCR- Debt Service Coverage Ratio)- NO DTI
A Debt-Service Coverage Ratio (DSCR) may be calculated for the subject property to take DSCR of expanded Loan To Values.
Debt-Service Coverage Ratio = Gross Income / Proposed PITIA
To calculate gross income, use the lower of the (a) executed lease agreement or (b) market rent from appraisal form 1007. If the executed lease agreement reflects a higher monthly rent, it may be used in the calculation when evidence of receipt of the higher amount for the 3 most recent, consecutive months is provided.
- No borrower income or employment stated or verified
- Fixed, Arms and Interest Only
- Can close in LLC!
- Gift funds and Gifts of Equity allowed!
- Unlimited cash-out
- Non-warrantable Condos
HOW DO I QUALIFY? IS THERE A DTI?
No DTI(debt to income) required, qualified from the cash flow of subject property with a 1:1 ratio, for example, if you are getting $2,000 in rent, and your new payment is $2000 or less, your “cash flow” reflects that! And yes, it is that easy. (Unsure if my edit works here).
No Income, No pay stubs, Not tax returns, No 4506t!!!!
WHAT IS THE MAXIMUM AMOUNT OF FINANCED PROPERTIES?
Unlimited. There is no maximum.
WHAT IS THE MINIMUM FICO SCORE?
WHAT IS THE MAX LTV?
CAN THIS BE THE BORROWER’S FIRST INVESTMENT PROPERTY PURCHASE?
No, borrowers must have a minimum of 6 months history owning and managing residential/commercial income producing property.
IS THERE A PRE-PAYMENT PENALTY?
Our loan officers are standing by to answer any or all of your questions.
*This product is not regulated by the New York State Department of Financial Services