Long Term Rental Loan
- LG429
- LG429
Summary of all Guidelines | |
| Loan Types | DSCR Loan |
| Property Types | 2-4 Units, Condo, Multi Family, SFR |
| Lendding Area | NATIONWIDE |
| Loan amount Minimum | $100,000 |
| Loan amount Maximum | $3,000,000 |
| Interest Rate Minimum | 6.5% |
| Interest Rate Maximum | 12.75% |
| Terms | 30 year, 40 year |
| Typical Days Required to Fund | 31-40 Business days |
| Credit Score Min | 575 |
| Interest Only or Amortized | Amortized and Interest Only Options available |
| Fees | Underwriting |
| Entities | Corp - Corporation, LLC - Limited Liability Corporation, Partnership, LP - Limited Partnership, Individual, Trust |
| Lien Position | 1st |
| Max Points Charge by Broker | 4 |
| Prepayment Penalty | No Prepayment Penalty, 1 year, 2 years, 3+ years, 5,4,3,2,1, 5,5,5,5,5 |
| Documents needed | Application, Appraisal, Credit Report, Driver's license, Entity documents for LLC, Corp or Trust, Lease Agreements, Mortgage Statement for Subject Property, Purchase Contract, Rent Roll |
| Intended Occupancy | Tenant |
| Special Features | Foreign National |
| Updated as of | 2024-03-14 |
| Program Code | LG429 |
These descriptions are limited information and meant for general reference purposes.
