Borrower & Property Requirements

• We do not require any income verification items such as, tax returns, or 4506 documentation. We do require the following:

• One form of ID for each borrower and guarantor

• Voided check

• A title company contact

• Property Insurance declarations page

• Entity Documents

• Condo HOA contact information (if applicable)

• Current lender information (for refinances)

• Purchase contract and any addendums (for purchases)

• We use a tri-merged credit report and either use the middle score of three scores, or the lower score of two scores. The minimum credit score is 680. Other credit requirements may include:

• No open foreclosure or bankruptcy

• No bankruptcy in the past four years

• No foreclosures, short sales or deeds in lieu within the last three years

• Minimum three open and qualifying trade lines for 24 months OR minimum of two open and qualifying trade lines and a history that evidences at least three additional qualifying trade lines that were open for at least 24 months each during the last seven years

• No mortgage late payments in the past 12 months

• For credit scores 680 and above, no more than one thirty-day late payment on non-mortgage tradelines over the past 12 months

• For credit scores below 680, no late payments on non-mortgage tradelines over the past 12 months

We lend on fully rented and rent-ready residential properties, between one and four units, with no deferred maintenance. Properties do include condos and townhomes. We don’t lend on manufactured homes, mobile homes, log homes, or vacant land.

We only finance rent-ready properties. When the appraisal is performed, the appraiser must note that the property is in C4 condition or better with no deferred maintenance visible in the appraisal photographs

Once the appraisal is ordered, we typically close within 21 business days. Loans are generally funded within 24 hours of closing for purchases and within 48 hours of closing for refinances.

Yes, we’ll lock the interest rate for the loan for 45 days upon receipt of the appraisal payment