Residential 1-4 Family

Questions about rental property financing answered 

Long Term rental financing PrograM faq

Fix and Flip / Short Term Renovation Program FAQ

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Renovation Lending Questions

Yes – we require an appraisal on all lending programs. Renovation and construction financing require a “subject to” appraisal. Long term purchase and refinance require “as is” valuations and a rent comparable analysis to determine fair market rent.

For SFR = 700 sq. ft. 2-4 family 500 sq. ft.per unit in the minimum.

Our minimum loan amount is $75,000, our origination charge is usually 2% – 3% of the loan amount.

The origination fee for loan amounts under $100,000 is a $2,000.00 flat fee plus .75% (3/4 of 1%) if a renovation loan.

All loans have other fees and charges including 3rd party fees for appraisal, & title, filing fees, taxes on the property and transaction. Our loan officers always provide detailed closing cost estimate with rate quotes.

30 Year - 1-4 Family

Yes – we have options for up to 10 years interest only payments.

Yes – we require an appraisal on all lending programs. Renovation and construction financing require a “subject to” appraisal. Long term purchase and refinance require “as is” valuations and a rent comparable analysis to determine fair market rent.

In Florida and Kentucky it’s 85% for Purchase 80% LTV in all other states. 80% rates and term, and 80% cash out allowed. These are maximum LTV’s – check guidelines for individual programs for any LTV caps or restrictions.

For SFR = 700 sq. ft. 2-4 family 500 sq. ft.per unit in the minimum.

Our minimum loan amount is $75,000, our origination charge is usually 2% – 3% of the loan amount.

The origination fee for loan amounts under $100,000 is a $2,000.00 flat fee plus .75% (3/4 of 1%) if a renovation loan.

All loans have other fees and charges including 3rd party fees for appraisal, & title, filing fees, taxes on the property and transaction. Our loan officers always provide detailed closing cost estimate with rate quotes.

Property

Yes – we require an appraisal on all lending programs. Renovation and construction financing require a “subject to” appraisal. Long term purchase and refinance require “as is” valuations and a rent comparable analysis to determine fair market rent.

 

 

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