REAL ESTATE INVESTOR RENTAL LOANS

REAL ESTATE INVESTOR RENTAL LOANS

FBC Funding assists Real Estate Investors build long term wealth by helping them build there rental portfolios by financing single and portfolio rental units. Below are listed the different programs and options.

Conventional Residential Real Estate Investor Rental Loans

We can offer full doc convention purchase or refinance Real Estate Investor financing. Conventional financing  offers the best rates and lowest costs. But the requirements are the toughest to qualify for.

PURCHASE TERMS

• MAX LTV:                    80% – most qualify at 75% 0r 70%
• CREDIT SCORE:        Generally 680 or higher – higher credit scores for higher LTVs
• OWNERSHIP SEASONING:   NA
• INCOME VERIFICATION:  Full Income Verification with Maximum Debt Ratio’s of 45%
• CASH RESERVES: 6 months of mortgage payments for all financed investment properties.
• FINANCED PROPERTIES: Maximum 4 properties – up to 10 properties with additional restrictions
• OTHER GUIDELINES: Must qualify via desk top automated underwriting system

RATE AND TERM REFINANCE TERMS

Same terms as purchase except ownership seasoning.

• OWNERSHIP SEASONING: 12 months to use appraised value

CASH OUT TERMS:

Same terms as purchase except ownership seasoning and Max LTV.

• MAX LTV:        75%
• OWNERSHIP SEASONING: 12 months
• OTHER GUIDELINES: Desk top automated underwriting will determine the maximum LTV based on combination of credit, debt ratio’s, and cash reserves. This means a borrower with minimum credit score, maximum debt ratio’s and minimum can reserves can be denied. The approval will be based on the overall strength of the file.

Three Year Investor Rental Loans

This program is designed for investors who want to buy and hold property for up to three years before they refinance to long term financing or sell the property when they believe market is better. The programs allows you to purchase rehab and hold up to the three year term of the loan.

• MAX LTV:  90% of Purchase Price up to 75% of appraised value. (Real Estate Investors who buy property below market value).
• CREDIT SCORE: 600   –  Clients with 700 plus score have lower rate and points
• INCOME VERIFICATION: None – Qualified based on cash flow
• MAX LTV: Purchase and Rate & Term 75% – Cash Out is 65% w 6 months seasoning.
• DEBT COVERAGE: 1.5%
• RATE RANGE:   8.5% to 10%
• STATES PROGRAM AVAILABLE:  Georgia, Florida, Missouri, North Carolina, South Carolina, Illinois, Alabama

30 Fixed Rate Real Estate Investor Rental Loans

• MAX LTV:   Purchase 80%  Refinance 75% based on credit score
• CREDIT SCORE:                  Purchase      Refinance                Cash – Out
  • 700                                  80%              75%                              75%
  • 680                                  75%               70% – 75%                  70%
  • 660                                  70% – 75%    65% – 70%                 65%
  • 640                                  70%                70%                            60%
  • 620                                  65%                65%                            60%
• OWNERSHIP SEASONING: 660+ Credit Score 3 Months / below 660 6 months
• INCOME VERIFICATION:  No Income Verification
• DEBT COVERAGE RATIO: As low as 1.00 the higher the debt coverage the lower the rate.  lower rates begin at debt coverage ratios above 1.3%
• CASH RESERVES:    6 Months
• RATE RANGE:    5.99% TO 9%  Based on LTV – Credit  – Cash Flow of Property
• STATES PROGRAM AVAILABLE:  NATIONWIDE:  ALL TERMS ARE NOT AVAILABLE IN ALL STATES