Eligibility Criteria
Long Term Rental Financing
Credit Score
680 minimum FICO and no serious delinquencies in the past 2 years.
Minimum DSCR
Minimum debt service coverage ratio of 1.10.
Max LTV
Up to 80% for purchase or refinance, 75% for cash out refinance.
Loan Term
30 years
Loan Amount
$100,000 – $1,500,000 per property; minimum $50,000/unit on 2+ units
Property Value
As-is value (or purchase price if applicable) greater than $100,000
Property Type
Single family, 2-4 unit, or 5-8 unit. Manufactured housing and mixed use not eligible.
Prepay Penalty
5-yr step-down (5-4-3-2-1); can be reduced to as low as 2 years
Location
Property cannot be rural. MSA population must be greater than 75,000. Located in states outside of AK, HI, NV, ND, SD, WY.
Minimum Liquidity
Down payment, closing costs, six months of mortgage payments.
Purpose
Long-term mortgages for stabilized and cash-flowing rental properties