(240) 474-9774

Benefits for Borrower

QUALIFICATION

• 620 Minimum FICO Score  (12 Month Term)

• 660 Minimum FICO Score  (30 Year Term)

• Scores below 660 will require 6 month Cash Reserves

• Down Payment 

• Closing Cost 

• No Derogatory Public Records in the Past 2 Years

LOAN TERMS

                                             12 Month Term                                      

• No Pre-Payment Penalty                      

• Interest Only Loan                                                 

• 6-Month Extension Available @ 1% fee 

  30 Year Term

 Pre-Payment Penalty  (0-5 Years shorter prepay periods will have higher rates

 Minimum DSCR of 1.10, if credit less than 720, minimum DSCR of 1.20

REQUIRED DOCUMENTATION

• Loan Application

• 1 Month of Bank Statements

• Corporate Documents

MAX LEVERAGE  (12 MONTH TERM)

·       Light Rehab: Up to 85% of Purchase Price + 100% of Renovation Costs; Not to Exceed 70% of the ARV, loan capped at 90% total loan to cost (purchase + rehab)

·       Moderate Rehab: Up to 85% of Purchase Price + 100% of Renovation Costs; Not to Exceed 70% of the ARV, loan capped at 90% total loan to cost (purchase + rehab)

·       Heavy Rehab: Up to 75% of Purchase Price + 100% of Renovation Costs; Not to Exceed 60% of the ARV

RATES:  Starting at 10.49%  (subject to change

ELIGIBLE PROPERTIES

• 1-4 Family Real Estate

• Condos

• Townhomes

PRICING

• 12 Months Term - $50K - $2M (Contact me above 3M)

•  30 years Term - $65K - $1.5M

FEES

• $25 Credit Check

• Cost of an Appraisal

• Points at Closing

• $995 Legal Fee at Closing

MAX LEVERAGE  (30 YEARS TERM)

Purchase Price:  Purchase: Up to 75% of purchase price (720+ score)

Purchase Price:  Purchase: Up to 80% of purchase price (740+ score)