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New mortgage Product For Investment Properties In Santa Rosa
 
Need a mortgage for an investment property in Santa Rosa, Petaluma, or anywhere in Sonoma County but can't qualify due to strict Fannie or Freddie guidelines? Here's a new mortgage product specifically for the borrower in need of financing but can't seem to find anything but hard money. This is a non QM mortgage that was just rolled out this week:
 
A NO RATIO product for Investment Properties only
 
·   Unlimited Debt to income, non-owner occupied 1-4 units Only
 
·   Unlimited Number of Properties Owned (over 10 financed, residential properties OK)
 
·   Min 700 Fico, 60% Loan to value ratio, 3 & 5 Year ARMs
 
·   6 month Hard prepay –followed by 18 month soft PP (total Prepay is 2 yrs –first 6 months is hard, remainder is soft)
 
·   Property analyzed like a commercial property -1.2 Debt Service Coverage Ratio (DCR) required (most rental properties in CA will easily make this ratio at 60% LTV)
 
·   This product is ideal for
 
1.    Borrowers who have a 40% down payment or 60% equity for non-owner occupied property –but debt ratios are too high to qualify on conventional product
 
2.    Borrowers who purchase properties all ... more

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