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 Cash–but are unable to meet Delayed Financing guides to pull cashout.
3. Borrowers who own more than 10 properties and need non-owner occupied financing.
If you would like to find out more about our mortgage product specifically for investment properties in Santa Rosa, Petaluma or anywhere in Sonoma County, please give us a call @ 707-763-7900.