Good Morning!
Here's how you can use the rent from a rental property as THE ONLY income you need to purchase a rental property...
The program is called Investor Debt Service Coverage.
Here's how it works...
Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to the lower of either:
DSC Debt Service Coverage calculation of gross rent
-OR-
Rent schedule from the Rental Addendum on 1007 Appraisal Report
Min FICO: 620Minimum Loan amount $75K - $5 Million1-4, Units, Warrantable and Non-Warrantable CondosInvestor/Business use onlyReserves: 3-12 months (based on LTV). If Bwr owns other investment properties with mortgages the reserve requirement is increased by 1% of total mortgage balance outstanding.Purchase, Rate and Term Max LTV of 80%Cash out available Max LTV of 80%Cash out proceeds can be used to meet reserve requirementsGift funds permitted. Bwr to provide 5% of fundsGifts of Equity permitted at a 75% Max LTV and Bwr to provide 5% of fundsUS Citizens, Permanent Resident Aliens Max LTV of 80%Foreign Nationals Max LTV 70%. No FICO qualifies for immediate financing
...pretty cool program!
That's it for today!
Thanks for reading.
Here's how you can use the rent from a rental property as THE ONLY income you need to purchase a rental property...
The program is called Investor Debt Service Coverage.
Here's how it works...
Qualifications are based on new proposed mortgage payment of the subject property be a 1:1 ratio when compared to the lower of either:DSC Debt Service Coverage calculation of gross rents-OR-Rent schedule from the Rental Addendum on 1007 Appraisal ReportMin FICO: 620Minimum Loan amount $75K - $5 Million1-4, Units, Warrantable and Non-Warrantable CondosInvestor/Business use onlyReserves: 3-12 months (based on LTV). If Bwr owns other investment properties with mortgages the reserve requirement is increased by 1% of total mortgage balance outstanding.Purchase, Rate and Term Max LTV of 80%Cash out available Max LTV of 80%Cash out proceeds can be used to meet reserve requirementsGift funds permitted. Bwr to provide 5% of fundsGifts of Equity permitted at a 75% Max LTV and Bwr to provide 5% of fundsUS Citizens, Permanent Resident Aliens Max LTV of 80%Foreign Nationals Max LTV 70%. No FICO qualifies for immediate financing
...pretty cool program!
That's it for today!
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