20% Down Investment Property Niche Loans

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
Another release of a mortgage product! I’ll be explaining one of our very impressive loan products specifically for investment property loans. Make sure to read the entire article and program details (especially the bold ones) to understand why this product can be very useful. I have taken the time to bold out major differences between our program and others offered in the marketplace today.

Program Highlights:
  • Purchase, Rate & Term Refinance, Cash Out Refinance, NY CEMA Refinance Transactions
  • Higher than Agency allowed loan amounts
  • Unlimited number of financed properties
  • Higher than Agency allowed Seller Contributions
  • Shorter Seasoning on previous economic events
  • 5/1 ARM and 30 Year Fixed programs available
  • Model Home Leaseback Allowed
  • Cash out refinance also available up to 75%
  • Minimum Loan Amount 100,000 – Max Loan Amount 2,000,000
The credit requirements of this loan are also much more relaxed or convenient for borrowers in certain situations that wouldn’t otherwise qualify. Most jumbo loans start at a 700 credit score and go up from there.

Credit Requirements:
  • 620 Middle Credit Score Required
  • 640 Middle Credit Score Required for Cash Out Transactions
  • Maximum Debt-to-Income is 43%
  • No mortgage or rental late payments in the past 12 months
  • 2 year seasoning required from BK Dismissal/Discharge, Pre-Foreclosure Sale, Foreclosure, Deed-in-Lieu or Short sale completion to application date. Only 1 housing/credit event is allowed.
  • 6 months reserves required on all financed properties owned as well as the subject property

Property Requirements:
  • 1 Unit Investment property & 2-4 Unit Investment Properties allowed
  • Single Family (Detached, Semi Detached, Attached)
  • 2-4 Units
  • PUD (Detached, Attached)
  • Warrantable Condominium (Attached/Detached)
  • Non-Warrantable Condominiums (Attached/Detached) including Condotels
  • Unlimited Financed Properties (5 max with Caliber Home Loans)
Please note: This is NOT a HARD Money loan, all loans must meet Ability to Repay (ATR) requirements to be eligible. Fill income and asset documentation is required in compliance with Appendix Q requirements.

I’m proud to announce this new mortgage product as it can help our fellow borrowers qualify when they wouldn’t normally and also provides realtors another tool in their toolbox. If you have a scenario that has been denied by a previous lender, don’t give up hope there may still be financing options available.

My team is very well trained on the suite of mortgage products that we offer and can help in any way possible.

Please feel free to reach either myself at: 619-379-8999, [email protected] or you can also reach one of my staff at 877-779-4547.

Erik Sandstrom, NMLS: 805941
 
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
Please feel free to e-mail me at [email protected] - phone at 619-379-8999 and also accept text messages on that number. I apologize if I wasn't able to get back to you within a reasonable time, that's not like me at all. I do receive many phone calls and if I'm on the other line I typically will not pick up as I extend the same courtesy to all of my borrowers. There shouldn't be a time you can't get ahold of me, sorry - I didn't see this message until now.
 
Last edited:

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
We also recently dropped our down payment requirement on this loan to 15% assuming you meet the required guidelines, in addition our other portfolio product that is 2 years seasoned from an economic event starts at 10% down.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
To update this thread again, the down payment is now reduced to 10% as long as you meet the requirements needed!