I'm looking to purchase an investment property in Florida but I don't qualify for a home loan showing my income because it's self employed. I have a good credit score and down payment. Are there any options available for someone like me?
We recently launched a program that we call our NO-Ratio home loan that is actually only for investment properties. We do not look at income at all but we would take a look at assets and of course down payment.
I'll explain a few of the guidelines below and you can let me know if it's something you would like to get more info on.
25% down available for FICO scores above 700
30% down for FICO scores 640-700
Below 640 is not eligible
If you put down 35-40% you do not have to show rental agreements, if you put less you would have to show that it is currently being rented.
We also have cash out options if you currently own an investment property through the NO Ratio program.
As of 4/11/2018
7.080 - Base Rate
.400 - Adjustment for 30% Down @ 740 FICO+
Estimated Interest Rate: 7.480%
These loans do have pre-payment penalties up to 3 years however you can request a shorter pre-payment period with adjustments to the interest rate as mentioned below:
3 Year Pre-Pay: 0.00 add to rate
2 Year Pre-Pay: +.25 to rate
1 Year Pre-Pay: +.5 to rate
NO Pre-Pay: +.75 to rate
Hopefully this gives you a better understanding of the program and what to expect. If you would like we can discuss this via e-mail at: [email protected] or you can also apply online here: www.LoansReduced.com