1-4 UNIT 30-year FIXED-RATE MORTGAGE
Buy to rent with fixed-rate mortgage
Looking to Purchase a Property TO USE AS A Rental Property?
The FRM loan program offers a 30-year term and rates starting at 6.5%
LOAN CRITERIA
Collateral
Non-owner occupied 1-4 unit houses, condos, townhomes, planned unit development (PUD)
LTV
Purchase: lesser of up to 80% of the As-Is value or up to 80% loan-to-cost
Refinance: up to 80% of the as-is value
Cash-out: up to 75% of the as-is value
Amortization Options
30-year fixed,
5 & 10 year interest-only
Property Values
“As Is” appraised value must be $100k or greater (geographical restrictions may apply)
Loan Amount
$75k – $2M
Debt Service Coverage Ratio (DSCR)
1.10
Rates
Starting at 6.5%
Minimum FICO
680
LONG-TERM RENTAL LOAN PROGRAM
Purchase:
| FICO | Maximum Loan-to-Cost (LTC) | |
|---|---|---|
| 700+ | Up to 80% Loan-to-Cost | |
| 680 - 699 | Up to 75% Loan-to-Cost | |
| Foreign Nationals | Up to 75% Loan-to-Cost |
Refinance:
| FICO | Maximum Loan-to-Cost (LTC) |
|---|---|
| 700+ | Up to 80% of the As-Is value |
| 680 - 699 | Up to 75% of the As-Is value |
| Foreign Nationals | Up to 75% of the As-Is value |
Cash-Out:
| FICO | Maximum Loan-to-Cost (LTC) |
|---|---|
| 700+ | Up to 75% of the As-Is value |
| 680 - 699 | Up to 70% of the As-Is value |
| Foreign Nationals | Up to 70% of the As-Is value |
Final loan terms may vary based on loan types, verification of application information, and other risk-based factors.