No Doc & Low Doc Loans for Investors Nationwide


fundingkey

No Doc Loans

Asset based lending in: AL, CT, FL, GA*, IL*, IN, LA, MD, MI*, MO, MS, NC, NJ, NY, OH*, OK, PA, SC,
TN, TX, VA*, WI

** AR, CO, IA, KY, ME, MT, NH, NM, UT, WA, WV, WY**
OH* Not in Cuyahoga County.
MI* Not in Detroit, Flint.
IL* Not in Cook County.
GA* VA* Closing in Entity Only- LLC/Partnership/Corporation/Non-Profit
** MUST BE IN MSA- lookup here http://www.zip-info.com/cgi-local/zipsrch.exe

3 Options

Max Loan – $1M

1.) FLIP ONLY 12-month Interest Only – 12%-13% 4-5 pts

Max LTV – Experienced – 75% purchase, 70% refi, Inexperienced – 75% purchase, 65% refi

Closing Fee – $1,000

Min Loan for Purchase – $38k, $46k for Refi

No Pre-Pay Penalty

2.) Flip or Rent 36 months, 10-year amortization – 13% – 14% 5-6 pts

Max LTV – Experienced – 75% purchase, 70% refi, Inexperienced – 75% purchase, 65% refi

Closing Fee – $1,000

Min Loan for Purchase – $34K, $46k for Refi

No Pre-Pay Penalty

3.) Rent Only 36 months, 30-year amortization – 12%-13% 5-6 pts

Max LTV – Experienced – 75% purchase, 70% refi, Inexperienced – 75% purchase, 65% refi

Closing Fee – $1,000

Min Loan $80k (based on appraisal) for purchase or refinance

There is a Pre-Pay Penalty

630 fico is minimum

Low Doc Loan

Purchase, Refinance, Rate & Term, Cash-out

Min loan amount — $45k

Min Property value – $60k

Prepayment Penalty – 5% stepping down 1% each year

Eligible Borrowers: US Citizens, Permanent Resident Aliens

Borrower must have liquid 1 month reserves for leased properties, 3 months of liquid reserves if property is not currently leased. Proof of the down-payment is required.

Asset Verification: most recent tax return, retirement account value reduced by 50%, stock, bond and mutual funds value reduce by 30%.

Appraisal Requirements: All loans require appraisal, and will cost between $385-$425

Loan Type:

7/1 LIBOR ARM

30-Year Term

Index: 12-month LIBOR

Credit Requirements: Min Fico of 630

We need a copy of a tri-merge or will need to pull one. Need minimum 24 months of credit history, No bankruptcies past 4 years, No foreclosures, Short Sales, or Deed in Lieu in past 3 years

Must have minimum 3 active trade lines per borrower in last 24 months

Borrower will need to escrow 12 months for hazard insurance, and 2-3 months for impounds, 3 months for taxes.

Rates – Between 7.5% – 9.1%

Title can be in LLC name

Closing in under 17 days

Contact me Via email – Greg@FixandFlippers.com

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