Programs – Easy Mortgage Solutions

Easy Mortgage Solutions

INVESTMENT PROPERTY PROGRAMS

PROPERTY TYPE

InvestorX DSCR & NO-DOC LOANS

● Mixed use properties. Motels hotels commercial properties

INELIGIBLE PROPERTIES:

● Rural Properties, Site > 10 Acres, High-rise Condo in Dade/Broward Counties, Florida (8+ stories)

LOAN AMOUNTS:

● 100,000 to 5,000,000

LOAN TERMS:

● 5 ARM or 30 Year Fixed
● 10 Year /40 Year Term IO
● Index is 1 year LIBOR
● Pre-payment penalty standard—3 years
● Caps are 2/2/5 (2% Initial Change Cap / 2% Period Adj / 5% Lifetime Cap)
● Margin 5.75%
● All loans require impounds for tax and insurance

FOREIGN NATIONALS

● Max 70% LTV Purchase, 65% LTV R/T or C/O

● If no FICO, Price as 680

● Loan must be made to domestic LLC with domestic agent

HOUSING HISTORY/CREDIT EVENT SEASONING:

● 1x30 mortgage lates last 12 months, no rolling

DSCR QUALIFICATION:

● DSCR—Total borrower income not disclosed, DTI not calculated

● Rental Income is Market Rents on FNMA form 1007 or 216

● DSCR = Rental Income/PITIA, 0.75 minimum required, Fico below 640 requires 1.0 or greater

FULL/ALT QUALIFICATION:

● Full Doc - 1 or 2 year (W-2 & paystubs, 1040s, K1’s)

● Alt Doc - 12 or 24 months business or personal bank stmts (Self Employed and Gratuity earners only), Full Doc

CREDIT SCORE/TRADELINE REQUIREMENTS:

● Tradeline—3 trade lines reporting for ≥ 12 month; or 2 trade lines reporting for ≥ 24 months with activity in the past 12 months. Borrower must have housing history or one of the trades must have $5,000 high

● Credit Score—All Borrowers must meet program requirements. The middle score of the primary wage earner is used for pricing and LTV purposes.

FULL/ALT QUALIFICATION:

● Full Doc - 1 or 2 year (W-2 & paystubs, 1040s, K1’s)

● Alt Doc - 12 or 24 months business or personal bank stmts (Self Employed and Gratuity earners only), Full Doc

TAX LIENS AND JUDGMENTS:

● All tax liens and judgments must be paid at closing

CASH OUT:

● Cash Out must be for business purpose, and funds must be wired to business account

COLLECTION/CHARGE-OFF ACCOUNTS:

● Collections and charge offs need to be paid off except: - Medical Collections. - Collection accounts older than 2 years.

OCCUPANCY:

● Non-Owner Occupied only

LISTED PROPERTIES

● Properties listed in the last 6 months are allowed with a minimum 2-year prepayment penalty required

RESTRICTIONS ON PROPERTIES OWNED / FINANCED:

● No maximum on number of properties owned

● Maximum 10 loans to borrower, maximum combined Loan amount $25,000,000

CLOSING:

● Legal Entity—loan must be made to a domestic LLC and a domestic agent of service is required

● Other closing conditions apply. Please see loan approval for

ASSETS/RESERVES:

● 6 months reserves

● No reserves required IF < 65% ltv AND DSCR >1.1:1

● Cash-out be used to satisfy reserve requirement when LTV ≤ 65% LTV.

● Funds to close must be borrower’s own funds (no gift) ● Gift funds allowed provided borrower contributes 20% own funds

States

PROGRAMS FROM 600 FICO SCORE

Available in these States:

AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, LA, MD, MI, MN, MT, NC, NH, NJ, NV, OH, OR, PA, SC, TN, TX , UT, VA, WA, WI