[Cameron]

Minimum down is 25% for 5-8 Units for DSCR!

[Cameron]

All Non-Qm is manual UW- max DTI 50%

Fico Min- 600 ( max ltv 70% )
Late payments past 12 months- YES

NO SEASONING BK – NO NEED 12 Mo/ seasoning.

No Doc Loans- theNONI DSCR & Bridge – Also Asset Depletion. All can be used for investment & asset depletion does allow Primary, Secondary as well.

Non Qm jumbos – Yes up to $4 Milliom (Exception for over )

90% LTV NON-QM Jumbo- Yes up to $2 million 90% on purchases.

ITIN- Coming aoon

1099’s – Yes

Non warrantables – Yes

203k – No

Full doc non-qm * W2 only – Yes need 1 yr tax returns.

P&L unaudited – Yes no returns needed

Bridge loans – yes

Fix and flip – coming soon

Heloans- Yes

Bank Statements – Yes no returns needed

100% FHA – yes – 550+ fico 580+ manual uw

HELOC- coming soon

blankets- coming soon

Let me know what else you need !

Thanks!

[Cameron]

Hey Gus,

Working farms – A farm whose agricultural land and buildings are in active use for crop production and/or the raising of livestock.

Hobby Farms – Hobby farms are typically small farms where the homeowner engages in farming activity for personal use. In this case the primary use of the property is residential and the secondary use is for insignificant farming activity.

Though the Lender will not do these types of mortgage on our Non-QM side & Also will not do more than 10 Acres. ( exceptions may approve higher, but no more than 20 )

Side note:

Our matrix does not say ” Hobby Farms are ineligible ” but i will have to confirm. since its more personal use.

i m thinking ( chicken coops in backyard, personal use only crops )

the Lender will allow Agriculturally zoned properties on a case by case basis.

We can allow purchases on SFR’s with NON Working farms on our NON-QM, VA, USDA & DSCR, but you would need the properties to be minimal acreage with some thoughts to keep in mind.

No cows mooing LOL

No functioning farming businesses

Maybe there is an old barn- but its converted to another unit or ADU or even consider it as storage.

is there a crop field ? was there a crop field & now its no longer there?

What were the previous owners using those ( Farm like ) features for prior?

What does the borrower purchasing the property want from it?

Also, The now standing buildings ( barns, large storage buildings, etc. ) are they in a good enough condition where if the lender were to have to repurchase the loan- they would be able to sell it?

This would be the biggest reason – most NON-QM lenders need to be able fund on properties in a good enough conditon ( C4 or lower ) + be able to quickly sell it to be able to not be at a loss if the borrower were to default & would rather leave it to GOV type loans or programs to fill that gap in the industry.

VA & USDA – both do not have caps on Acreage.

USDA FSA would be your best bet for working farm scenarios. Or possibly a Private Money capital who specializes in Land.

Quick thought- maybe subdividing the main property into a smaller acreage & purchasing the remaining land with the working farm Seperately would be a good option.

To buy the land, you might want to consider FSA Loans such as the Down Payment Loan and farm ownership loans. Lease Land. Renting land may be a better option … ( the Lender does not provide this program )

Please let me know if you have any other questions!

[Cameron]

Hello Lisa,

The borrower does not specifically need apartment building ownership experience, but they do need 12 months of investor experience within the past 3 years,

but they do need management experience. 3rd party is okay.

investor experience is…. 12 months of owning & managing an investment property within the past 3 years.

Please let me know if you have any questions.

Thanks!

[Cameron]

i agree! have Felix call me already!

[Cameron]

Hello Felix,

Yes, we would need a 1:1 ratio on the 5-8 units DSCR product

[Cameron]

Hey Gus!

We should Run a Zoom meeting for the NEXA team & GCA Mortgage Forums & go over DSCR in Full!

I got a presentation handy for just that product if you are interested.

Let me know ! if you want to run the show on 1-8 units rentals.

I got you handled & have Absolutely all the information you need to fund a successful DSCR.

 

theLender_What-is-a-DSCR-Program.pdf 2 MB PDF - Click to view

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[Cameron]

will do!

[Cameron]

We do Piggy Backs with this product all day long… But cannot pass the CLTV MAX…