No Ratio Rehab Loan

No Ratio Rehab Loan (updated 03.01.08)

Program Highlights

Up to 75% LTV
No DTI requirements
Fixed Interest Only payments
No prepayment penalties
No seasoning requirements
No down payment required, if under max LTV
Assignments Welcome
Close in the name of your LLC
For SFR and 2-4 units
Close Quickly – Average closing is in 5-7 days from submission of full file

Loan Costs – These costs can be rolled into the loan

1.25% interest rate monthly (15% annually)
4-6 points**
Normal attorney, escrow, insurance, and recording costs

**2 points upfront; the other 2-4 points are deferred to the exit of the loan.

Program Requirements

Min credit score of 620
3-6 month terms
3 months verified cash reserves

Upfront Costs – You’ll need to pay for these costs out of pocket

Appraisal - $300 (paid COD at time of inspection)
12 month Builder’s Risk insurance policy (paid in full prior to closing)

What Do You Need To Get the Process Started?

Signed Purchase Contract
Signed Loan Application and Borrower Authorization
Detailed, itemized rehab budget
2 years tax returns/W-2s (income verification)
2 months bank statements (to verify your assets)
Legible photocopy of your driver’s license

DON'T FORGET YOUR EXIT STRATEGY!!!!

I can also handle the permanent residential mortgage for you or your end buyer.

Disclaimer: This web site is the personal web site of John Worley, loan officer for RTL Financial, Inc. All information provided on this web site is believed to be factual, but is not guaranteed. All mortgage program guide lines are subject to change without notice and all loans are subject to underwriter approval. RTL Financial, Inc is a mortgage broker licensed to conduct business in Washington, Oregon, California, Idaho, Georgia, and Florida.