Looking to Buy or Refinance a Non Warrantable Condo or Condotel?

[Stacy Raskin]

Non warrantable condos and condotels that are investment properties can be bought or refinanced with DSCR loans. DSCR loans are a great way to supercharge your investment goals and net worth. Depending on the loan program, the mortgage will only be qualified off of your middle credit FICO credit score, down payment (if purchase) and market or actual rents.

Pricing Specials for Loans where the loan is submitted and locked in March

Purchase, Rate/Term & Refinance Cash-Out loans:

0.5% off the usual rate

More details:

• Loans available for purchase, rate and term refinance (no cash out) and cash-out refinance
• Credits score down to 620
• LTV are up to 75% for purchase and 70% for cash out.
• Cash out limits depend on property value, credit score and if the property is vacant.
• Rate buydown feature available.
• DSCR (lower of gross rent lease or Form 1007/216 rent divided by PITIA) as low as 1.0x.
• For experienced investors (one year of investor experience and own home), short term rentals can be structured off of 12 month short term rental history with 20% expense factor. If a purchase, AirDNA projected rents for the property address with 20% expense factor. Other loan programs don't have home ownership requirement.
• Inquire for additional details.

For nonwarrantable condos that have the pricing special, I work on DSCR loans in all U.S. states except for Alaska, Minnesota, Michigan, Arizona, Nevada, North & South Dakota, Idaho, Missouri, New Jersey, Vermont, New York, Virginia, Wyoming, Oregon and Utah. For other types of investment properties, I work on DSCR loans in all states except for Minnesota, Nevada, North & South Dakota, Oregon, Utah & Vermont.