Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

If it is a 4 person LLC that the member with over 21% ownership may qualify to be the only PG. 

How can you walk into a Starbucks and pay for a coffee when merchants have to wait for the money to clear?  

They have become even more popular recently so here are some of the most common questions that I get asked regarding opportunity zones.What is a Qualified Opportunity Zone (QOZ)?

Rental income would be reported on Schedule E, and these write-offs could offset other income if you qualify as a real estate professional.

At the financial institution I used to work at they qualified you at an interest only payment, assuming a maxed our line amount, and the interest rate used in the qualification process is  +5% of what the actual rate will be.This could be higher than a traditional mortgage payment in a lot of cases.

There are a ton of qualified broker and lenders out there that can offer this product but be sure to receive the proper education when iyb comes to structuring the deal correctly.

Of course I would recommend talking to a qualified realtor but I'm married to the biggest realtor the smokies have ever seen so I'm biased.

@Diane Perry is right, it's a cumbersome statute but the first thing you must do is have a qualified intermediary in place before your sale. 

That's missing the forest for the trees, but you do need to manage cash flow because if you're buying conventional you'll come across DTI issues soon and if you're buying nonQM it needs to be 1:1 ratio at minimum to be qualified without unfavorable terms.