This is a brand new program.
What you will need to obtain a loan is:
620 Credit score. If you are not sure about your score please run it Myfico.com
65% Loan for purchases 1-4 units Non --Owner Occupied
75% Cash out if owned for 1 year goes off appraised value
65% Cash out if owned less than 1 year goes off a purchase price and cost of improvements
Unlimited cash out
I only need to see a tax return for 1 year. The amount you claim does not matter it goes off the strength of the property. This can be a personal return so please have your 2013 ready.
They do not use your personal debts against you it is only off the income that comes into the property. If the property is not rented the appraiser can note the file of what the projected rent would be
Rate is 6% 30 year fixed with no pre-payment penalty!
Sellers can contribute 6% to closing costs as well
Call John 941-809-2700
PHONE CALLS ONLY PLEASE