Loan Requirements:
Credit Score: 620 minimum, highest tier is 740, scores under 700 get expensive
Debt to Income Limits: 45% for FNMA up to 50% with compensating factors (high liquid reserves, lower LTV)
Loan to value limitations: Loan amount is based on appraised value
Reserve Requirements:
Typically you will need 6 months PITI for each property owned
Do you meet the criteria?
EQUITY- no greater than 70% LTV
SKIN IN THE GAME- 20 to 25% DP
Standard Rates 12% IO or 1% per month
Standard Fees 5 % (Discount for early payoff)
Standard term is 6 to 9 months
