I just received this message from a mortgage lender I work with. (She’s pretty darned good, by the way.) Note that qualifying is pretty restrictive and there will be a full colonoscopy regarding documentation. But it is definitely a step in the right direction!
*** *** ****
Provided we have the correct LTV and DTI and an approval through our automated system, your clients are ready to go BUY MORE INVESTMENT PROPERTY! Just got the message today!!! We’re back up to 10 as per Fannie / Freddie guidelines. Spread the word!
I’m off to Maui tomorrow, so holler at me next week with questions!
|Minimum FICO Score|
|Purchase or Rate/Term Refinance||2-4 Unit||70/70/70||720|
*When the LTV/CLTV/HCLTV differs from the Process/Program selected, the more restrictive applies.
Additional Underwriting Requirements:
|•||No history of bankruptcy or foreclosure within the past 7 years|
|•||0x30 in the last 12 months on any mortgage|
|•||Rental income from other properties owned by the borrower must be supported by two years federal tax returns. Full documentation must be obtained and DU messages for reduced rental income documentation are not eligible.|
|•||4506-T must be executed and IRS copies of the returns or the transcript must be obtained and the underwriter must review the borrower provided tax returns against the information obtained from the execution of the 4506-T prior to full approval.|
Certified Mortgage Planning Specialist (CMPS)
MY BIO / APPLY NOW: http://www.getamortgageplan.com/AudraMcMahon.html
FirsTrust Mortgage, Inc
4501 College Blvd, Suite 250A
Leawood, KS 66211
Celebrating 20 years in the mortgage industry!
Listen to the Truth in Lending Show every Sunday at 4pm on 980 KMBZ!