We are happy to announce that the Sound Mortgage Brokers are now offering some amazing new products! As you may know, vacation rentals are almost impossible to lend on. Therefore, our new offering is truly a unique find. It is designed for the active real estate investor that may not be seeking only cash flow, but instead long-term property appreciation, when they assess the health of their buy and hold portfolio.
Our No DSCR Ratio program is strictly based on the value of the property, not the cash flow of the rental unit, making it an innovative lending program for investors that will not constrain your cash out objectives.
Single Property Investor Series – No debt service coverage ratio (DSCR), which means we will go off of the loan to value not net operation income, which is awesome!
Vacation Rentals – Short Term Rentals - AIRBNB - High End Luxury Investment Housing
Offering: Purchase, Rate Term Refinance, Cash-out Refinance
Loan Type: Single property, First Lien Only
Loan Amount: $100,000 - $2,000,000
Loan Term: 5/1 – 7/1 – 30/30 – No Balloon
Rate Range: 6.5% and up
Amortization: 30 year – Full Term Interest Only
Loan to Value: UP to 75% of value with 700 credit
Property Based DTI: NO
Geography: National: Most major MSA’s and secondary markets
Property Type: SFR, 2-4 units, condos (FNMA warrantable), townhomes
Valuation Type: 1004/1007 URAR Standard with CDA Reconciliation
Borrower FICO: 640 Minimum
Seasoning: 6 Months on title for value
Documentation: Streamlined – NO Tax Returns
Reserves: Minimum of 4 months PITIA
Prepayment Penalty: Declining or 80% of 6 months Interest Payments
Eligible Borrowers US Citizens/Permanent Resident Aliens/Foreign Nationals
Ineligible Borrowers: Owner Occupied Homes
**Industry Leading 30 year fixed rate ** - 85% Property Based DTI
§ 30 year fixed rates
§ 30 year amortization
§ Loan Sizes $68K to $5 Million+
§ Property Minimum Value - 90k
§ SFR (1 – 4 Unit)
§ 6.53% and up!
§ 75% LTV - LTC max
§ Purchase - Refinance - Cash out
§ Unlimited cash out
§ Non US citizenship OK to 65%
§ 640 min FICO
Call me to discuss your opportunity or request a consultation!
The Sound Mortgage Brokers LLC,
3417 Evanston Ave. N #231 - Seattle, Washington 98103