Currently unavailable in Alaska, Hawaii, Nevada, North Dakota, South Dakota, Wyoming.
Short-term mortgages to buy and renovate properties
Down payment, closing costs, three months of mortgage payments, and 15% of renovation budget; $25,000 minimum.
660 minimum FICO and no serious delinquencies in the past 2 years.
Max Loan Ratios
Up to 90% Loan to cost and 75% Loan to after-repair value (depending on experience)
$100,000 - $1,500,000 per property; minimum $50,000/unit on 2+ units
As-is value (or purchase price if applicable) greater than $100,000
Single family, 2-4 unit, or 5-8 unit. Manufactured housing and mixed use not eligible.
Property cannot be rural. MSA population must be greater than 75,000. Located in states outside of AK, HI, NV, ND, SD, WY.