No income needed for investment property purchase

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,052
161
63
San Diego, California
www.loansreduced.com
Another Non-QM product has been released to help investors purchase homes that may not have the ability to normally with showing documented income. Yes self-employed borrowers and investors, this product is for you. First and foremost we are NOT a hard money lender, as many people know I am not fond of hard money lenders because of their high fees and interest rates. We are an FDIC bank (Federally Chartered) and offer this product through one of our channels, the program does have slightly higher interest rates than a typical government or conventional loan. For a rate quote contact myself at 619-379-8999 or [email protected].

Program Details and Requirements:
  • NO RATIO Home Loan for Investment Properties only (Primary and 2nd home we have a bank statement program, CLICK HERE to find out more)
  • This program does include Foreign Nationals
  • 20% Down Minimum with a 660 FICO
  • Cash out refinances available to 75% Loan to Value
  • Warrantable and Non-Warrantable condo's are ok
  • 2-4 Unit properties eligible
  • NO Commercial properties at this time
  • Interest Only Option Available
  • Prepayment Penalties do apply unless bought out
  • No Maximum loan amount

I'm finding that many of these transactions are taking place in areas with hot markets as there are still many opportunities to invest in homes and generate a large amount of cash flow renting them. Florida, Georgia, Tennessee, New Jersey, Kentucky, Michigan and California to name a few states that investors seem to be attracted to. Whether they are renting the home with AirBnb, other renting sites or to long-term tenants investors are still picking up these homes.

This is a very limited documentation program, a credit pull of course is required and if you own additional real estate assets documents will be needed however debt-to-income is not a concern as long as you have the down payment requirement. Please feel free to reach out to me if you have any questions, would like to just chat about options or get a rate quote.
 
Last edited:

lmojo

LoanSafe Member
Jul 19, 2012
4
0
1
What programs are there to get investment property if you have documented income? Programs that dont require any money down?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,052
161
63
San Diego, California
www.loansreduced.com
Hey Imojo,
To answer your initial question, there are no programs that have a 0 down payment available outside of VA and Bond programs (down payment assistance) but those are only for primary residence transactions.

Right now the lowest down payment for an investment property is 15% on a conventional loan. I do want to put a thought in your head, see below:

FHA has a program where you can purchase up to a 4 plex. This can be through a much lower down payment of 3.5% but of course it is still a requirement that you would be living in one of the units. The other requirement that must be met is that the remaining rents on the units must be more than the mortgage payment, taxes, insurance and mortgage insurance.

I'm not sure if this would be something that would fit a scenario you are looking for but just a thought.