• Eligible Borrower Types: Individually or to an LLC (Recourse Loans)
• Loan Amounts $60,000 -0$750,000
• Term: 30-Year Fixed
• Rates 5.5 - 7.5
• Property Values: $80,000+
• Property Types: SFR's, 2-4 Units, Condos, Townhomes
• Prepayment Penalty: 2 Years, Declining Pings (3, 2, 1)
• FICO Scores: 660+
• Bankruptcy & Foreclosure: Not allowed in last 24 months

Refinance		Purchase
FICO	Max LTV	FICO	Max LTV
>700	75%	>720	80%
>680	70%	>680	75%
>680	65%	>660	70%

Income Qualifications: Property Debt-To-Income Ratio (DTI) is calculated by dividing the PITIA (sum of the annual principal, interest, real estate taxes, property insurance and HOA dues) by the lesser of annual in-place rent or market rent.

LTV	Property Debt-to-Income Ratio
>65%	65%
<65%	70%

Fees:

• $488 Upfront:  $69 Borrower Approval Fee (Non-Refundable) & $419 Appraisal Fee
• $1,499 or 1%, whichever is greater
• Normal 3rd party title costs (title insurance, closing, recording, etc.)
• If using LLC, $750 legal review fee per entity reviewed (review org documents, structure, search histories, etc.)

Reserve Requirement: 6 months Principal and Interest for the subject property and 2 months additional for each subsequent mortgages that shows on the credit report. Cash-out from loan can be used to meet this requirement.

Escrows: Escros for the taxes and insurance are required.

Seasoning: 90 days ownership required to use the full-appraised value.

Foreign Nationals/Permanent Resident Aliens: Allowed to 65% LTV (assume a 660 FICO score).

States we currently DO NOT lend in for SLP: Alaska, California, Idaho, North & South Dakota, Rhode Island, Utah.

Exclusions:

Value of Property	Value of Property < $150k	Density
Baltimore Chicago Los Angeles Miami New Orleans Oakland	Cleveland Detroit/Flint New Haven New Jersey Philidelphia	Population less than 150 people per square mile.