Interested in a Small Balance Mortgage Program? Read below for some of the qualifications required to see if you may be eligible.
- Loan Purpose: Purchase, Cash Out, or Refinance
- Terms: 3, 5, or 10 years
- Interest rates: 6-9%
- Amortization: Up to 30 years
- No income verification or tax returns needed
- Minimum Middle Credit Score: 650
- Property Types: Multi-Family, Mixed Use (Residential), Retail, Light Industrial, Self-Storage, Warehouse, Automotive, Mobile Home Park, Daycare Center, Restaurant, Bar
- Prepayment Fees are included
- 1:2 Debt-Service Coverage Ratio
- Use appraised value vs. cost basis
Do you have questions about any of these qualifications? We specialize in working with clients in order to find solutions, even when the banks are not able to do so. Contact us with questions and get started today.
