ARV Pro mortgage program

[Gregory Wade]

Our ARV Pro mortgage program is designed for real estate investors seeking a short-term, interest-only loan to acquire and/or improve investor 1-4 properties, including single-family homes, condos, townhomes, and small apartment properties with less than four units.

 

Tier Credit Score Rates – Interest Only LTC / LTARV

1 FICO ≥ 700 10.74% 80% / 75%

2 FICO 650-699 11.24% 80% / 75

General Guidelines

Purpose - Provide funds to improve or rehab properties. (Purchase and refinance OK.)

Loan Amounts - $75K - $2MM up to 75% of the ARV and 80% of ”as-is” value.

Initial Loan - Amount 80% (Lower of purchase price or current value.)

Improvements - Schedule of improvements required. (Inspection fees per draw apply.)

Term - 1-year, interest only. 6 month extension at 1% in fee.

Credit Score - 650 minimum (mid FICO).

Prepayment Premium - None.

Rate Buydown - 1-point fee = .375% rate reduction. (Maximum .75% rate reduction.) | Minimum Rate 8.74%.