HomeAcquisition Loans – Virginia

Acquisition Loans – Virginia

Acquisition Loans, Buy to Rent Loans

Our Buy-to-Rent loan program offers a 24-month term, with a 12-month extension available, ensuring that our customers have rental property financing that goes the distance. (An extension fee applies)

Basic Loan Criteria

Term
24 Months (12-Month Extension Available)

Loan Amount
$50k to $2.5M+

LTV

Purchase – Lesser of up to 75% of the As-Is Value or Up to 75% Loan-to-Cost
Refinance – Up to 70% of the As-Is Value
Cash-Out – Up to 65% of the As-Is Value

Property Types
Non-Owner Occupied 1-4 Family & Multi-Family Real Estate; Condos; Townhomes; 5+ Apartments; Mixed-Use Properties

FICO
660 Minimum

Property Value
”As-Is” Appraised Value Must Be Greater Than $75k

Rent Coverage Ratio
1.25

 

Long-Term Rental Loans

Our Long-Term Rental loan program offers a 30 year term and rates starting at 5.99% to ensure that our customers have true long-term financing options.

Basic Loan Criteria

Term
30 Years

Loan Amount
$75k to $1M

LTV

Purchase – Lesser of up to 80% of the As-Is Value or Up to 80% Loan-to-Cost
Refinance – Up to 75% of the As-Is Value
Cash-Out – Up to 70% of the As-Is Value

Property Types
Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes; Planned Unit Development (PUD)

FICO
660 Minimum

Property Value
”As-Is” Appraised Value Must Be Greater Than $100k

Property Debt-To-Income Ratio (PDTI)
75% and 85%, based on property value