High LTV NOO investment financing for residential 1-4 units real estate

Underwriting is running 24-48 hours, once we have complete files (appraisal, title report and income docs are primary parts of a complete file). Can you close within a week? Yes - it is possible; if we have your appraisal, title, income docs(W2 and paystubs) and signed preliminary loan documents within 24 hours. Call: 281-576-7655 or email: loan@mortgageoffice.com for details. Note: if there are problems with the Appraisal report or the Title report or other questions cause the underwriter to issue conditions, underwriting can clear those conditions within 24 hours of receipt of the corrected/updated versions. Final loan documents from underwriting can be sent out within 48 hours of receiving a "Clear To Close"(CTC). Normal Lead Time to Close is 2 weeks from receipt of appraisal, title and your income documentation.

Here are some UNDERWRITING criteria (Conditions) - for high LTV investment property (NOO, non-owner occupied) financing (residential: Single Family, condo, townhome, PUD and 2-4 units):

1. all outstanding collections,judgements and charge offs must be paid prior to closing (and evidenced on credit report) OR at Closing - IF Applicable.

2. copies of 30 days payroll check stubs, showing "Y-T-D" income

3. last 2 year's W-2's (If "Self-Employed" provide : Last 2 years complete tax returns, and a Y-T-D "P&L")

4. last 2-3 month's personal bank statements and copies of most recent Statements on ALL "asset" accounts, evidencing enough cash to close PLUS: 6 months in "PITI" reserves (PITI = Principal, Interest, Taxes, Insurance). Assets for cash to close and reserves are typically required to be "liquid" (for example a teacher's retirement fund is generally NOT considered "liquid"). If self-employed, 3 month's business bank statement are also required. Copies of all pages of bank statements are required; not just the summary pages.

5. copy of Purchase Contract and ALL addendums

6. copy of cancelled check (front and back) for Escrow Deposit and an Escrow Letter (if more than 2% of the loan amount) (if applicable)

7. original appraisal report supporting the Sales Price/Value. Property must be in marketable condition. Any repairs must be made prior to closing. (Suggest Interior photos and 3 year sales history of property be included in Appraisal, also).

8. Original Appraisal form "1025 Small Residential Income Property Report" & "216 Income and Expense Schedule" supporting the $ Sales Price/Value. Property must be in marketable condition. Any repairs must be made prior to closing. 1007 may be required.

9. Net Rental Income on the appraisal Form 216 "Operating Income and Expense Schedule" must be positive, unless (income) documentation is Full Doc.

10. Hazard insurance equaling the loan amount or stating guaranteed replacement costs.

11. Subject to a clear survey.

12. Preliminary title report - evidencing a clear 2 year chain of title. Must clearly state who has been on title for the past 2 years.

13. If the seller has not been on title for a minimum of 12 months (not including foreclosure tax sales) the underwriter is required to clearly document any increase in appraised value over and above current market trends. This type of loan is much more difficult to do.

NOTE: Seller contribution to pay "Non-Recurring Closing Costs" not to exceed 2% (on 100% financing, this is discouraged). In some cases we allow up to 3% of the sales price to be paid by seller.