Do you want to purchase or refinance an investment rental property? When you partner with Freedom Legacy Lending, we can provide long-term financing for stabilized rental properties to generate cash flow.
Term | 30-year fixed, arm options available |
Recourse | Full Recourse only |
Loan Types | 30-Year fixed rate mortgage (Fully Amortizing) 5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing) |
Experience | not required |
Loan Purpose | Purchase, rate-term refinance, or cash-out of a single rental property |
Minimum Fico | 660 |
Borrower Type | Entity required |
Interest Rate | call for quote |
Property Types | Single Family Residences (SFR) 2-4 unit properties Warrantable condos Townhomes PUD |
Vacancy Maximum | purchases only or leased within 30 days |
Rural Properties | not permitted |
Foreign Nationals | not allowed from ineligible country list |
Lease Requirements | Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent Unleased Units: 90% of Market Rent (Purchase Loans only) |
Maximum Loan To Cost | If Owned < 3 months, 80% of Total Cost Basis |
Minimum Loan Amount | $75k - $2MM |
Maximum loan-to-value (ltv) | up to 80% on purchase and rate & term. Up to 75% on cash-out |
Property Or Unit Acquisition Minimum | 1 property per loan |
Minimum Debt Service Coverage Ratio (Gross Rent/Pitia) | 1.10x |
Seasoning Requirement (To use value vs. Cost basis) | 180 days |
DISCLAIMER: Programs not available in the following states: Arizona, Minnesota, Nevada, North Dakota, Oregon, South Dakota, Utah, Vermont and West Virginia. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval.