MULTIFAMILY SECTION 8 & HAP CONTRACT LOAN PROGRAM

Eligible Properties	Section 8 and HAP Contract Properties.
Borrower	Individuals, corporations, revocable trusts, partnerships, maximum 2 member LLC (no sub entities).
Loan Features	Low interest rates. 10 - 30 year fixed rates. Low third party costs. Can underwrite with 6 months stabilized income.
Loan Amount	Minimum $250,000.
Loan Term	6 month, 3, 5, 7 and 10 year terms available.
Amortization	30 years.
Recourses	Recourse and non-recourse.
Assumability	Assumable, subject to approval and applicable fees.
Prepayment	Declining based on loan term.
Loan to Value	Acquisitons 80% - 85% with seller financing Refinances - 75% - 80% cash out
Debt Coverage Ratio	1.15 Purchase, 1.20 Refinance.
Seasoning	Cash out - 3 to 12 months required, up to 90% of orig. purchase price.
Secondary Financing	Negotiable.
Credit Requirement	Middle Credit scores 640 and over generally required
Rate Lock	Early or standard rate locks available.
Third Party Reports	$3,500 deposit typically required for appraisal, environmental, and property inspection .
Impounds	Taxes and Insurance typically required.
Loan Request Package	Include the following in your request for a loan quote: 1. Completed Loan Summary 2. Current Rent Roll 3. YTD Operating Statement 4. Past two years financial statements on property 5. Copy of Purchase and Sales Agreement (if applicable) 6. Digital Photos of Propert

Residential
Lending