Mastermind Real Estate Group is pleased to offer the following programs for Second Home/Investor purchases in Southwest Florida!
For borrowers who currently own 4 or less, financed properties in their portfolio, the following guidelines are applicable:
*Minimum Credit Score of 580
*Maximum LTV (loan to value) of 80%, Maximum CLTV (cumulative loan to value) 85%
*Property Types: Single Family, 1-2 unit, Warrantable Fannie Mae/Freddie Mac approved Condo, Manufactured Homes (double wide only), Modular Homes and PUDs
*Full Documentation Loan (requires 4506T verified prior to closing)
*Minimum Loan Amount is $20,000 / Maximum conforming Loan amounts in your County apply
*Reserve requirements are determined by the underwriter (DU – Approve/Eligible response required)
*Seller concessions for second homes are limited to 9% for LTV up to 75%, from 75.01% to 80%, maximum of 6%. Investment seller concessions are limited to 2% regardless of loan to value
*Temporary buy downs are available for second home purchases (1 unit ONLY)
Current rates for the 30 year, fixed rate product is 6.25% (as of 6/19/2009; subject to change)
For borrowers who currently own 5-10 financed properties in their portfolio, the following guidelines are applicable for investment/second home property purchases:
*Minimum Credit Score of 720
*Maximum LTV (loan to value) of 75% for single family, warrantable condos (Fannie Mae/Freddie Mac approved), and PUDs
*Maximum LTV (loan to value) of 70% for 2-4 unit properties
*Full Documentation Loan (requires 4506T verified prior to closing)
*Minimum Loan Amount is $20,000
* Minimum Loan Amount is $20,000 / Maximum conforming Loan amounts in your County apply
*Reserves - Second Home Purchase: 2 months reserves on the subject property AND 6 months reserves on each other financed property (if a condo, HOA dues are included in this calculation) Investment Property: 6 months reserves on the subject property AND 6 months reserves on each other financed property (if a condo, HOA dues are included in this calculation)
* Seller concessions for second homes are limited to 9% for LTV up to 75%; Investment seller concessions are limited to 2% regardless of loan to value
Current rates for the 30 year, fixed rate range from 5.50% to 6.25% (as of 6/19/2009; subject to change)
Rates/fees are determined by property type, loan to value and borrower’s specific qualifications
(i.e. credit score, ratios, etc.)