Georgia Investor Stated Income Cash Flow Mortgage Requirements
Rather than being based on income and employment documentation, with this unique program qualification is based on what the cash flow determined by the property appraiser. If the comparable rents cover the new mortgage your loan will fund!
The (DSCR) or (Debt Service Coverage Ratio = DCR) of the subject property you are purchasing is used to calculate the funds that can be used to qualify as follows:
- DSCR must be greater than or equal to 1. (After your downpayment the gross comparable property rent must be greater than the new mortgage payment including principal, interest, taxes, insurance, and HOA.
- DSCR is defined as gross rents divided by qualifying PITIA and HOA. 100% of the rents can be used.
- For a mortgage purchase, the amount used for rent will be the lesser of market rental price (per an appraisal) or current rental agreement in place.
For the Georgia Investor cash flow mortgage refinances the amount will be the lesser of market rental price (per an appraisal) or current rental price. Leases for the previous 12 months must be provided.
- personal income used to qualify
- Qualification based on property rental income cash flow
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Credit scores down to 660
- Rates starting in the 6’s
- Up to 80% LTV
- No DTI restrictions
- Must have current mortgage
- 1-4 units and condos
- No limit on number of properties financed (5 with AOMS)
- Loans up to $1 million
- Seller concessions to 2%
- 7/1 ARM
- Rental home investors can qualify using projected cash flows from the subject property for income.
- Downpayment required is usually 20-30%.
- Lenders look at the subject property projected cash flows to qualify for the mortgage.
STATED INVESTOR KEY POINTS:
NO INCOME VERIFIED
NO ASSETS VERIFIED
NO BALLOON PAYMENT
NO MAXIMUM NUMBER OF PROPERTIES OWNED
NO EMPLOYMENT VERIFICATION
MINIMUM 660 MID-FICO
OK for 1-4 UNITS, CONDOS, PUDs, MIXED USE, 5+ UNITS, COMMERCIAL
OK FOR SALARIED/W2’D BORROWER
NO TAX RETURNS
NO CPA LETTER
NO PAY STUBS
NO YTD PROFIT & LOSS
NO 12-24 MONTHS BUSINESS BANK STATEMENTS
POPULAR GEORGIA STATED INCOME PAGES INCLUDE:
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