Resource
Scenario submission checklist
What to include when you send a deal for review. Having these ready means a useful answer instead of a round of questions.
The property
- Full address
- Number of units — 1 to 4
- Property type — single family, duplex, triplex or fourplex
- Condition as it stands today
- Anything unpermitted or not reflected in county records. Say so upfront. It is not an automatic problem, and a known issue at day one is far better than a surprise at appraisal
- Occupied or vacant. If occupied, current rents and lease end dates
The income
- Current rent per unit, or realistic market rent if vacant
- Known operating expenses — taxes, insurance, HOA, management
The transaction
- Purchase, rate-and-term refinance, or cash-out refinance
- Purchase price or current estimated value
- How much you’re looking to borrow — minimum loan amount is $150,000
- For cash-out: what the proceeds are for
You
- Taking title personally or in an entity — and which entity, if formed
- How many investment properties you’ve financed before. If the answer is none, that’s fine — it is not a qualifying factor
- Your timeline
When you are ready
You can find out what a property qualifies for without a credit pull and without paying anything. It takes a few minutes, and the file is there when you come back to it.