HGRN has a program that is based on simply the investment property we are looking to purchase. Here are the parameters:
- Max loan to value is 80% LTV
- The property must be for investment
- It can be a 1-4 family ( you can be a first time investor)
The rental income of the property should be enough to cover the mortgage payments ( principal, interest, taxes and insurance)
- The FICO of our borrower should be 680 or below (we can go down to a 500 on a case by case basis)
In the event that the rental income does not cover the mortgage payment. We move the property from the HGRN C-flow program to the HGRN-ABL program:
- This program only goes to 75% of the value of the property – but it will lend even if the rents do not cover the mortgage payments.
- This program is based on the value of the property. Not the income it produces. ( the rest of the rules above apply)
We offer this array products in an effort to be able to help clients, when an investment property does not meet one of the guidelines.
Options to Empower!