Loan Programs

Residential investment property loans are used for purchasing or refinancing single family, duplex, triplex or quad rental properties. In other words a one unit to four unit rental property. The requirements, loan products and loan programs can vary greatly from owner-occupied (personal residence) loans.

Investor loans today can offer a significant number of options to the borrower. They can also be very confusing. First Mortgage Solutions prides itself on having a knowledgeable staff that understands investor loans. Because of the hundreds of different scenarios and options available, it can be impossible to give every answer on this page. But if you have a question that we have not addressed, please do not hesitate to email or call us. We have attempted to provide a general overview of available loan programs on this page.

Purchase Loan Programs

100% financing

• Great for the borrower who plans to refinance or sell the property
  within a short time period
• One loan up to 100% with no PMI
• Fixed rate, adjustable and interest-only options available
• Generally no prepayment penalty
• Available only for single family investment residential properties
• Must meet minimum credit score requirements and be able to fully document income (“full doc”)

95% piggyback financing

• Eliminates private mortgage insurance
• It’s generally an 80% first mortgage loan and a 15% second mortgage loan
• Fixed rate, adjustable and interest-only options available
• Available for single family investment residential properties
• Must meet minimum credit score requirements and be able to fully document income (“full doc”)

90% financing

• Can be done as a piggyback also (“full doc” or stated income)
  No private mortgage insurance
• Fixed rate, adjustable and interest-only options available
• Available for single family, duplex, triplex and quad investment properties

80% financing

• Can be full doc borrower or stated income. Must qualify
• No private mortgage insurance
• Fixed rate, adjustable and interest-only options available
• Available for single family, duplex, triplex and quad investment properties

Refinance Loan Programs
95% financing

• Good for refinancing at a new low rate
• Can be full doc or stated
• Fixed rate, adjustable and interest-only options available
• Cash out available

90% financing

• Good for refinancing at a new low rate. Cash out available
• Can be full doc or stated
• Fixed rate, adjustable and interest-only options available

85% financing

• Cash out is acceptable
• Must be full doc only
• Will have private mortgage insurance
• Fixed rate, adjustable and interest-only options available (subject to seasoning limitations)

80% financing

• Cash out acceptable
• Can be full doc or stated income (additional seasoning
  requirement for stated income – call us)
• No private mortgage insurance
• Fixed rate, adjustable and interest-only options available (subject to seasoning limitations)
• Non-seasoned refinance (have owned property less than one year) cash out available in both full doc loans as well as stated

75% financing

• Traditionally for stated income borrowers
• No seasoning required
• No private mortgage insurance
• Fixed rate, adjustable and interest-only options available

Many issues involving seasoning, qualifying, closing costs, etc., can vary from one loan program to the next. We have attempted to provide general information here to assist you with your loan. Don’t hesitate to call or email us with your specific question.

Did you know?

Many borrowers will purchase a single family residential investment property for cash, using the home equity line of credit on their personal residence as the source of funds. They will then fix up the property and then refinance it using the new appraised value. This is considered a non-seasoned, cash out refinance. Talk to us on how this might work for you.

Peter Berk - Sean Trombetti - Mark Widerberg
Georgia Residential Mortgage Licensee Rates and Terms subject to change without notice.