The perceived risk from the lender side is the Loan to Value and the credit worthiness of the buyers.
- Max LTV is 95%. Minimum FICO is 680 to get approved for Mortgage Insurance.
- LTV less then 80% Minimum FICO Score is 620.
- LTV 80% or less requires a minimum FICO Score of 620.
- Lender requires the buyer to have at least 6 months reserves for both properties and or 30% equity in the primary home.
- LTV 80% or less requires a minimum FICO Score of 660.
- Lender requires the buyer to have at least 6 months reserves for all properties owned as rental and 2 months of reserves for primary property and or 30% equity.
- Maximum properties allowed financed is 4 units.*
- * Fannie Mae has a Conventional Home Loan program that allows up to 10 properties.