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Business Purpose Loans: For the purchase of a rental property or refinance a rental property with proceeds for bona-fide business use. Source of income for repayment: Limited to subject property’s income at: 75% for 1-4 Family homes; or 90% for condos and co-ops Such income is to cover loan’s PITI expenses (+ HOA or Maintenance) in full. Subject’s rental income to be determined via: Existing leases; RE broker’s estimate of rent and existence of a listing to sublet. NO personal income is needed or verified. Qualification is based on property cash flow. Title to property: Must be in name of corporation, LLC or partnership Maximum LTV: For purchase – 65% and for Refinance 60% with credit score of 700. Lower LTV with lower credit scores etc. Floor: 45%. Credit (Guarantor’s credit): Not more than 2×30 mortgage lates in prior 12 months unless mitigating circumstances or compensating factors exist. Minimum credit score is 620. Thank You! Dominic DiGrazio | Branch ManagerResidential Home Funding Corp.60 Route 46 East, 2nd floor | Fairfield, NJ 07004Main: (973) 575-1550 ext. 10 | Toll Free: (844)-524-1026Cell: (973) 356-5333 | Fax: (973) 575-1551NMLS # 204838 | Company NMLS # [email protected] NJ- Licensed by the NJ Department of Banking and Insurance – License # 9964632NY- Licensed by the New York State Banking Department- License # B500689PA- Licensed by the Pennsylvania Department of Banking – License # 20875FL- Licensed by the Florida Office of Financial Regulation #MLD388. Confidentiality Notice:The information contained in the E-mail is privileged and confidential information intended only for the use of the individual(s) named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this communication is strictly prohibited. If you have received this communication in error, please contact the sender by reply E-mail and destroy all copies of the original message. Thank you.
Coldwell Banker 17 West River Road (O) 732-842-3200 x 188
Rumson, NJ 07760 www.GloriaB.com
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Coldwell Banker, Gloria Benaroch, Broker Associate
17 West River Road
(o) 732-842-3200 x 5515
Rumson NJ 07760
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