INVESTORS MORTGAGE LENDING GUIDELINES
1. Credit score – 675+. Credit report required.
2. Two months bank statements showing:
A. Enough money for closing costs.
B. Enough for holding costs (6+ months.)
C. Enough for repairs.
3. Down payment – minimum 10%. Subject to credit & purchase price.
4. Background search required – criminal, financial, etc.
1. Maximum of 65% ARV (after repaired value.) If buying more than 60% in this market, be careful.
2. One year interest only balloon.
3. Interest rate: Starting at 13% + 3 points.
4. Repair money is available on some properties.
1. Must be a 3/2 or greater.
2. Investment property only. NO owner occupied properties.
3. CBS construction only. No frame.
4. 1200 sq. ft. (under air) or greater.
5. Multi family properties must be supported by rental income.
6. No "WAR zones."
7. No heavy duty rehabs (more than $20,000 work needed.)
When honesty, integrity, reliability, experience and friendly service matter you have come to the right place.
Office: (386)-202-2362 or Cell: (954) 980-7905
Privacy Statement -- We respect your privacy so please rest assured that Meshnick and Investors Mortgage does not sell, rent, or give away customer information for ANY reason (including e-mail addresses) ever!