Essencap is a direct lender in Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes; Planned Unit Development (PUD)
No restriction 30 year fixed program.
No tax return
No employment letter
No CPA letter
No seasonal fund requirement
30 Year Term Fixed-Rate
Rates 6.25-7.50%
Minimum $55,000 to Max $1,000,000 Loan Amount
Minimum $100,000 Value Requirement (Value to be within 2x Median Home Value for zip code)
Minimum 1.33x DSCR for Values sub-$150,000 & Minimum 1.20x DSCR for Values $150,000+
Min 680 FICO
3 or 5 Year Declining PPP (+0.25% Rate for 3 Year)
9 Months PITIA Liquidity Requirement (12 Months PITIA for Foreign National)
12 Months of Property Taxes & Insurance Escrowed at Closing
Loan to value:
Purchase: Lesser of up to 75% of the As-Is Value or Up to 75% Loan-to-Cost
Refinance: Up to 75% of the As Is Value
Cash-Out: Up to 70% of the As Is Value
Two weeks closing
For more information, www.essencap.com, wecare@essencap.com, or 888-269-1033
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