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A top FHA TPO Lender, we offer an amazing selection of FHA products
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Our FHA Product enables - placeholder text - investors to purchase their first property or add a new property to their portfolio. Investors use this loan to refinance a property for a better rate, or use equity to take cash out.*
Key Facts About our FHA Product
PLACEHOLDERCommercial loan underwritten
No personal income verification*
Lending directly to individuals or LLC’s
No limit to the number of properties you can finance*
PLACEHOLDER INFO BELOW
Finance of America Commercial Origination Fee**
> of $1499 or 1.00% of loan amount
Minimum Property Value
LLC or individual
Maximum Loan-to-Value (LTV)
80% LTV for Purchase
75% LTV for Refinance
Maximum Loan-to-Cost (LTC) Cost is purchase price amount.
Time Owned : Constraint
< 3 months : 80% LTC
3-6 months : 125% LTC
> 6 months : Full appraised value
When do we use LTV vs LTC?
Purchase: Use lesser of LTV or LTC calculation
Refinance: Use LTC until property has seasoned for 6 months, then use LTV
Cash Flow Requirement
<$150K value = 70% PDTI
≥$150K value = 85% PDTI
What Makes the FHA Loan Unique?
Placeholder INFO We treat your rental property like your own small business, and we underwrite to the cash flow it will produce, not your personal income.*
We don’t limit the number of rental properties you can own, so we give you maximum flexibility.*
We provide personalized service throughout the entire loan process – from quote to close.
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DISCLOSURES ON PRODUCTS INFORMATION ABOVE
*Loans are subject to investor and business credit approval, appraisal and geographic location of the property and other underwriting criteria. Loan amounts and rates may vary depending upon loan type, LTV, verification of application information and other risk based factors. Application fees, closing costs and other fees may apply.
**Borrowers working with a mortgage broker may incur broker Origination Fees, broker Advance Fees, and/or broker Rehab Draw Fees; these fees vary by transaction.
***Our Quote Tool assumes the greatest allowable loan-to-value (LTV) or loan-to-cost (LTC) for your estimated credit score. See our Product Matrix for details on LTV and LTC constraints. Quotes generated in our online Quote Tool are estimates only. This is not a commitment to lend. Final lending decisions are based on formal review of the financed property, the borrower(s) and other lending criteria. Loan amount, rates and terms cannot be determined until you fully complete a loan application and undergo the required reviews. Finance of America Commercial loans for our Single Loan Product are rental property loans from $75,000 (minimum) to $750,000 (maximum) at a 30 year fixed rate. Once you complete a full loan application, your personal information, including background check, credit check and FICO score, will be verified.
****This does not include borrower incurred expenses including: Vacancy Loss, Property Management Fee, Repairs and Maintenance, Turnover Costs, Leasing & Marketing, Capital Expenditures, Taxes, Utilities, Other miscellaneous expenses