FCN PRODUCTS
RESIDENTIAL FINANCING
- Residential 1-4 Unit Rental Property Loans
- Long-Term (30 yr Fixed) Rental Loan Program:
- Loan Amount: $75k-$3M
- Minimum As-Is Appraised Value: $100k
- Collateral: Non-owner Occupied 1-4 Family Residential Properties; Warrantable Condos; Townhomes; Planned Unit Developments (PUDs) must be rented on long term lease.
- Vacation Rental Properties: AirBnB or Seasonal rental property
- Term: 30 Years, Fully Amortized
- Purchase: Up to 80% LTV
- Refinance: Up to 75% of the As-Is Value
- Cash-Out: Up to 75% of the As-Is Value
- Points: Vary based on loan amount
- Credit Score: 660 Minimum
- Programs: 30yr Fixed, 3/1, 5/1, 7/1, 10/1 ARM and Interest Only
- Prepayment Penalty: 1yr to 5yr Year declining options (1,2,3,4,5%)
- Borrower Liquidity: 9 PITI Months Reserves
- New Program Options:
- Interest Only Options: 5yr, 7yr, 10yr I/O 30yr amortization - Lower Rates
- Pre-pay Option: 5yr 5% Flat PPP - Reduced Rates
COMMERCIAL MORTGAGE FINANCING
- Commercial Purchase & Rehab for Mixed Use or Apartment Buildings: Commercial Apartments & Mixed Use Purchase and Rehab (12-18 month) Program
- Loan Amount: $250k-$5M
- LTV of Purchase price: up to 80%
- LTC of Rehab amount: 100%
- Max Loan to ARV: up to 70%
- Minimum As-Is Appraised Value: $250k
- Collateral: Commercial apartments 5+, Mixed use with Apartments, Condo Conversions
- Term: 12-18 months
- Points: Vary based on loan amount
- Credit Score: 680 Minimum
- No pre-payment penalty
- Commercial Apartment Long Term 30yr Loans: Commercial Apartments 5-9 Units (30yr Fixed)
- Loan Amount: $250k-$5M
- LTV of Purchase price: up to 67.5%
- LTV Rate and Term refinance: up to 65%
- LTV Cash out Refinance: up to 60%
- Minimum As-Is Appraised Value: $250k
- Collateral: Commercial apartments 5-9 units
- Points: Vary based on loan amount
- Term: 30yr Fixed, 5/1, 7/1, 10/1 ARM and Interest only options
- Credit Score: 680 Minimum
- Prepayment Penalty: 1yr to 5yr Year declining options (5,4,3,2,1%)
GOVERNMENT BACKED LAONS
- FHA (Federal Housing Administration) Loan: A government-backed loan designed for low-to-moderate-income borrowers, requiring lower minimum down payments and credit scores than many conventional loans.
- VA (Veterans Affairs) Loan: A mortgage loan guaranteed by the United States Department of Veterans Affairs, intended to offer long-term financing to eligible American veterans or their surviving spouses.
- USDA (United States Department of Agriculture) Loan: Offers 100% financing to eligible rural and suburban homebuyers who meet specific income requirements.
PROPERTY-SPECIFIC LOANS
- Jumbo Loan: A loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA), often used to buy high-priced or luxury homes.
- Investment / 2nd Home Loan: Mortgage loans designed for buying investment properties or second homes.
- Condo Loan: A mortgage that's secured by the borrower's condo unit, often having different requirements and interest rates compared to traditional mortgages.
- Condotel Loan: A mortgage for a unit in a condominium hotel, a building used as both a condominium and a hotel.
- Accessory Dwelling Loan: A loan used for financing the construction or purchase of a smaller, additional dwelling on a property that already has a primary residence.
- Manufactured Loan: A mortgage loan for purchasing a manufactured home, a type of home built entirely in a factory.
BORROWER-SPECIFIC LOANS
- 12 or 24-Month Bank Statement Loan: A home loan where the lender uses 12 or 24 months of bank statements instead of traditional income verification methods.
- ITIN (Individual Taxpayer Identification Number) Loan: A mortgage loan provided to borrowers with an ITIN number instead of a social security number, commonly used by non-U.S. residents.
- Foreign National Loan: A loan provided to non-resident aliens for investment properties or second homes in the U.S.
- 1099 Loan: A loan type designed for self-employed individuals or independent contractors whose income is reported via a 1099 form.
- Alt Doc Loan: A loan where the borrower's income is verified using alternative methods, such as bank statements or profit-and-loss statements, instead of traditional income documentation.
- LEO (Law Enforcement Officer) Loan: A special mortgage or loan program offering favorable terms or discounts for law enforcement officers.
- Asset Qualification Loan: A loan program for borrowers whose income may not be high enough to qualify for a mortgage, but who have significant assets.
LOAN PROCESS-SPECIFIC LOANS
- Down Payment Assistance (DPA) Program: Programs designed to help first-time home buyers with the costs of their down payment and closing costs.
- One-Time Close Loan: Also known as a construction-to-permanent loan, this loan combines the construction loan and permanent mortgage into one, requiring only one closing process.
- Hard Money Mortgage Financing: Residential Hard Money; Purchase and Rehab (12 month) Fix and Flip Program
- Loan Amount: $75k-$3M
- LTV of Purchase price: up to 75% for new investors to 90% LTV for experienced investors
- LTC of Rehab amount: 100%
- Max Loan to ARV: up to 75%
- Minimum As-Is Appraised Value: $50k
- Collateral: Non-owner Occupied 1-4 Family Residential Properties; Warrantable Condos; Townhomes, Planned Unit Developments (PUDs)
- Term: 12 months
- Points: Vary based on loan amount
- Credit Score: 620 Minimum
- No pre-payment penalty
- No Asset Documenation option avialabe
- Residential Ground Up Construction: Ground-Up Construction Residential 1-4 units (GUC)
- Ground-Up Construction Residential 1-4 units (GUC):
- Loan Amount: $150k-$5M
- LTC: 70-90%
- Build Cost: Up to 100%
- Max Loan to Completed Value: up to 75%
- Collateral: Residential 1-4 units
- Term: 12-18 months
- Points: Vary based on loan amount
- Credit Score: 680 Minimum
- No Prior GUC Exerirnce Required
- No pre-payment penalty
- Bridge Loan: A short-term loan used until a person secures permanent financing or removes an existing obligation.
- Piggy-Back Loan: This involves taking out two loans simultaneously on the same property, usually to avoid paying Private Mortgage Insurance (PMI).
OTHER LOANS
- DSCR (Debt Service Coverage Ratio) Loan: Used for commercial real estate, where lenders evaluate the cash flow of a property relative to the debt service.
- Cash Out Loan: A type of mortgage refinancing where the new loan is for a larger amount than the old loan and the borrower receives the difference in cash.
- HELOC/HEL (Home Equity Line of Credit/Home Equity Loan): A loan or line of credit that uses the equity in a person's home as collateral.
- Non-QM Loan (Non-Qualified Mortgage Loan): A type of loan that doesn't meet the standard federal guidelines, and thus isn't protected from legal action if the borrower defaults.
- Reverse Mortgage-HECM (Home Equity Conversion Mortgage): A loan program available to homeowners who are 62 years or older that allows them to convert a portion of their home's equity into cash. Unlike a traditional home loan, the borrower doesn't make monthly payments. Instead, the loan is repaid when the borrower no longer uses the home as their primary residence or fails to meet the mortgage obligations, often at the time of their death. It's called a "reverse" mortgage because the lender makes payments to the homeowner, rather than the homeowner making payments to the lender.
