LoanSuperStore.com, Inc., offers a wide range of aggressively priced programs for California 2 to 4 unit mortgages up to an 80% loan-to-value ratio. Our 70% LTV No Doc program for rental properties only uses lease income to determine loan amount. No other borrower income documentation is required. We can finance owner-occupied as well as non-owner occupied on a California purchase or refinance. We offer conforming, high balance, portfolio and jumbo loans on 2 to 4 unit properties. The best pricing is up to a 75% loan-t0-value ratio. Programs change frequently and new programs are added periodically, so contact us for details.
An important discussion about different loan underwriting programs for Fannie Mae/Freddie Mac programs and traditional income property lending:
1) Fannie Mae and Freddie Mac 2 to 4 unit mortgage underwriting uses “universal” underwriting. This means that the property does not have to underwrite solely utilizing the income and expenses from the property. Other components of a borrowers income, such as strong employment income or income from other properties can be included in the underwriting in order to achieve maximum loan dollars for the subject 2 to 4 property mortgage;
2) Traditional 2 to 4 unit mortgage (and 5+ unit/commercial) underwriting solely uses the income from the subject property to determine loan dollars. This approach generally achieves lower loan dollars in many areas of California.
We can loan to corporations, limited partnerships, general partnerships, LLC and LLPs as well as trusts. Fannie Mae will not lend to limited partnerships, corporations, LLCs and LLPs.
We have 2 to 4 unit mortgage programs that can cross collateralize another Borrower owned property to achieve the income or loan-to-value ratio required to refinance or purchase a particular property.
***Our Fannie Mae and Freddie Mac loan commitments allow for up to 10 properties financed***
For conforming loan amounts we can obtain automated approval decision directly from Fannie Mae or Freddie Mac or FHA. Just complete our application and talk to us and we can run it through the automated approval engine. Loan limits are higher for 2 to 4 Unit Properties than single family residences and rental income can be used to qualify. Please see the chart below for loan limits for conforming products, which are County specific.
Conforming and maximum county loan limits for California in 2018 are as follows:
1 unit maximum: $453,100 nationwide, up to $679,650; County specific
2 unit (duplex) maximum: $580,150 nationwide, High Balance to $870,225; County specific
3 unit (triplex) maximum: $701,250 nationwide, High Balance to $1,051,875; County specific
4 unit (quadplex) maximum: $871,450 nationwide, High Balance to $1,307,175; County specific
Apply online now, and call or email Stanley Goodfriend with any questions. 818-704-5626.