No income verification required,
Minimum FICO 640,
Fast closing time frame (5 days upon receipt of all documents)
Proof of good mortgage history for the past 12 months OR,
Proof of good rental history for the past 12 months,
Minimum FICO 575.
If you choose not to pay off the loan early for 3 years, but pay off early within 3 years, you will have to pay a penalty of 3% of the loan amount in the first year, 2% of the loan amount in the second year, and 1% of the loan amount in the third year. If you choose the 2 year no prepayment plan and repay early within 2 years, you will pay a penalty of 2% of the loan amount in the first year and 1% of the loan amount in the second year. If you choose a plan with no early repayment within 1 year, but repay early within 1 year, you will pay a penalty of 1% of the loan amount.
You can also choose a loan with no early repayment penalty, but the rate will be higher. It is recommended that if you do not have plans to buy or sell a home at present, you can choose a longer term plan without early repayment, which will result in a lower rate.
If you are buying a home, you do not need to provide the tenant's rental contract and proof of rent payment, but you must provide an appraisal report and proof as follows:
A. For first time buyers, the borrower's previous rental contract for other housing, along with a copy of at least two months' rent and bank verification.
B. For non-first time buyers, proof of the previous loan for the property.
In case of refinancing, the tenant's rental contract and proof of rent payment for at least 2 months are required.