Fix and Flip Program requirements


Short Term – No Pre Pay – No Minimum Interestfix and flip

Submission Requirements: AZ, CA, CO, ID, KS, MT, NE, NM, OK, OR, TX, UT, WA, WY 1003 Credit Report Accepted Purchase Agreement (if a purchase)
Term: 6 months – with 12 month term available case by case. Max LTP – 70% of purchase price. Flipper must show the ability to complete rehab. Property must be in major metropolitan area if LTP is over 60%. Flipper must have 650+ fico and no foreclosures in past 2 years to get LTP over 65%. Commuter neighborhoods max LTP is 65%. Rehab must be done in 90 days – exception for 120 days case by case. Minimum loan amounts.

  • $50-$75K – 55%
  • $76 – $99K – 60%
  • $100K – $1M – 60+%

LTV                                               Rate/Cost                                                     Add Ons

40% LTP                                    7.99% – 1.50 Points                                         1 year term + 50bps

50% LTP                                    8.99% – 1.50 Points                                         650+ Fico No Add On

60% LTP                                    9.99% – 2.00 Points                                        600+ Fico + 25bps (max LTV 65%)

70% LTP                                    10.99% – 2.50 Points                                       550+ Fico + 50bps (max LTV 60%)     

                                                                                                                                  500+ Fico + 75bps (max LTV 55%)