Interesting Developments in the NONI Business Loan Program
Do you want to buy residential real estate as an investment but don’t know how to pay for it? Wouldn’t it be great if there was a quick and easy way to get a loan with few strings attached? Put your feet up and settle in, whether you’re a seasoned pro or just getting started in the world of residential real estate investing. Exciting information regarding NONI loans has come to light.
The NONI Loan: What Is It?
NONI is an abbreviation for “No Owner, No Income.” A NONI loan is typically utilized for commercial real estate projects. Borrowers can use the program’s funding to buy one-to-four-unit residential investment properties.
Your hunt for a NONI loan can end here. To help our most valued customers who are looking to diversify their investment portfolios, SteveKnowsLoans has developed this cutting-edge financing option. Learn if a NONI loan can help you reach your objectives by reading on.
Why Our Customers Adore NONI
We have found that NONI loans are the best option for residential property investors when we sit down with our clients to examine their mortgage needs. Some of the highlights of the program include:
Cash flow from the property, rather than the borrower’s income, is used to determine loan eligibility.
- Income and employment details are optional on the NONI application.
- NONI loans are available to borrowers with credit scores as low as 620.
- NONI loans tend to close rapidly.
- Currently, the lowest available interest rate on a NONI loan is 4.125%.
- The paperwork associated with this program is minimal. Loan qualification doesn’t necessitate borrowers to provide tax returns, W-2s, or pay stubs.
- First-time investors are welcome to join NONI.
- The maximum loan amount for a property purchase that a borrower can get is $3.5 million.
- This program is accessible to borrowers who may not have ready access to funds. A cash-out would count as an emergency fund in this case.
- Below 75% LTV, this program allows for an unrestricted cash-out.
So, what’s the scoop with NONI?
What happened to the fascinating report from NONI? The most recent developments are as follows:
When purchasing NONI or refinancing their interest rate or term:
- Minimum credit score is now 680, and the maximum LTV has increased to 85%.
- Minimum credit score is now 660, and the maximum LTV has increased to 80%.
Withdrawals from accounts with NONI:
- With a minimum credit score of 680, the new LTV cap is 80%.
- The minimum credit score has increased to 660, while the maximum LTV has increased to 75%.
There’s more to NONI loans than that, though. Several more major updates have been made to the schedule:
- The limits on how much can be borrowed have been raised generally.
- Lenders are now only looking for one year of experience from borrowers who want to utilize the property as a short-term rental.
- If a borrower owns at least 25% of a business, such assets can be used as collateral.
SteveKnowsLoans Has All the Latest Info!
The field of real estate is one that is always developing. It is SteveKnowsLoans responsibility to remain current. Get in touch with us right away if you want to buy a home for investment purposes. Let us assist you in evaluating the NONI program to see whether it will meet your needs.
Get in touch with one of our loan advisors today!
Call Steven Jackson at 813-616-9411 now!
