Are you looking for a financing option with no minimum FICO score requirement? At East West Funding we are now offering a No Minimum FICO Score program that could be the perfect solution for your commercial purchase mortgage financing options.
Here are some key details about this program:
- No Minimum FICO Score: This program does not have a minimum FICO score requirement, making it accessible to a wider range of borrowers.
- Max LTV is 50%: The maximum loan-to-value ratio for this program is 50%, providing a competitive financing option.
- Credit Report still required with Scores: While there is no minimum FICO score requirement, a credit report with scores is still required for evaluation.
- Property types eligible: Eligible property types include 1-4 Family Investment Properties, Mixed-use, multi-family, Retail, Office, Warehouse, and Automotive (excluding gas stations).
- No Seasoning Requirement on BK Discharges, Prior Foreclosures, or Prior Derogatory Mortgage History: This program does not have a seasoning requirement for certain negative credit events.
- All Mortgages Must be Current at the Time of Loan Submission: It is important that all mortgages are current at the time of loan submission.
- Payoffs of Judgments, Charge Offs and/or Collections Not Required: Certain negative credit events may not require payoffs for eligibility.
- No Minimum Tradelines Requirement: There is no minimum requirement for tradelines, providing flexibility for borrowers.
- Federal Tax Liens must be paid: Federal tax liens must be paid for eligibility under this program.
If you are interested in exploring this No Minimum FICO Score program from East West Funding, contact us today to learn more about how it could be a great alternative to hard money financing.
