Lock in a low fixed rate on a 30-year loan. Qualify with no personal income check and close within 30 days.
for a 30-year term loan
loans down to 680 credit score and no personal income requirement
in a single portfolio loan
with personal guidance from a MoFin team member
MoFin currently lends in Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming. Please reach out to us at info@mofinloans.com if you have any questions.
Single family homes, 2-4 unit multifamily properties, as well as 5-8 unit multifamily and mixed-use properties, townhomes, and condos. We do not lend against modular or mobile homes.
Our minimum credit score is 680 but please note that scores under 700 may be subject to LTV reductions and other requirements.
Max LTV is 80% on purchases and rate/term refinances. Most cash-out refinances will have a max LTV of 75%, but it may be possible to borrow 80% if your credit score is 700+, you’ve owned the property for 6+ months, it’s rented, and the DSCR is above 1.15.
Our average closing time is 3-4 weeks, but we can close in as little as 1-2 weeks if the loan file is complete.
We can pre-qualify your loan once you submit your request to us through our website, by email, or by calling us at 866-900-6634. We’ll provide you with a pre-qualification letter or proof of funds letter if you need one. We will also send you a Term Sheet, which lays out all the terms and conditions of your loan and includes a Closing Cost Estimate. If the Term Sheet looks good, you sign it, pay our $299 application/processing fee, and we move the loan into underwriting.
MoFin handles the appraisal process through its appraiser panel or with an appraisal management company (AMC). Appraiser independence rules prohibit borrowers from selecting the appraiser. We try to get you the best cost and turnaround time from a reputable company. As for title work, you are free to pick the title company/firm we work with.
Yes, we can do a cash-out refi. We require at least 3 months seasoning to lend against the appraised value. If you have not seasoned title for 3 months, our loan amount will be limited to 90% – 100% of your total cost basis (purchase price + documented renovation costs).
Yes, we can lend to your LLC, corporation, or inter-vivos revocable trust.
Yes, all members of the entity must give a personal guaranty at closing. That means everyone involved in the transaction, regardless of whether they own 1% or 99% of the ownership in the entity will have their credit & background checked.
No, the down payment must be sourced from the borrower.
