Fixed and adjustable-rate, fully amortizing, conventional conforming and high balance first lien mortgage loan program specifically designed for borrowers with 7 to 10 financed properties.
Loan Amounts
Loan Amounts $75,000 and may go up to (depending on the county):
$1,089,300 (1-unit)
$1,394,775 (2-unit)
$1,685,850 (3-unit)
$2,095,200 (4-unit)
Credit Scores
Minimum credit score 720. If there is more than one borrower, we will use the lowest middle score among all borrowers.
Property Types
Single Family Home
Condominium
2-4 Unit Properties
Why Multiple Property Program?
This 30 Year Fixed/15 Year Fixed program is only utilized if you owned more than 6 financed properties (not including commercial property). You can hold between 7-10 financed properties in total. You would only be purchasing or refinancing an investment property or second home. If you are refinancing your primary residence, it does not matter how many financed properties you have. You can apply for the Conforming financing without adhering to the stricter multiple property program.
Tips
- Empire will suggest, at times, that just one partner/spouse apply for an investment property mortgage, knowing that you are limited as an individual to 10 financed properties total (in the conventional lending space). Strategically, you could work to achieve 10 each, between you and your partner/spouse. This allows you to maximize the 10 financed property holdings per person and achieve the best rates possible (conventional).
- Usually, pricing on this program will mimic the conforming/super conforming interest rate pricing. Please do check with us, however, as this can change. Our pricing engine will not give you this pricing directly.
Home Purchase
Down Payments
Minimum Down Payments are the following:
Second Home
- 1-Unit, maximum 90% loan to value, 720 credit score
Investment Property
- 1-Unit, maximum 85% loan to value, 720 credit score
- 2-4 Units, maximum 75% loan to value, 720 credit score
Mortgage Insurance
Mortgage Insurance will be required on any loan over 80% loan to value.
Qualifications
Debt-to-Income ratios can go up to 50%. This will depend on your loan scenario specifically.
Reserves are important to note on this loan program as it requires more reserves than other loan programs. Minimum reserves of eight months of the monthly payment on each additional second home and/or 1- to 4-unit investment property that is financed and on which the borrower is obligated.
Refinance Your Home
Loan to Value
Refinances have the following limitations:
Second Home
- 1-Unit, maximum 90% loan to value, 720 credit score
Investment Property
- 1-Unit, maximum 85% loan to value, 720 credit score
- 2-4 Units, maximum 75% loan to value, 720 credit score
Cash-Out
Cash-out is available on this program, the parameters are:
Second Home
- 1-Unit, maximum 75% loan to value, 720 credit score
Investment Property
- 1-Unit, maximum 75% loan to value, 720 credit score
- 2-4 Units, maximum 70% loan to value, 720 credit score
Qualifications
Debt-to-Income ratios can go up to 50%. This will depend on your loan scenario specifically.
Reserves are important to note on this loan program as it requires more reserves than other loan programs. Minimum reserves of eight months of the monthly payment on each additional second home and/or 1- to 4-unit investment property that is financed and on which the borrower is obligated.