Program is designed for real estate investors
Interfirst Mortgage has launched a loan program designed to satisfy real estate investors’ need for non-owner-occupied properties.
The mortgage program, called ONE, is privately backed and independent of the government, wherein Interfirst said it controls and owns all product guidelines as well as invests in the loans (e.g., FICO scores, LTV requirements). It is built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property (DSCR of 1 or higher).
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“Currently, mortgage brokers have to navigate rate sheets to price a loan,” said Interfirst chief strategy officer Bryan Filkey. “This process often requires time and expertise to perfect, and in many cases is outsourced to a pricing engine, due to hundreds of potential adjustments which change as the loan parameters change.”
Filkey said that, with the ONE program, mortgage brokers can simplify this process by providing their investor clients with a loan that has no adjustments to the interest rate (or price) during the loan process. This enables them to “make decisions quickly and easily, and the rate won’t change regardless of what happens to the scenario,” he added.
The private loan program – the first one to launch as part of Interfirst’s Independence Series of mortgage loan programs – is currently licensed in 28 states and the District of Columbia.
