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UNDERSTANDING LOAN TERMS

Key Information on Non-Recourse Loan Rates for Better Decisions.

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Understanding
Non-Recourse Loan Terms & Requirements

Discover non-recourse loan rates and terms with a variety of options, ranging from 10 to 30 years, all offered at a fixed interest rate. Additionally, uncover the essential non-recourse loan requirements, including Loan-to-Value ratios, minimum loan amounts, and IRA Cash Balance stipulations, to help you make informed financial decisions.

  • Non-Recourse Loan Terms Overview:

    10, 15, 25, 30 year terms
    Fixed Interest Rate

  • Non-Recourse Loan Requirements
    (Appraisal Required):

    LTV: 50%-70% (Appraisal Required)
    Minimum Loan Amount: $50,000
    Debt Obligation: 1.20% – 1.25%
    IRA Cash Balance: 6 Months of P & I

  • Fees & Costs:

    Origination Fee: 1% of Loan Amount
    Underwriting Fee: $485.00
    Processing Fee: $410.00

    * Plus standard closing costs: Lender title insurance, government transfer fees and recording costs, appraisal, flood certification, property insurance.

Approved Property Types for Non-Recourse Loans

IRA Power Loans provides a versatile financing solution that accommodates a wide range of property types, ensuring flexibility and accessibility for borrowers. You can secure financing for diverse real estate, such as single-family detached homes, warrantable condos, Planned Unit Developments (PUDs), duplexes, 4-plexes, and even multi-family residences comprising five or more units, offering you a comprehensive array of options to meet your investment or homeownership needs.

Ineligible Property Types for Non-Recourse Financing

Properties that are not eligible for non-recourse financing through IRA Power Loan are those situated on extensive residential acreages, undeveloped land, farms, manufactured or log homes, condos that don’t meet warrantable criteria, condo-hotels, housing cooperatives (co-ops), time shares, hotels, assisted living facilities designed for seniors, non-franchise restaurants, entertainment properties, and mini-storage facilities. Condominiums must have a minimum square footage of 750 per unit, whereas all other eligible properties must have at least 900 square feet per unit.

Warrantable Condo Requirements for Non-Recourse Loans

For non-recourse loan eligibility, condominiums must adhere to the following minimum requirements: The condominium project, inclusive of common areas, should be fully completed. In addition, at least 60% of the units should be sold, with 33% of all units in the building either owner-occupied or utilized as second homes, as opposed to being tenant-occupied. Condos failing to meet these established criteria are disqualified from the non-recourse program offered by IRA Power Loan.

Secure Non-Recourse Loan Funding in as Little as Two Weeks!