Summary of changes -May 11th 2022 Residential For Rent UW Guidelines

Acquisition vs Refinance

Acquisition:

• Within 180 days of purchase with no previous financing. 
• Designated value is the lesser of purchase price, appraisal or validation

Refinance:

• Properties with an existing lien
• For the first 6 months from purchase date, designated value is the lower of cost basis or appraised value.

Short Term Rental:

• AirDNA.co reports are no longer needed. 12 Month operating history is required on all short term rentals.  

DSCR\Liquidity:

• Third Party Property Management fees will now be included in monthly expenses. And counted towards DSCR and Liquidity requirements.

Valuation Validation:

• Clear Capital’s CDA is the only valuation validation option.