Self-employed borrower was seeking a 1st TD on this non-owner occupied SFR in Valley Springs, Calaveras County. Borrower owns a construction company and has been in business for 10 years. Borrower purchased the home to fix up and turn into a rental property. Borrower’s down payment will be a gift from their in-laws. The source of the down payment coupled with the condition of the property, disqualified the borrower from a conventional loan.
The subject property, built in 1979, is traditional two story home with 7 total rooms, 3 BR/3 BA and is located on 3.11 acres of land. The home is 1,981 sqft and offers a large deck, a barn, a treehouse. The property is in a rural community. Valley Springs is located south of Sacramento and east of Stockton. Potential rental income is $2,100/month.