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STATED
INCOME HOME
LOANS ARE
STILL
AVAILABLE
This loan
program -
San Diego,
Orange,
Santa
Barbara and
LA Counties
Only!!!
Loan amounts
from
$250,000 to
$1,000,000
Terms
available -
3/1, 5/1,
7/1, 15/15
and 30/30
Occupancy
Owner and
Non Owner
Occupied
Purchase:
75%
Financing
available
Refinance:
65% Max
Cash Out
available
700 Fico
40% DTI Debt
To Income
Ratio
FOREIGN
NATIONALS
PURCHASES
2ND
Homes 70
75%
Loans of
$1,000,000
to
$3,000,000
will be
considered
on case by
case basis
to 70%
finnacing of
purchase
price.
Reserves are
required.
07/03/2009
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Manual
Underwriting
Loan
Programs
-
Submit
your
application
for 48
hour approvals!
-
Competitive
rates
-
Conforming, Jumbo
Conforming,
FHA loan
programs
-
Full and
Lite Doc
income
documentation
programs
-
Up to
64.9%
Debt to
Income
ratio
Available
-
Manual
underwriting
available
-
1 day
off MLS,
cash out
OK
-
Non
warrantable
condos
ok
-
Ok to
double
app and
close/fund
before
the
other
lender has
your
approval!
This
program
available in
te following
states:
AZ,CA,CT,CO,FL,HI,ID,IL,IN,MD,MI,MN,MO,NM,NC,NV,OK,OR,SC,SD,TX,UT,VA,WA
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Loan Amounts
To 5 Million
Guidelines/Matrix
--
Exceptions
Are
Available
For
Higher
Loan Amounts
--
Owner Occupied
Purchase &
Rate/Term
Max Loan
Amounts |
LTV/CLTV% |
720 Fico |
| $800,000 |
80%/80% |
720 Fico |
| $1,500,000 |
75%/75% |
720 Fico |
| $2,500,000 |
70%/70% |
720 Fico |
| $3,500,000 |
65%/65% |
720 Fico |
| $5,000,000 |
60%/60% |
720 Fico |
Owner Occupied
Cash Out
| Max Loan Amounts |
LTV/CLTV |
Min Fico |
| $1,500,000 |
65/65 |
720 Fico |
| $2,000,000 |
60/60 |
720 Fico |
| $2,500,000 |
55/55 |
720Fico |
Second Home
Purchase &
R/T
| Max Loan Amounts |
LTV/CLTV |
Min Fico |
| $1,100,000 |
75%/75% |
720 Fico |
| $1,500,000 |
70%/70% |
720 Fico |
| $2,000,000 |
65%/65% |
720 Fico |
RATES - No
Add Ons
No Add Ons
For Loan
Amount, LTV,
Second Home,
Cash Out, Or
Fico
Available
terms -
1 Year ARM,
3 Year ARM,
5Year ARM,
30 Year
FIXED and 15
Year FIXD
Loan Amount
Exceptions
Are Common
Niches...
-
Lower
fico
requirements
than
most -
exceptions
common.
-
No rate
or price
adjustments
for 2nd
home,
cash
out,
LTV,
etc...
-
Paying
down
debts to
qualify
is okay
on cash
out
refi's.
-
Just
outside
of
guidelines
- No
problem
- We
grant
exceptions!
-
No
equity
requirement
to
convert
current primary
to
rental
when
purchasing
a new
primary.
-
Non-Occupant
Co-Borrowers
- Okay
-
Silent
Seconds from
Hospitals are
okay
-
Gift
funds
okay
-
Unique
properties
not
fannie
mae
approved
- we'll
look at
them!
-
No
multi-unit
condos
or high
rise
condos
Underwriting
-
42 Max
DTI
(flexible
if file
is
strong)
-
6 months
piti
required.
-
Full doc
only.
-
Gift
funds
allowed.
-
California
properties
only.
-
No
condos
-
Primary
or
second
homes
only, no
investment
properties.
-
Borrowers
can have
more
than 4
financed
properties.
-
Non
occupant
co-borrowers
are
okay,
family
only. We
use
blended
ratios.
-
Silent
seconds
are
permitted for
Doctors
-
We don't
have any
equity
requirements
when
converting
a
current
primary
home
into a
rental
when
buying a
new
home.
-
We do
not have
a
restriction
on # of
properties
owned,
however,
they can
not use
the
income
from the
properties
to
qualify,
they
must
qualify
using
their
primary
job
only. No
real
estate
investors
at this
time.
-
Full
package
is
required
(Income
& Assets
must be
in the
file)
Turn
Times Are
Typically 2-3 Business
Days
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Salary
Employee /
Wage Earner
Stated
Income /
Verified
Assets (2
months
reserves)
FOR OWNER
OCCUPIED OR
SECOND HOMES
( Purchase
, RATE / TERM, or
Cash Out )
Max.
LTV:
80%
Score: 700 +
SFR/Single
Family
Residence or Condo
Two year
minimum
job history.
Two months
seasoned
liquid reserves
required.
No title seasoning
required if Rate
and Term
refinance.
Six months
seasoning if
cash out.
Terms:
30
year fixed
rate with no
pre payment
penalty OK
FOR NON
OWNER
OCCUPIED PROPERTIES (
Purchase or
R/T )
Same as
above except
a max LTV of
75%
No cash out
on Non
Owner
Occupied
properties
Incomes must
be
reasonable
for the
occupations
.
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Credit Facility,
Bridge and Rehab
Portfolio Lender
Loans for our 3
main programs
(secondary and
investment
properties
only):
This loan program is
AZ, CA and NV
only
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BRIDGE
No Fico
Required |
REHAB No
Fico
Required |
Credit
Facility
Notes &
REO
Acquisitions |
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Terms:
up to 24
months
Min/Max
Loan
Amounts:
$100,000
-
$15,000,000
Must
have
clean
exit
strategy |
Terms:
up to 18
months
Min/Max
Loan
Amounts:
$100,000
-
$5,000,000
Must
provide
cost
breakdown |
Terms:
up to 12
months
Min/Max:
$500,000 -
$100,000,000
True
revolving
credit
facility |
Bridge & Rehab
No Fico Program
Highlights
1st
and 2nd
Trust Deeds or
Cross-Collateralization
(Multi-State
Available) up to
65%
LTV/CLTV
with no
prepayment
penalty.
Loans are
typically up to
a 1-Year Term
Interest-Only
payment that
adjusts monthly
over the index,
but longer terms
and fixed rates
are available
upon request.
Programs are
available for
Multi-Family
(stabilized/unstabilized),
Mixed Use,
Office, Retail,
Industrial,
Light Industrial
and
Single-Family
Residence as a
second home or
investment (no
owner-occupied).
Credit Facility
for
Non-Performing
Notes and REO
Acquisitions
Program
Highlights
Revolving Credit
Facility
designed for the
acquisition of
Notes
(performing &
non-performing)
as well as REOs
(bank-owned real
estate).
Interest is paid
on the
outstanding
principal
balance which
can fluctuate
daily.
Consider it a
credit card for
your next Note
or REO
Acquisition from
the bank.
This product is
Available for
Individuals,
Corporations and
Trusts
Less Than
Perfect Credit
Score OK Our
focus is on the
exit strategy
and ability to
repay
Closings as
quickly as 3
Days
Other Services
Provided
Include:
-
Trading and
Portfolio
Advisory
Service Desk
Increase
your success
by
partnering
with
Bridgelock
Capital to
help enhance
your bid
credibility,
leveraging
our analysis
and due
diligence
experience
and
obtaining
access to
our
nationwide
network of
vendors.
-
Default Loan
Servicing
BLC
Servicing
specializes
in curing
problematic
loans and
offering
foreclosure
prevention
counseling
and support
services to
our
delinquent
borrowers
while
keeping our
investors
informed
through-out
the
hands-on
process
-
Loan
Workouts,
Modifications,
Short Sales
and REO
Advisory
Services
Whether you
are
currently
using BLC
Servicing or
just need
help with
your
existing
portfolio,
we are here
to assist
you.
We offer a
true
turn-key
operation to
aid you in
managing
your
non-performing
portfolio.
Special notes
This lender
provides fast,
flexible,
asset-based
lending for
borrowers and/or
properties that
do not meet
conventional
underwriting
guidelines.
This program is
known for our
ability to
provide complex
financial
solutions that
banks and other
portfolio
lenders are
unable to offer.
This resource
is a
multifaceted
business partner
for Banks,
Mortgage
Brokers,
Mortgage
Bankers, Hedge
Funds, Private
Investors,
Realtors and
General
Contractors.
We see this
recent credit
crisis as a time
to show our
strength and
stability as a
direct portfolio
lender as well
as a time to
foster existing
and new
relationships.
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California CA Stated
Income Program
STATED INCOME PROGRAM
for wage earner /
w-2 employee
borrowers:
- PURCHASE -
SIVA
(down payment, not
reserves must be
verified)
- REFI -
SISA available
- Owner Occupied,
Non-Owner Occupied,
Multi-Unit, condos,
SFRs, (no mobiles)
- loan amounts to
$625,000 for SFR,
higher for
Multifamily
- Hits to rate and
LTV include
non-owner,
Multi-unit, loan
amts over
$417,000, etc
- Must have
verifiable
employment
(cannot
be owner of company
or Self
Employed)
- 700+ fico/credit
score to 80%
max LTV (5%
reduction for
non-owner)
- 620+ fico to 65%
max LTV (same
reduction applies) -
too many derogs on
credit will
kill approval
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New
Stated Income Verified
Assets Jumbo Loan
Program
NATIONWIDE
SIVA Super Jumbo
Loans
Soft Hard Money
Product- ALL 50 STATES
Typically 6.75% to
8.9% Rate
Purchase or Refinance,
rate and term and cash
out
Loan amount Box -
$1,000,000 to $5,000,000
Must be within 10 miles
of a population
base of at least 75,000
Fico or credit score
650+ O.K.
Fico or credit score
680+ for good rates
Fico or credit score
720+ for very best rates
Available terms - 5 Year
I/O ARM or 30 Year
Fixed
O/O
Owner Occupied to 65%
LTV financing
2nd
Hm or NO/O Non Owner
Occupied to 60% LTV
financing
9
to 12 Months PITI
(Principle Interest Tax
Insurance) Verified
Reserves
DTI
Debt to Income < 50%
Refinance Rate and Term Seasoning 9
Months +
Cash Out refinance Seasoning 12
Months +
FUNDING IN 17 to 24 DAYS
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Stated Income Jumbo
Portfolio Home Loan Program
For Southern California
Stated Income Loans
to 3,000,000
Full Doc loans to
$5,000,000
Available Counties
San Diego, Orange County,
Los Angeles
County, Ventura County, Santa
Barbara
County, Marin
County, San
Francisco, Sonoma
County and Napa
County
Purchase Refinance Owner &
Non-Owner occupied
75% LTV Financing
to $3,000,000
65% LTV Financing
to $5,000,000
Cash Out Refinance
OK
Interest Only
Option OK
Stated Income OK
SFR OK
Condos OK
3-4 Units OK
NOO Non Owner Occupied OK
2nd Home
OK
Over 5 Acres OK
High Rise Condos OK |
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No Asset Jumbo Loan - No Reserves
Required
Full income documentation up to
$4,000,000
Up to $850,000k to 75%LTV
Financing
650 fico Credit Score for wage
earner (w-2 employees) and
700 fico Credit Score for self
employed borrower
No limit on properties owned
Non warrantable condos ok
No asset verification. No vod or
bank statements
No seasoning on refinance
3/1, 5/1, 7/1 and 10/1 ARM's
available
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Jumbo to 90% LTV Financing
Full doc up to $2,000,000
$650,000 to 90% LTV Financing,
$1,000,000 to 80% LTV Financing,
$1,500,000 to 75% LTV Financing
and $2,000,000 to 70% LTV
Financing
Fico Credit Score from 660 OK
Single family residence, 2nd
home, 1-4 Units, high rise ok
except for florida
One day off MLS OK
3/1, 5/1, 7/1 and 10/1 ARM's
available
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Construction for
California. Verification of
Employment to 90% LTV Financing
for loans to 3 million. Great
noo product for investors no
max on properties owned!!!
Fixed, 3/1 and
5/1 rates available fico needs
to be 720.
Eligible Properties:
To-be-built or substantial
rehabilitation projects that are
being refinanced or acquired
Nursing Homes, Intermediate
Care Facilities and Assisted
Living Facilities
Eligible Borrowers:
Profit motivated and
non-profit entities
Interest Rate:
Low fixed rate established by
market; spread over the 10-year
Treasury
Term(s):
Up to a 40-year permanent loan
plus construction period
Prepayment:
Negotiable, depending on
market conditions
No yield maintenance
Loan Amount(s):
$3,000,000 - $100,000,000+
Mortgage Loan Limitations:
The maximum insured mortgage
will be the lesser of:
The amount that can be
supported with debt service
calculated at 90% of the
remaining net
annual operating income, after
an allowance for proprietary
income (95% for non-profits),
or;
90% of the estimated eligible
replacement cost, including
major movable equipment, subject
to cost certification, (95%
LTV for non-profits) or;
90% of value upon completion
(95% for non-profits)
(For substantial
rehabilitation subject to
existing mortgage) 100% LTV of
the estimated cost of
rehabilitation plus the lesser
of (a) existing secured
indebtedness, or (b) 90% of
estimated fair
market (as-is) value prior to
rehabilitation (95% for
non-profits)
Mortgage Insurance Premium:
0.57% annually, 0.45% with
LIHTCs
Other Program Features:
Debt is non-recourse including
during the construction period
without carve-outs to the
sponsor
Fully assumable with prior FHA
approval
FHA insurance provides credit
enhancement for tax-exempt
financing
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SAME DAY DU APPROVALS
NEW LOAN LIMITS AVAILABLE
580 FICO OK
FUND YOUR NEW FHA LOAN IN AS LITTLE
AS 15 DAYS
COMMERCIAL
OFFICE BUILDINGS
CHURCHES
CONVENIENCE STORES
5 UNITS AND ABOVE
LETTER OF INTENTS WITHIN 48 HOURS
HARD MONEY
1st ST TRUST DEEDS
HELOC 1ST POSITION CLTV (NO FICO)
RESIDENTIAL, INDUSTRIAL, APARTMENTS,
CHURCHES, SCHOOLS
RATES: 8.99% - 15%
LTV-UP TO 60%
NO FICO REQUIREMENTS
STATED INCOME OK
BK, NOD, FORECLOSURE OK
72 HOUR TO FINAL CLOSING DOCS!
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HARDMONEY (Private Money)
Property types: Commercial,
Industrial, Apartments, Residential,
Churches, Schools, Special Purpose
Property and entitled and zoned land.
Property can be completed or properties
needing construction financing
Loan sizes: $1mil - $15mil (NOTE:
Can do smaller loans, but prefer to stay
above $500K)
States served on this product:
CA, FL, NY, HI, TX, WA, OR, CO, UT
Trust Deed
position: 1st (with exception of
California and Hawaii - can do 2nd TD's
- NOTE: Intercreditor Agreement required
for 2nd TD's)
Rates: 9% - 16%, 2 points - 7
points.
Term: 12 months - 30 months
CONVENTIONAL (Bank Financing):
Property Types: Commercial,
Industrial, Apartments, Residential,
Schools, Special Purpose.
Loan sizes: $500K - $30 million
States served: All 50 States
Trust Deed position: 1st only
Rates: Extremely competitive,
5,7,10 YR
IO's and 30 year terms (Example:
Doing a 5 yr presently at 6.35% for a
warehouse in FL.
Term: 20 - 30 yr
FHA (HUD Financing):
Property Types: Multifamily
(apartment), Healthcare (Hospitals,
Assisted Living, Independent Care,
Nursing homes, Retirement Homes etc)
Loan sizes: $3mil - $100 million+
States served: All 50 States
Trust Deed position: 1st only
Rates: Extremely competitive, 5,
7, 10, 15, 20, 25, 30 yr fixed terms.
Term: 20 - 40 yrs
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Non Owner Occupied Stated
Income for San Diego CA, Los Angeles CA,
Orange and San Bernardino Counties
New
SIVA
investor for
NOO
/ Non Owner Occupied market.
For San Diego-Orange-LA and
Santa Barbara Counties
No
Limit to amount of properties owned
· Title in LLC, LLP,
Corporation or
Partnership
OK
· Title in Irrevocable, Blind or
revocable Trust OK
· SIVA programs available
· We offer you Good Rates for
Non-Owner with no adds to fee
Arm and Fixed rates available
LTV's for
NOO
SFR Purchase/rate and term
| Full Doc |
SIVA |
Loan Amount |
| 65% |
55% |
$1,500,000 |
| 60% |
50% |
$2,000,000 |
| 50% |
45% |
$3,000,000 |
1-4 Units OK
Cash Out
Available
Interest
Only Available
Pre Payment
Penalty Available for better pricing
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W-2 Wage Earner / Salary Stated Income CA
VOE /
Verification Of Employment Only Loans
No
W-2's required from borrower
85%
LTV Financing Max
W-2
borrowers only
700+
fico credit score above 80% LTV Financing
Below
80% 660 fico
Minimum loan amount $75,000
Non
owner occupancy
Max
LTV 75%
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Full Doc Jumbo Loan All 50 States
Primary
and 2nd homes
Loan
amounts to $850,000 to 70% LTV financing
Loan
amounts to $1,500,000 to 65% LTV financing
Loan
amounts to $2,000,000 to 60% LTV financing
Loan
amounts to $3,000,000 to 50% LTV financing
Condos OK
650
minimum fico score for primary residence
680
minimum fico score for second homes
No
reserve requirement - assets not stated or verified
no
seasoning requirement for source of down payment
Gift funds OK
Unlimited
cash out and no cash out price adjustment
no
seasoning requirement on a refinance
Use new
appraisal even with cash out
No
escrow/impound account required no waiver fee
No limit
on number of financed properties good for investors
Non
warranted condos OK
HOA
questionnaire never required for this program
1 day on
the job OK
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Please be aware that the following information is
changing constantly due to market conditions and
availability of funds
Recent rates from our lending operations:
We are
institutional and private lenders that specialize in
residential loan programs. We are direct lenders with
the lending license and, under the mortgage banking
operations, most of our lending in done through an
in-house process, and operate throughout the USA.. NOTE:
Most of our loans do not carry any prepayment
penalty.
"No document", or
DO NOT have to show income or assets
Credit Score of 720 or higher:
*Current rates are just a little higher than
conventional pricing
Loan for up to 80% on
1st loan (possibly 3-5 years ARM)
Maximum loan amount is
$417K , Fico must be 720 or better and DTI better than
45% - ask for more info.
"Full document" or
showing verification of income or assets
* Loan
for up to 80% on 1st loan (possibly 2-5 years ARM) / 17%
on 2nd loan = 97% for total loan amount, depending on
the location.
* DTI
as high as 55%
* 3-6 months of
cash reserves (or liquid assets) account for the new
monthly payments.
Credit Score of 679
or lower:
*
Loan up to 80% on 1st loan
*Total loan can vary, but often below $700,000 |
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Stated Income
Jumbo Loan Program
Loan amount to
$2,000,000
Stated Income
Verified Assets to $2,000,000
Cash out Refinance OK
up to $500,00 Cash in hand
90% LTV Financing
Cash Out to $650,000
80% LTV Financing
Cash Out to $1,000,000
75% LTV Financing
Cash Out to $1,500,000
70% LTV Financing
Cash Out to $2,000,000
Hi Rise Condos - OK
2nd Homes - OK
Interest Only
Available
Escrow Waiver
Available
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Your leader in residential and Commercial financing.
Funding for all residential structures within the United States
First Time Homebuyer
Speak with professionals that provide guidance
Find answers to your questions
$1,700,000
max loan amount
Determine what you can afford
Receive the advice you've been looking for
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Seasoned Investor
Experience the power of BrokerMortgages.com
Financing for luxury homes to multi-unit dwellings
Investment property planning with our professionals
Obtain the best rates and terms
No Maximum
Properties Owned
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Real Estate Developer
Funding through all stages of real estate development
From raw land through vertical completion
Residential, Commercial and Industrial projects accepted
Conventional and Unconventional lending sources
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COMMERCIAL LOANS
Funding for all commercial structures within the United States
A New Level of Professional
Small Commercial Mortgages
$42,000,000 Max Loan Amount
A lender who caters to the small business owner
Quick commitment and closing
Nationwide funding to accommodate all markets
SBA loan financing available
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Multifamily, NNN Retail and Commercial Properties
Commercial Property mortgages for conventional and unconventional
projects
Potential for assumable and non-recourse financing
30 year terms available
Advice from professionals who know
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Unique situations
Our database of thousands of lending sources provide solutions to
difficult finance scenarios
Land, Buildings and projects considered
Bridge financing available
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SPECIALTY FINANCING
Special situations require specialty financing
Land Loans
Bare land loans with flexible rates and terms
Long term fixed and variable rate financing
Purchase, refinance, and cash-out loans
Our loan products can meet almost any need
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Farm, Ranch, and Rural Home Loans
Providing financing for full and part-time farmers
Personalized service and attention to detail
Specializing in all rural financing
Committed to providing the best products for rural property
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Bridge and Hard Money Loans
A lender committed to providing gap financing solutions
1st and 2nd Loan Packages
Cross collateralization facilitating larger loan sizes
Fast underwriting decisions and funding
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Unconventional Loans
Arranging financing for unusual projects and collateral
We finance churches, schools, marinas, casinos,
air craft, ships, movies, television pilots and other unusual
projects
Let our creative structuring be your asset
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Land Loans
Bare land loans with flexible rates and terms
Long term fixed and variable rate financing
Purchase, refinance, and cash-out loans
Our loan products can meet almost any need
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Farm, Ranch, and Rural Home Loans
Providing financing for full and part-time farmers
Personalized service and attention to detail
Specializing in all rural financing
Committed to providing the best products for rural property
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Bridge and Hard Money Loans
A lender committed to providing gap financing solutions
1st and 2nd Loan Packages
Cross collateralization facilitating larger loan sizes
Fast underwriting decisions and funding
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Unconventional Loans
Arranging financing for unusual projects and collateral
We finance churches, schools, marinas, casinos,
air craft, ships, movies, television pilots and other unusual
projects
Let our creative structuring be your asset
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Hard Money Seconds
CA AZ NV and OR
No Fico/credit score
requirement, any Fico OK!
· Financing up to 60%,
70% exceptions Combined Loan To Value.
· Stated Income / Stated
assets, V V O E - Verbal Verification of Employment
· NOD - Notice of Default
OK
NOS - Notice of
Sale OK
· Max loan amount
$250,000.
· 80% available draw day
of closing. Remaining balance available in 30 days.
· 2 - 6 months reserves -
Underwriters discretion.
· NO Prepayment penalty.
Property Types:
SFR - Single Family Residence
Condos
PUD's
2-4 Units.
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CONDOTEL MATRIX AND GUIDELINES
STATED INCOME AVAILABLE
100% OF DEVELOPMENT PURCHASE ONLY
6-12 MO Principle Ins.Tax Insurance AFTER DOWN PAYMENT
SIVA AND
SISA
2ND
HOMES
70%LTV MAX FINANCING FOR CONDOTEL
680 MIN
FICO
AND NO PRE PAYMENT PENALTY
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We can do a
reverse mortgage
as a purchase!
Must be 62
years of age or
older to
qualify.
Owner occupied.
Employment not
needed.
No assets.
Credit score
is not required
and senior can
have current
mortgage lates.
No income to
qualify.
No monthly
mortgage payment
for the senior
after the home
is purchased.
The reverse
mortgage is not
due unless the
homeowner moves
out permanently,
sells the home
or passes away.
A reverse
mortgage can not
go into
foreclosure as
long as the
senior lives in
the home,
considered
non-recourse
loan.
Over 20 years of experience in doing
Reverse Mortgages.
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95% LTV Financing
in Declining Market
SFR
1 - 2 units OK
620 credit score OK
Purchase or rate and term
refinance
Arm and fixed rates available
-334569-
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Jumbo Loan Private Hard
Money Program
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Just
Funded: $980,000 1st TD, $1,100,000 1st TD, $700,000 1st
TD, $150,000 2nd HELOC, $250,000 2nd HELOC, $185,000 2nd HELOC,
$145,000 2nd HELOC, $300,000 HELOC
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All
Property
Types
(Except Land & Manufactured Homes)
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1st
Trust Deeds
Available
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2nd
Trust Deed HELOC's from $100k
- $10M
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Bridge Loans
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Current
NOD /
NOS = OK
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Current
Bankruptcy = OK
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Mortgage Lates
= OK
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Low
Fico Scores
= OK
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Quick Funding
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2nd Mortgage / HELOC product,
California & Texas
only
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Max line -
$350,000
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Max LTV 75%
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Min FICO 650
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Primary
residence
only
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Fixed rate
available
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680+ Credit Scores Can Get You
$900,000 Cash Out
Use YOUR OWN Appraiser
Loan Terms Availalable
1 year ARM available, I/O (interest only) available
3 year ARM available, I/O (interest only) available
5 year ARM available, I/O (interest only) available
7
year ARM available, I/O (interest only) available
5 year ARM available, I/O (interest only) available
10 year ARM available, I/O (interest only) available
15 &
30 Year Fixed too!
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No Add to
Rate or Fee for CASH OUT!
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DECLINING
Market Okay!
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1 day off
MLS (multiple listing service), OK!
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No price add
to Waive/Elect Impounds
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Credit
decisions in less than 24 hours
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Special low
pricing for Loan Amounts < $750k
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Quick to
close
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No MI
(mortgage insurance)--Ever! We are in 45+ states, some states going to 90%!
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MEXICO: Commercial ONLY
. This can be better than financing abroad and the borrowers can be
from anywhere. They dont need to be from U.S.
Commercial
properties, including land developments
Up to 50% gross
loan of the CBRE
180 day as-is
value, no
future.
1 year term,
with one year
extension
Term - 12 months
interest only
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Residential full doc to 95% Financing stated to 80%
Financing
We do
all 50 states
Loans
to $ 100 Mil -100,000,000
Min
loan $250,000 - Stated Income Verified Assets
A,
alt-a and sub prime, hard money
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CONDOTEL Nevada will vary and
Foreign Nationals
100% OF
DEVELOPMENT PURCHASE ONLY
6-12 MO
PRINCIPLE-INTEREST-TAX-INS. AFTER DOWN PAYMENT
SIVA (stated
income verified assets) AND
SISA (stated
income stated assets)
2ND HOMES
70%
financing for
condotels
680 Minimum FICO
and No Pre Payment Penalty
Full Doc and
Stated Income available
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WE DO MEXICO LOANS
Commercial
condotels
Loans
to 10 billion if that's what you need
Pledged assets, LLC loans too
Flower shops, gas stations
Co-ops
Trophy homes
International commercial loans
Refinance or purchase; Churches, schools, marinas, casinos, apt
buildings, air craft, ships, movies, tv pilots, cross
collateralization
Refinance on existing buildings for upgrades. New construction (
ready to pound nails)
No
limit on loan amounts
If
you have equity and strong principals, bring it to the table now!
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Hard Money
This program is an asset-based lending for borrowers or properties
that do not fit or qualify for any other underwriting guidelines.
Whether you need to go stated Income, are currently with in
foreclosure, currently in bankruptcy or past bankruptcies, or in
probate, we have these types of financial solutions for both
residential and commercial properties.
Contact a representative today at 877.908.2100
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Condotel
Programs
We are
now doing Condotels to 90% LTV. Max Loan Amount $750,000 -
exceptions made on case by case basis. Stated income
available. Primary and 2nd Home and non owner occupied / investment
property. Fixed and ARM products available.
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Unconventional
Jumbo Loans
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3 & 5 Year Interest Only / Amortized Portfolio loans to a loan
amount max of $2,500,000. These qualify on the Interest
Only payment and are one of best selling product lines because
of our portfolio niches.
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6 Month Libor and COFI that have an Interest Only payment that
adjusts every 6 months. Very Low payment with no negative
amortization.
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30 Year conforming fixed rates ( loan amount max $ 417k ). 15
Year, 10 Year, 20 Year, and 40 Year fixed amortized loans that
are all D/U underwritten. Also includes a 10 Year I/O for
conforming.
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Jumbo Loan Conforming fixed 30 & 15 year
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Conforming 3 Year and 5 Year fixed/amortized D/U underwritten
products. This page also includes a conforming 5
Year Interest only Libor product.
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1 Year fixed Interest Only / Amortized Portfolio loans that have
a 5 Year Interest Only payment that adjust every year on CMT and
margin. Loan amount max is $2,500,000 and this product may
have a lower 2nd year payment.
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THE RIGHT NICHES AT THE RIGHT TIME!
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We're still doing loans in declining markets,
while other lenders have left the state!!!
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Super competitive I/Os. Awesome fixed rates, and
still offering Option ARMS/Hybrids.
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We
qualify debt ratio on the Interest Only payment,
not the fully amortized payment!
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LOAN AMOUNTS TO $ 3 MILLION!!!
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Only 1 appraisal required for loan amounts to $ 3
Million.
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Up to 45% DTI allowed on owner occupied
properties 80% ltv and below with 680 fico
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2x30 Mortgage lates allowed in the last 24
months, 0x30 in the last 12 months.
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12 months bank statements as Full documentation
for self employed borrowers.
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For Asset verification on Full Doc, we only
require 2 Months bank statements to verify 2-4 months PITI,
principle, tax and ins.
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Gift equity allowed for full doc purchases ( NO
MONEY DOWN )
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Permanent Financing out of Construction loans
considered a rate & term and not cash out!!!
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Full Doc on 1-4 Units Investment properties to
70%. No limit on amount of properties
FINANCED by 1 investor.
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Borrowers can finance up to a total of 4
properties with Downey or up to $ 2 Million total in loans. (
ask for more details )
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No Seasoning required for R/T refinances, one day
on title, one day out of purchase. WE TAKE CURRENT APPRAISED
VALUE!!!
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Payoff of seasoned 2nd TD considered R/T (must be
12 months old, draws with the last 12 months okay)
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Non-occupying co borrowers can help you
qualify (blend ratios)
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Non-Applicant spouse income can help you qualify
regardless of their fico score
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FHA Jumbo
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Maximum LTV and Credit Score Restrictions |
| Finance Type |
1 Unit |
2 Unit |
3 Unit |
4 Unit |
Guideline |
| All |
>$362,790 |
>$464,449 |
>$561,411 |
>$697,696 |
Minimum 620 credit score |
Purchase /
No Cash Out |
>$362,790 |
>$464,449 |
>$561,411 |
>$697,696 |
Max 97.75% LTV |
Purchase /
No Cash Out |
>$417,000 |
>$533,850 |
>$645.300 |
>$801,950 |
Max 97.75% LTV |
| Cash Out |
>$417,000 |
>$417,000 |
>$417,000 |
>$417,000 |
Max 85% LTV |
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1. For
properties in Alaska and Hawaii, restrictions above apply
with AK/HI limits
2. Properties
in Low Closing Cost States are allowed to 97.15%. Refer to
HUD Handbook for complete information.
3. See
Appraisal section for additional requirements for properties
located in declining markets. |
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FHA Jumbo Mortgage Limits |
| Region |
1 Unit |
2 Unit |
3 Unit |
4 Unit |
| Minimum 48 States |
>$362,791 |
>$464,450 |
>$561,412 |
>$697,696 |
| Minimum 48 States |
>$729,750 |
>$934,200 |
>$1,129,250 |
>$1,403,300 |
| Minimum AK and HI |
>$544,186 |
>$696,674 |
>$842,117 |
>$1,046,545 |
| Minimum AK and HI |
>$1,094,625 |
>$1,401,300 |
>$1,693,875 |
>$2,105,100 |
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1 For
properties in Alaska and Hawaii, restrictions above apply
with AK/HI limits
2 Properties
in Low Closing Cost States are allowed to 97.15%. Refer to
HUD Handbook for complete information.
3See Appraisal
section for additional requirements for properties located
in declining markets. |
| Up Front
and Annual MIP - (Mortgage Insurance Premium) |
| |
Greater than 15 year terms |
15 term or lessYear |
| LTV |
>680 |
640 |
620 |
>680 |
640+ |
620+ |
| <90% |
1.25%/.5% |
1.25%/.5% |
1.25%/.5% |
1%/0% |
1.%/0% |
1.25%/0% |
| 90 -95% |
1.25%/.5% |
1.25%/.5% |
1.50%/.50% |
1%/.25% |
1.25%/.25% |
1.5%/.25% |
| 95% |
1.25%/.55% |
1.50%/.55% |
1.75%/.55% |
1.25%/.25% |
1.5%/.25% |
1.75%/.25% |
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The number
of years will be determined when the loan balance equals 78%
LTV, provided that the borrower has
paid the
annual MIP for at least 5 years, (scheduled or actual)
Loan amount
multiplied by Annual premium, divided by 12 months equals
monthly MIP
FHA 203(b) /
234(c) loans will have upfront premiums and monthly premiums
Pricing and
program eligibility are determined using the base loan
amount prior to financing UFMIP
UFMIP must
be 100% financed into the mortgage or paid entirely by cash:
partial financing not allowed |
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Refinance |
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No Cash Out Refinance:
Maximum loan amount is the
lesser of the LTV in the Maximum LTV table or the existing
debt calculation as described below:
To calculate existing debt, add together the
amount of the applicable items listed below, any refund of
UFMIP must then be subtracted from the total:
Existing first lien (may include up to 60
days interest maximum, but may not include delinquent
interest), Any purchase money second mortgage, Any junior
liens over 12 months old, Borrower paid closing costs,
Prepaid expenses, Borrower paid repairs (if required),
Discount points
Prepaid expenses may include the per diem
interest, hazad
insurance premium deposits, mortgage
insurance premium, and any real estate tax deposits needed
to establish the escrow account. |
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Cash Out Refinance
Loan amounts > $417,000:
85% of the appraised value.
If owned less than 12 months:
85% of the appraised value or original
sales price, whichever is less.
If owned 12 months or more and loan amount <
$417,000,
FHA will allow a cash-out refinance up to
95% subject to all of the following:
Property is the borrowers principal
residence for at least 12 months prior to loan application
date
No payment may be more than 30 days late
within the last 12 months. Payment must be current for the
month due
1-2 unit properties only (Max $417,000
applies to both 1-2 Units)
Subordinate financing may remain in place
only if it is subordinate to the FHA-insured first mortgage
(regardless of the total indebtedness or combined LTV) and
the homeowner qualifies with scheduled payments on all liens
New secondary financing is limited to 95%
CLTV
NOTE: Cash-out refinances are not permitted
for FHA loans in Texas |
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Appraisal |
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Standard FHA appraisal guidelines apply
All appraisals for FHA loans must be
completed using the following forms:
Statement of Limiting Conditions
Appraiser's Certification
Based on the property type, the following
appraisal report must be used:
Att/Det SFR & PUD - URAR Form #1004
Condominium - Condo Form #1073
2-4 Units - Small Residential Income
Property Form #1025
Note:
Purchase and Rate/Term
refinance > 95% LTV with loan
amounts > $417,000 and located in a
declining market will require a 2nd appraisal. Refer to
Seller's Guide for additional information. |
FHA
Standard
|
Max LTV
Purchase and No cash out Refinance |
| <$50,000 Loan Amount |
>$50,000 to $125,000 |
>$125,000 |
| 98.75% |
97.75% |
97.75% |
| Low closing cost states (Closing costs
at or below 2.1% of sales price): AZ, CA, CO, ID, IL, IN,
NM, NV, OR, UT, WA, WI, & WY. High
closing cost states (Closing costs above 2.1% of sales
price) :AL, AK, AR, CT, DC, DE, FL, GA, HI, IA, KS, KY, LA,
MA, MD, ME, MI, MO, MN, MS, MT, NC, ND, NE, NH, NJ, NY, OH,
OK, PA, RI, SC, SD, TN, TX, VT, VA, WV |
| Standard
Mortgage Limits |
|
Region |
1 units |
2 units |
3 units |
4 units |
| Low cost area |
$271,050 |
$347,050 |
$419,400 |
$521,250 |
| High cost area |
$362,790 |
$464,449 |
$561,411 |
$271,050 |
| Alaska and Hawaii |
$544,185 |
$696,673 |
$842,116 |
$1,046,544 |
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FHA Standard
A complete schedule of FHA mortgage limits for all areas
is available at:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Note: Loans in MSAs whose limits are still below
$362,790, can fund in the standard FHA program. Only those
MSAs whose limits are greater than $362,790 must use the
FHA Jumbo program |
| Upfront and
Annual MIP (Mortgage Insurance Premium) |
| Ltv |
Upfront |
>15 years |
<15 years |
| >90% |
1.5% |
.5% |
.25% |
| <90% |
1.5% |
.5% |
none |
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Notes
The number of years will be determined when the loan
balance equals 78% LTV, provided that the borrower has paid
the annual MIP for at least 5 years, (scheduled or actual.)
Loan amount multiplied by Annual premium,
divided by 12 months equals monthly MIP.
FHA 203(b) loans, both fixed rate and
adjustable rate, will have upfront premiums and monthly
premiums
The financed UFMIP is not included in the
statutory loan limit. When the UFMIP is financed, the loan
amount is rounded down to the nearest dollar.
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Refinance |
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No Cash Out Refinance: (see
next table below)
Maximum loan amount is the lesser of the LTV
in the Maximum LTV table or the existing debt calculation as described
below:
To calculate existing debt, add together the
amount of the applicable items listed below, any refund of UFMIP must then be subtracted from
the total:
Existing first lien, Any purchase money
second mortgage, Any junior liens over 12 months old, Borrower paid closing costs, Prepaid
expenses, Borrower paid repairs required by the appraisal, Discount points
Other fees acceptable by the appropriate
Homeownership Center (HOC)
The amount of the existing first mortgage
may include up to 60 days interest maximum, but may not include delinquent interest.
Prepaid expenses may include the per diem
interest, hazard insurance premium deposits, mortgage insurance premium, and any real
estate tax deposits needed to establish the escrow account. If the property was acquired less than one
year before the loan application and is not already FHA-insured, the original sales price of the
property (rather than the appraised value) must be used in determining the maximum mortgage. Expenditures for repairs and rehabilitation
incurred after the purchase of the property may be added to the original sales price
when calculating the mortgage amount.
NOTE: $500 cash back is allowed for minor
adjustments in estimated versus final closing costs.
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Cash Out Refinance:
If owned less than 12 months, use the lesser
of either of the following:
85% of the appraised value.
85% of the original sales price.
If owned 12 months or more, FHA will allow a
cash-out refinance up to 95% of the appraised value subject to all of the
following:
Property is the borrowers principal
residence for at least 12 months prior to loan application date.
No payment may be more than 30 days late
within the last 12 months. Payment must be current for the month due.
1-2 unit properties only. (Max loan amount
= $417,000 for 2 unit properties.)
Subordinate financing may remain in place
only if it is subordinate to the FHA-insured first
mortgage (regardless of the total
indebtedness or CLTV) and the homeowner qualifies with scheduled payments on all liens.
New secondary financing is limited to 95%
CLTV.
NOTE: Cash-out refinances are not permitted
for FHA loans in Texas.
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Streamline Refinance
Must result in an immediate payment
reduction to the borrower.
Generally, does not require documentation
for verifying income, assets, credit rating, appraisal, or source of funds. In some
cases, however, an appraisal or credit report may be necessary.
Are designed to lower the monthly
principal and interest payments on a current FHA-insured
mortgage; however, it does not allow for
cash back to the borrower, except for minor adjustments at closing, not to exceed $500.
Closed on or after April 24, 1992, are
exempt from the 0.5% annual premium of the mortgage, provided the loan being refinanced
closed prior to July 1,1991.
Refinance Without Appraisal: the "original
value" must be obtained from the FHA
Connection or ECHO systems for a Streamline
Refinance, without an appraisal.
If the credit report or payment history
shows that the loan being refinanced has had more
than one 30-day delinquency during the past
12 months, the loan must be fully insured prior to purchase from our investor. |
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Guidelines |
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Eligibility
US Citizens, Permanent and Non- Permanent Resident Aliens, Non Occupant Co-Borrowers.
Owner Occupied Primary Residence Only. (except streamline refinance.)
10- to 30-year fixed rate and 1/1, 3/1 and 5/1 ARMs with 30-year terms. |
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Documentation
All borrowers must have valid social security number.
For loans submitted with a credit report, all borrowers must have at least one valid credit score.
Non-Traditional Credit is allowed for borrowers with no credit scores; borrower must have 3 trades, rated for 12 months with no lates in the previous 12 months.
Use the lower of 2 or middle of 3 scores for the lowest scoring borrower. |
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DTI Ratios
For manual underwriting: 31/43% Ratios may be exceeded only when significant compensating factors exist.
Loans using an AUS may exceed the ratios above. |
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Property Flipping
If 90 days or less since property was last sold: The property is not eligible for FHA financing.
91 to 180 days since property was last sold: If the resale price is > 100% over the seller's acquisition price, a
second
FHA appraisal (from a different appraiser) is required; second appraisal must be paid for by seller or broker. If the resale price
is < 100% over the seller's acquisition price, then no additional appraisal documentation is needed. Time restrictions do not apply to: FHA REOs, relocation agency properties, property inherited by seller, or sales by government agencies.
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