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Loan Modification

For the rock solid borrowers, we still have Stated Income. Also, utilizing your actual tax returns we can qualify you  "full income documentation" using the gross income figure, not the "adjusted gross" income -  Residential lending is ever evolving --- Do not judge your credit profile --- Loan amounts from $10,000 To $100,000,000 - Over 9 billion funded --- Featured loan programs to you - 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 the best selling product lines because of our portfolio niches - If you have equity and strong principals, bring it to the table - 6 Month Libor and COFI that have an Interest Only payment that adjusts every 6 months.  Very Low payment with no negative amortization. 30 Year conforming fixed rates, 15 Year, 10 Year, 20 Year, and 40 Year fixed amortized loans. Also includes a 10 Year I/O for conforming. Jumbo Conforming fixed 30 & 15 year Conforming 3 Year and 5 Year fixed/amortized includes a conforming 5 Year Interest only Libor product. 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 - fha all 50 states - loan modification available - 30y fixed - all 50 states - no debt to income or fico required for  80%  financing - Condotels, Full doc single family residence and 2nd homes to $750,000  80% ltv financing and 90% combined financing 3/1io ( seller held financing) Non owner occupied 70% ltv financing and 75% combined loan to value - stated income for condotels, primary residence and 2nd home allowed to 70% ltv financing, 75% combined loan to value on a 3/1io - A, alt-a and sub prime - Manufactured homes - On line pricing engine - Commercial Loans to 10 billion - Pledged assets - LLC loans - Prime + 1 full doc on commercial to $750,000, stated income - Gas stations, Co-ops, Trophy homes, International commercial loans, Churches, schools, marina’s, casino’s, apt buildings, air craft, ships, movies, tv pilots, cross collateralization, flower shops etc - Refi on existing buildings for upgrades - New construction - No limit on loan amounts - A & Alt-A Products - SIVA Programs Available - FHA & FHA Jumbo - Expanded DU Approvals EA 1, 2, & 3 - Jumbo - Conforming Products - 1 Day off MLS Market Refinance – much much more----Let the loan professional qualify you; A PROFESSIONAL LOAN OFFICER CAN PREPARE YOUR APPLICATION TO ACCOMPLISH WHAT YOU ARE LOOKING TO ACHIEVE - APPLY NOW

 

 

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Programs We Offer   

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6-11-09 11:04 am Jumbo loan amounts to $900,000 - rates as low as 3.85%, no price adjustment for cash out or Impounds) & 2nd mortgage HELOCs too

Current LENDER NICHES AND INFORMATION
TAKE A LOOK - OR - APPLY NOW

-  Broker Mortgages we make available to YOU  -

07/03/2009

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
 

 

 

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

 

 

 

 

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

 

 

 

 

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 .

 

 

 

 

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

BRIDGE No Fico Required

REHAB No Fico Required

Credit Facility

Notes & REO Acquisitions

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. 


 

 

 

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

 

 

 

 

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

 

 

 

 

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

 

 

 

 

Full Doc-High Net Worth Borrower Super Jumbo Program

Loan amounts - $3,000,000 - $40,000,000

3/1, 5/1, 7/1 and 10/1 ARM's available

Up to 75%

700 min fico Credit Score

Oo/noo and 2nd home

1 day off MLS OK

No limit of properties OWNED - GOOD FOR REAL ESTATE INVESTORS

 

 

 

 

 

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 condo’s 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

 

 

 

 

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

 

 

 

 

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 LIHTC’s

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

 

 

 

 

 

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 INTENT’S 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!

  

 

 

 

 

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

 

 

 

 

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

 

 

 

 

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%

 

 

 

 

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

 

 

 

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 

 

 

 

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

 

 

 

 

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
 

 

 

 

 

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

 

 

 

 

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
 

 

 

 

 

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

 

 

 

 

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
 

 

 

 

 

Unique situations

• Our database of thousands of lending sources provide solutions to difficult finance scenarios

• Land, Buildings and projects considered

• Bridge financing available

 

 

 

 

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
 

 

 

 

 

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
 

 

 

 

 

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
 

 

 

 

 

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
 

 

 

 

 

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
 

 

 

 

 

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
 

 

 

 

 

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

 

 

 

 

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
 

 

 

 

 

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.

 

 

 

 

    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
 

 

 

 

 

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.
 


 

 

 

 

 

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-

 

 

 

 


Jumbo Loan Private Hard Money Program

  • 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
  • All Property Types (Except Land & Manufactured Homes)
  • 1st Trust Deeds Available
  • 2nd Trust Deed HELOC's from $100k - $10M 
  • Bridge Loans
  • Current NOD / NOS = OK
  • Current Bankruptcy = OK
  • Mortgage Lates = OK
  • Low Fico Scores = OK
  • Quick Funding
     
 

 

 

 

2nd Mortgage / HELOC product, California & Texas only

  • Max line - $350,000
  • Max LTV – 75%
  • Min FICO – 650
  • Primary residence only
  • Fixed rate available
 

 

 

 

 

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!

  • No Add to Rate or Fee for CASH OUT!

  • DECLINING Market Okay!

  • 1 day off MLS (multiple listing service), OK!

  • No price add to Waive/Elect Impounds

  • Credit decisions in less than 24 hours

  • Special low pricing for Loan Amounts < $750k  

  • Quick to close

  • No MI (mortgage insurance)--Ever!  We are in 45+ states, some states going to 90%!
     

 

 

 

 

MEXICO: Commercial ONLY

. This can be better than financing abroad and the borrowers can be from anywhere. They don’t 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
 

 

 

 

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

 

 

 

 

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

 

 

 

 

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, marina’s, casino’s, 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!
 

 

 

 

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


 
 

 

 

 

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.
 

 

 

 

Unconventional Jumbo Loans

  • 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.
  • 6 Month Libor and COFI that have an Interest Only payment that adjusts every 6 months.  Very Low payment with no negative amortization.
  • 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.
  • Jumbo Loan Conforming fixed 30 & 15 year
  • Conforming 3 Year and 5 Year fixed/amortized D/U underwritten products.   This page also includes a conforming 5 Year Interest only Libor product.
  • 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.

 

 

 

 

THE RIGHT NICHES AT THE RIGHT TIME!

  • We're still doing loans in declining markets, while other lenders have left the state!!!
  • Super competitive I/O’s. Awesome fixed rates, and still offering Option ARMS/Hybrids.
  • We qualify debt ratio on the Interest Only payment, not the fully amortized payment!
  • LOAN AMOUNTS TO $ 3 MILLION!!!
  • Only 1 appraisal required for loan amounts to $ 3 Million.
  • Up to 45% DTI allowed on owner occupied properties 80% ltv and below with 680 fico 
  • 2x30 Mortgage lates allowed in the last 24 months, 0x30 in the last 12 months.
  • 12 months bank statements as Full documentation for self employed borrowers.
  • For Asset verification on Full Doc, we only require 2 Months bank statements to verify 2-4 months PITI, principle, tax and ins.
  • Gift equity allowed for full doc purchases ( NO MONEY DOWN )
  • Permanent Financing out of Construction loans considered a rate & term and not cash out!!!
  • Full Doc on 1-4 Units Investment properties to 70%.  No limit on amount of properties FINANCED by 1 investor.
  • Borrowers can finance up to a total of 4 properties with Downey or up to $ 2 Million total in loans. ( ask for more details )
  • No Seasoning required for R/T refinances, one day on title, one day out of purchase. WE TAKE CURRENT APPRAISED VALUE!!!
  • Payoff of seasoned 2nd TD considered R/T (must be 12 months old, draws with the last 12 months okay)
  • Non-occupying co borrowers can help you qualify (blend ratios)
  • Non-Applicant spouse income can help you qualify regardless of their fico score
     
 

 

 

 

 

FHA Jumbo

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

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.

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

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%

• 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

Refinance

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.

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 borrower’s 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

Appraisal

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

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

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.
 

 

Refinance

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.
 

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 borrower’s 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.

 

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.

 

Guidelines

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.

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.

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.

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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