Creative Financing: These mortgages may employ unique financing structures, such as shared equity arrangements where the lender shares in the property’s appreciation, for example.
Creative financing means exercising options that are made available to us. Alternative documents that some of our select lenders allow such as having the option of utilizing a CPA letter to verify income and self-employment in lieu of a tax return. Or the option to utilize 12 months bank statements or 24 months bank statements as an alternative to your standard income documentation.
Most of our creative financing stems from the Non-Qualified mortgage space. The mortgage industry is ever evolving. As a Loan Officer, to be exceptional is knowing your lenders and knowing their loan product. Everybody has needs and sometimes they’re specific needs. We are always learning new ways to get the job done. More than one way to skin a cat.
Special service for entrepreneurs. You deserve the same level of service you provide to your customers and clients. We have built a network of qualified loan officers and in turn qualified industry professionals in handling various types of QM, Non-QM, conforming and non-conforming loans. We also have No Ratio programs that do not require income or employment. As a matter of fact, both income section and employments are left blank.
There are many reasons to use a mortgage broker. Even if you have stellar credit, a good down payment, a long job history, a good income, and a ton of assets. For example: on a refinance transaction, some lenders will increase the price of a loan (ex.: .25 points) when the subject property existing mortgage is an unseasoned (less than 12 months old) mortgage, making it go from a Rate & Term refinance to a Cash Out refinance transaction and some won’t; the difference between a “rate & term” refinance and a “cash out” refinance, the “cash out” refinance is always more expensive. Often, we can avoid that expense by choosing the right loan program. The same “cash out” rule can apply when refinancing a second mortgage line of credit that has been drawn upon within the last 12 months.
An additional service that makes us different is that we can expose your loan scenario and bank statements to every appropriate broker, bank, and lender to effectively pre-qualify your loan without pulling your credit or making an inquiry on your credit report. We know how to properly qualify a self-employed borrower and calculate self-employed income. We are experts in this area. This process will ensure the best available loan products and services for you and your needs. Whether it is a matter of price or loan program, your needs, through a process of competition and service, will be met. When a customer does not qualify for the loan program they want, we can take steps to help you. Credit repair can be a logical and very cost-effective option. Stay informed with our current lender niches page.
A niche loan program could be a common loan program but with a unique variable that makes it special. When you add, for example, a 55% Debt to Income (43% – 50% is fairly standard) ratio (DTI). Niche variable, additional 5% in DTI leeway sometimes can make the difference. Then that becomes a niche Non-QM mortgage (Non-QM).
Sometimes there is an occasion where a lender will offer an extraordinarily low interest rate but with a maximum loan amount that is not high enough for what the borrower needs. So, in this case, it could make dollars and sense to combine that lower cost mortgage with a second mortgage to achieve an overall lower blended rate to achieve an overall lower cost of funds. If we don’t want to disclose to the underwriter, that means the underwriter doesn’t want to see it.
There are extraordinary loan programs coming out in the mortgage industry every month, in addition to many lending guidelines and regulation changes. Different lenders have different underwriters and different underwriters have different lending guidelines and guideline overlays. Often, they do not require income documentation or proof of employment if we can show a commonsense ability to repay the loan; ATR – Ability to Repay.
Whether it is a target geographic region or particular property types such as commercial, multi-unit properties in the Bay area, apartment buildings in San Diego, mixed-use properties in San Francisco, 1-4 units in Los Angeles, high-rise condos, attached townhomes, large office buildings, industrial, retail food and beverage, medical buildings in Oakland all for borrowers that have credit scores between 620 and up; unconventional commercial mortgage loans in California.
These are the different types of income we can qualify: alimony; child support; car allowance; boarder income; capital gains; employment-related assets; foreign income; foster care; military base pay; military clothes allowance; military combat pay; flight pay, military hazard pay, military over-seas pay, military property pay, military quarters allowance; military rations allowance, military variable housing allowance; mortgage credit certificate; notes receivable/installment; pension/retirement; real estate mortgage differential income; royalty payments; seasonal income; social security income; disability income.