• Cash Grant for Repairs

    This is a government program available to most borrowers. The government likes it when a homeowner buys in a rough area when their intention is to fix up the house and in effect fix up the neighborhood.

    Loan purpose:

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    Purchase and Rate and Term Refinance that comes with grant cash

    203K Streamline is a fast and easy mortgage loan

    Include up to $35,000 in repair expense

    No Manufactured Homes 

    640 Credit Score minimum

    Owner Occupied only

    Manual desk review for all appraisals

    #6bm621145

     

    We are not a lender. We don’t lend money. All articles on this Website are for informational purposes only.  This Website refers all registrants to licensed Mortgage Brokers/Lenders that performingacts for which a real estate license is required. 

  • Business Purpose Mortgage Loan Program

    "Business Purpose" Mortgage

    A business purpose loan is a primary residence stated income mortgage program. In all actuality, it's a stated income program disguised as a "business purpose" loan, as opposed to a "consumer mortgage" (a regular mortgage loan). It's done this way so lenders can offer and provide cash-out refinance loans (owner-occupied) to self-employed borrowers.

    What is a Business Purpose Mortgage

    There are specific documentation guidelines for this type of program and must be followed accordingly. One of which is we require a statement from the borrower/applicant describing the intended use of funds (hand-written is best) in great detail. Funds are supposed to be used to improve, start or expand a business.

    A minimum of 51% of cash-out must be used to improve or expand the business and  Borrower must submit a cash-out letter of explanation detailing the use of funds including remodel construction bid contracts, etc. Inventory purchase, The letter of explanation must also include an explanation regarding the anticipated economic gain that will result from loan proceeds.

    Business Mortgage Guidelines

    Cash-Out Refinance. Cash-out must be wired into borrowers' business bank account.

    Loan Amount:

    $6,000,000 Maximum

    LTV: 80% maximum

    Employment Type: Self-Employed

    • C Corporation
    • S Corporation
    • LLC
    • 1099

    Some of our lenders will allow for a business entity change (2 years employment verification). For example, if a borrower changes their company from a corporation to an LLC, they'll allow that. Even from a 1099/independant contractor business to a corporation. We know this from experience.

    Income Documentation: No income documentation (No Doc). Stated Income. No income verification. No asset verification.

    Reserves: Liquid assets not required

    Property Types
    • Single Family Residence
    • 2 Units
    • 2-4 Units

    Middle Credit Score: 660

    Occupancy Types
    • Owner-Occupied / Primary residence
    • Non-Owner Occupied. A rental survey usually is required for investment properties

    All owners/people on the title of the property must apply (be on the application). If this is conducive to the borrowers' preference, the property owner can "quitclaim" themselves off title for the time of application and escrow, then just go back on the title after the loan closes. 

    Business Purpose

    Cash-out can be used for any "business purpose"; improving the economic disposition of the company.

    One common use is to improve the physical location of the business.

    So, this would include stuff like architectural drawings: Architectural, Mechanical/Plumbing/Structural & Electrical design. Mechanical - HVAC plan, Equipment schedule, details, and specifications.

    Construction: Electrical - Lighting plan, power plan, panel schedules and single line diagram, details and specifications, Title-24 compliance documents.

    Plumbing - Sanitary waste and vent piping plan, domestic water and piping plan, details and specifications.

    Architectural - Cover sheet, general information sheet, code analysis sheet/exiting diagram site plan, ADA compliance sheet, floor plans, roof plan, storefront elevation, building sections.

    Collateral

    Appraisal: Complete original appraisal with interior/exterior photos of the subject property and sales comparables.

    Hazard insurance coverage equal to replacement or guaranteed replacement cost. Max deductible 1% of the face value of the dwelling coverage amount, but no more than $3000. 12 months of paid coverage required on purchase loans and 6 months for refinance loans.

    Sitework: Building demolition, Concrete, etc.

    States:

    Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Deleware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisana, Maryland, Maine, Michigan, Minnesota, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconson, Wyoming.

     

    Reference #: 5453-9-20-1-4-5-12

  • Hard Money Super Jumbo

    Residential Hard Money

    Purpose:

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    Purchase, Rate&Term Refinance

    Cash Out Refinance

    Bridge loans

    Blanket loans

    Rehab

    Foreclosure avoidance OK

    Occupancy:

    Non Owner only

    Super Jumbo Loan Amount:

    $3,000,000

    Property Types:

    Condo

    High Rise Condos

    Non-warrantable Condos

    1-4 Units

    Eligible borrowers:

    Foreign Nationals

    Foreign corporations

    Non-resident alien

    Legal Entities:

    Corporations

    LLC's

    Trusts

    States:

    Florida only

    Underwriting notes:

    Purchase seasoning not required for cash out refinance

     

    Ref #155524012115

  • Inherited Property Financing 80% Loan-to-Value

    This loan program is for people that have lost a family member and would like to keep the home.

    Questions? 858-222-7534

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    This is a manual underwrite program

    Same day approval

    Fund within 2 weeks

    Purpose:

    • Purchase
    • Refinance Rate & Term  R&T
    • Refinance - Cash Out 

     80% LTV

    Future value can be used for LTV qualifying purposes

    Underwriting Notes:

    Credit:

    This is not a credit or credit score driven loan

    No minimum credit score required

    Major credit events:

    • Bankruptcy - OK
    • Foreclosure - OK
    • Short Sale - OK

    Deferred maintenance - OK

    Debt consolidation - OK

    Debt-to-Income (DTI)

    50% maximum

    Future rental income considered on a case-by-case basis, underwriter's discretion

    Home improvement cost can be included in the loan and paid out at the close of escrow

    Reference # 457060515

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • No Income No Asset Verification

    Foreign Nationals - OK

    Unique mortgage loan program designed for the Residential Real Estate Investor.

    Income Documentation: None

    Employment Type: None

    Nationwide Private Mortgage Lender

    This is a Private Money lender that has funded thousands of loans nationwide.

    Private direct lender specializing in Single Family Residences up to 1-4 units. Multiple loans for investors in all 50 states, One of the good things about this lender is they have over 25 years of real estate investing experience; they know how to underwrite a loan because they understand the residential real estate investment market because they themselves have bought and resold nearly 15,000 homes and have originated more than 4200 loans since they were founded in 2002; loans for investors, by investors.

    This is a true No Doc hard/soft money lender with national reach. No Income-No-Assets-No Employment. Closings average 10 to 15 business days from application. Loan amounts down to $125,000 and up to $300,000, all No Doc and greater than $300,000 on a case by case basis.

    Credit Scores and Hard Money

    Credit scores down to 580 or no score ok. Foreign Nationals also qualify. An investor can utilize this loan program for either a purchase or refinance. 30-day seasoning for cash out using new appraised value. This is a direct lender and they make all decisions in-house with over $200,000,000 to lend. They also offer 3-year terms for borrowers with longer-term projects as well as traditional bridge funding. An investor can close in a natural person name or business entity.

    This loan program only requires an application, payment for the appraisal, 2 forms of ID and or corporate documents if applicable, title commitment and homeowners insurance.

    Loan Program Guideline Overview and Highlights:

    No prepayment penalties 

    Loan Purpose

    Flip Only Flip or Rent Flip or Rent Rent Only Rent Only

    Terms

    6 Months 60 Months 36 Months 36 Months 36 Months
    6 Months Interest Only 5 Years Fully Amortized 10 Years Due in 3 Years 15 Years Due in 3 Years 30 Years

    Amortization

    Interest Only 5 Years 10 Years 15 Years 30 Years

    Loan-to-Value (LTV)

    70% of market value - Purchase - 55% of market value - Refinance $90,000 $90,000

    Minimum Property Value

    $40,000 - Purchase - $50,000 $90,000 $90,000

     Property Condition

    C1 - C5 C1 - C4 C1 - C4 C1 - C4 C1 - C4 

     

    Information on "C" property rating:

    http://www.freddiemac.com/singlefamily/sell/docs/uadreqs.pdf

    Loan Purpose

    Purchase

    Cash out refinance - 30 days seasoning required

    Credit Scores

    580 or no score OK

    Pricing is Credit Score driven

    Credit Criteria:

    • Bankruptcy OK
    • Foreclosure OK
    • Short Sale OK
    • Loan Modification OK

    Loan Amounts:

    • Minimum Loan Amount: $125,000
    • Maximum Loan Amount: $300,000

    Greater than $300,000 on a case-by-case basis 

    Maximum LTV

    • 70%

    LTV guidelines are based on the After-Repair-Value (ARV) 

    Property Types:

    • SFR
    • 1-2 Units
    • 1-4 Units 

     

    Reference # 540 061715 21-9-19

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Soft Money Mortgage Program

    This means that the pricing is less than the traditional Hard Money type loan program. Discounted pricing with qualifying Credit Score / FICO.

    No Doc on Investment / Non-owner occupied

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    Residential or Commercial

    LTV:

    • 70% - maximum

    Loan Purpose:

    • Purchase or Cash-out refinance

    Loan Amounts:

    • Minimum - $100,000
    • Maximum - $10,000,000

    Property Types:

    • Single Family Residence SFR - Attached
    • Single Family Residence SFR - Detached
    • 1-2 Units
    • 1-4 Units
    • 5+ Units

    Occupancy:

    • Owner-Occupied/Primary
    • Non-Owner Occupied

    Credit Scores:

    Owner-Occupied - case-by-case

    Terms available:

    • 1 year ARM
    • 3 Year ARM
    • 5 year ARM
    • Interest Only payment terms available

    Income Documentation:

    • No Doc

    Underwriting notes:

    Must have a valid social security number

    Foreign Nationals allowed:

    Appraisal

    Appraisal paid for up front by borrower upon loan approval

    Appraisal ordered by the lender

    States - nationwide

    Mortgage brokers/lenders perform acts for which a real estate license is required.