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Category: Programs We Offer
Created: 17 June 2015
Last Updated: 10 May 2019

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:

Loan Amounts:

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

Maximum LTV

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

Property Types:

 

Reference # 540 061715 21-9-19