► If borrower has post-closing liquid assets greater than the loan amount the automatically qualify (minimum 25% down, more required with poorer credit). Can use 50% of 401k/IRA balances. This is a great program for a borrower that would otherwise have to pay capital gains tax and/or IRS penalties to liquidate funds to close.
► If borrower has high debt to income but substantial post-closing reserves we can use a portion of the assets to supplement income/ability to pay mortgage.
► Use bank statements combined with a borrower prepared Profit & Loss Statement to document income for self-employed with no tax returns, as low as 10% down with 24 months statements with credit scores 620 plus. Loan amounts up to $3,000,000
► If one borrower earns 55% of the qualifying income may use their credit score only to qualify - minimum 5% down payment
► If selling one property to buy another may qualify for the new property WITHOUT selling or renting the old home or counting the mortgage payment as long as there's 25% equity and it's listed for sale.
(minimum 20% down on purchase)
► Mortgage financing for borrowers with only 1 year history of a 2nd job, overtime, bonus or self-employment. Will also consider newly self-employed if transitioning from similar work as an employee. One Year self-employed and one year filing tax returns.
► Condo Option One Maximum 20% owned by a single individual/entity subject to below:
#1: Units owned by the sponsor/developer that are vacant and actively marketed for sale do not count The requirement may be waived entirely IF: a. one entity/person doesn't own more than 49% of the units AND b. There is evidence that the entity owning 20-49% of the units is marketing the units with the goal of reducing its ownership to less than 20% AND c. The single entity is current on HOA dues AND d. There are no pending or active special assessments
Condo Option Two Maximum 25% owned by any one individual/entity Requirement may be waived if they are vacant units being actively marketed by the developer.
Condo Option Three Program: Max LTV of 80% - no limitation on how many units one entity may own.
► Instead of carry alimony or child support as debt. Underwriting will subtract from income thus qualify customer for more which may make the difference in making the sale.
► Qualify on the subject cash flow only (no employment needed) as long as the rent exceeds PITI by $1, they qualify
► Property does NOT need a current lease - can use appraiser's market rent estimate
► Can be titled to an LLC
► Please keep in mind that this is only a sampling. The bottom line is that if a borrower has the ability to repay and equity in the property/purchase there are a LOT of options and we will review each situation to figure out the best one for the borrower - whether that's conventional or