Niche Loan Mortages

Video of Kern County California Bird Sanctuary by Caroline Gerardo to enjoy while you read the mortgage information below

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·         12 or 24 month Personal bank statements

·         12 or 24 month Business bank statements

·         No tax returns required

·         Owner-occupied, 2nd homes, and investment properties

·         Loan Amounts from $200,000 to $3,000,000

·         90% LTV available

·         DTI up to 50%

·         Credit Scores as low as 620

·         No MI on LTV’s >80%

·         Interest Only up to 85%

·         SFRs, townhomes, condos, 2-4 units

·         Non-warrantable condos considered

·         No limit on number of properties financed

·         3 years seasoning for foreclosure, short sale or deed-in-lieu

·         3 years seasoning for bankruptcy

Foreign National

• Up to 75% LTV
• Loan Amounts from $200,000 to $3,000,000
• Second Homes & Investment
• All property types including non-warrantable condos
• Social Security or ITIN numbers not required
• No US credit
• VISA or travel authorization card
• Reserves can remain abroad

True Stated Income No Assets & Stated Income Verified Asset Loans are Available For:

• Non Owner Occupied 1 - 4 Unit Properties;
• 5+ Units use ODF Plus
• Business Purpose Owner Occupied Loans
• Business Purpose Non-Owner Occupied, NO TRID Requirement
• Foreign National Loans
• Fix & Keep Purchases
• Mixed-Use (Res) Loans
• Non-Warrantable Condos
• Condotels

Program includes:

• 5/1 Arm or 7/1 Arm - 30yr Amortized Payment
• 40yr Term / 10yr IO Fixed, then 30yr Fixed or ARM

Qualify Your Borrowers with the
ONE Month Bank Statement Program

Requirements:

• Borrower must be self-employed or 1099
• Most recent personal account bank statement
• Income is ATTESTED to and DECLARED
• 650 minimum middle credit score
• 25% Down or more
• Maximum loan amount of $5 mil
• Reserve funds are not required
• First time home buyers qualify. Contact your Account Executive for details.

Restrictions:

• SFR / Condo / Townhouse Property types only
• No charge-offs, collections or tax liens
• Owner occupied only
• U.S. residents only

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Bank Statements for Income Qualification Loan Amounts to $5 million Program Details: Up to 90% LTV 100% of deposits for personal statements 50% of deposits for business statements Don't look at withdrawals Don't look at overdrafts No P&L No 3rd party expense statements for income calculation < 70% LTV can count transfers 2 years from foreclosure, short sale or bankruptcy Interest only available Requirements: 12 months of statements Owner occupied w/ 700 FICO to 90%, 650 FICO to 85% Self-employed and 1099 borrowers only

Bank Statement Loans • Foreign Nationals • Second Chance Loans We also have a variety of customized products: • FHA/VA • First Time Homebuyer • Jumbo and Conforming Loans • Investment Properties (1-4 units) • Construction Loans • Second/Vacation Homes 

NICHE PRODUCTS call and talk about your deal

The Deal Desk is open always.

Some niche products require CPA letters, some do not.

Some niche products require Profit and of Loss Year to Date

Quicken Loans Settles

to play the video above you have to click the center right arrow and
again click the lower right arrow and voila a relaxing view of birds
migrating

So you think it's a great idea to apply for a mortgage with Quicken because, well, they advertise a bunch and they are online everywhere. You start typing in your name, social security number and date of birth. They pull your perfect credit. They send an email asking for your past two years W-2 forms, IRS taxes, current paycheck stubs and bank statements. You upload these after fumbling with saving them as pdf documents as opposed to taking photographs of them with your cell phone. 

Then you wait.
You wait a couple days.
You email them.
Then you wait.
You email and call them and no answer 90 days.
Then you wait.
Then you give up.

Here is a review of their services:

"We bought a house for our son to live in while he is in college. We applied through Quicken because we thought they would be quickest route since they advertise a fast and easy mortgage process. Wrong!
First of all, the communication with the lender was horrendous. Our loan was bounced between various offices, and there was no one direct contact person to communicate with. Every time it was moved, we had to explain the entire situation to a new person. Secondly, my husband and I own a cattle farm and some acreage. This blew their minds and they just could not understand how farm operations and agriculture loans work. They kept calling our farmland “vacant land” and wanted a mailing address for it. The amount of documentation the underwriters requested was completely absurd! After they drug the process out over 90 days, we had finally had enough and decided to just go with another lender. With the new lender, there were no issues at all ... us closed on the house in 30 days. I will NEVER choose


Two days ago Quicken Loans agreed to pay $32.5 million to settle a years-old lawsuit in which the Justice Department accused the lending company of mortgage fraud.

The settlement ends litigation filed four years ago, for which Quicken Loans spent in excess of ten million dollars in legal fees to avoid. Quicken was accused of influencing property appraisers to inflate home values after an initial appraisal was too low to get a loan approved. Quicken management and staff was aware that independent appraisers were told that if they didn't raise the value to the target expected the appraiser would get no more work. 

The lawsuit said Quicken Loans knowingly violated mortgage underwriting rules and closed bad loans insured by the Federal Housing Administration. It also claimed the company’s highest management knew about the issues.

Now some might not be worried about being able to get the cash out of your refinance that they want, or that the house you are buying isn't worth what the seller asked, and you agreed to pay. BUT as soon as the market goes down, we will all be back in the CRASH again. 

Cyber Crime

Cyber Crime
Scammers are everywhere

Look at the email very carefully- is it a match or is it just off
If your gut says no, DO NOT OPEN IT
delete and move on.

Do not give anyone your private information

Do not give them your date or birth, Social Security number,
account number, children's names, mother's maiden name.


Do not send anyone money by phone

Inbound emails are often the first contact

Manufactured home loan checklist