6/25/2019
6/24/2019
Niche Loan Mortages
Video of Kern County California Bird Sanctuary by Caroline Gerardo to enjoy while you read the mortgage information below
epi
·
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
|
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
6/19/2019
Quicken Loans Settles
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.
6/17/2019
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
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
Subscribe to:
Posts (Atom)