NICHE LOAN PRODUCTS FOR THE NON-CONFORMNING BORROWER
EZ -DOC Self Employed Loans
Although not as widely available to consumers as had been prior to the financial crisis, these "EZ-Doc" loans are entering back into the market. Perfect for self-employed individuals that can show cash-flow, decent credit history and an ability to repay the loan.
The general guidelines are as follows: (Self-Employed)
Call me to discuss Loan To Value scenarios, generally 65%-75% range
Loans from 100k - $2.5Mil
No 1040 tax returns required
Income calculation is derived from Year to date Profit and Loss statement for business
May require 2-12 months bank statements to show cash flow deposits.
3 MONTH BANK STATEMENT PROGRAM
For those that can place 30% down payment on a home and want to streamline the mortgage process, we can also offer the 3 month bank statement program. Guidelines are generally as follows:
-30 year and 7/1 loans offeres
-70% LTV up to $1mil purchase
-60% LTV up to $2mil purchase
-700 Min fico required
- US citizens, Permanent resident aliens, Non-permanent resident aliens allowed,
- owner occupied, non-owner occupied (SFR / PUDs)
- Bank statements can vary from 2 moths - 12 months depending on the strength of the borrower, but can generally qualify with only providing 3 months bank statements if the deposits support the business and expenses.
ASSET DEPLETION MORTGAGE LOANS
For those borrowers that have sufficient liquid assets, but cant show income for various reasons, this loan might be the solution.
Qualify with only enough Liquid Assets to cover the loan balance! OR Use 100% of Liquid Assets to cover 7yrs or 84 Months of PITI & Liabilities
How It's Calculated:
As more non-conforming mortgage loans become available, I will expand the products into this page, so please check back often and if you are one of those borrowers that feel the banks have "forgotten" about you, these loans might be the solution that you have been waiting for.
for your convenience, here are some helpful links to my website:
SENIOR LOAN OFFICER
NMLS LICENSE 359382
BRE LICENSE 01201910
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