#non-prime

I just received an update from one of my DSCR lenders. What are DSCR loans? A way for investors to use the rent they gain or will gain on an investment property to qualify for a loan to purchase or refinance an investment property. Here are some features: Up to 85% Loan to Value! Credit scores down to 640! ITIN and foreign national investors available! No ratio DSCR allowed! Short term…

One of my lenders mentioned these options to help investors: No-experience investors with credit as low as 500! No income or reserves required. Heavy rehab projects welcome. Foreign nationals and ITIN eligible! Rural properties, 1-4 units accepted. Loans up to $10 million. Lending in all 50 states (for clarification, that’s the lender, not me). I think that the bottom line is that…

I just wrote this article for income options!

When I started this series (see 1, 2, 3, 4, 5, and 6 here), I thought only of how to differentiate the skill set, or the person. But then it struck me, the key to this explanation is for you to see the main difference between the two: access to more options (and here was #4 about bank statement loans, surprisingly, something a depository financial institution doesn’t have). And we all know more…

Are you stuck in a land contract?

The illustration is to give the idea of how you are really hanging out there with a land contract. Why is that? Every day I hear someone brag they bought their home. But when you look up their address, it’s not in their name? If you have a car title in someone else’s name, is it really your car? If you have a home in someone else’s name, is it really yours? The day you don’t pay, you don’t have…

Time to do the math on non-prime!

I literally never thought that I would write this article, or at least not think that I would be promoting this strategy, but it’s not only here, it’s likely to even get better! Non-prime has consistently been 2-4% over “standard” rates for conventional, government, or the most popular loans. Non-prime serves self-employed, foreign nationals, and investors primarily. Why should you even consider…

Stated income is back! Bank stated that is…

Bank statement programs are the answer to a “stated income” loan for the self employed.  Before you start saying this is what got us all in trouble, let me explain a little why self-employed borrowers have to have additional mortgage options…

You see the W2 workers essentially write off medical insurance expenses and could also get either the standard deduction or a list of deductions.   Those…

Plain vanilla lending, or 30+ flavors? :),

So there are a thousand or more ways to get an ice cream, right?   And a lot of people, despite all those options, prefer just plain vanilla.   When it comes to lending, they do the same thing!   What in the world do you mean?”

To show the difference between a plan vanilla lender, and 30 plus flavors, let’s take some examples: Joe, Bob, and John.

JOE

Joe came to me with a problem, his tax adviser…

Good Friend Mortgage Non-Prime Standard – Your Solution to Agency Fall-ou

Call Richard 404-919-7545 for your loan approval.

Good Friend Mortgage Non-Prime Standard – Your Solution to Agency Fall-out

Credit scores down to 500

Up to 90% LTV

Combo loans up to 85% CLTV (min 680 score)

100% gift funds allowed

DTI up to 50% considered

Owner-occupied, 2nd homes, and investment properties

Non-warrantable condos considered

Jumbo loans down to 500 score

7/1 ARM or 30-year fixed

N…