Specialty Loan Products
Hope everyone’s summer has gotten off to an amazing start! As we get into a market that is thriving, it will be interesting to see how the next few years play out. Since this is an organization built on investors, I figured it was an appropriate time to go over creative loan products that we have in the traditional lending world. Here is a brief overview of a few product that may spark your interest. Let me know if you have any questions at all in relation to these programs!
Investor Cash Flow – Primarily for buy and hold borrowers
- No personal income used to qualify
- Qualification based on property cash flow
- 2 years seasoning for foreclosure, short sale, bankruptcy or deedin-lieu
- Credit scores down to 660
- Rates starting in the 6’s
- Up to 80% LTV
- No DTI restrictions
- Must have current mortgage
- 1-4 units and condos
- No limit on number of properties financed (5 with AOMS)
- Loans up to $1 million
- Seller concessions to 2%
- 7/1 ARM Bank Statement Loan (Personal or Business)
- No tax returns required
- 12 month personal bank statements
- 24 month business bank statements
- Loans up to $3 million
- Credit scores down to 600
- Rates starting in the 4’s
- Up to 90% LTV on Personal and Business with no MI
- DTI up to 50% considered
- Owner-occupied, 2nd homes and investment properties
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Non-warrantable condos considered
- Jumbo loans down to 600 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- Seller concessions to 6% (2% for investment)
- 2 year self-employed required. Let me know if you have any questions and have a great rest of your month. QUICK TIPS:
- Don’t open new debts while in contract
- Don’t quit your job
- Don’t deposit substantial amounts of cash into your bank account.
- Disclose all debts
Let me know if you have any questions and have a great rest of your month!
by Andrew Augustyniak
Branch Manager
Prime Lending
NMLS: 911628
Office: 602-601-3863
Mobile: 480-735-4095
Fax: 866-908-2760
1820 East Ray Road, Suite A114
Chandler, AZ 85225
For more information regarding real estate investing, visit the AZREIA (Arizona Real Estate Investors Association) website @ https://azreia.org