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 deed in-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)

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