Unconventional Mortgages and Loans

Howdy in the market for the right mortgage loan people! We have officially added yet another strong and dynamic lender to our network of lenders and their product line up is amazing! In a nutshell, FHA, Agency Conforming and High Balance programs, Fannie and Freddie – Blended ratios, Desk Top Underwriter Plus, Premium Freddie Access, VA, USDA, 203K Rehab loans for you fixer uppers, jumbo, Super jumbos as well as Portfolio niche FHA varieties down to a 580 score..investor flips too! Questions?

Their interest rate lock policy is very advantageous to you borrowers in that your interest rate can be locked right away after your approval for up to 55 days with underwriting turn times at 5 days and we are ready to go starting right now! We are super excited about this and are looking forward to this lender getting their fair share of our business. Bottom line is more benefits to our borrowers. Get pre qualified now home shoppers. Questions?, contact a loan officer with any questions. We have 100% access to their underwriting team and will not have to wait 3-4 days for them to get back to us! Options are good, friends. Happy home shopping and make it a great day.

This Asset Utilization Loan Program is designed for a high net worth borrower. It allows the applicant that has significant liquid assets to use those assets as income for qualifying purposes. We have developed an income calculation that can be used to determine the qualifying income. Asset Utilization is available on the Jumbo ARM loan program for the 5, 7 and 10 year ARM product. This is only available for the 30 year amortization and is not at this time available with the interest Only ARMs.

We all know that the mortgage debacle has hurt all the self employed borrowers of this great county. It has stunted the housing economy and we believe that there should be good loans for good borrowers. Our underwriter will use this program to help with the debt to income by 5% for the 30 year amortization jumbo product

This is a Great Product for the Retired or Self Employed Borrower seeking to capitalize on their assets for income to qualify. Borrowers with a salaried income can use the asset depletion in addition to your wages to help qualify you for more borrowing power!

NEW Jumbo 90% ARM to $979,250

• Portfolio Jumbo  Arms to $4,000,000  by exception
• 30 YR Portfolio  to $2 Million
• HomePath~Great product, get it while it lasts!
• FHA Conforming and HB
• 95% MI Condos to 4417,000 680 fico / credit score
• 90% Mi Condos to $729,750 700 fico / credit score
• Second mortgage Piggybacks to $500,000
• Jumbo-Busters – 1^st and 2^nd with the first at high-balance rates

Reduce a jumbo loan to high-balance, then add a Home Equity Line Of Credit or Fixed rate second and drastically reduce your interest rate.

Ex: 1^st mortgage $729,750 ( per county)

2^nd Piggyback to $250, 000

80% Combined Loan To Value to $979,750 total loan amount NO Mortgage Insurance

Prime credit borrowers can now get more financing to work with, along with attractive Mortgage Insurance pricing.

95% allow Condos.

90%- MI factor is up to 50% lower than industry standards

*House Flips allowed subject to underwriting guidelines 

97% LTV/CLTV

• Fixed and ARM product available – 5/1, 7/1, 10/1)

• 720 Min FICO / credit score

• 41% Max Debt To Income

• $417,000 Max Loan Amount

• Purchase and Rate/Term refinance available

We have found yet another No Income Documentation loan program, good for purchase, refinance and cash out refinance. This No Doc loan program is for  CA, TX, NY, WA, MA and GA.  This Jumbo loan program is available to borrowers with less than a 700 credit score with compensating factors even with a past foreclosure or bankruptcy.

Howdy folks!

CALHFA FHA Program.

If you’re getting frustrated with your current circumstances. Give us a ring to see what we can put together your you. We are here to answer your questions and concerns.

For  you Floridians, this program is now available for you, too, as well as all of the 100′s of other programs that we have that are available in Flordia.

You do need at least a 620 credit score. However, if you think we can help you with your credit, we do have resources and tools that might help you get into that home you’re looking at. We have reduces fees and interest rates for this program, too.

Take a look at our short Pre Qualification form. No social security number required.

If you’re a first time buyer in California, this program might come in handy if you don’t have a lot of down payment. And we also have the California’s down payment assistance program, as well. (CHDA)

Take a look at all the guidelines for this loan program.

Broker Mortgages Team

I often get calls from folks that are looking for an “out of the box” loan program. They come to us for service and can actually see it because we have over 100 loan programs/guidelines that are available for your review, the consumer. Get your fill, it’s good information! We are here to help and answer your questions about your loan needs. We are a wealth of information and resource.

1. Jumbo fixed terms and ARMs

• $900,000 to 80% financing–interest only 3 and 5 year ARMS available

2. Larger Jumbo loans

• $1.2M to 60% financing (max $1,500,000 combined lien exposure)
• $1.5M to 50% financing (max $1,500,000 combined lien exposure)

3. No add to rate for loan amounts up to $1 million
4. No mortgage insurance
5. Refinances: 1 loan up to 80% financing – up to $900,000 maximum loan amount
6. Purchases: 1 loan up to 80% financing or 80% CLTV with this banks 2^nd mortgage with this lender or outside 2nd
7. 1st position HELOCs (Home Equity Line Of Credit) to $350,000: great for “free and clear” properties
8. Stand-alone 2nds: HELOCs and fixed 15 and 20 year term products
9. Fixed rate lock option available on 1st & 2nd position HELOCs
10. 620 Mid score program-1st position up to 75% Max financing up to $500K
11. Cash out available-up to $200,000 cash-in-hand available up to 75% LTV
12. 3-4 unit owner occupied program
13. Foreclosures and short sales allowed
14. Rural properties allowed
15. No minimum reserve requirements up to $900,000 (excluding “Interest Only” ARMs)
16. Appraisal portal available for appraisal ordering
17. Short payoff refinances available (different than short sales)
18. Qualify with primary wage earner’s credit score
19. “To be determined” purchases are accepted (automatic 45 day lock)
20. Gift funds (unseasoned funds) are allowed for down payment on purchase loans
21. Condos up to eight stories: minimum ten units
22. Manufactured financing up to a maximum loan size of $200,000-75% financing max
23. Refinancing of construction loans to permanent financing is available
24. Acreage allowed (full value to ten acres – no value exceeding ten acres)
25. 50% maximum DTI (Debt To Income) ratio on 1st position fixed rate refinances-all other products 45%
maximum DTI
26. Submissions: email or fax submit application (quickly facilitated) for automatic 45 day lock
27. Underwriting: all conditions emailed or faxed (quickly facilitated)
28. Lender provided RESPA disclosures (quickly facilitated)
29. This loan product is in 47 states
30. Individual account executive specifically assigned to your office – service baby

Attention mortgage market people. Do you invest in real estate? Are some of them multi-unit properties? Perhaps you own a number of properties and would like to purchase more? Multi-Unit property up to 4 units? Batter up.

Real Estate investors, 1-10 financed properties are available, even if they are non owner occupied

With this program, you can get your rate locked for 40 days out. So if you’re in the beginning stage of your search, this allows us to secure your interest rate while you look around for the right  investment property. Forward Locks available, too

So if you’re looking for an investment property for $2,000,000 or less, we have it at normal interest rates. For your SFR/Single Family Residence, condo, 1-2 unit and up to 4 units. You can do owner occupied, second home or investment real estate.

Rental income from departing residence is taken into consideration when purchasing a new primary residence.

You qualify with a 620 or higher credit score.

Local San Diego lender bringing some pretty aggressive super jumbo loan programs serving California, Colorado, Hawaii, Idaho, North Carolina, New Mexico, Oregon, Utah and Washington.

Here is a little of what they offer..

80% financing to 2 million for a purchase loan or cash out refinance, good for a condo or up to 4 units.

Interest only ARMS available for some borrowers and it’s available to the 620 and up credit score borrowers all with a 3 day turn time to final docs.

Not too bad..we’ll see if the so cal market is ready?

Up to 95% Financing

Get an easy to qualify purchase loan with only 5% down and no mortgage insurance required? Yes please

We have a lender that does all conventional product loans without the additional monthly payment or front end charge for mortgage insurance. This can help with borderline debt ratios! they’re flying off the shelves folks. Come and get.

http://www.brokermortgages.com/applications/forms/form_quall_app1.htm

Sometimes I’ll look back through my emails from over the years and see 1 that sticks out just a little bit. Names have been left out…

— On Fri, 9/26/08,
From:
Subject: Fw: Last chance to submit loans with Income Waiver
To:
Date: Friday, September 26, 2008, 10:12 PM

— On Fri, 9/26/08,
From:
Subject: Last chance to submit loans with Income Waiver
To:
Date: Friday, September 26, 2008, 11:50 AM

Account Executive:
“” Mortgage

Laguna Hills, CA 92653

Dear Brokers-

On  October 6th, we will require a  signed 4506-T both at submission and again at funding. We must receive your file in our office by Friday, October 3rd!  or you will be subject to the new guideline.  This means no more income waivers in DU/LP for Agency conforming loans.

Plese submit these loans Asap!

Agency Updates

Remember that today is the last day to register a loan under the old guidelines from some of the Fannie Mae niches per bulletin Bro 08-257.  The changes that go into effect tomorrow include:

• O/O cash out LTV/TLTV/HTLTV reduced from 90% to 85% (doesn’t really affect us as we can’t get MI over 80% anyway)
• 2^nd Home cash out – eliminated
• N/O/O purchase and rate/term LTV/TLTV/HTLTV reduced from 90% to75% for 1-2 units
• 6 month’s mortgage payment seasoning required for cash out refinance of original purchase money loan for all Agency products
• 6 month’s mortgage payment seasoning required for cash out refinance of a previous rate and term refinance for all Agency products
• 6 month’s mortgage payment seasoning required for a rate and term refinance of a previous cash out refinance for all Agency products
• 6 month’s mortgage payment seasoning required for a cash out refinance of a previous cash out refinance for all Agency products
• Properties previously listed for sale – no change to the timeline (must be off the market prior to application for rate and term refi’s, must be off the market 90 days prior to application for cash out refis) however, if property was listed within the last 6 months the max LTV/TLTV/HTLTV for cash out is 70%
• Continuity of obligation –
  • Loans with an acceptable continuity of obligation may be underwritten and priced at normal LTV/TLTV/HTLTV.  They have added the situation where a borrower is not on the mortgage, but has been on title 12(+) months and has either made the mortgage payment directly for 12(+) months or can demonstrate a relationship to the current obligor as an acceptable continuity of obligation.
  • If there is not an acceptable continuity of obligation then loan must be underwritten and priced as cash out, borrower must be on title 6 months minimum and max LTV/TLTV/HTLTV is 50%.

Great News MI still available to 95%

• We have just negotiated a contract with Radian which still allows us to do 95% MI on SFR conforming loans!  This is huge!
• We are also now delegated and can issue the MI certs in house.
• So for those of you that are not HUD approved…..bring on the loans!
• Please call me with any questions regarding products. If you would like to schedule an office training I am always available.
• Have a super day!

Even from September, 2008, A lot has changed, huh?

what? yes.

for your viewing pleasures..

Full loan program guidelines

A WEALTH OF INFORMATION AND RESOURCE

As we all know, it is more difficult now more than ever to obtain a mortgage loan. The good news is that we have pretty much every mortgage loan program under the sun. Often, a portfolio or non agency lender is often the way to go.

Below, you will see 29 legit reasons to have your mortgage broker utilize such a lender.

1. Jumbo fixed terms and ARMs
-$900,000 to 80% LTV–interest only 3 and 5 year ARMS available

2. Larger Jumbo loans
-$1.2M to 60% of financing-LTV/CLTV (max $1,500,000 combined lien exposure)
-$1.5M to 50% of financing-LTV/CLTV (max $1,500,000 combined lien exposure)

3. No price adjustment or add to rate for loan amounts up to $1 million
4. No mortgage insurance
5. Refinances: 1 loan up to 80% LTV – up to $900,000 maximum loan amount
6. Purchases: 1 loan up to 80% LTV or 80% CLTV with 2^nd mortgage
7. 1st position HELOCs (home equity line of credit) to $350,000: great for “free and clear” properties
8. Stand-alone 2^nd mortgages: HELOCs (home equity line of credit) and fixed 15 and 20 year term loan programs
9. Fixed rate lock option available on 1st & 2nd mortgage position HELOCs (home equity line of credit)
10. 620 Mid score program-1st position up to 75% Max CLTV (combined loan to value/% of financing) up to $500,000
11. Cash out available-up to $200,000 cash-in-hand available up to 75% LTV
12. 3-4 unit owner occupied program
13. Foreclosures and short sales allowed
14. Rural properties allowed
15. No minimum reserve (liquid assets) requirements up to $900,000 (excluding I/O ARMs)
16. Quick appraisal – appraisal portal available for appraisal ordering
17. Short payoff refinances available (different than short sales)
18. Qualify with primary wage earner’s credit score
19. “To be determined” purchases are accepted (automatic 45 day lock)
20. Gift funds are allowed for down payment on purchase loans
21. Condos up to eight stories: minimum ten units
22. Manufactured financing up to a maximum loan size of $200,000-75% LTV (financing) max
23. Refinancing of construction loans to permanent financing is available
24. Acreage allowed (full value to ten acres – no value exceeding ten acres)
25. 50% maximum DTI (debt to income ratio) on 1st position fixed rate refinances-all other products 45%
maximum DTI
26. Automatic 45 day rate lock
27. Quick underwriting
28. 47 states
29. Individual account executive specifically assigned to your loan officer