If you purchased a home using your own cash, and now would like to pull your cash back out – we can do that.
This type of loan is called ‘delayed financing’. …and, you can get your cash back out of the house.
In fact, we do these type of cash out loans up to three million dollars. Many companies won’t lend cash out over 500k, but we do!
…so, if you are in need of a loan like this – shoot us an email or give us a call. We can help!
That’s it for today!
Thanks for reading!
Brett
Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment? (As long as it’s an owner occupied residence for seller and buyer.)
…this is because the guidelines allow the seller to “gift” equity to the buyer.
So, the down payment can be a gift from the seller. …in addition to this, the seller can also pay the buyer's closing costs, and prepaid expenses (taxes and insurance).
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Did you know we have a loan product now that allows you to purchase investment property (up to 29 units) without producing income documentation?
We do. They are called Debt Service Coverage Loans.
As long as the rent from the property will cover the mortgage payment, that is all the income documentation we need.
This means there is never any kind of debt to income issues on these loans, and there is no limit to the number you can do.
You should be aware of two things however…
1) You Will Have To Put Down Anywhere From 10% to 25% Depending On Your Credit Score.
2) Rates Will Be A Bit Higher Than The Conforming Rate, But They Are Still Reasonable.
So, if you want to purchase investment property, but can’t really provide income documentation this loan may be for you.
You can contact our office to get rates and an estimate for your situation.
That’s it for today!
Thanks for reading!
Brett
Do you need cash out of your home, but you don’t want to refinance the low interest rate first mortgage currently on your home?
