Cool Program For Real Estate Investors To Acquire Property...

Good Morning!

Did you know we have Debt Service Coverage programs for non owner occupied investment property?

In other words we rely solely on the income from the property to qualify for the debt ratio to purchase a property.

It's a pretty simple program.

We take the income the property produces.

Subtract the expenses from the property.

If the left over amount is sufficient to make the full PITI mortgage payment then the property passes.

Loan to value ratios up to 80% depending on credit score.

Some reserves are required, depending on the amount of the loan.

It's a great program.

That's it for today!

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Three Quick Credit Tips For You...

Good Morning!

Here's three little credit tips for you...

1) Did you know a single credit card late payment can ding your score by as much as 60 points?

a) Helpful strategy – set your payments up on autopay.

2) The quickest way to increase your credit scores are to decrease your credit utilization ratio. This is the amount charged on your accounts versus their total limit.

a) Best ratio is 10%. Certainly don’t go over 50%. (If limit is $1,000 try not to carry more than $100)

b) Another strategy is to ask for a higher limit to get your ratio more in line.

3) You can gain credit score points by paying off the credit card whose balance is closest to its limit. However, don’t cancel the account after you’ve paid it down.

That's it for today!

Thanks for reading!

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We Have Many Alternative Doc Loans For You...

Good Morning!

If you need an Alternative Documentation loan look no further. We have the most robust Alt Doc product offering in the mortgage industry.

Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.

Option 1: Bank statement loans.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these program are usually only modestly higher than normal conforming rates.

Option 2: Asset Depletion

If you have no income to speak of, or at least you can’t prove your income via traditional means, or bank statements, then Asset Depletion may be an option for you.

If you have sufficient assets then we can use your assets in liu of income documentation.

We have down payments as low as 15% on Asset Depletion loans.

Option 3: Investor Debt Service Coverage.

This documentation option is for non owner occupied investment properties. It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved.

Option 4:  No Ratio and Stated Income loans

No Ratio is stated income and verification of assets to close the transaction.  This is a non owner occupied investor loan only.

Stated Income and Stated Assets is also non owner occupied investor loans only.

We are experts at getting these loans closed and funded.

If you are needing an Alt Doc loan feel free to reach out to us with your questions, or apply now to get pre qualfiied.

Thanks for reading!

Get Pre Approved For A Loan Here

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