No Income No Asset Verification
Foreign Nationals - OK
Unique mortgage loan program designed for the Residential Real Estate Investor.
Income Documentation: None
Employment Type: None
Nationwide Private Mortgage Lender
This is a Private Money lender that has funded thousands of loans nationwide.
Private direct lender specializing in Single Family Residences up to 1-4 units. Multiple loans for investors in all 50 states, One of the good things about this lender is they have over 25 years of real estate investing experience; they know how to underwrite a loan because they understand the residential real estate investment market because they themselves have bought and resold nearly 15,000 homes and have originated more than 4200 loans since they were founded in 2002; loans for investors, by investors.
This is a true No Doc hard/soft money lender with national reach. No Income-No-Assets-No Employment. Closings average 10 to 15 business days from application. Loan amounts down to $125,000 and up to $300,000, all No Doc and greater than $300,000 on a case by case basis.
Credit Scores and Hard Money
Credit scores down to 580 or no score ok. Foreign Nationals also qualify. An investor can utilize this loan program for either a purchase or refinance. 30-day seasoning for cash out using new appraised value. This is a direct lender and they make all decisions in-house with over $200,000,000 to lend. They also offer 3-year terms for borrowers with longer-term projects as well as traditional bridge funding. An investor can close in a natural person name or business entity.
This loan program only requires an application, payment for the appraisal, 2 forms of ID and or corporate documents if applicable, title commitment and homeowners insurance.
Loan Program Guideline Overview and Highlights:
No prepayment penalties
Loan Purpose |
Flip Only | Flip or Rent | Flip or Rent | Rent Only | Rent Only |
Terms |
6 Months | 60 Months | 36 Months | 36 Months | 36 Months |
| 6 Months Interest Only | 5 Years Fully Amortized | 10 Years Due in 3 Years | 15 Years Due in 3 Years | 30 Years | |
Amortization |
Interest Only | 5 Years | 10 Years | 15 Years | 30 Years |
Loan-to-Value (LTV) |
70% of market value - Purchase - 55% of market value - Refinance | $90,000 | $90,000 | ||
Minimum Property Value |
$40,000 - Purchase - $50,000 | $90,000 | $90,000 | ||
Property Condition |
C1 - C5 | C1 - C4 | C1 - C4 | C1 - C4 | C1 - C4 |
Information on "C" property rating:
http://www.freddiemac.com/singlefamily/sell/docs/uadreqs.pdf
Loan Purpose
Purchase
Cash out refinance - 30 days seasoning required
Credit Scores
580 or no score OK
Pricing is Credit Score driven
Credit Criteria:
- Bankruptcy OK
- Foreclosure OK
- Short Sale OK
- Loan Modification OK
Loan Amounts:
- Minimum Loan Amount: $125,000
- Maximum Loan Amount: $300,000
Greater than $300,000 on a case-by-case basis
Maximum LTV
- 70%
LTV guidelines are based on the After-Repair-Value (ARV)
Property Types:
- SFR
- 1-2 Units
- 1-4 Units
Reference # 540 061715 21-9-19