Non Prime Lender Loan Highlights

We have many non prime lenders. Depending on the over-all credit profile of the borrower, we have options and from what our borrowers tell us, options are good. We agree. These highlights are from a non prime lender that requires a higher credit score, but have interest rates almost as low as our other “ability-to-repay” lenders.

Program Highlights:

  • Foreign Nationals allowed (2nd home and Investment)
  • Credit Scores as low as 680
  • Loan amounts up to $3 Million
  • Cash out allowed up to $1.5 Million
  • LTV up to 80% (85-90% with minimum FICO of 740) No MI
  • Multiple Options (5/1, 7/1, 10/1 ARM; 15 and 30 year fixed available)
  • Conforming or high balance loans for multiple financed properties
  • Bank Statement program – DTI up to 50%
  • 6 months rserves required for each property owned
  • US Citizens, Permanent Resident Aliens and Non-Permanent Resident Aliens allowed
  • Interest Only Available for all ARM’s
  • Minimum Loan Amount $100,00
  • Condominiums Allowed – FNMA Eligible (The FNMA investment property concentration limits – Non-owner to owner occupied do not apply )
  • 2nd home and Investment properties allowed

We’re currently working with a borrower out of Atlanta Georgia that has been with Suntrust for many years. he has over $700,000 in equity and they won’t give him a loan because they don’t like his 1040’s. He has very high credit score, lot’s of money in the bank (with Suntrust), has never missed a payment. He tells me that he’s frustrated, in large part because he has never missed a payment on anything even during the housing crisis. He said, “Gosh, do you realize I know people who have had their homes foreclosed on or sold short who are now able to qualify for new mortgages? The entire matter seems so insane to me.”

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