Tag: SBA

ALL-IN-ONE LOAN PRODUCTS
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ALL-IN-ONE LOAN PRODUCTS

  A very interesting loan product that can help monthly positive cash-flow consumers pay-off their mortgage sooner is the All-In-One. You don’t hear of this product much in the U.S., but similar products have been offered in Western Europe, Canada, New Zealand and Australia. It is called All-In-One because it combines both a home loan...

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SPEC HOMES FOR PROFIT

We have  products for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For us to review your scenario we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total...

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CONTRIBUTIONS TOWARD CLOSING COSTS

  Contributions toward closing costs allow costs at closing and prepaid expenses to be paid by interested parties to the transaction. So, if you only have the down payment, or are looking to do a no down payment loan and do not have much cash, you can negotiate to have the closing costs paid for...

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WE WORK WITH LENDERS WHO UNDERWRITE TO EITHER DU OR LPA

  What is DU and LPA, you might ask?  Loan Originators use both DU and LPA automated underwriting programs. DU is Desktop Underwriter and is Fannie Mae’s underwriting software. LPA is Loan Product Advisor and is Freddie Mac’s underwriting software; most conforming loans are run through one of these software programs. These programs dictate details...

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GIFT OF EQUITY FOR DOWN PAYMENTS

You may, or may not be familiar with a gift of equity. What is a gift of equity? Perhaps your child is looking to purchase a home and you are ready to sell your home. Your child has expressed an interest in living in the childhood home instead of you selling it to a third...

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HOW LONG DO YOU PAY ON PRIVATE MORTGAGE INSURANCE?

A common question for those who have private mortgage insurance (“PMI”) is when can I stop paying it? When can I get out? If you recently obtained a FHA loan, unfortunately, you cannot get out of mortgage insurance as it stays with the loan for the life of the loan. However, if you have a conventional...

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CLOSING COST BREAKDOWN

  Here are the typical closing costs involved in getting a loan and a quick explanation of each cost: Underwriting/Administration Fee the fee charged by the lender to underwrite the loan. Appraisal fee – lenders require a third party valuation of the property by a licensed appraiser. Credit report fee – the fee charged by...

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ARE YOU BEING CHARGED AN ORIGINATION FEE OR POINTS ON A LOAN?

You may hear people talking about “points” or charging a “point” on a loan; what does this mean? A point typically represents the origination fee charged by the lender to originate the loan; One point is 1% of the loan amount. Example: If you are applying for a $200,000 loan, a point would be $2,000,...

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WE BROKER BOTH COMMERCIAL AND RESIDENTIAL INVESTMENT LOANS

We can broker residential or commercial loans on investment properties. If you are buying a 1-4 unit home, you would apply for a residential loan. If you are applying for a 5+ unit property, you would apply for a commercial loan. If you are applying for a residential investment property, plan on making a minimum...