Embarking on the journey of property ownership can be an overwhelming one. Where do you begin? Do you qualify for a loan? What are your chances of approval and is this really the right move for you?
At Client 1st Mortgage we provide borrowers with options. We look for the right loan that will ideally fit your current situation.
There are typically various niches borrowers can take advantage of in order to meet their financial needs, while also considering their current financial profile.
Conventional niches are for borrowers that meet traditional loan qualifications such as higher credit scores, greater incomes, and adequate savings. These loans, because of their qualifications, do not allow for borrowers to utilize gifts for down payments. Other features include:
- Delayed financing/Cash out refinance less than 6 months seasoning
- Up to 10 financed properties
- First time home buyers can purchase investment property and use rental income to qualify
- Debts paid by others can be omitted with 12 months canceled check and no lates
- Short Sale seasoning is 2 years from settlement date
- Properties less than 90 days are okay
- Recently listed properties okay for cash out refinance
FHA niches are for low to moderate-income borrowers with lower credit scores (500s typically). Although this program is easier to qualify for, borrowers may be required to put more money down, but can utilize a gift as a portion of their payment. FHA niches require mortgage insurance so borrowers can expect a larger monthly payment. Other features include:
- We offer the FHA Standard and Portfolio Programs with FICO’s starting at 500
- 12 months seasoning on Short Sales, foreclosure, deed-in-lieu and bankruptcy
- We offer FHA Flip Waiver Programs
- Non-Occupant Co-Borrowers OK (No Fico OK)
- Minimum 500 FICO for at least 1 Occupying Borrower
- Gifts are acceptable for 100% of down payment and closing costs
Borrowers taking advantage of non-prime niches are typically recovering from poor credit. They might have experienced a foreclosure or short sale in the last year or two. Borrowers can expect higher interest rates with non-prime niches.
- One day out of foreclosure and bankruptcy available
- No prepay penalties
- No balloon payments
- Credit score in the 500s
- Up to 75% LTV available
- Stated income for non-owner/occupied
Hard Money Niches:
Hard money niches typically consider the value of the property more than the financial profile of the borrower. Borrowers with ok credit can qualify but will be required to put more money down. Many borrowers also utilize this opportunity to purchase property as professional rehabbers.
- Fix-Flip Special – Short Term No Pre-Pay
- 100% Financing Available – Fix and Flip 65% ARV
- Pricing Special 6.99% To 10.99%
- Stated Income- Investors Only
- 7 Day Funding
- Current Foreclosure/Short Sales OK w/35% Down
- No FICO Minimum
- 1,2,3 or 5 Year Options
- Amortized over 30 – 40 Years
- Stated Income / Verified Assets
- Up to 75% LTV
Visit us at www.c1stm.com or give us a call sometime at (866) 920-5777 and let’s talk.