New Non-Prime Lending Option
A lot has certainly changed within the mortgage industry since 2008. Guidelines have become more stringent and the mortgage industry is in a “recovery-mode” if you will. Big Brother is definitely watching. And that is ok with Green House Mortgage. Things needed to change quickly for the better. Although we have found that lending for residential purposes is still very much alive and we are surly on the right track, there are certainly case by case scenarios if you will that we come across all the time. Now let’s get one thing straight – The Sub Prime market is not coming back. We will always analyze and consult based on a unique individual’s financial scenario. We are true mortgage consultants here to advise. We will not try and sell anyone on anything that would not be good for them.
Introducing a new non-prime lending option from Green House Mortgage. This type of loan is most often appropriate for Realtors who might be working with a buyer who is self-employed but has cash, lower credit score due to divorce, etc or simply may not have a traditional paper trail to show. In this case and certainly not limited to, here are some of the finer points:
Loan Program Highlights:
- 550 Credit score and higher
- Loan to Values up to 80%
- Loan Amounts to $750K
- 50% Debt to Income Ratios
- 2nd Liens allowed for debt consolidation or cash-out
- Can use the higher credit score of two borrowers
- Lenience on Appraisals
- Bank Statements Allowed for income qualification
- Corporate Bank Statement allowed for sourcing even if borrower IS NOT 100 percent owner
- NO PREPAY PENALTIES
- Asset Depletion Formula (Total Assets divided by 84 = monthly income allowed)
These are just some of the better highlights of this loan program. Rates are much better for this loan program than the traditional hard money lender yet the up front points will still apply. So if the numbers work it may just be a valid solution to your needs for financing on a property.
Green House Mortgage is a full service home loan origination entity in Tampa, FL and servicing the state throughout. If you have any questions or concerns with the article or simply need mortgage advice please call 813-732-3155 or email us at info@ghmortgage.com. We are dedicated to giving you the best mortgage consultation available. Green House Mortgage – It Pays to Go Green!
