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Specialty Program Highlights

Our specialty programs provide flexibility and simplicity, making the home purchase or refinance process possible when other conventional programs are not a good fit.

NO TAX RETURNS PROGRAMS

Our Stated Income, No Income Doc programs allow for self-employed, business owners and wage earners to use alternative documents to establish their income to qualify for a mortgage for home purchase or refinance. These loans provide many financing options including a variety of ARM options, 30 year fixed mortgages and even interest only options. Owner-occupied and investment properties qualify under these loan programs. We are able to provide financing even with as little as 10% Down Payment and No Tax Returns are required for these programs.

Alternative documents include any of the following options:

  • Self-employment or company profit and loss (P&L) statements
  • Company or Personal bank statements – 12 or 24 months
  • Rental income from the subject property – Investor Advantage Program
  • As little as 10% down payment options

INVESTOR ADVANTAGE PROGRAM

For rental properties and in lieu of verified income or tax returns, we qualify borrowers based on the market rental value of the subject property. Depending on the loan scenario, up to 100% of the rental income can be used to cover the monthly mortgage payment, property tax and insurance. No other income is required or verified using this scenario, as long as the rental income from the new property is sufficient to cover monthly PITI.

BANK STATEMENT PROGRAM

The Bank Statement program is designed to help self-employed borrowers qualify by analyzing their cash flow. In lieu of tax returns, we can utilize 12-24 months of business or personal bank statements. Income is calculated from the average of monthly deposits, NOT the withdrawals. We provide options with as little as 10% down payment.

1% DOWN PAYMENT – FIRST TIME HOME BUYERS

Available to first time home-buyers to purchase a property with as little as 1% down payment and qualify for a conventional program that would usually require a minimum of 3% down payment. Under this program, the additional 2% down payment will be provided by the lender as a second trust deed loan which requires no payments and balance of the note is forgiven after 36 months.

WORK VISA LOAN PROGRAM

This program is designed for borrowers who have Work Visas and/or are Expatriates; professionals entering the U.S. on an acceptable temporary or permanent worker visa or U.S. citizens living abroad looking to finance a property in the United States.

FOREIGN NATIONAL PROGRAM

The foreign national program allows foreign investors to purchase properties in the California; all foreign income, credit and tax documentations are acceptable; For countries with no taxation or credit systems, these documents will not be required.

HARD MONEY

A hard money loan is a type of loan that is secured by real property. Hard money loans are considered loans of “last resort” or short-term bridge loans. These loans are primarily used in real estate transactions, with the lender generally being individuals or companies and not banks. Hard money loans may be used in turnaround situations, in short-term financing and by borrowers with poor credit but substantial equity in their property. Since it can be issued quickly, a hard money loan can be used as a way to stave off foreclosure.

KEY TAKEAWAYS

  • Hard money loans are primarily utilized for real estate transactions and are money from an individual or company and not a bank.
  • Hard money loans have terms that are based mainly on the value of the property being used as collateral, not on the creditworthiness of the borrower. Since traditional lenders, such as banks, do not make hard money loans; hard money lenders are often private individuals or companies that see value in this type of potentially risky venture.
  • A hard money loan, usually taken out for a short time, is a way to raise money quickly, but at a higher cost and lower LTV ratio.
  • Because hard money loans are not traditionally executed, the funding time frame is reduced immensely.
  • Terms of hard money loans can often be negotiated between the lender and the borrower. These loans typically use the property as collateral.
  • Repayment can lead to default and still result in a profitable transaction for the lender.
  • Hard money loans may be sought by property flippers who plan to renovate and resell the real estate that is used as collateral for the financing—often within one year, if not sooner. The higher cost of a hard money loan is offset by the fact that the borrower intends to pay off the loan relatively quickly—most hard money loans are for one to three years—and by some of the other advantages, they offer.
  • The cost of a hard money loan to the borrower is typically higher compared to financing available through banks or government lending programs, reflecting the higher risk that the lender is taking by offering the financing. However, the increased expense is a tradeoff for faster access to capital, a less stringent approval process, and potential flexibility in the repayment schedule.
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