Best of luck!!!
â€¢ Purchase, rate and term refinance, and cash-out refinance allowed.
â€¢ Single family residences, PUDs, condominiums, and 2-4 units allowed.
â€¢ Primary residence, second homes or investment properties allowed.
â€¢ U.S. citizens, permanent residents, and foreign nationals allowed.
â€¢ No prepayment penalty.
â€¢ Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
â€¢ Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
â€¢ 700 minimum credit score for U.S. citizens and permanent residents.
â€¢ No credit scores are required for foreign nationals.
â€¢ No rental late payments during past 12 months.
â€¢ No mortgage late payments during past 24 months.
â€¢ No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
â€¢ No unpaid judgments, liens, or collections.
â€¢ Income stated on loan application must be reasonable for the position of employment.
â€¢ No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
â€¢ Self-employed or W2 allowed.
â€¢ No industry exclusions.
â€¢ Debt-to-income ratios cannot exceed 45%.
â€¢ Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
â€¢ 100% of the down payment may be gifted for primary residence.
â€¢ 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrowerâ€™s own funds.
â€¢ The SIVA loan program is available in every County in the State of California.
For more information contact:
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
You might be qualified if your adjusted gross income fit within the debt to income ratio.
Let us know how we can help you.
With 50% down you are probably a great candidate for owner financing! I have a listing which is available for owner financing and could assist you in finding properties meeting your specifications in the Sugar Land area if you are interested in contacting me.
I work for RE/MAX Southwest, the 10th largest broker in the Houston area according to the Houston Business Journal and we have the largest share of the Sugar Land market in 2010 according to Broker Metrics.
Contact a mortgage broker who can review your financial records assist you to qualify for a loan.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Stated Income is no longer accepted by lenders today. However, all hope is not lost for the self employed or the commission only employee. The very first step is to get pre-qualified with a lender who knows what they are doing. Trust me in that there are some lenders who do not know how to help people who are self employed or make commission only. I have a client with first hand experience with this. So you want to chose someone who will tell you exactly where you are in the lending process and what you can do to improve your ability to get a loan. I recommend Southern Lending Corporation http://www.southernlendingcorp.com. They are a mortgage banker who is located in Houston. They will meet with you one on one if you wish and they will review your file. They will make sure that you can get a loan before they ever give you a pre-approval letter. Their customer service is outstanding.
Good luck in your home buying process.
Many hard money lenders will only lend on the first mortgage (in the industry this is known as being in the 1st-lien position). If the borrower should default on the loan, the hard money lender is the first creditor to be paid when the property is sold. Some hard money lenders will subordinate to another 1st lien position loan; these loans are known as HELOC loans or second lien position loans. This is a riskier position for the lender as they are the last creditor to recieve remuneration.
Hard money lenders structure loans based on loan to value (LTV). The LTV for most hard money loans will not exceed 75% of the value of the property. For the purposes of determine an LTV, the word "value" is defined as 'today's purchase price'. This the amount that a lender could reasonably expect to realize from the sale of the property in the event that the loan defaults and the property must be sold in a 1-4 months' time.
There are still stated income loans available from a limited number of lenders. They will use the income the borrower currently makes. The loans are designed for home buyers who have the income to afford a mortgage and have acceptable credit, but don't meet traditional underwriting standards for a full Documentation or "full-doc". loan. Employment will be verified. Are you self employed or a 1099 borrower? what are your past/current employment situation and credit scores) Please email me your specifics so I can best advise you.
Also, keep in mind that "onwer financing" is another option that you have.