We work with many different mortgage companies to accommodate our customers who have any of the following situations:Self-employed or Commissioned
Filed Chapter 13 or Chapter 7 Bankruptcy
Slow or Late Payments
Loan Characteristics:
TYPE: 2/28 (2 year fixed/28 adjustable), 3/27 (3 year fixed/27 adjustable), 80/20 (piggyback loan, 1st & 2nd mortgages), 180/360 Balloon, 180 fixed, 360 fixed, and many others.
RATES: Based on credit scores and the type of loan.
Underwriting Guideline Synopsis:
DOWNPAYMENT & PMI (mortgage insurance):
Some non-conforming mortgages require downpayments others do not. This depends on the type of loan, credit scores and where the property is located. Most non-conforming mortgages do not have PMI.
PROPERTY:
Single family dwellings, modular homes, and eligible condo/PUD. House needs to be in good condition.
DEBT TO INCOME RATIOS:
up to 50% with some exceptions
FUNDS FOR CLOSING:
The seller can pay up to 6% for closing costs. This depends on the mortgage company and the type of loan.
PREPAYMENT PENALTY:
Most non-conforming mortgages have a 2 or 3 year prepayment penalty.
ITEMS NEEDED FOR LOAN APPLICATION
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