Overview of Some Types of Loan Options
First Time Buyer Home Loan Programs
Specific financing programs available for borrowers who have not had an interest in a home for the past 2 to 3 years. What are the benefits? They vary depending on your location, income, credit and other criteria. The important thing to remember is that if you fit into the criteria for your area, it can usually reduce your interest rate, payment amount, and/or down payment requirement. How to Buy!
Down Payment Assistance and Cash Grants
There are many agencies, charities, municipalities, etc... that will either lend you part of the down payment, all of the down payment, (usually repaid over 20 years), OR, many many House loan programs in which your down payment is actually given to you, (this is common, one just needs to know where and how to apply). Some of the Down Payment assistance programs have income limitations-- the rational being that if you make over a certain amount of money you should have been able to save your down payment. Many other home loan programs have no such constraints. Let us know your situation and we'll find the one that works best for you. How to Buy!
Absolutely No Money Down Home Loans
There are many government and conventional home loan programs that, if your income vs. debt ratios are not too high, a loan of 100% of the purchase price will be given you. However, remember there are still closing costs that must be paid. (Note: we work in conjunction with your realtor to negotiate a transaction in which the seller, pays most of your closing costs) For a Realtor who knows how and is willing to work hard to minimize your costs, click here. How to Buy!
107% LTV No Money Down Home Loans
These are Home loans and Refinances in which the lender will give 103% to 107% of the purchase price or appraised value. Why would they do that? That extra 3% to 7% covers all of your closing costs. Requires good credit and reasonable debt ratios. How to Buy!
95% to 100% Non-Owner Occupied Investor Loan
If you are an investor with Great Credit you can get the entire purchase price of your residential property financed. There are many ways to accomplish this but the most usual is a First Mortgage for 80% of the value and then a "Piggy Back" loan funded by us for the remaining 20% of the value. How to Buy!
No Money Down Stated Income Home Loans
Some people make a ton of money, but have a great tax man so that their tax returns show little or no income. We understand the realities of aggressive tax manipulation. As such, with reasonable credit and an ability to show income (via bank statements or other similar methods), we can use your statement of your income to get you qualified for that No Money Down Home Loan. How to Buy!
No Doc, No Asset, No Job Home Loans
Do you have a great tax man? No bank accounts? No Job? Couldn't prove the ability to buy a hamburger? But REALLY GOOD credit? If so, you just have to prove that you are still breathing :-) It can be reasonably assumed that you have an income from some source to pay your existing obligations so... Even though we can't verify anything-- as with the stated income loan, we can use your statement of income and past proven ability to pay to get you approved. How to Buy!
Bad Credit No Down Loans
Do you have big credit problems? This doesn't mean that you can't buy-- It simply means that you might have to use creative financing techniques to become a home owner. We have all loan programs needed to implement these techniques. How to Buy!
Also see- Our Free Online Creative Financing No Down Course. This free online book will show you everything that you need to know about alternative ways to buy. Even with no loan at all.
No Credit, No Money Down Home Loans
Many people believe that buying a home is difficult and requires the establishment of substantial good credit before they may take that important step to home ownership. That is absolutely untrue. The truth is that it is easier to buy than to rent-- and no credit is much better than bad credit. Many of the newest government programs will allow the person with absolutely no credit and no money to buy. How to Buy!
No Money? N Job? Bad Credit? -- NO PROBLEM!
Do you have a recent Bankruptcy? Charge offs? Late Payments? Collections?, No Job? etc... No matter what your situation, you can still buy! Sometimes even with the array of financial options we provide, a loan is simply not possible. But You Can Still Buy! We will still show you exactly how to become a homeowner, no matter how your credit situation, even if you have no down payment, even if you have no income! Knowledge and Creativity is a powerful thing! We give you the benefit of both! t, We have the largest assortment of sub prime loans to provide financing even with these issues. What's the drawback? The corporations that actually fund these loans, know that they are taking a risk. As such they require a slightly higher interest rate to compensate for that risk. If the rate for the person with perfect credit was 5.5% you can expect that these loans would be around 7%.
Is it worth it to pay the higher interest rate in order to become a homeowner? Only you can really answer that question-- but many have found that when you take into account the tax write offs you will receive (see Taxes), Plus, the money you will earn from appreciation, the security of home ownership (the landlord will never again tell you to move because he needs a place for his cousin), most people agree that a slightly higher interest rate is definitely worth it. How to Buy!
NOTE: If you buy the property and then work on the credit issues see credit repair, your home can be refinanced to a low rate within 6 months.
Hard Money Home Loans
We have a myriad of sources for funding, so that no matter what your credit, no matter what your income, no matter what your down payment, as long as the loan that you need is no more than 65% to 75% of the subject property's value (as distinguished from price), we can fund it-- whether for a purchase or refinance. How to Buy!
Do you own a home with equity? Do you have some car payments and credit card payments that are costing you a fortune? A properly structured debt consolidation can pay off those high interest high payment loans-- merge them into your house payment and save you hundreds per month!
Do you own a home with No Equity? We can still save you hundreds per month. Is your home worth $200,000 thousand dollars? We can lend all of your equity plus $50,000 more than your home is worth and let you use it to pay off those high interest debts or use however you see fit. Start a business? Down Payment for that great real estate deal? Buy that new luxury car? If you have good credit, this loan gives you options.
Rates and Structuring requirements of commercial loans is highly fluid and changes almost with the wind. Apprise us of your situation and needs-- One of our professionals will work to give you the best options presently available.
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