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Stated Income and Investor Loans

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Check out our new Investor Cash Flow Program – No Tax Returns Required!

This product is very similar to the “No-Doc” programs of the past.  Purchase investment property with 25% down.  Personal income and debt to income ratios are not considered as long as the carrying costs on the property (Principal, Interest, HOA, Taxes and Insurance) do not exceed 90% of the rental potential.  Rental potential is determined by a rental analysis performed by the appraiser.    Here are the highlights:

  • No Personal Income Used To Qualify
  • Tax Returns Not Required
  • Qualification Based On Property Cash Flow
  • Credit Scores Down To 660
  • Rates Starting In The Low 6’s
  • Up to 75% LTV
  • No DTI Restrictions
  • 2 Years Seasoning, Foreclosure, Short Sales, BK, DIL
  • Must have Housing History And Own A Primary Home
  • No Limit On Number Of Properties Financed
  • Loans Up To $1 Million (Minimum $75,000)
  • Seller Concessions To 2%

Don’t hesitate to call me with any questions:

Chad VonHoven      

Real Estate Financial – Mortgage Broker

O: 770 923-6570    www.refga.com

 

Real Estate Financial is the leader in Stated Income and Asset Based Lending

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Real Estate Financial is still offering Stated Income Jumbo loans with rates in the high 3’s to low 4’s.  This is the perfect product for individuals with considerable assets whose tax returns may not support their actual income.  This is most useful for self-employed individuals, retirees or anyone who may have non-W2 income.   The maximum loan to value is typically 70% but can go to 75% under certain circumstances.  The product is available as a 15yr fixed or a 5/1 or 7/1 ARM.

We are also in the process of rolling out bank statement programs for self employed borrowers whose loan amounts meet the conventional loan limits.  Like the jumbo product mentioned above, the borrower may not need to provide tax returns to support their income.

Please contact Chad VonHoven with Real Estate Financial for more information.  678-935-1934

Offering Stated Income Loans for Self Employed Borrowers

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Real Estate Financial is one of few lenders in the Atlanta market offering Jumbo Stated Income loans. There is one catch, it must be a jumbo loan and you typically need 30% down.  This product is not offered in conforming loan amounts (<417K) due to the Qualified Mortgage rules.

This is the perfect loan for self employed borrowers who write off much of their income but have assets or deposits consistent with the income they are claiming.  Losses on tax returns for start up costs or special depreciation that trouble many self employed borrowers are typically not a problem with this product. And unlike hard money lenders, the interest rates are only about a half point higher than that of fully documented jumbo loans.  The interest rate on the loans currently in the pipeline are averaging in the low 4’s for at 7/1 Arm.

If you’d like more information, please contact Chad VonHoven at  678-935-1934

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Stated Income Jumbo Loans to 70% Loan to Value

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Real Estate Financial is now offering Stated Income and Bank Statement Income loans up to 70% loan to value.  This is the perfect product for self employed borrowers who have significant assets but show little income.  Contact Chad VonHoven for more information on this product.

 

 

Stated Income Loans are Back!

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For those self-employed borrowers looking for homes in the jumbo market (>417K), Real Estate Financial can now offer a stated income jumbo product in Georgia..  Unfortunately, this product is not available on conforming loan amounts due to Qualified Mortgage rules.

Contact Chad VonHoven at Real Estate Financial for more information.

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Mortgage Lenders Are Shifting Away From Short Sales

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“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist, vice president at RealtyTrac. “The combination of rapidly rising home prices – along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home – means short sales are becoming less favorable for lenders.”

source: Mortgage News Daily

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Real Estate Financial Offers FHA 203k Rehab Loans

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When looking for a deal on a foreclosure or short sale, don’t forget about the FHA 203k and the HomeStyle renovation products.  These loans offer a convenient way for borrowers to make renovations, repairs or improvements to existing residential properties and roll the cost of those repairs into the purchase loan.  Down payments can be as little as 3.5% of the purchase price and the total loan amount is capped at 110% of the after repair value.  This is a great way to find a deal on a property which may have been neglected over the years yet complete all the necessary repairs prior to moving in.

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Home sales in Alpharetta, Johns Creek, Suwanee and the rest of North Atlanta are booming.

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Pending home sales in the Metro Atlanta area jumped to the highest level in more than six years. Demand for homes in many North Atlanta neighborhoods is so high that the average time on the market for new listing is well under a week.  Since early May,  30 year fixed rates have shot up to the mid 4’s, but since cash sales account for nearly one-third of all sales, sales may be less sensitive to rate changes than in the past.  While some homebuyers may be knocked out of the market by rising rates, others are jumping in as they see rates and prices rise.

 

 

Appraisal Problems Account for Significant Fall Out

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Here is a great article that sums up some of the issues consumers are facing when it comes to appraisals: Read More

 

Home Affordable Refinance Program

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HARP is designed specifically to help borrowers who may be ineligible for traditional refinancing due to loss of home value or because they have little (or no) equity. Like other refinancing options, with HARP you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.

HARP may be an option if:

You are current on your mortgage payments (and haven’t been more than 30 days late in the last 12 months)
Your home value has decreased
Your first mortgage exceeds the current market value of the home
(i.e., loan-to-value)
Your loan is owned by Fannie Mae or Freddie Mac

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