| Specialty
Finance Products |
|
| Traditionally
first mortgages were only available with full income and asset
verification. The maximum debt to income ratios used were
28% of gross income for housing expenses and 32% for total
expenses. Many mortgages are turned down for "high
ratios". We realize that many of our
clients need or prefer a more flexible alternative. We offer the following programs for clients with either an A or B
credit history. |
| Expanded
ratio programs to 45%, 50%, 55% and even 60% |
| You can also
take advantage of our light income documentation and no
documentation loans. These are available for both salaried
and self employed clients. |
|
| Stated Income / No Income Verification |
| A borrower may only be required to show a operating license or
business license and/or limited income information. With this
type of financing, rates offered tend to be slightly higher.
This type of financing is recommended for self-employed
borrowers or borrowers who have difficulty showing their
income on paper, for one reason or another. |
| All other normal loan documentation is required |
|
| Stated Income & Stated Asset |
| A stated income program that does not require the
verification of assets other than the source and seasoning of
downpayment. |
|
| No Income / No Asset |
| Neither the Income or asset sections of the loan
application are completed |
| All other normal loan documentation is required |
|
| No Ratio Programs |
| No qualifying ratios are used to determine loan
eligibility. |
| All other normal loan documentation is required |
|
| 24 Months Bank Statements |
| Income is calculated using 1 bank account, either
personal or business. If a personal account is used, Income
is calculated by taking the 24 month average of
deposits. For business accounts the 24 month average
ending balance is used as an income figure. Some
underwriters will allow this documentation to serve as the
equivalent of tax returns. |
| All other normal loan documentation is required |
|
| 12 Months Bank Statements |
| Income is calculated using 1 bank account, either
personal or business. If a personal account is used, Income
is calculated by taking the 12 month average of
deposits. For business accounts the 12 month average
ending balance is used as an income figure. This program is
considered a "lite documentation program" and their may
be adjustments to the rate or loan amount offered. |
| All other normal loan documentation is required |
|
| *These programs are available on a first mortgage
basis only |
