Lending For Non-Traditional Situations (California only)
Certain situations require specialized lending programs -- sometimes unique or "remedial" in nature.
Depending on the situation and the strategy for the subject property, any of the following can be an alternative to traditional loans and stricter qualifications required by most of today's banks.
Remember that if you have poor credit, you are almost always better off repairing / restoring / reestablishing credit before seeking a real estate loan.
- Recent history of Bankruptcy, Short Sale, Short-Pay Refinance, Loan Modification, or Deed-in-Lieu of Foreclosure
1) If the necessary time has elapsed for requalification, you may qualify for bank financing. See Guidelines for these.
2) If it has been more than 12 months since a Bankruptcy, Foreclosure, Deed-in-Lieu, or Short Sale, AND you are seeking a jumbo or super jumbo loan from $425,000 to $5.0 million, call us for a consultation -- we offer a unique bank financing option, but you WILL need 30% or more down payment to qualify for this unique offering.
3) If you are only recently OUT of these issues, or CURRENTLY in a BK, foreclosure, or short sale situation, your options for financing are limited to Hard Money Lending. You may also elect to wait to requalify for bank financing once the required lock-out term has elapsed.
- Cash-Out equity loan to settle probate, tax lien, judgement, collection, default, or divorce issues
Depending on the circumstances, credit, equity, occupancy, debt ratio, and/or other factors you may qualify for either conventional or hard money financing. Call or Inquire Online for a no-obligation consultation.
- Cash-Out equity loan for down payment to purchase another property under contract
What is commonly known as a "Bridge Loan". We make these loans on both residential and commercial property. These are mostly hard money loans structured with shorter terms, NOT bank loans, and based on the equity.
- Stated Income Loans; Alternate Income Loans for non-traditional incomes
These loans are still available in 2013 for properly qualified applicants and California primary residence transactions only.
Our Stated Income Loan is for primary residence transactions of between $350,000 and $1.0 million. Minimum 700+ FICO qualifying score, 40% cash down payment and very significant reserves at closing. No prior history of bankruptcy, foreclosure, short sale, deed-in-lieu. Available in 30-year fixed or 5/1ARM loans only.
Our Alternate Documentation Loan is for primary residence transactions of $500,000 - $5.0 million, where the applicant's income is derived from investment / divident income.
Get your personalized Mortgage Analysis Report — see & compare the benefits in writing