Specialized loan programs that are non-traditional and out of the box, common sense type loans.
Unable to obtain a traditional financing to purchase or refinance? Utilize your liquid assets to qualify for a home loan.
I know that many highly qualified borrowers with proven credit and financial stability may still have difficulty qualifying under traditional underwriting guidelines. With the use of asset dissipation as additional income, it can to assist in meeting guidelines for borrowers with significant liquid assets.
This program is ideal for complex income scenarios: self-employed, retired, and clients with significant liquid assets with higher DTI ratios.
An 80 10 10 loan is a mortgage option in which a home buyer receives a first and second mortgage simultaneously, covering 90% of the home's purchase price. The buyer puts just 10% down.
This loan type is also known as a piggyback mortgage. It is popular because it helps buyers avoid private mortgage insurance while making a down payment that is less than 20%.
In general, jumbo loans are harder to come by than smaller-sized mortgages. 80/10/10 mortgages make loans available with just a 10% down payment; while helping buyers to avoid the private mortgage insurance (PMI) costs typically associated with lower down payments that are less than 20%.
Some buyers of more-expensive homes choose this type of loan to get around the stricter lending requirements for jumbo mortgages. Jumbo loans usually require larger down payments, higher credit scores and more cash reserves.
This is a cash-out refinance option for cash buyers.
Paying cash for a house has definite perks. It could help you win a bidding war when buying a new home. Maybe even negotiate a lower price on the house because you’re paying all cash.
Technical refinancing allows clients who recently bought a home with cash to take money out against the home without having to wait the required minimum of 6 months for title seasoning (a waiting period that usually prevents you from immediately refinancing a home you’ve purchased) to be eligible for a cash-out refinance.”
This type of mortgage allows you to get the perks of paying in all cash - while still freeing up your cash shortly after buying your home to make other investments or financial plans without having to wait for title seasoning.