Easier Loan Packages Now Becoming Available

The lending market seems to be opening back up a little, certainly in our local area, according to my favorite loan officer, Luke Andrews. Luke’s company has recently partnered with a new wholesale lender with some excellent “out of the box” programs that will make it easier for many buyers to qualify for financing.

Relaxing the tight restraints on terms that we’ve seen in recent years can only help the local economic outlook as this evolves into a more realistic market to buy and sell property. This in turn generates new business investment and re-establishes the stability of home ownership that we continue to cherish as a nation.

Take a look at this menu of features available in these new programs. Be sure to ask me about anything you don’t understand. I have many years experience in real-estate finance and I can help tailor your needs into scenarios for Luke to submit for pre-approval.

Core Product Highlights

• Owner Occupied: 85% LTV to $1 million with no MI and loans to $2 million
• Second homes to $1.5 million
• Liquid assets may be added to supplement monthly income
• Fixed and Arms available
• No mortgage insurance

Investor Product Highlights

• Loan amounts to $650,000
• Borrower may have up to 20 other properties financed
• Properties can be purchased with deferred maintenance and repairs
• Cash out with no seasoning on title
• Seller concessions up to 6%
• 65% LTV Purchase and Cash out
• 45% standard DTI; expandable to 50% with 18-month reserves
• Minimum FICO score down to 640
• Condos okay

Foreign National Program Highlights

• 65% LTV on purchase/55% LTV on rate/term refinance
• Loan amounts to $650,000
• Purchase and Rate/Term Refi only
• No Prepayment Penalties
• Single-family homes, condos and townhouses
• Owner occupied and second homes

Luke is a hard-working and diligent loan officer with a background in real estate, and I’ve found that he knows how to give buyers the solid financing credentials that sellers look for when deciding which offer to accept. It’s enormously valuable too that he appreciates the critical sequence of tasks that must occur to secure a smooth path from going under contract at offer acceptance to the closing – when the proud new owner gets the keys to the castle!

Feel free to contact him directly for loan approval if you have your ducks in a row and your paperwork ready, at the following address:

Talk Soon!
–Stephanie