Lock & Shop by Jeff's Common $en$e!
Rates have come down and now are trickling back up.
Call those borrowers who are serious and let them know they can lock in their rate today while they shop for a home.
IF rates go down over this time, they can float their rate down.
The ability for a buyer to lock in their interest rate today for the next 6 months, protects many buyers who are already facing higher payments and may not qualify if rates went any higher. This is perfect for traditional full income check buyers.
Let’s look at alternative loans for non-traditional borrowers:
1) 85% LTV for Foreign National purchases.
No US credit / Must have current foreign passport / Will need to source funds.
2) Borrowers without a Social Security #, but with an ITIN #, can buy a home.
Use full doc, bank statements, or P&L only. 80% LTV for purchase.
3) Close on a purchase or refinance with open violations, converted garage, or finished basement without Certificate of Occupancy.
Other than an inground pool, all other violations may remain at closing.
4) 10% down payment on purchases using only 12-month bank statements to qualify.
There is NO PMI on these loans.
85% LTV for this program offers reasonable rates in the 7’s.
5) Reverse mortgages - Loan sizes up to $4,000,000.
Co-ops & Condo's as well as 1-4 family homes are eligible.
Borrowers can use a reverse mortgage to purchase an owner-occupied home.
If anyone has been denied for a reverse mortgage in the last 2 years, they should be looked at again, since there are new rules applicable!