We have just added a program for Owner Occupied hard money loans. These Owner Occupied hard money loans are only being done in certain states and there are guidelines that MUST be followed.
AS OF 1/1/13 WE ARE NOT LENDING ON OWNER OCCUPIED HOMES ANYWHERE!!
INVESTMENT AND COMMERCIAL PROPERTIES ONLY
The following states are the ONLY states that we will consider lending on a property that you live in
(note:if the state you are looking to get a loan in for a property you live in is NOT listed below - we will not lend on your property)
California Owner Occupied
Arizona Owner Occupied
Nevada Owner Occupied
Oregon Owner Occupied
Idaho Owner Occupied
Colorado Owner Occupied
Utah Owner Occupied
While these will be hard money loans they will NOT have the same guidelines as a typical hard money loan. We will adhere to the SAFE Act and make sure all of these consumer mortgage loans comply with federal mortgage standards in the following ways
1. If you live in the property, you MUST go full documentation. There is NO way around that!! You must have the ability and show the ability to make payments. For owner occupied loans we will need paystubs, W2's and tax returns to prove you have the ability to make your mortgage payments - THERE ARE NO STATED LOANS FOR OWNER OCCUPIED PROPERTIES!! NO EXCEPTIONS!!
2. If you are a broker coming to us with an owner occupied loan in those states you MUST be registered in that state and have an NMLS # in order to write this loan and get paid on it. There is NO way around this!!
Benefits of this program:
You can be as much as 90 days late currently on your mortgage
You do not have to wait for seasoning on a short sale, foreclosure or a bankruptcy. No more 2, 3, 5 or 7 year waits as in a conventional bank loan to become a homeowner again.
YOU CAN BE IN FORECLOSURE AND IF THERE IS ENOUGH EQUITY AND YOUR INCOME SUPPORTS OUR NEW LOAN WE WILL BE ABLE TO PAY YOUR OLD MORTGAGE AND GET YOU OUT OF FORECLOSURE!!!
These loans will lend anywhere from 45-65% of the purchase price of the property, and if this is a refinance we will lend up to 60% of the property value. If this is a foreclosure bailout the maximum loan to value will be 50%
Please apply online and we will have someone contact you if you are looking for this type of loan.
Click the "apply here" button on the top right side of the page to apply for an owner occupied hard money loan.