If you are a real estate investor and are difficult to get a conforming loan as you have more than 10+ financed properties, high DTI, low credit score, or you are a foreign national with or without SSN, I want to recommend our unique FLEX LOAN program. The rate is considerably low compared with other loan products on the market. 10-year ARM (Adjustable-Rate Mortgage) 6.75% and APR 7.05%. For a 30-year fixed-rate mortgage, the interest rate will be higher by 0.25%. It's the same rate regardless of your credit score or income. If hard money loans are used to achieve similar results, the interest rates are often around 8-10%, with 2-3% origination fees, which are usually only available as short-term loans with a one-year term. After the term expires, high fees need to be paid for refinancing.
No income verification needed, No DTI needed, no min credit score as long as no late mortgage payment. No tax return, no paystub, no 1099, no lease, no VOE! This is truly a no-income verification loan product. Generally, when we say no income or stated income loan, it means that W-2 forms and pay stubs are not required, but the lender will still contact the employer to verify income. With this product, income verification is not conducted. Even foreigners such as Canadians or Chinese with a student or tourist visas are qualified for this product.
Loan amounts can go up to $2 million. A higher loan amount is possible, subject to approval.
The catch is a high downpayment. For a primary residence, the down payment is 40%, and for an investment property or cash-out refinance, the down payment is 50%.
However, the beauty is that we even allow gift fund for investment property. The entire down payment can be provided as a gift fund from parents or relatives.
Also if you have high equity in your rentals, this is an ideal product for 1031 exchange and it will be easy for you to meet the downpayment threshold.
This loan cannot be used for flip. So the house should pass general appraisal. No rehab.
Feel free to pm me for details. I normally don't promote loan products as everyone has similar products and the difference may be just a slight rate difference. But this product is really creative and I've not found similar ones on the market. So I want to share this with my BP friends.
What if I don't have 50% down payment for rental?
We have other creative programs that can do: (1) 10% down for bank statement loan; (2) 20% down for WVOE loan; (3) 20% down Ratio or No-ratio DSCR loan
Our advantages:
(1) We are a true direct lender. In-house delegated underwriting and funding up to $4M loan. We can increase the loan limit case by case.
(2) Fast TBD-address underwriter pre-approval, as all underwriting and funding are done in-house. Get our underwriter-preapproval before making an offer. Your offer will stand out from other competitors with a general pre-approval without the underwriter's verifying your asset and income.
(3) 100+ loan products with competitive rates.
(4) Strong Jumbo and Non-QM programs for many unique scenarios that other lenders often reject as below:
(a) allow buyers to buy without selling their departing residence and remove the PITI of departing residence in considering DTI, depending on the reserves;
(b) allow 49.99% DTI for Jumbo loan without mortgage insurance while the traditional guideline is 43%;
(c) allow 3/2/1 buydown for Jumbo and Non-QM;
(d) allow short-term Airbnb rent without lease;
(e) allow gift fund as down payment for investment property;
(f) allow non-warrantable condo feature.
We have many great products with competitive rates for conforming, Jumbo, Non-QM loans. This promoted program is simply to show how creative and competitive our product is. I think this program is too good to miss. If you don't have 40%-50% down payment, no worry. Just shoot me a message with your scenarios. We may find a creative solution for you!
David Sun
Mortgage Loan Originator
NMLS# 1953227
✉ [email protected] | Apply loan
Licensed in CA, FL, TX, VA, and WA
