Following are our subprime program requirements relating to credit and income of our borrowers
The property requirements are that the must be “Pride of ownership” with no significant deferred maintenance existing.
All loan programs are 30 years fully amortized. While the loans are adjustable the initial 5 years of the loan are fixed at the initial start rate.
Our loans are available for as low as $50,000.00 to as high as $750,000.00
The income requirements are much more flexible then those imposed on borrowers by the big banks. Currently we will allow total debt ratios as high as 50% of our borrower’s monthly income.
The documentation that we accept to document income are:
Employed borrowers: “2” years W2’s and the most recent paycheck stub
Self-Employed borrowers: “2” years federal tax returns and a YTD (Year to Date) P & L statement
Alternative documentation: “12” months of personal bank statements
We offer a pre-qualification and an approval for those that are intending to purchase a new property and are in need of a loan approval to be submitted with all purchase offers.
Qualifying is simple and easy. All we need is our company’s application completed, a credit report that we will pull and what it is that you are intending to do and we will be in a position to provide a conditional approval. The process take less than 2 days with loan closing in less than 30 days.