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Asset based Underwriting Decisions-Accelerator
- Great for self employed and retirees
75% LTV up to $1.5 Million
65% LTV up to $2.5 Million-740 fico score requirement
Primary Residences Only
45% Max DTI
700 Minimum Fico Score Requirement
Liquifiable assets divided by 120 months and can be added back into qualifying ratio as income
Example: $500k assets divided by 120 months adds $4,166 to gross adjusted income on 1040
30 year loan- first 10 years are Interest Only, remaining 20 years fully amortized
Max 10 properties owned
4 Open tradelines required
95% Conventional purchase
- 95% Financing now available
SFR only-No Condos
Debt ratio to 41%
680 Mid fico score requirement
Purchase only-FTHB
2-4 Months reserve requirement
2% Gift funds allowed
90 day seasoning requirement
Government Loans
- We are FHA approved!!
90 day flip rule temporarily removed
Fico scores lower than 620 ok!
99.5% Financing available case by case
VA financing avilable up to 102%
Agency Conforming-10% down
- Condos Ok
- Purchase, rate/term, cash out
- Debt ratio to 45%
- Rates starting at 4.875%
Jumbo Loans to $2 Million
- 1-2 units to $2million at 80% LTV; purchase and rate/term only
3-4 Units to $1.5million at 80% LTV; purchase and rate/term only
35% DTI for max LTV allowance.. up to 45% DTI on lower LTVs
Cash out refinance: 1-2 units at 80% max LTV to $1.5 million, 3-4 unit to 70% max LTV
6-12 Months reserve requirement
Gift funds are allowable
Permanent and Non Permanent resident aliens allowed with valid social security number
LTV reductions may apply depending on market area- email property zip code for verification
Bank owned or short sale property?? No Problem!!
Low doc/income inflation program
- Wage earners only- No self employed
120% of actual income used in qualifying ratio
Loan amounts to $625k
80% LTV with 700 minimum fico score
Quick loan approvals
Gift funds ok
No doc/Voe only program
- Wage earners only
Loan amounts to $729k
Employer completes VOE
Owner occ, 2nd home and investment properties
LTV to 80%
620 minimum fico score
Gift funds ok
No family owned businesses
-We are an FHA Approved, full service RETAIL mortgage broker!!
Call Eddie Stokes for Details!!
714-681-8209
STOKESEDDIE@GMAIL.COM
DRE#01773954
CALIFORNIA MORTGAGE GROUP
THE EXPERIENCE AND NICHE PROGRAMS TO CLOSE YOUR LOANS
-FHA LOANS WITH NO MINIMUM FICO REQUIREMENT
-FULL DOC 90% FINANCING PRODUCT-NON FHA
-2 NEW STATED INCOME PROGRAMS AVAILABLE!!!!!
FULL DOC TO 90% W/ MI, NON FHA PRODUCT
- COVERNTIONAL QUICK AND EASY–ONLY 3 DAYS IN UNDERWRITING,
- VERY LOW RATES!! GREAT FOR BORROWERS THAT NEED/WANT TO AVOID FHA OR PROPERTY IS NOT FHA APPROVED
- 10%+ DOWN
- CONDOS OK720 FICO REQUIREMENT41% DTI
- RATES CLOSE TO 5%
- NO MORTGAGE INSURANCE REQUIRED W/ MINIMUM 20% DOWN PAYMENT
WE ARE FHA/VA APPROVED!!!!
- NO MINIMUM FICO SCORE REQUIREMENT ON FHA–HUGE NICHE PROGRAM!!!!
- 5 DAYS FROM SUBMISSION TO LOAN APPROVAL
- ONLY 3.5% DOWN ON FHA– VA OFFERS 102% FINANCING
- WE ARE FHA APPROVED SO THERE IS NO THIRD PARTY DELAYS–WE ARE FHA SPECIALISTS!! DONT WASTE TIME ON OTHERS!
- DOWN PAYMENT ASSISTANCE PROGRAM NOW AVAILABLE!! buyer may qualify for zero down, zero cost loan!! call or email for more details
LOAN AMOUNTS UP TO $1.5 MILLION
- FULL DOC INCOME AT 45% DTI
- RATE/TERM, CASH OUT, PURCHASE
- QUALIFYING LTV GOES HIGHER AS LOAN AMOUNT GOES DOWN INTEREST ONLY OPTION AVAILABLE AND RATES START AT 4.85% ON A 5 YEAR FIXED
- ONLY A 650 FICO SCORE REQUIREMENT
STATED INCOME LOAN
- PURCHASE–30% DOWN PAYMENT TO $1,000,000(EXCEPTIONS AT ONLY 25% DOWN WITH GOOD CREDIT,RESERVES)
- REFINANCE–MAX LTV AT 60% TO $1,000,000(EXCEPTIONS TO 65% LTV WITH GOOD CREDIT,RESERVES)
- ONLY THE FOLLOWING COUNTIES QUALIFY:SAN DIEGO,ORANGE,L.A.,VENTURA AND SANTA BARBARA
- RATES STARTING AT 6.5%
- MINIMUM OF 700+ FICO SCORE REQUIRED
- NO CONDOS ALLOWED/NO CASH OUT REFI’S FOREIGN NATIONALS REQUIRE 30-35% DOWN, GOOD RESERVES REQUIRED
- 45 DAY ESCROW NEEDED
STATED INCOME PRIVATE MONEY LOANS
- FAST FUNDINGS 7-10 DAYS
- NO SEASONING
- NO FICO REQUIREMENT
- INVESTOR FIX AND FLIP
- LOAN AMOUNTS UP TO $10 MILLION
- RATES START AT 9%
- 1,2 AND 3 YR LOANS
- GIFT FUNDS OK
VOE ONLY PROGRAM
- WAGE EARNERS ONLY- NO SELF EMPLOYED
- LOAN AMOUNTS UP TO $417K
- INCOME VERIFIED THROUGH EMPLOYER WITH WRITTEN VOE
- CURRENTLY HAS 24 HOUR UNDERWRITING
- OWNER OCCUPIED ONLY
- MAX LTV AT 80%
- 620 MINIMUM FICO REQUIREMENT ON PURCHASE OR RATE/TERM
- DOWN PAYMENT GIFTS OK
As always Contact Us any time. Your success is our success.
By Eddie Stokes California Mortgage 714-681-8209
PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE
- Roll out date. August 1st, 2009.
- Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
- CLTV up to 99.5%
- 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
- FHA financing with LTV’s up to 96.5%.
- NO first time home-buyer restrictions.
- Conforming and Jumbo loan amounts.
- Seller can pay all closing costs.
- CA properties only.
- FICO scores below 620, even NO fico score permitted for qualified buyers
Income restrictions:
Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is: visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.
Contact us for the best service and rates.
By Eddie Stokes California Mortgage 714-681-8209
Is 2009 a good time to buy?
Stocks surged today after the Federal Reserve signaled there’s virtually no chance of a interest rate increase in 2009. For the first time in months, the Fed did not say the economy is contracting, an acknowledgment of signals that a recovery is forming. Instead, the Fed said that “economic activity is leveling out.” Nonetheless, it added that “substantial resource slack is likely to dampen cost pressures.” So, the central bank “expects that inflation will remain subdued for some time.”In other words, no interest rate increases until at least next year. Stock investors appeared to be pleased. The Fed left its federal funds rate at 0% to 0.25%. The fed funds rate is what banks charge each other for overnight loans and is the key determinant of U.S. interest rates.
As the Fed agrees “economic activity is leveling out” and mortgages are still cheap, who knows what the new year will bring. However one things for certain, as home sales pick up the fed will control the inflation with raising interest rates. For you first time buyers you need to buy in 09 to take advantage of the $8,000 tax credit.
Eddie Stokes California Mortgage. Contact us for the best interest rate
Current Loan programs as of 8/5/09
-
-FHA LOANS WITH NO MINIMUM FICO REQUIREMENT
-
-FULL DOC 90% FINANCING PRODUCT-NON FHA
-
-STATED INCOME PROGRAM HAS MAJOR CHANGES
FULL DOC TO 90% W/ MI, NON FHA PRODUCT
CONVENTIONAL QUICK AND EASY–ONLY 3 DAYS IN UNDERWRITING, VERY LOW RATES!!
- GREAT FOR BORROWERS THAT NEED/WANT TO AVOID FHA OR PROPERTY IS NOT FHA APPROVED
- 10%+ DOWN
- CONDOS OK
- 720 FICO REQUIREMENT
- 41% DTI
- RATES CLOSE TO 5%
- NO MORTGAGE INSURANCE REQUIRED W/ MINIMUM 20% DOWN PAYMENT
WE ARE FHA/VA APPROVED!!!!
- NO MINIMUM FICO SCORE REQUIREMENT ON FHA–HUGE NICHE PROGRAM!!!!
- 5 DAYS FROM SUBMISSION TO LOAN APPROVAL
- ONLY 3.5% DOWN ON FHA– VA OFFERS 102% FINANCING
- WE ARE FHA APPROVED SO THERE IS NO THIRD PARTY DELAYS–WE ARE FHA SPECIALISTS!! DONT WASTE TIME ON OTHERS!
- DOWN PAYMENT ASSISTANCE PROGRAM NOW AVAILABLE!! buyer may qualify for zero down,zero cost loan!! call or email for more details
LOAN AMOUNTS UP TO $1.5 MILLION
- FULL DOC INCOME AT 45% DTI
- RATE/TERM, CASH OUT, PURCHASE
- QUALIFYING LTV GOES HIGHER AS LOAN AMOUNT GOES DOWN
- INTEREST ONLY OPTION AVAILABLE AND RATES START AT 4.85% ON A 5 YEAR FIXED
- ONLY A 680 FICO REQUIREMENT
STATED INCOME LOAN
- WAGE EARNERS ONLY-NO SELF EMPLOYED
- W-2 AND PAYSTUB REQUIRED TO PROVE EMPLOYMENT
- ONLY 20% VARIANCE INCOME ALLOWED FROM WHATS STATED ON W-2–4506T IS EXECUTED TO VERIFY ACTUAL INCOME(email for further details)
- LOAN AMOUNTS UP TO $625K
- 80% LTV WITH A MINIMUM OF 700 FICO SCORE
- UNDERWRITING AT 10+ BUSINESS DAYS
- VERY SMALL WINDOW FOR THOSE THAT QUALIFY
VOE ONLY PROGRAM
- WAGE EARNERS ONLY- NO SELF EMPLOYED
- LOAN AMOUNTS UP TO $417K
- INCOME VERIFIED THROUGH EMPLOYER WITH WRITTEN VOE
- CURRENTLY HAS 24 HOUR UNDERWRITING
- OWNER OCCUPIED ONLY
- MAX LTV AT 80%
- 620 MINIMUM FICO REQUIREMENT ON PURCHASE OR RATE/TERM
- DOWN PAYMENT GIFTS OK
PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE
- Roll out date. August 1st, 2009.
- Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
- CLTV up to 99.5%
- 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
- FHA financing with LTV’s up to 96.5%.
- NO first time home-buyer restrictions.
- Conforming and Jumbo loan amounts.
- Seller can pay all closing costs.
- CA properties only.
- FICO scores below 620, even NO fico score permitted for qualified buyers!
Income restrictions:
Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is: visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.
By Eddie Stokes California Mortgage 714-681-8209
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