Bad Credit Mortgage Broker - Make Money.
Q: Bad Credit Mortgage Broker - Make $$$$$?!?
A: 50% of American's Cannot Qualify for Traditional "Agency" - FNMA or FHA loans! Stanford Mortgage Acceptance Corporation, Dallas' fastest growing lender, #8 out of 400 in only 3 years! Dallas Business Journal 1996. We are one of the top traditional FNMA / FHA lenders in Texas, but we also specialize in making loans that other lenders cannot. We can close loans in almost every state. Portfolio lending is the hottest thing in the mortgage industry. We realize almost 50% of American?EUR(TM)s do not meet current FNMA or FHA/VA Guidelines for one or more reasons. By approving, securitizing and holding these loans, we are at liberty to make loans that make sense. Our philosophy requires borrower?EUR(TM)s to have at least 5% of their own funds, good rental/mortgage history, and a good appraisal and review. After that, anything is possible. Mortgage payments are usually 10% - 20% more that traditional financing, but with such low down payments, no PMI, high ratio?EUR(TM)s and no requirements to payoff chargeoffs, judgements, or tax liens, most borrowers are thrilled to have a lender give them the chance to become homeowners. Highlights: Underwriting opinions within 24 Hours, with just an in-file and an standard application. Only credit history or late payments occurring within the last 12 months matter. Rolling Lates count as 1 time late. Chargeoffs don?EUR(TM)t need to be paid off! Medical collections do not count. Debt Ratios to 45% or 50%. Borrowers only needs 5% of their own money. Seller may carry a second lien to 95% CLTV and pay closing costs up to 6%. Credit Merging allows good rental or mortgage history "A" to offset negative consumer history "C or D" and merge at "B" - 85% with allowed CLTV of 95% 80% Stated income with 95% CLTV for Story & A grade loans. 90% loans with 24 months bank statement deposits averaged to show cashflow counted as income. We are the only lender I am aware of that will allow Tax Liens with repayment plans to stay in place and not be paid off. Reliable and quick underwriting, closing and funding. Underwriting exceptions are available if it "makes sense." We make files as simple as possible, overdocumentation is not needed. Instead of written verifications, we use Alt Doc paystubs with YTD income, 2 years W-2?EUR(TM)s, two months bank statements, Housing payment history is documented with Canceled rent checks to landlord or VOR?EUR(TM)s from apartments or management companies. The borrower?EUR(TM)s minimum 5% downpayment must be clearly identified as the borrowers own funds, or have been seasoned for 60 days or more in their account. Gifts aren?EUR(TM)t allowed, but cash on hand IS with 85% LTV / 95% CLTV. Documents such as Divorce Decree, Bankruptcy discharge & schedule of debts, and credit letters of explanation are required to improve the grade and LTV for loans. Unlike traditional loans, all portfolio loans require an appraisal review. Please allow 48 hours prior to closing of the review to be completed. Yes, the interest rate is somewhat higher, but so is the risk! The reward is great for all parties, the Realtor, the Lender, and most of all the new homeowner. The best part, the Mortgage Brokers average is 2% or more of the loan amount. $100,000 loan equals $2000 commission!
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