California Mortgage Brokers And Lenders – Loan Approvals With Good Or Bad Credit

Mortgage brokers have the ability to locate the perfect home loan for your credit type. Before lenders began offering a range of home loans, getting approved for a mortgage loan with poor credit was impossible.

View our Recommended California Mortgage Brokers Online.
oday, there are many loans and lenders that focus on both good and bad credit mortgage loans.

Options Available to Homebuyers with Good Credit

Naturally, having a high credit score will present better mortgage loan options. For starters, if your credit score is above 680, you are considered a prime borrower. This status allows you to apply with any mortgage company and receive the best rates.

Furthermore, those with good credit may qualify for zero money down home loans up to 107%. This financing option is perfect for homebuyers who seek assistance with down payment and closing costs. Moreover, real estate investors may take advantage of 107% financing in order to have enough funds to make improvements to the property.

Individuals with good credit may also qualify for a no documentation loan or a stated income loan. Both options are ideal for the self-employed or income that’s difficult to verify.

Poor Credit Loan Option

If you have poor credit, your loan options for a mortgage are also great. Lenders realize that excellent credit is hard to maintain. Bad credit happens for many reasons, and can affect good people. For example, loss of employment or serious illness may create a financial burden. In this instance, it becomes difficult to maintain regular payments.

The majority of mortgage lenders and brokers believe in second chances, thus they offer several loan programs that cater to low credit scores. This include 100% financing loans, no money down home loans, VA homes loans, low income home loans, etc.

How to Apply for a Mortgage Loan

If new to the home buying process, mortgage lenders and brokers will assist you with the application. Before completing and submitting a mortgage application for approval, request multiple quotes from different lenders. If using a broker, multiple offers are automatic.

There are several benefits to obtaining several mortgage quotes. Lenders offer different rates and terms. By acquiring several offers, you can compare varying loan packages and select the finance option with the lowest mortgage rates.

Read more...

What Is A No Doc Or Low Doc Home Loan?

A "Lo Doc" or sometimes call "Lo Doc Home loan" are mortgage or home loans where documentation for verification of your income is not required. However, all other documentation is.

These loans are ideally suited to self-employed, independent contractors, investors, credit rating impaired, ex-bankrupt or clients with arrears on current mortgages and borrowers who have been rejected by traditional lenders. Including people with suitable incomes but to meet bank verification takes valuable times and money.
Low Doc Home Loans (Low Document) are usually slightly more expensive than traditional loans due to the higher risk profile.

This is primarily for people who are looking to purchase investment properties, residential or refinance existing housing property and don’t have PAYG or current taxation returns confirming their income, which normally sustains a standard investment loan.

There are 3 main types of Low Doc or No Document Loans.

No Ratio Loans
These loans are for lenders who may not wish to disclose their incomes, Thus there is no debt to income ratios for the lender to consider. Good credit and abundant assets the No Ratio borrower has makes up for the lender not considering the borrower’s income information. If gathering income documentation's is going to be a logistical nightmare, then this loan can offer a quick and easy process.

No Doc Loans
To get credit the No Doc loans requires the least amount of documentation. The lender evaluates your loan request with the minimal amount of financial information from the lender and maximum privacy is assured.

Stated-Income (Low Doc) Loans
If your income fluctuates week to week, month to month, the Stated-Income, or Low Doc loans are the most attractive. However unlike the No Doc Loans, the Low Doc Loan does require the lender to disclose earnings, usually for two years, and might need to show tax returns and bank statements.

If you think a No Doc or Low Doc loan is right for your situation, talk to a mortgage expert. It might be beneficial for you to pay a higher rate for this loan. A good mortgage banker can also show you how to obtain the necessary documentation.

By: Steve Szasz -

Article Directory: http://www.articledashboard.com

Read more...

State Income Loans and Commercial Loans

When you are analyzing a residential loan, you can determine program eligibility
once you know the loan amount and loan to value (LTV), know your borrowers credit,
know the income of your borrower to calculate their debt to income ratio (DTI),
and accurately profile them for the most suitable loan product.

State Income Loans and Commercial Loans at www.statedcommercialloans.com

On a full doc commercial loan both the borrower’s financials and the property
financials are being analyzed. The borrower is expected to have an acceptable DTI
and the property is expected to have an acceptable debt service coverage ratio (DSCR).
If you were to submit the deal under a stated income stated asset (SISA), or
no income no asset (NINA), program, it simply means that the borrowers
information is not analyzed (except for their credit), however the property income is
still being analyzed to show that it will generate sufficient income to have an acceptable DSCR.

If you would like to get an informed analysis of a commercial loan that you are working
on and would like some realistic expectations, remember that you may always contact
someone at Griffin Capital Funding and Carteret’s Commercial Division at (800) 710-6762
for a no obligation quote.

You can find more information at www.statedcommercialloans.com

Stated commercial loans offers stated income commercial loans, wholesale multifamily
commercial mortgages, no doc office and retail building financing,
real estate and apartment loans with low interest rates.

Read more...

California Mortgage Brokers And Lenders – Loan Approvals With Good Or Bad Credit

Mortgage brokers have the ability to locate the perfect home loan for your credit type. Before lenders began offering a range of home loans, getting approved for a mortgage loan with poor credit was impossible.

View our Recommended California Mortgage Brokers Online.

Today, there are many loans and lenders that focus on both good and bad credit mortgage loans.

Options Available to Homebuyers with Good Credit

Naturally, having a high credit score will present better mortgage loan options. For starters, if your credit score is above 680, you are considered a prime borrower. This status allows you to apply with any mortgage company and receive the best rates.

Furthermore, those with good credit may qualify for zero money down home loans up to 107%. This financing option is perfect for homebuyers who seek assistance with down payment and closing costs. Moreover, real estate investors may take advantage of 107% financing in order to have enough funds to make improvements to the property.

Individuals with good credit may also qualify for a no documentation loan or a stated income loan. Both options are ideal for the self-employed or income that’s difficult to verify.

Poor Credit Loan Option

If you have poor credit, your loan options for a mortgage are also great. Lenders realize that excellent credit is hard to maintain. Bad credit happens for many reasons, and can affect good people. For example, loss of employment or serious illness may create a financial burden. In this instance, it becomes difficult to maintain regular payments.

The majority of mortgage lenders and brokers believe in second chances, thus they offer several loan programs that cater to low credit scores. This include 100% financing loans, no money down home loans, VA homes loans, low income home loans, etc.

How to Apply for a Mortgage Loan

If new to the home buying process, mortgage lenders and brokers will assist you with the application. Before completing and submitting a mortgage application for approval, request multiple quotes from different lenders. If using a broker, multiple offers are automatic.

There are several benefits to obtaining several mortgage quotes. Lenders offer different rates and terms. By acquiring several offers, you can compare varying loan packages and select the finance option with the lowest mortgage rates.

Read more...

Stated Income Home Equity Loan

This is a type of secured loan. It means that the loan is secured by the borrower property. The equity is the value of your apartment that the borrower owns. In order to determine the equity value of the borrower bungalow, the borrower needs to take appraise the condo on the current market. Cottage equity loans are a good way of having fast and easy money. However if you obtain a apartment equity loan you take the risk of losing your home if you are unable to pay the monthly payments because of this, you will set your villa as collateral.

There are many types of condominium equity loans; one type of flat equity loan is the stated income home equity loan. They are the types of home equity loans that means the lender is not going to be validating any income or assets of the borrower of the house equity for them to approve the loan. It may seem hard to believe but most lenders practice this a lot.lenders implement stated income home equity loans to individuals who are borrowers that have outstanding credit ratings. Stated income rooming house equity credit is a great choice for borrowers who are self employed and needs to have a home equity credit, however, the borrower must have a good credit rating in order to acquire it.

In other words stated income house equity borrowing is a specialty loan the does not validate the income or assets of a borrower with the usual documentations, such as those who are self employed or salaried borrowers. In addition to that, This are types of loans that allows a borrower with outstanding credit rating to access financing without the usual documentations. There are also some programs that allow the borrower to finance one hundred percent of the value of their property for refinance or purchase.

The traditional way to qualify for a house equity borrowing is by calculating the borrower debt ratio to be certain that the borrower is within the guidelines. Some borrowers have trouble qualifying for a apartment equity borrowing with this way. That is why some apartment equity lenders are willing to process a house equity loan without inquiring the borrower income documentations (like tax refunds, pay stubs, etc.). To compensate for that, the lender uses the invalidated amount of income that is stated in the apartment equity loan application.

Some house equity lenders oblige the borrower to state a certain amount of dollar assets that will be validated, although, there are also some lenders that offer a no income no assets programs that forfeits the need for documentations.

Article Source: http://www.articlewheel.com

Read more...

Stated Income Mortgage Loan - Get Approved Online

A stated income or no doc mortgage loan allows individuals with difficult to document income to buy a home. With a documented credit score and reasonably stated income, you can qualify for a mortgage at a slightly higher rate. Online mortgage lenders allow you to easily compare rates on stated income mortgage loans, guaranteeing that you get the best rate.

Getting Started

To apply for a stated income or no documentation mortgage loan you will need to provide necessary paperwork verifying your credit score and employment. You must provide your social security number since your credit worthiness is based almost entirely on your credit score. Typical stated income loans will require a credit score of at least 680, but some lenders will offer loans for scores as low as 580.

You will also need to prove you are employed - self-employed individuals qualify. You will need to disclose your income, which must be reasonable in your profession.

Finding Mortgage Lenders

Just like with any type of mortgage loan, it pays to compare lenders’ rates and fees. Even a quarter of a percent difference can save you thousands over the life of your mortgage. However, you also need to factor in fees when comparing lenders. Fees often hide the true cost of a mortgage loan.

To quickly find lenders, use a mortgage lender website to request basic quotes. By providing the loan amount and your estimated income, lenders will give you a generic mortgage quote. Online mortgage lenders allow quick shopping from the convenience of your home.

Getting An Approved Loan

Once you have found a mortgage lender, you have two options. You can apply to be pre-approved for your stated income mortgage loan or you can find your house and then apply for a loan. Pre-approved borrowers increase the chance that their offer will be accepted when buying a home.

When you are ready to apply for your mortgage loan, you can complete your application online by entering your personal information over a secure server. Final paperwork will be mailed out to you to review and sign. Once notarized, you send the forms back to the lender for their final approval. Read more...

The Top 12 Commercial Mortgage Loan Problems To Avoid

This article describes 12 recurring commercial mortgage problems that commercial borrowers and their advisors need to anticipate before it is too late. The following problems are common in traditional bank commercial real estate loans and should be avoided if feasible (special circumstances will periodically make some of these terms unavoidable).

Key Problem Number 1:
Tax Returns versus Stated Income
Most traditional banks will require several years of tax returns in order to qualify for a commercial real estate loan. The alternative is to use a Stated Income Lender that does not verify personal income or assets. Many borrowers will simply not qualify for a commercial mortgage loan if tax returns are used due to high business expenses (and low net income). Many lenders using tax returns will also continue to verify income after the loan closes. Stated Income Lenders will not engage in this practice.

Key Problem Number 2:
Special Purpose Properties

It is becoming increasingly difficult to get commercial loans for special purpose properties. Properties that do not fall in the categories of apartments or retail/office buildings are often placed in this special purpose classification. This means that business acquisition loans for commercial properties such as restaurants/bars and auto service businesses are frequently hard to find. Commercial financing will be even more difficult to locate for such specialized properties as churches, funeral homes, nursing homes and assisted living facilities.

Key Problem Number 3:
Recall/balloon features

These terms are used by many banks to effectively shorten most business acquisition loans to 3-7 years.

Key Problem Number 4:
Short-term loans (less than fifteen years)

15-40 Year Commercial Property Loans without recall/balloon features are available.

Key Problem Number 5:
Up-front Commitment fees

Under most circumstances, commercial borrowers should not pay such a fee. Please note that processing/retainer fees are not included in this discussion of commitment fees. Processing/retainer fees should be viewed as an acceptable and standard business practice when dealing with commercial loans.

Key Problem Number 6:
Business Plans

Under most circumstances, commercial borrowers should not use a lender that requires a business plan.

Key Problem Number 7:
Cross-collateralization

Commercial borrowers should not be required to use their personal assets as collateral for a commercial property loan.

Key Problem Number 8:
Sourcing and seasoning assets. Seasoning of ownership.

This particular problem will not be relevant to all business borrowers. However, if it is relevant, you should seek out a lender without sourcing and seasoning requirements or limitations. Most banks have strict guidelines for sourcing and seasoning of assets or ownership to qualify for commercial real estate loans. For a purchase, commercial lenders will frequently want documentation about where the down payment is coming from (sourcing). Commercial lenders will also frequently have very specific requirements stipulating that the funds must have been in a specific account for a specific period of time, often 3-6 months or longer (seasoning). Seasoning of ownership is similar to seasoning of funds, except this requirement involves the minimum time someone has owned a commercial property before they can refinance the property.

Key Problem Number 9:
Requirement to sign IRS Form 4506

IRS Form 4506 authorizes the lender to obtain a borrower's tax returns directly from the IRS. This form is routinely required by most traditional banks and many other commercial lenders for a business acquisition loan. Commercial borrowers using a Stated Income Lender with Limited Documentation Requirements will avoid this requirement.

Key Problem Number 10:
Debt Service Coverage Ratio (DSCR) in excess of 1.2 for a business acquisition loan

The most flexible approach to DSCR for a commercial property loan will require a DSCR in the range of 1 to 1.2, with exceptions permitting a DSCR less than 1.

Key Problem Number 11:
Minimum commercial property loan size that is too high for your commercial mortgage needs.

It is not unusual to encounter a minimum commercial loan requirement of $500,000 to $1,000,000.

Key Problem Number 12:
Excessive length of the commercial real estate loan process

Many traditional banks require three to nine months to close a commercial mortgage. A more action-oriented commercial lender will close a commercial mortgage loan in 45 to 60 days.

For a free online six-part commercial mortgage course that addresses all of the problems described in this article, please visit http://steve.bush.googlepages.com/course or http://aexcfgllc.com for free enrollment information.

● © 2005-2006 AEX Commercial Financing Group, LLC ● All Rights Reserved ●

By: Stephen Bush -

Article Directory: http://www.articledashboard.com

Read more...

How to get your New Home Construction Loans

Deciding to build your first new home or that home of your dreams requires funding for the building process. Luckily, for you there are new home construction and stated income construction loans out there that are ready to help you get started to helping with the building costs of your brand new home. Both of these types of construction loans offer funding to you, but are different in how you go about obtaining them.

To first obtain a new home construction loan, the lender that you choose must know anything and everything about the home construction that you have planned. Construction loans are available to you through national lenders like Wells Fargo or Bank of America or they can be obtained through regional banks or mortgage companies. The interest rate for a construction loan is generally paid on for 12 months and then they typically are replaced by a mortgage after the completion of your home. There are two types of construction loans. One is the all in one loan, which is automatically changed to a mortgage upon completion of the home. The other type is the construction only loan, which is due when the building is done, and then the loan must be paid off or replaced by a mortgage. Lenders will pay funds for the building of your home in several "draws". This means that at different times during the building process a plan is drawn up that will state how much funding was used during that particular stage. Then it is sent to the lender and the funding is paid. Examples of the stages would be after pouring the foundation or framing the house.

A stated income construction loan is a loan that does not require verification of your income. An example of a person who would be a great candidate for this type of loan is an individual who is self-employed. A person who cannot verify his or her income or someone who chooses not to share this information will benefit when applying for a stated income construction loan. The advantage of this type of loan is that the approval time is generally faster than that of other construction loans. The downside to a stated income construction loan is that the down payment and the interest rates associated with the loan can be a lot higher than that of other loans. This loan can be applied for online or through the office of the lender that you choose to obtain a loan from.

Read more...