Specialty Mortgage Programs

Back in good old days, there were really just one variety of mortgage option available to home buyers and homeowners wanting a mortgage - a fixed rate and with repayment terms typically set at 30 years. As a borrower, you paid off the home loan through your lifetime, to enjoy a mortgage free ownership of property in your golden years. Such ownership provided complete financial stability and peace of mind to senior citizens today, many of whom owned their homes by the time they retired. (If you're 62 years old or more, and own your home right now, we recommend considering a reverse mortgage!)

Thanks to deregulation within the finance industry, today's mortgage customers now enjoy a wide expansion of funding sources and home loan options to include Stated Income, No Documentation Mortgage, No Ratio Loans and the No Income No Asset Mortgage. These diverse home loan options have many buyers and homeowners looking at loans which are different from the conventional mortgage loans our grand parents once had. Today, the mortgage market is full of nontraditional or specialty loans and caters to all kinds of borrowers.

Each of our specialty loan programs have various finance "Options" to choose from. While a few items within this list do not apply to every loan type listed below, it does provide for a good overall feel of what options are available for each of the specialty mortgage programs we offer.

1. Homeowners and Home Buyer can elect an Adjustable Rate Mortgage option that can include:
   1. A 3/1 ARM Option
   2. A 5/1 ARM Option
   3. A 7/1 ARM Option
   4. A 10/1 ARM Option
   5. An Option ARM Mortgage Program also known as "Pick A Payment"
2. Some specialty programs can include Interest Only payments
3. Real Estate Investors and take advantage of many of these loan programs
4. Many Jumbo and Super Jumbo properties are eligible for specialty financing
5. We can also assist some bad credit homeowners and homebuyers using several specialty loan options

Let's take a look at some of the specialty loan options available in the market today.

No Doc Loans

The no documentation mortgage is one of the easiest ways to purchase a home, or for a homeowner to refinance and take cash out. Also known as no documentation loan or no doc mortgage, the program does not require income, asset or employment verification. No W-2s, tax returns, pay slips, bank statements etc. A real no doc loan requires that the borrower have a good credit record, but beyond basic residence information, you do not provide any of the traditional disclosures related to your sources of income, assets and employment. Basically, you list the property, your current name, address and social security number, sign the application and your application is now complete. The definition of good credit varies but in almost all cases initial qualification for our no documentation mortgage means a middle credit score of 660, though we may consider lower scores based upon the loan to value risk on the property. For well qualified credit borrowers, we can help with financing up to 95% LTV.

Stated Income Mortgage Loans

The stated income mortgage loan is perfect for people who work but do not have a regular source of income, collect tips or are self employed. So if you are self-employed and live off commissions or tips or don't want to disclose all of your sources of earnings, then this is a great loan product for you. With a stated income loan, no W-2s, pay stubs or tax returns documents are required. However, you must be able to prove that you have been working continuously for at least 2 years. You can use this loan for purchase or refinance, but the interest rate on a Stated Income Mortgage is usually about a half-point above the comparable rate for a traditional mortgage, dependent upon your credit score. Get up to 100% financing with a credit score of as low as 620! Call us today.

No Ratio Loans

The no ratio mortgage program is a great compliment to our portfolio of mortgage programs. If you have a strong asset base, can show the ability to make mortgage payments on a timely basis and can verify your employment for the past 2 years in the same industry or the same job but do not want to divulge the details of your income then a No Ratio Mortgage Loan may be ideal for you. For purchase purposes you are required to verify your employment and assets, but rarely for refinances. Your job or title will ideally support and reflect your ability to repay the mortgage.

No Income No Asset (NINA)

The no income no asset loan is really a unique hybrid of a stated income and no ratio loan. Also known as a NINA mortgage, this program is best suited for a borrower who wants to get a mortgage loan without verifying his income or assets. Financing terms very by quality of credit and higher loan amounts may require a larger down payment and homeowner refinancing for cash out may have have lower LTV caps. As a borrower you will have to verify your employment or self-employment in the same job/industry for a minimum of 2 years. Similar to No Doc Loans, the no income no asset loans, or NINA, makes for a pretty straightforward transaction!