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Mortgage Options JP Mortgage and Chris Penders have closed over 150 million dollars in residential and investment loans. FHA, VA, Conventional and Sub Prime are the main avenues that are available to the buyer. Contact Us FHA LoanPrimarily for first time home buyers but a previous home owner is allowed. A very
minimal down payment is required. FHA loans allow for forgiveness on some credit issues
and a higher ratio of debt to income. This allows you to qualify for a bigger house. (A
two year work history ( college degree may be used in lieu of 2 year work history ) &
a two year rental history is required.) Closing costs may be paid for by you or by seller
( max .6% by seller ). You may receive 100% of your down payment or closing costs in the
form of a gift. Loan amounts differ in each state and county. Check your local area for
the maximum amount allowable. Down payment is 2.75% of the sales price. Credit scores are
not used. Contact Us VA Loan (for veterans only) The buyer must have served more than 180 consecutive days in the military and be honorably discharged. Other discharges on a case to case basis and are decided by the Veterans Administration. No down payment required ( VA funding fee added to loan amount). Higher debt to income ratio's than conventional loan. Maximum amount paid by seller is 4 %. You may only use a Co-Borrower income if you are married. Maximum loan amount is $240,000. Credit Scores are not used. Contact Us Conventional LoanPrimarily for loan amounts over the local FHA limit or for those who want to put down larger down payments. Larger down payments allow for buyers to choose the sort of loan they want. They may choose a fully documented loan or a loan that is called no or low document loan. These low or no document loans are not available in FHA or VA loans. For example this allows a self-employed borrower whose tax returns may reflect minimum income because of his or her tax situation to purchase a larger home. Conventional loans are underwritten to a higher standard and few breaks for bad credit or late payments are given. Maximum amounts paid by seller 3%. Excellent credit will allow for possible 0% down. Conventional loans are credit score driven. No Documentation, Stated Income and no ratio loans are readily available for qualified borrowers. Contact Us Sub Prime ( B- Paper) LoansThese loans allow for those people who have had serious credit problems or have limited work history in their profession (such as less than 2 years self employed) to still purchase a home. There are two directions a sub prime loan can take. For example this loan can be used as a temporary loan. A buyer who may have had a recent bankruptcy can take the first 2 years of the 30 year note, make all his payments in a timely manner, establish 3 new lines of credit and then refinance out of his higher interest loan to a standard Conventional / VA or FHA loan. If the buyer has a history of lazy payments for whatever reason, he/she may just take this higher rate and simply pay more over the life of the loan. Sub Prime loans have higher interest rates, allow for higher ratio of debt to income and generally require 0% to 40% down. Maximum amount paid by seller differs from investor to investor. Sub Prime is credit score driven. Contact Us Investment Properties We have outlets from over 40 national lenders. Private investors are also available. Contact Us "Private Money", Commercial Loans and Investment Loans For Hard to Finance Borrowers and Properties -Equity in Real Estate is the main Requirement!
Acceptable Properties
Loan Requirements
Loan Structuring
Documentation Required for "Private Money" Loans
For additional information on Commercial Loans, please e-mail: Chris
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