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Alternative Residential Loans
For a Rate and Fees quote call
800-390-7536
Alternative Residential Loans
This program is designed for Borrowers looking to purchase a new home or to refinance the balance on an existing mortgage of their current residence. We offer non-qualified, bank statement, weak credit and unique property mortgage loans to Borrowers who may not qualify for a conventional mortgage loan. Loans are evaluated on a case by case basis subject to full review of the Borrower’s qualifications (ie: income, assets, credit and loan to value). We pride ourselves on prompt decisions to provide Borrowers with confidence to achieve their goals. Conventional market rates do not apply.
General Guidelines*
- Loan Amounts: $95,000 to $2,500,000
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Maximum Loan to Value Purchase: 80% / Refinance 75% (subject to the number of units, loan size, loan term, credit score and income)
- 1 to 4 family homes preferred, refer to Commercial Loans for more than 4 units
- Owner Occupied Primary Residence Only
- Compensating factors taken into consideration
- Recent bankruptcy or late mortgage payments are not automatic declines
- No refinances allowed for existing Sub Prime, High Cost or Special Loans
- 15 to 30 year term available (conventional market rates do not apply)
*All rates and terms subject to change without notice
Non-Prime Loan Programs are available for Borrowers with:
1) Less than perfect credit who have experienced credit problems and have resolved the problems for the future.
2) Alternative income verification that can prove income through corporate finance statements, bank statements, etc., other than W2.
