Mortgage and Portfolio Loan Guide

Frequently Asked Questions

faq

What is your interest rate?

Rates depend on the entire picture of the scenario. We’ll evaluate income, credit, assets, and property. There is no cookie cutter situation. If you’re looking for a portfolio loan, rates/terms are typically different than what traditional pricing looks like because of the level of risk involved when doing a loan nearly no one else is willing to do.

Do you lend in my state?

Here is a list of states I have closed business in: California, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New York, North Carolina, Ohio, Oklahoma, Oklahoma, Oregon, Pennsylvania, South Carolina, Washington, Washington D.C.

I am able to lend in other states. Not all products are available in all states.

Do you offer construction loans?

Yes. I have construction loan products on FHA, VA, and conventional. This is a one-time close, construction-to-perm setup. 

For FHA, 3.5% down payment is the minimum plus 5% contingency in case of overage on builder costs. Modular homes and stick built homes are okay.

For conventional, 30% down payment is the minimum plus 5% contingency in case of overage on builder costs.

Basic steps when getting a one-time close FHA construction loan:

  • Get pre-approved for an FHA loan to make sure you qualify.
  • Select a lot and a builder.
  • Fill out attached spreadsheet in order to get a basic quote on how all the numbers come together.
  • Confirm with builder that the figures are correct.
  • Begin approval process for FHA loan.
  • Builder and project to get approved through the lender.
  • Provide conditions needed from lender.
  • Close on loan. Provide down payment and required costs/taxes/insurance. Monthly payments don’t being until home is complete.
  • Building begins. Builder makes monthly interest only payments during construction process.
  • Builder takes draws for additional funds as new milestones in the construction are reached.
  • Final inspection, and certification of occupancy is completed.
  • Move in and begin making payments on your FHA loan.

I had a bankruptcy recently, can you help me?

It depends on how your credit has been since the bankruptcy. In some cases I can help right after the bankruptcy is discharged. At least 20% down payment would be required for something like that.

I have been self-employed for 12-24 months, can you help me?

If you have been self-employed for at least 12 months, I may be ale to help if you have experience in the same line of work and can show adequate earnings since you started the business.

Do you finance non-warrantable condos?

If you are looking to buy/refinance a non-warrantable condo I may be able to help.

If it’s for a primary residence, and you can put at least 10% down, I can usually help (Florida, need 25% down).

This is especially doable if the issue is high percentage of investor concentration in the condo complex. Very common, and I’ve helped a number of borrowers with their condos who had this issue in the past.

Investment property and second homes on case-by-case basis.

Do you offer traditional loan products like conventional, FHA, VA, USDA, jumbo?

Yes.

How long will it take to close?

Typical turn-time in process from application (the day you sign your initial loan documents) to closing is 30-45 days.

Here is what the process looks like:

  • Offer accepted (need executed copy of purchase agreement)
  • Loan docs signed
  • Appraisal ordered (need credit/debit card info from you to order that)
  • File audited by my team for misc. items missing
  • Appraisal received
  • Submit to underwriting
  • Order homeowners insurance declarations page (will need your insurance agent contact info asap, and for you to move forward with you insurance policy)
  • Conditional Approval
  • Gather final items needed
  • Submit to underwriting for final approval
  • Prepare closing docs with title company
  • Close

Can I get approved based on the income shown on my bank statements?

If you are a business owner I do have a bank statement loan product.

In that case, what we would need is 12-24 months personal bank statements. We’ll use an average of deposits, as well as a 12 month profit and loss statement prepared/audited by a CPA.

20% down payment is the minimum on this product.

What is the minimum credit score to get a mortgage?

I have the ability to go as low as 530 credit score. Full review required to determine approval.

Can you help me with a jumbo loan if I had a foreclosure in the last 3-7 years?

Yes, I may be able to help. 30% down payment would be the minimum. 680 credit would be the lowest on that product. 6 months reserves are needed.

Can you help me with a jumbo loan if I had a bankruptcy in the last 2-4 years?

Yes, I may be able to help. 30% down payment would be the minimum. 680 credit would be the minimum. 6 months reserves are needed.

Do you charge an application fee?

No. But once we are able to move forward, we do ask that you cover up front costs like appraisal/credit report.