In addition to FHA, VA, and conventional loans, there are also special loans for people who don’t fit into those boxes. We have loans where we calculate the income based on the deposits into your bank accounts (business and personal) as well as asset depletion loans for people who have significant assets but can’t prove there income. Additionally, if you’ve been turned down by another mortgage company for an FHA or conventional loan, we may be able to get it approved. I recently had a client who was denied by one lender and approved for $100,000 by another lender and we were able to get him approved for $170,000. He ended up buying a $163,000 home and we handled the mortgage for him. I’ve helped a number of clients throughout my career who have either been turned down by other lenders or haven’t been able to qualify for as much as they would like. Contact me to see how we can help you.
Foreign National Loans
We have loans for people from just about anywhere in the world. Some loans are for 2nd homes and some are for investment properties. The loan-to-value (LTV) ranges from being able to borrow 50% of the purchase price all the way up to 75%. For 2nd home purchases, we have a great product that allows a foreign national buyer to purchase a home either with asset-based income (65% LTV) or on a full documentation loan (75% LTV). The Asset Income program requires, $1mil in post-closing qualified assets, 12 months of bank statements to calculate the income, and a max LTV of 65% as stated previously. The foreign currency will be converted to US dollars. There are some other guidelines but these are the big ones. For the Full Documentation program, two years of foreign tax returns are required – if they need to be translated into English, it needs to be done by a 3rd party certified translator. It is common to require a letter of credit from the borrower’s bank in order to establish a credit history.