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REFINANCE NICHES:
Rate and Term up to 97% of the value of
your home
Cash Out to 95%
of the value of your home
Up to 55% Debt
compared to Income Ratio
2 years out of BK
- must have good pay history after BK
Can leave Chapter
13 open or pay it off
Foreclosure
started but didn’t foreclose? Can refinance 1 year later if no
mortgage lates
Foreclosed? Can refinance 2 years later
if no mortgage lates
Use non occupying
Family Members for more income
Can disregard debt
on credit bureau if someone else is paying it
Can use trade
lines not on credit bureau, example: cell phone, insurance, 401k,
etc…
Rural- No max LTV
and No max Acreage
No Reserves are OK
Mobile Homes – 85%
LTV, $80,000 Minimum Loan Amount FIRM!
Refer Eligible can
still be approved with compensating factors and Lox’s
SOME FHA
REFINANCE GUIDELINES:
Seasoning – Must be in the home for 1
year before you can use appraisal value (FHA "Streamline" is 3
months)
Full Doc only
Owner Occupied Only
30 year fixed or
15 year fixed, No pre payment penalty
No peeling paint but will escrow the
cost into the loan
No over 30 day Late
Mortgage payments
in past 12 months - One 30 day late
payment reduces LTV to 85%
Refer Eligible
must be at 45% DTI with good letter of explanation
*LET US SEE IF YOU QUALIFY!!!
If you would like to
refinance.....click
here to apply online
If you would like to buy a
home.....click
here to apply online
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secure site!
