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