Stop Renting! Buy Your Own Home!
Paying $2,000 a month rent, is wasting $24,000 a year!
HELOCS -Credit Lines – Reverse Mortgage – All types of loans!
Bankruptcy, Foreclosure and Short Sale OK!
1% Down Payment
- Income W2: 2 years employment history w/paystubs
- Income Self-Employed: 2 Years of Tax-returns
- US Residents and Residents (green card or work permit)
- 620+ credit score
- 45% Max LTV
- Max loan amount $350,000
- Max Combined Household Income 65,680
- 2% Grant from directly from the lender
- This affordable product is NOT limited to specific areas.
- A Non-Occupant Co-Client is not allowed.
- Homeownership counseling program
- Income Retirement, Social Security, Pension.
- Student Loans OK (1% balance)
- Gift money OK (family member)
- 3% Seller Concessions (required) *
Buy your home – STOP RENTING!
$200,000 you need $7,000-$10,000
$250,000 you need $8,750-$12,000
$300,000 you need $10,500-$13,500
$350,000 you need $12,250-$15,500
$400,000 you need $14,000-$16,000
$450,000 you need $15,750-$18,000
* Your real estate agent will negotiate with the seller to help you pay the closing cost! All numbers are estimated.
Thinking of keeping to renting?
Renting a $2,000 home = $2,000 1st month + $2,000 last month + $2,000 security deposit = $6,000 wasted! In a year $24,000!
FHA
- Income W2: 2 years employment history w/paystubs
- Income Self-Employed: 2 Years of Tax-returns
- Income Retirement, Social Security, Pension.
- Down Payment 3.5% (score 580+, ideal 620+)
- Down Payment 10% (score 550 to 579)
- Collection do not matter
- Student Loans OK
- Gift money OK (family member)
- Manufactured homes OK (built after 1977)
- Mortgage insurance always required
- 5%-6% Seller Concessions (required)*
Buy your home – STOP RENTING!
$200,000 you need $7,000-$10,000
$250,000 you need $8,750-$12,000
$300,000 you need $10,500-$13,500
$350,000 you need $12,250-$15,500
$400,000 you need $14,000-$16,000
$450,000 you need $15,750-$18,000
*Your real estate agent will negotiate with the seller to help you pay the closing cost! All numbers are estimated.
Thinking of keeping to renting?
Renting a $2,000 home = $2,000 1st month + $2,000 last month + $2,000 security deposit = $6,000 wasted! In a year $24,000!
Conventional
- Income: 2 years employment history
- Down Payment 5% (score 620+)
- Collection may require to be paid
- Student Loans OK
- Allow higher credit scores.
- Slightly down payments.
- Have easier property standards.
- Require private mortgage insurance when the down payment is less than 20%, and the insurance may be canceled.
JUMBO
A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $647,200 for a single-family home in all states (except Hawaii and Alaska).
- 10% Down Payment
- W2 and Self-Employed
- Fixed and adjustable rates available
- Minimum credit score 660
- Interest Only Program available
- 3 months reserves
VA
- Income: 2 years employment history
- Credit Score 580+
- Down Payment 0%
- Collection may require to be paid
- Student Loans OK
- Allow low credit scores.
- No down payments only closing cost
- Have easier property standards.
- No Mortgage Insurance
Self-Employed
- Income: 12 Months of Bank Statements
- Down Payment 10% (Score 740+ | 6 Months reserves)
- Down Payment 20% (Score 680+ | 3 Months reserves)
- Down Payment 20% (Score 660+ | 6 Months reserves)
- Down Payment 25% (Score 620+ | 3 Months reserves)
- ITIN Down Payment 20% (Score 680+ | 3 Months reserves)
- Collection doesn’t need to be pay
- Qualifying Residual Income $1,500 and DTI 50%
- Income: 12 Months Profit & Loss
- Down Payment 20% (Score 700+ | 3 Months reserves)
- No Mortgage Insurance required.
A Bank Statement Loan may be the solution for self-employed borrowers
When you’re self-employed, you don’t have the luxury of being able to provide pay stubs or show net income on tax returns when you’re trying to secure a mortgage loan. Not having these required documents can make getting approved difficult, even if you have good credit.
Our Bank Statement Loan program allows self-employed borrowers to seek a home loan without showing net income on taxes or pay stubs. We look at your income over 12 months using bank statements, and if you meet our criteria, you can get a mortgage loan with a competitive rate.
No Income
- No need to show employment or income
- 700+ score requires 20% down (purchase, refi term)
- 680-699 score requires 25% (purchase, refi term)
- 660-679 scores requires 30% (purchase, refi term)
- 640-659 scores requires 35% (purchase, refi term)
- 720+ score up to 75% (cash-out refi)
- 660-719 score up to 70% (cash-out refi)
- 640-659 score up to 60% (cash-out refi)
- 12 months reserves required (refi can use cash-out as reserves)
- No Mortgage insurance required
- SFR, PUD, Townhome, Condominium (Condos in Florida require a Full Cond Review), 2‐4 Unit, Modular, Rural
and Log Homes. - US Citizen, Permanent Resident Alien, Non‐Permanent Resident Alien (With US Credit and acceptable VISA).
- Two (2) tradelines reporting for 12+ months or one (1) tradeline reporting for 24+ months, all with activity in the last 90 days. *First Time Home Buyers are allowed to apply a 12‐month recent and satisfactory VOR towards the tradeline requirement.
- Sellers concessions up to 6%
- Gift Money OK (family member).
- Program Code: Ally-Champ
Fix & Flip
- We don’t ask to show income
- No employment required
- 80% to 90% of Purchase Price
- 100% of rehab
- Experience required (3 flips in the past 2 years)
- Minimum credit score 660
- Appraisal required $650
- 6 months PPP
- 1 Year – Interest Only
- 1 Year Balloon
- Must close under LLC company
- 15-25 days closings
Private Investor
Hard Money
- 660 credit score 20% + closing cost
- No credit score 30% + Closing Cost
- No Income
- No Appraisal (in-house review)
- No employment required
- No experienced required
- Interest Only
- 1-2 Year Balloon
- 6 months PPP
- Must close under LLC company
- Survey required
- Must own a primary home
- Fast closings 10-15 days
Not all properties qualify. Please send us the address and purchase contract or purchase price for pre-approval @ flips@gmloans.com
RENTALS DSCR
No need for Tax Returns
No need for Income or employment
ITIN buyers OK – Our Program GreenBox
Now only 15% down payment!
DSCR (debt service coverage ratio) loans are evaluated based on the property’s rental income, not the applicant’s personal income.
So your portfolio’s growth isn’t constrained by your personal income, and there’s no limit to the number of properties you can own.
Approval is faster and easier, too, because there’s no painful personal income verification.
Simple, if you have 660 as a medium score and 15% down + closing cost + the appraisal values the property as the purchase price…then is all good! 20% required if score is between 620-659.
Income
- No tax returns required
- No employment required
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Calculating DSCR
To calculate DSCR, take the monthly rental income and divide it by the monthly expenses. Monthly expenses typically include the principal, interest, taxes, insurance, and – if applicable – the homeowner’s association fees that are owed on the property each month; these expenses are commonly referred to as PITIA.
For example: let’s say that you buy a rental property, expecting to be able to charge $1,500/month for rent, with the PITIA on the property coming out to be $1,500/month. Here you would divide the monthly rental income by the PITIA expenses to get a DSCR of 1.0.
Grow your portfolio without using your personal income!
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Available in these States: Alabama, Arkansas, Colorado, Connecticut, Washington DC, Florida, Georgia, Hawaii, Indiana, Iowa, Kentucky, Louisiana, Maryland, Missouri, Michigan, Nebraska, New Jersey, New Mexico, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Wisconsin.
ITIN
- Income: W2 with Paystubs
- 2 Years employment information
- Down Payment 20% (Score 660+ | 3 Months reserves)
- Collection doesn’t need to be pay
- 50% DTI
- Income: Self-Employed with Tax Returns
- 2 Years employment information
- Down Payment 20% (Score 680+ | 3 Months reserves)
- Collection doesn’t need to be pay
- 50% DTI
- Income: 12 Months of Bank Statements
- Down Payment 20% (Score 680+ | 3 Months reserves)
- Collection doesn’t need to be pay
- 50% DTI
- Income: 12 Months Profit & Loss
- Down Payment 20% (Score 660+)
- No Mortgage Insurance required.
- 50% DTI
A Bank Statement Loan may be the solution for self-employed borrowers
An ITIN loan is a type of loan that is available to individuals who don’t have a social security number but do have an Individual Taxpayer Identification Number (ITIN). ITINs are issued by the Internal Revenue Service (IRS) to individuals who are required to have a U.S. taxpayer identification number but are not eligible for a social security number.
When you’re self-employed, you don’t have the luxury of being able to provide pay stubs or show net income on tax returns when you’re trying to secure a mortgage loan. Not having these required documents can make getting approved difficult, even if you have good credit.
Our Bank Statement Loan program allows self-employed borrowers to seek a home loan without showing net income on taxes or pay stubs. We look at your income over 12 months using bank statements, and if you meet our criteria, you can get a mortgage loan with a competitive rate.
LAND/LOTS
- No income required
- No credit scores required
- 50% down payment + closing cost
- Minimum loan amount $50,000
- 2 Years balloon
Foreign National
- For Foreign National ONLY – Must live outside USA
- Credit and income not required
- Down Payment 25% + Closing Cost
- Investments Only – Loan Amounts to $1.5 Million
- Single Homes, Townhomes, PUD, Manufactured, 2-4 units, Condominium warrantable and non-warrantable
- Not Required to Source Large Deposits
- Vesting is not required to be an LLC.
- Funds to close: Must be transferred to a US account in the borrower’s name and/or the title/closing agent at least 10 days prior to closing
- Foreign assets recently deposited into a U.S depository institution are acceptable
- Assets held in a foreign account may be used to satisfy reserves
- Higher Lease/Rent allowed with 3 months receipt
- Use 100% of market rents for all vacant units
- Prepayment Penalty: 3 years standard term.
- Reserves: 12 months
- Copies of the borrower’s foreign issued passport and unexpired visa must be obtained
- Canadian citizens are not required to provide a valid visa
- Borrowers who are residents of countries which participate in the State Department’s Visa Waiver Program (VWP) will not be required to provide a valid visa.
- We cannot fund loans for borrowers that are from Russia, Belarus and Venezuela.
- A list of permissible nonimmigrant Visa types is located on the U.S. https://travel.state.gov/content/travel/en/us-visas/visa-information-resources/all-visa-categories.html
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Please, let me know if you have any questions. My name is Mackenzie, and I am an AI Assistant.
