What’s Your Lending need?
Are you currently renting & looking to buy your first home? Moving up to accommodate growing family or finally ready for that vacation home? Refinancing out of an Adjustable rate mortgage or consolidating high interest rate bills? Perhaps your in a financial situation to pursue investment and/or commercial properties such as multifamily, apartments, self storage, mobile home park, office, mixed use or land development? We specialize in Home Loans, Home Mortgages, Commercial & Private Money Lending!
The following is a partial list of programs offered by MLS with a brief description of the key elements of each loan program. For a complete list, please contact us at 877-670-2066!
FHA Mortgage
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. This is a GREAT program for the 1’st Time Home Buyer!
VA Mortgages
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person. We have a Verteran in our office that would be honored to help you with VA Financing!
USDA Rural Development
Guaranteed by USDA and backed by the federal government, this mortgage offers borrowers to put 0% down payment. Great for low-moderate income households in the outline rural areas.
80/15/5
This is a loan which carries a second mortgage for up to 15% of the purchase price of the property. It is usually used when wishing to avoid PMI insurance or to keep your first mortgage under the FNMA/FHLMC limit to avoid Jumbo rates. The borrower puts down a 5% down payment and then finances a first mortgage up to the FNMA/FHLMC limit and a second mortgage of up to 15% of the purchase price. Other variations are 80/10/10 or 75/15/5.
New Construction
Building a new home can be an exciting prospect – unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
Challenged Credit Loans
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems. These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.
No Income Verification
Loans where your income is not requested or verified with as little as 10% down are stated income loans. There are several varieties of the “no-doc” loan today. The type of loan that is best suited for a particular borrower depends on that borrower’s situation. Some borrowers choose not to disclose employment, income, or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose income but select a program that does not calculate debt-to-income ratios, allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount. With all the different variations of the no-doc loan, there is definitely a mortgage program for today’s non-conventional borrowers. This type of loan programs are getting harder to find given our current credit market.
Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
Land Loans
Land loans are riskier for lenders because the loan’s collateral, the property, isn’t currently being used. That makes it easier for the owner to walk away and leave the lender with the land. Because of that, down payments and interest rates are higher for land loans than they are for mortgage loans. Typically most lender will require min of 20-25% down payment.
Commerical Loans
Purchase or Refinance of Commercial Properties including; Multifamily (more then 4 units), Apartments, Self Storage, Mobile Home Parks, Office/Mixed Use, Retail, Triple Net Lease and Development.
Private/Hard Money Loans
These types of loans accommodate higher risk transactions where typical bank financing is unavailable. The primary focus is on the collateral and/or asset and not so much on credit and/or income. Because these loans are funded by “Private Party Money” and are higher in risk; the interest and fees will be higher due to short term nature. However, it may still be less expensive then bringing in an “Equity Partner”. Property types include most ALL Commercial, Investment and Single Family.
