No Doc Loans
No Doc Loans 101 (no income, look buy more about no asset, website like this no fico)
No Doc Mortgage Loans are available!
No Doc Loans
The No Doc Loan program (no income, no asset, no fico) is the most streamlined No Doc Mortgage Refinance program offered. Unlike a Stated Income Loan the No Doc Loan requires NO documentation. Business Entities such as LLC, Partnerships, Corporations or Irrevocable Trust may borrow as a No Doc Loan with personal guarantor(s). Borrowers who have a large down payment or significant equity, are rewarded with our “Hassle Free”, No Doc Mortgage Rates, no income and no asset verification processing. The Express No Doc Loan is designed to make No Doc Property Loans financing fast, easy and accessible.
No Doc Loans are changing…
Recently, No Doc Loans have became the only alternative to conventional residential home loans or home mortgages. No documentation is needed for a No Doc Loans except for verified equity and a decent credit history.
No Doc Loans are good when seeking a refinance or purchase of a mortgage on real estate when you cannot show assets or income. A No Doc Loans second mortgage is available in some areas while a no doc home loan 1st mortgage would be available in many areas…specially for home improvements on a residential property. There are also many no doc home loans for commercial were rate and fees can be stiff. A lot of no doc loans or mortgages are needed for improvements and/or the purchase of a commercial property for businesses. Banks offering no doc loans are far and few between. No Doc Loan Requirements:
AVAILABLE NO DOC LOANS PROGRAMS:
- ARM Loans: 3/1 , 5/1 and 7/1 Hybrid ARM
MAXIMUM NO DOC LOANS SIZE
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$2,000,000
NO DOC LOANS PROPERTY TYPES:
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The No Doc Loan program allows 1-4 Family Residences, PUDs, Condos, Town-homes and 1 4 unit mixed use properties (commercial portion may not exceed 25% of the total square footage for No Doc Home Loan).
ELIGIBLE NO DOC LOANS BORROWERS:
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Business entities: LLCs, Partnerships, Corporations, Irrevocable Trusts. PERSONAL GUARANTOR IS REQUIRED.
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Individuals (including married or joint Applicants or Revocable Trusts Foreign Nationals and Non permanent resident aliens allowed are all available for No Doc Loans.
NO DOC LOANS CREDIT:
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No pending combined collection matters over $5,000; no litigation in last 5 years other than resolved collection matters. This is not a governemt loan.
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We will consider 2nd chance Loans – A no doc home loan will consider borrowers with prior foreclosure (with other lenders) or bankruptcy, however borrower(s)/guarantor(s) must demonstrate an overall acceptable credit history with no evidence of credit abuse or mismanagement of finances. Credit explanations may be requested on a case by case basis for a second chance no doc home loan.
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Past foreclosure, repossession or settled account may be considered on a case by case basis for a second chance no doc home loan.
NO DOC LOANS INCOME/ASSETS:
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Not required for No Doc Home Loan program.
NO DOC LOANS LENDING TERRITORY:
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Selected counties in California, Georgia, Massachusetts, New York, Texas and Washington.
NO DOC LOANS GUARANTOR:
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Required on all principals of 25% or over ownership.
NO DOC LOANS RESTRICTIONS:
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Limit on number of 1-4 unit residential properties (including their primary residence) that are currently financed is 3 per household, entity, or guarantor for the No Doc Home Loan program (Including No Doc Loans for Investor properties).
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Units in condominium projects must be warrantable (see non-warrantable condo for more details) and adhere to industry standard condo project and PUDs eligibility requirements. Exposure not to exceed 20% of the total project for any attached PUD or Condo Units. This also includes attached or row style housing (SFR and 2 4 units) not managed by an HOA.
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No tear downs; habitable properties in good repair only.
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No Doc Home Loan Seasoning requirements (Call about No Documentation Loan Rates):
- This unique program has no seasoning requirement if subject is free and clear. For no doc home loan cash out transaction, if borrower has owned the property for less than one year at time of loan closing, LTV will be based on the lesser of borrower’s acquisition cost or current appraised value. We will not lend on any cash out transactions against an increased value if property is owned less than one year for No Doc Loans program. Borrower’s minimum contribution must be met through confirmation of cash down payment through HUD 1 closing statement.
- For Rate and Term transactions (see seasoning requirement below), the LTV will be based on the appraised value.
- If property owned less than 6 months, no refinancing of existing liens.
- If Seller owned property less than 6 months at time of application, LTV will be based on the lesser of Seller’s purchase price or current appraisal value for the No Doc Loans program..
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Cash out refinance not available for Texas properties.
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No ground leases, loan brokers or property over 10 acres permitted.
NO DOC LOANS MAXIMUM LOAN AMOUNTS & LTV/CLTV
No Doc Loan Property Type
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Non Owner Occupied
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SFR, Condos, PUD
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Town-homes (1-4 units)
No Doc Loans Max Loan Amount – Max LTV / CLTV
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<=$400,000 – Purchase 65% – Refinance R/T and Cash out 50%
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$400,001 <= $2,000,000 – Purchase 60% – Refinance R/T and Cash out 50%
Note: There are no 100% No Doc Loans. This is not a No Doc Personal Loans. We have no No Doc Loans in Michigan. Wells Fargo No Doc Loans are not available. Program many not be available in all states (case by case). Programs and guidelines subject to change without notice.
Find program guidelines for your your city or state:
Affiliations: NAMB | NBA | NAMP | GM
You can help us understand more about your no doc loans needs by contacting us.
High Ratio Loans
High Ratio Loans = Common Sense
The only high ratio loans program coast-2-coast!
With High Ratio Loans Finance One recognize that many highly qualified borrowers with proven credit and financial stability may still have difficulty qualifying under traditional underwriting guidelines. We can use the high ratio Loans program, advice aka Asset Depletion, to offset ratio guideline for borrowers with significant assets.
Common Sense Underwriting for high ration Loans:
- For High Ratio Loans borrowers may use their liquid assets as return for income to assist in meeting full doc DTI requirements
- Complex income scenarios – self employed, retired, divorce situations, trust income recipients, corporate buy outs are allowed for high ratio Loan.
- No age requirements for high ratio loans
- No additional paperwork
- Full income documentation underwriting according to guidelines
- We specialize in Jumbo ARMs
- Expanded Guidelines for may high ratio loans scenarios.
- Loan amounts to $5,000,000
- Exception Lending
- Simple process and quick turn-around
What Does Loan-To-Deposit Ratio for high ratio loans – LTD Mean?
A commonly used statistic for assessing a bank’s liquidity by dividing the banks total loans by its total deposits. This number, also known as the LTD ratio, is expressed as a percentage. If the ratio is too high, it means that banks might not have enough liquidity to cover any unforseen fund requirements; if the ratio is too low, banks may not be earning as much as they could be.
Loan-To-Deposit Ratio – LTD
In 2008, the FDIC reported that statewide LTD ratios in the United States ranged from a low of 56% in Utah to a high of 170% in North Dakota. The statewide ratios compare all loans to all deposits for all banks with their home base in that state. These ratios are used to determine whether a bank will be allowed to open or acquire a branch outside of its home state, and this ratio is often used by policy makers to determine the lending practices of financial institutions.
Please contact Finance One with your High Ratio Loans questions at 1-786-248-1283 , or by email at info@finance1online.com. Get more information regarding a High Ratio Loans today!
Commercial Lending Information
Nationwide Commercial Lending
Commercial Lending
Finance One Nationwide Commercial Lending is second to none. We make sense of hard to do loan situations and welcome the challenge. Commercial lending can be difficult to finance, this especially when time frames are tight. Some property types are very difficult to find funding for at all. Finance One can use the equity from one or more properties to get the funds property owners / investors require in a timely manner. When Commercial Lending flexibility is the name of the game, health Finance One is ready. You can help s understand more about your needs by contacting us or submitting an Executive Summary.
Commercial Lending Program Highlights
- Commercial Lending Stated Income Apartment Loans Available!
- Commercial Lending Rates Starting at as low as 5% (as low as 7.99% hard money) up to 90% LTV
- Up to 70% LTV/CLTV hard money
- Commercial Lending Interest Only Loans
- No Pre-Payment Penalty (most cases)
- 6 to 360 Month Terms (ability to recast in most cases)
- Fast Commercial Lending Closing (Able to fund in 7 to 14 days in many cases)
We are experienced in the Commercial Lending space and can help you fund your commercial properties in a timely manner while keeping hassles to a minimum. Contact us today to find out how we may be able to help.
More Commercial Lending information from Finance One:
Commercial Lending Loan Profile:
| Commercial Lending Property Types | Office, industrial, retail, apartments, mobile home parks, R&D, mini-storage, condo conversion, and on a case by case basis; land, entertainment complexes, hotels and motels, and other specialty properties…other property types case by case…call! |
| Commercial Lending Geography | USA Nationwide, but prefer Western States |
| Commercial Lending Loan Size | $150,000 minimum to $30,000,000 |
| Commercial Lending Security | First and/or second mortgages |
| Funding Time | Two weeks or less. As fast as 48 hours under emergency circumstances with proper documentation |
| Borrower Profile | Prefer entrepreneurial, hands-on leasing and management, proven experience, local market presence, credit-worthiness |
| Leverage/Equity | Loans to 80% LTV (Higher LTV considered on purchase transactions and special circumstances.) |
| Loan to Cost | Up to 70%, possibly higher for special circumstances |
| Pay Rate | Positive debt service coverage preferred |
| Loan fees | 5 to 6 points depending upon type of deal and term |
| Rates | Short term fixed or adjustable rates. ( 5% to 13%…low as 7.99% for hard money) |
| Terms | 6 mo to 30 yrs |
| Amortization | Interest only available |
| Recourse | Depends on deal specifics |
| Prepayment | Typically no prepayment penalty |
Program many not be available in all states (case by case). Programs and guidelines subject to change without notice.
Find program guidelines for your your city or state:
Affiliations: NAMB | NBA | NAMP | GM
This is not an offer to lend. Call for details. Commercial Lending programs & rates change daily and without notice.
WE HAVE UNIQUE PROGRAMS NATIONWIDE!
Besides our exemplary service and speed, pill our unique programs are extraordinary.
Unique Programs Make Sense Underwriting with the freedom and flexibility to disregard Fannie, Freddie, and FHA guidelines. Our sweet spot is jumbo/superjumbo loan amounts for high-net worth borrowers where typical financing is often unattainable:
- $300,000-$100,000,000 loan amounts in a true 100% portfolio 5/1, 5/6, 7/1, 7/6, and 10/1, 10/6 ARM products. Interest Only is available on 5 and 7 years including 2nd homes and investments unique programs.
- Asset Depletion Qualification – unique programs underwriting tool designed to provide more qualifying income by calculating a return on the borrower’s liquid assets.
- Pledged Asset Unique Program – permits the borrower to pledge assets to offset required down-payment…loans up to $5,000,000 or more with only 10% down (and no MI).
- Vesting in Entities including all types of trusts, LLC’s, partnerships & corporations for unique programs.
- Foreign Nationals – up to 50%, unique programs no fico required; second homes okay; foreign income and assets acceptable; and Non-Permanent and Permanent Resident Aliens also acceptable on this unique programs.
- Expanded Property Types – unlimited acreage, hobby farms, orchards, and vineyards with reasonable income production; plus out-buildings, coops, and Condo-tels…great unique programs.
- Non-Warrantable Condos – many Fannie restrictions avoided such as 51% owner concentration, HOA in builder control, HOA deficiencies, percentage of ownership in project, litigation, etc.
- Unlimited Number of Financed Properties – no limitation if subject is primary and available on second homes and investments on a case-by-case basis unique programs.
- Cash Recapture following a recent purchase – no seasoning required (i.e., no 6-month waiting period).
- Second Homes with reasonable rental income – not an investment property and rental income may be used for qualification purposes. Also, Dual-Primary Residences unique programs.
- Purchases with an Existing Property – no 30% equity rule to use rental income but need some equity; if selling we will exclude the existing home payment from DTI – more reserves and currently listed.
Program many not be available in all states (case by case). Programs and guidelines subject to change without notice.
Find program guidelines for your your city or state:
Affiliations: NAMB | NBA | NAMP | GM
Please contact us with your questions. Get more information regarding our unique programs today!
