When the market seems impossible ....
Creative finance will help you win.
Creative Finance
We use outside the box thinking.
The housing market is changing, and the mortgage market must adjust with these changes. For far too long, home buyers and owners have been placed into a box, sometimes squeezed into that box , or worst case, are just simply told NO because they didn’t fit into the “box”. It's time to think outside the box. Take a look at some creative solutions for buyers and current homeowners to maximize lending options based on their individual needs and circumstances.
Watch this video to learn how to get info on these products, without having to provide detailed information about yourself.
NO INCOME/NO EMPLOYMENT - OWNER OCCUPIED
This program is for clients that cannot or do not want to show any income or employment documentation. Higher fico score and larger down payments are required but it gives an option for clients to buy an owner-occupied property. Not available in Mass.
- Primary residence / Second Home
- 1-4 unit and warrantable condo
- 20% down payment Primary 1-4 units
- 20% down payment 1 units Second homes
- 25% down payment Primary Condos
- Up to $2,000,000 loan amounts
- Gifts allowed
NO INCOME/NO EMPLOYMENT - NON-OWNER OCCUPIED
This program is for clients that cannot or do not want to show any income or employment documentation. Higher fico score and larger down payments are required but it gives an option for clients to buy an investment property that will show them a positive cashflow. Available in all states.
- NON- Owner-Occupied Investment Property ONLY
- 1-4 unit and warrantable condos
- 20% down payment 1-4 units
- 20% down payment warrantable condos
- Up to $2,000,000 loan amounts
- Unlike conventional financing, Gifts are allowed on this program
1 YEAR TAX RETURN PROGRAM
Self-employed Clients, including recently self-employed clients can be approved using only the most recent federal tax return. Proof of 2 years in the profession is required.
- Primary residence, Second Home, Investment Properties
- 1-4 unit and warrantable condo
- 10% down payment Primary single family
- 20% down payment Primary 2-4 unit and Second homes
- 20% down payment 2–4-unit investment Property
- Up to $3,000,000 loan amounts
1099 INCOME PROGRAM
This program is a great fit for clients that receive a 1099 but take large write offs on their tax returns. Up to 90% of the income listed on the 1099 will be considered as qualifying income.
- Primary Residence, Second Home, Investment Properties
- 1-4 unit and warrantable condo
- 10% down payment Primary single family
- 20% down payment Primary 2-4 unit and Second homes
- 20% down payment 2–4-unit investment Property
- Up to $3,000,000 loan amounts
12-24 MONTH BANK STATEMENT PROGRAM
This program is for our self-employed borrowers whose tax returns don’t show enough income after write offs but deposit large amounts of income from there business monthly into their business bank statements. 50-85% of total Deposits can be used to create a monthly income.
- Primary residence, Second Home, Investment Properties
- 1-4 unit and warrantable condo
- 10% down payment Primary single family
- 20% down payment Primary 2-4 unit and Second homes
- 25% down payment 2–4-unit investment Property
- Up to $3,000,000 loan amounts
ASSET DEPLETION PROGRAM
This program is great for high asset clients that either can not or do not want to show a monthly income stream, don’t show enough monthly income, or would rather have ease of transaction by only supplying asset statements rather traditional income documents. Qualifying income is determined by dividing clients’ assets over 5 YEARS.
- Primary residence, Second Home, Investment Properties
- Assets divided by 60 months = qualifying income
- Up to $3,000,000 loan amounts
ASSET UTILIZATION PROGRAM
This program is great for a client that can show monthly income, but their Debt-to-income ratio is just a bit to high. Rather than looking for a no income program or supplying 12 months of bank statements, clients can supply assets which will be considered for monthly income, in addition to, their current monthly income from traditional income documents.
- Traditional Income + (Assets divided by 60 months) = Qualifying Income
100% DOWN PAYMENT ASSISTANCE PROGRAM
- 1-2unit owner occupied properties
- 100% financing down to 620 credit score
- Gifts are allowed
- Available in all states
- This is not a State Housing Program, this is a portfolio program
- In house underwriting and funding
203K REHAB LOAN PROGRAM
When the foreclosure market starts up again, many properties will not meet standards, due to deferred maintenance and the banks unwillingness to repair items of concern. The 203k product can eliminate the need to negotiate repairs by financing the repairs to be completed after closing. The seller of the property does not have to wait for repairs to be completed. Sellers Sell and the buyers work begins.
VA IRRRL
FOR OUR VETERANS – When interest rates lower, veterans can take advantage of the Interest Rate Reduction Refinance loan. No Appraisal, no income documents, just simply apply and reduce the interest rate to current market rates. Our client simply supplies their DD214, mortgage statement, and homeowners’ insurance and we take care of the rest. This is a great program to consider when buying a house in a higher rate market because it gives clients the comfort of knowing they will be able to reduce their rate and payment with ease in the future.
FHA STREAMLINE
Borrowers that have a current FHA loan – When interest rates lower, borrowers can take advantage of the Streamline product. No Appraisal, no income documents, just simply apply and reduce their interest rate to current market rates. Our client simply supplies their mortgage statement, and homeowners’ insurance and we take care of the rest. This is a great program to consider when buying a house in a higher rate market because it gives clients the comfort of knowing they will be able to reduce their rate and payment with ease in the future.
FORGIVABLE GRANTS AND DOWN PAYMENT ASSISTANCE
Programs Vary from state-to-state year by year.
Daniel Giroux
Branch Manager | NMLS# 26531
(401) 578-8929
dgiroux@semperHL.com
Applydaniel.com
© 2010-2022 Semper Home Loans, Inc. NMLS #1053 www.nmlsconsumeraccess.com
Disclaimers and Disclosures
Semper Home Loans, Inc. is an Equal Opportunity Employer and an Equal Housing Lender.
Semper Home Loans, Inc. does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.
Semper Home Loans, Inc. is an Equal Housing Lender. We do business in Accordance with Federal Fair Lending Laws. Under the Federal Fair Housing Act, it is illegal, on the basis of race, color, national origin, religion, sex, handicap or familial status (having children under the age of 18) to: Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling or to deny any loan secured by a dwelling; or Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.
Licensed in the following states: AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, LA, ME, MD, MA, MI, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WY.
Rates are subject to change at any time and without notice. To ensure you have the latest rates, we update them in real-time. Interest rates and APRs are for informational purposes and do not include all applicable fees. Your actual rate, payment, and costs may differ. Semper Home Loans, Inc. does not charge an origination fee. The one-time cost shown include points/credits and third-party fees. An escrow deposit, pre-paid interest and other charged may be required depending on your situation. Monthly payments do not include taxes and insurance premiums. Your actual monthly housing expenses will be higher.
Disclaimers and Disclosures
Semper Home Loans, Inc. is an Equal Opportunity Employer and an Equal Housing Lender.
Semper Home Loans, Inc. does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.
Semper Home Loans, Inc. is an Equal Housing Lender. We do business in Accordance with Federal Fair Lending Laws. Under the Federal Fair Housing Act, it is illegal, on the basis of race, color, national origin, religion, sex, handicap or familial status (having children under the age of 18) to: Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling or to deny any loan secured by a dwelling; or Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.
Licensed in the following states: AL, AZ, CA, CO, CT, DE, DC, FL, GA, IL, IN, IA, KS, LA, ME, MD, MA, MI, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WY.
Rates are subject to change at any time and without notice. To ensure you have the latest rates, we update them in real-time. Interest rates and APRs are for informational purposes and do not include all applicable fees. Your actual rate, payment, and costs may differ. Semper Home Loans, Inc. does not charge an origination fee. The one-time cost shown include points/credits and third-party fees. An escrow deposit, pre-paid interest and other charged may be required depending on your situation. Monthly payments do not include taxes and insurance premiums. Your actual monthly housing expenses will be higher.