Are you a non-U.S. citizen looking for a loan to buy U.S. real estate?
If you are a non-U.S. citizen – whether a permanent resident, non-permanent resident, or a foreign national – entering the U.S. real estate market and obtaining a mortgage loan may seem particularly daunting, especially given the COVID-19 pandemic. However, as lenders are adjusting to the impact of coronavirus, more loan programs previously on pause have […]
Litigation and budget hurdles: does your condo satisfy Fannie Mae guidelines?
You have your heart set on purchasing a condo unit in sunny Florida. You also want a conventional mortgage for that unit. However, if the condominium project does not satisfy Fannie Mae guidelines, you will not qualify for a conventional loan. Two common reasons why a condo project fails to satisfy Fannie Mae guidelines are (1) […]
Foreign national loan programs in Florida
If you are a citizen of another country, we offer creative foreign national loan products to help you purchase property in Florida. If you’re entering the U.S. real estate market from another country, buying a home can seem even more daunting than it does to local Americans. Navigating a foreign national mortgage process can seem even more daunting. […]
Bank Turndowns (Volume 10): Are you looking for debtor-in-possession (DIP) financing to keep you afloat during bankruptcy?
If you are contemplating filing for bankruptcy on behalf of your company, looking for a new loan may be the last thing on your mind. Indeed, it seems counterintuitive to think that a bank would ever want to loan money to a company in financial distress, let alone a company in bankruptcy. However, there is […]
Bank Turndowns (Volume 9): Are you looking to purchase or invest in a Florida condominium, including a non-warrantable condominium?
If you are looking for financing to purchase or invest in a Florida condominium, be prepared. Condo financing presents unique challenges, particularly in Florida: Compared to single-family homes, the loan approval process is more complex for condos. Essentially, the lender not only has to approve your own creditworthiness as the borrower, but also must ensure […]
Bank Turndowns (Volume 8): Are you looking for a commercial loan for a unique or special-purpose property?
If you are looking for a purchase or investment loan for a commercial property type that is “off the beaten path,” chances are you may have heard these discouraging words from your bank, “Sorry, but we don’t lend for commercial properties of that type.” From the bank’s perspective, it is much riskier to lend for […]
Bank Turndowns (Volume 7): Can you still qualify for a home mortgage loan despite a recent bankruptcy, foreclosure, or other negative credit event?
Perhaps you are interested in purchasing a new home, but you recently went through a bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale. You may think that, due to the recent damage to your credit history, it is not possible to qualify for a home mortgage loan However, that is a common misconception. These events […]
Bank Turndowns (Volume 3): What are some creative ways to qualify for a home mortgage loan?
Under the Dodd-Frank Act, mortgage lenders cannot extend a loan unless they first determine that the borrower will have a “reasonable ability to repay the loan.” 26 C.F.R. 1026.43(c)(1). Traditionally, large banks determine “ability to repay” based on a full checklist of documents from the borrower, including income tax returns, pay stubs, W-2s, and credit reports. However, many […]
Bank Turndowns (Volume 2): Was your business loan application denied?
You had grand plans to obtain a business loan, whether you were looking to expand your company, refinance your existing loan, meet operating expenses, make renovations, or undergo a management buyout. However, that all came to a crashing halt when your bank said, “No” to your loan application. You are disappointed, naturally, but do not fret, […]
Bank Turndowns (Volume 1): Was your home mortgage loan application denied?
You are disappointed that your bank rejected your home loan application, but this is a very common experience, especially in Florida. Indeed, based on the most recent data collected from thousands of lenders under the federal Home Mortgage Disclosure Act, of the top cities nationwide with the highest mortgage denial rates, the top four slots are taken […]