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Residential Purchase Loans

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What is a residential purchase loan?

  • A residential purchase loan is a loan made to a borrower to finance the purchase of real estate (house or land).
  • The terms of the purchase loan vary according to the lender’s guidelines and the borrower’s creditworthiness (based on the 5 C’s of credit – character, capacity, capital, collateral, and conditions).

Success Stories (Residential Purchase Loans)

Sample residential purchase loan programs

Loan amount: We have access to programs that offer loan amounts in all ranges:

  • Conforming (up to $548,250);
  • Non-conforming or “jumbo loans” (generally $548,250 or higher); and
  • “Super-jumbo loans” (generally in excess of $1 million).
  •  Please note that the limits may vary from year to year.  For example, in 2021, the limit increased from $510,400 to $548,250 for single-family residences.  For the most recent conforming loan limits, visit the Federal Housing Finance Agency’s website here.

Loan-to-value ratio (LTV):

  • Typical LTVs can range up to 97%.

Debt-to-income ratio (DTI):

  • Some lenders accept DTIs above 50%.

Credit score:

  • Minimum FICO score requirements can start at 580 or even 500.

Terms: We offer many different payment terms, including:

  • 3/1, 5/1, 7/1, 10/1 adjustable rate mortgages (ARMs);
  • 5/1, 7/1, 10/1 interest-only ARMs;
  • 10, 15, 20, 25, 30, and 40-year fixed rate mortgages; and
  • 40-year interest-only fixed rate mortgages (first 10 years is interest-only).
  • Note: We can also tailor the term to less traditional increments of 11 or 22 years, for example.

Eligible property types:

  • We have programs for traditional property types (single-family residences, 2 to 4 unit properties, and townhouses).
  • We also have programs for less traditional property types (co-ops, condo hotels, and non-warrantable condominiums).

Creative ways to show income: Our lenders offer alternative ways for borrowers to show income to qualify. For instance, borrowers can:

  • Provide bank statements instead of tax returns;
  • Utilize assets to show income (checking accounts, savings accounts, mutual funds, retirement assets);and/or
  • Provide proof of less traditional sources of income (cryptocurrency/bitcoin and short-term rental income (including Airbnb income)).

All items are subject to change. Call David A. Krebs at 321-239-2781, click here to submit a message, or click here to book a call.

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