Private and Hard Money Facts
- Typically are for short term use
- They are approved and funded quickly
- They provide funding for projects that cannot be financed elsewhere
- Interest rates for Private and Hard Money Lending are higher than bank loans
Contact Us
(657) 600 – 6909
For over 20 years Nationwide Mortgage has been helping borrowers purchase and refinance their properties. Non-Prime, or what is thought of as Owner Occupied, “Hard Money” is primarily for consumers with one of the two circumstances.
Credit Challenges
Credit scores can be reduced for many reasons including late payment history, how much of your available credit is being used, Bankruptcy, Foreclosure, or Short Sales.
Self Employed Borrowers Supporting their Income with Tax Returns
Borrowers need to show the Ability-to-Repay. That is a rule that all lenders must follow when they offer a loan to a borrower. But tax returns don’t always tell the whole story. So that is why we can offer programs that allow you to document your income with Bank Statements instead of Tax Returns. The programs have rates and fees that are typically higher than conventional lending. But it’s a great option to have!
7 Reasons for Low Credit Scores
Frequently Asked Questions(FAQs)
Non Prime Guidelines
1 day out of foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $1 million
Up to 90% LTV
Debt to Income Ratio up to 50% considered
Owner-occupied, 2nd homes, and investment properties
Non-warrantable condos considered
Jumbo loans down to 575 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
No active tradelines OK with housing history
SFRs, townhomes, condos, 2-4 units
Seller concessions to 6% (2% for investment)
Bank Statement Program
No tax returns required
12 months of personal bank statements
24 months of business bank statements
Loans up to $3 million
Credit scores down to 620
Rates starting in the low 5’s
Up to 90% LTV on Personal and Business
DTI up to 50% considered
Owner-occupied, 2nd homes and investment properties
2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Non-warrantable condos considered
Jumbo loans down to 660 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
Seller concessions to 6% (2% for investment)
2 year self-employed required
These programs are higher in rates, points, and Fees than Fannie Mae-type programs.
ITIN Program – Non Individual Taxpayer Identification Number
These programs are designed to help people who have a tax id number (ITIN) but no social security number.
Program 1
- Minimum Down Payment of 10% is Required
- Use Tax Return or Bank Statements to Document Income
- Most Property Types Accepted
- Gift Funds Allowed
- Quick Closings
- Fixed Rate Mortgage with 15, 20, or 30 Year Term
Program 2
- Purchase, Refinance, Investment Properties
- 20% Down Payment (Gift allowed) Call for details
- 2 Years Tax Returns
- 2 Years W2 or 1099
- 3 Months Bank Statements
- Passport, ITIN Card, Drivers License
These programs are higher in rates, points, and Fees than Fannie Mae-type programs.
Foreign National Program
General Requirements – Max LTV 70% Max Loan Amount $1,000,000 Qualify at 640 FICO score Designed for experienced investors.
Income and employment are not verified. Documentation – Copies of the borrower’s passport and unexpired visa must be obtained The following visa types are accepted for foreign nationals: – B-1 and B-2, H-2 and H-3, I, J-1, and J-2, O-2, P-1, and P-2 Assets.
NO Reserves required Funds for the down payment and closing costs must be sourced or seasoned for 60 days – Must be in US depository for 30 days prior to closing Credit – 3 open accounts with a 2-year history Letters of reference allowed 2-year housing history can be used as tradeline **All documents must be translated by a certified translator.
Your financial journey starts today
Let us help you get there.
Contact Us
(657) 600 – 6909