Mortgage & Real Estate & Business Broker

Dear Real Estate Broker, As time is changing in the mortgage industry, so is the ability of your clients to obtain a mortgage for the properties you are offering. A lot of Mortgage companies will waste your time with the promise of FHA or financial institutions that will still process subprime loans. THEY ARE WASTING YOUR TIME! Here are the fact: very Little financial institutions will process any STATED Loans. The rule is, only 1,2, family, up to 70-75 LTV , must have a score of 720 or more. No investment! 1,2,3,4 Family FULL Doc up to 80 LTV 700 fico and up, No Investment Properties. Prices are to the conforming level absolutely no jumbos. FHA is only FULL DOC, anybody that tells you otherwise is LAYING! Yes it has higher levels then conforming like one family up to $729k and so on, but make sure your customer makes enough money to support such a loan. His front ratio can’t exceed 45% and if he requires more then 80 LTV he has to pay mortgage insurance and taxes and insurance. Does your client make enough money? I don’t think so! Do you know a lot of people that make more then 100k ON THE BOOKS? With FHA all documents will be strictly checked and rechecked, your appraisal will be scrutinized, they will call your bank to make sure the money is there and seasoned, and so on . Yes you can process people with low fico score but you will have to explain why is their fico score so low and they will have to come up with a very good excuse. And what about the rate? for that loan surly you don’t expect them to gat a rate at the low 6% right? If you are in the commercial business things are not much better here. Multi family up to 90 LTV owner acc’ only! Full doc, less vacancy, and they will check DHCR for the reported rents and other expenses. Investment properties 70-75 LTV, very good deals 80 LTV max. Construction Loans – 65-70 LTV on purchase and up to 100% on construction budget , approved plans a must! Your money goes in first. Very little banks will give you a first withdraw at the closing! Gas station / Car Repair, Restaurants, and other businesses , SBA Only they’ll tell you up to 90 LTV owner Acc, but they will find a way to make it 80 LTV or less. And be ready, it takes a long time before you’ll see a closing. Private money / Hard Money -up to 65 LTV short term, very high interest rate- in the teens, and high closing costs. ANM Funding is a serious company that will TELL YOU THE TRUTH! Not what you would like to hear. Please call me for the TRUTH IN LENDING! 469-569-0567 my name is Linda Montaniel or 214-682-8888
Peter Wu and I’m still proud to be a mortgage broker.