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New Program of the Month:
Next-Day Cash-Out Refinancing Available
At Affordable Financial Services, we can cash-out refinance a day after a purchase, as long as we can show that improvements were made or the home was purchased below market value. This is great for someone who purchased a steal, or for investors who want to pull some of their cash out. Keep it in mind.
The program is open to those with FICO scores down to 601 (for FHA fallout). The loan is a 5/1 ARM in the 6% range, with a loan-to-value maximum of 60%. But if you have a client for it, then we can definitely do it.
A stated self-employed program is available in all 5 boroughs, Long Island, Westchester, Connecticut and New Jersey at very aggressive rates. The LTV maximum for this program is 70%. (For full-doc, we can go to 80% LTV with no mortgage insurance.) Rates are in the 4% range. Loan limit is $7 million.
Need A Jumbo Loan?
We have a jumbo full-doc program that has rates in the 4% range, up to $10 million for co-ops and condos in Manhattan. That market has been seeing an uptick recently.
We have FHA and conventional financing. REMEMBER: For FHA financing, the down payment and closing costs can be 100% gifted.
We can go down to 580 FICO, but the file must have compensating factors. There should be no late payments on mortgage refinancing in the last 12 months. For first-time homebuyers, there should be no late credit card payments in the last six months. (Rent checks will be needed for the last 12 months.)
Other Available Loan Programs:
• No-doc loans available on second homes and investment properties (no limit on cash-out).
• Jumbo loan financing up to $10 million (full-doc and no-doc).
• Foreign national lending, up to $2 million (with no traditional credit).
• Commercial loan programs that allow us to go to $50 million (must debt service).
• "Lite" documentation commercial funding to $3 million.
We have private money programs as well as for quick closings.
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