The Non-Prime Mortgage – Important Products For Your Customer

[shareaholic app=”follow_buttons” id=”24285563″] Source: Why Non-Prime Loans Are Safer Than You Think I first posted this article back in June, and it is as important now as it was then.  In fact, it might be more important because rates are certainly more volatile and they have  risen in the past …

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Successful Business Owner – Use a Bank Statement Mortgage For Your Loan!

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Equity Prime - Mike NelsonBank Statement Loans: Great Product for Successful Business Owners

I received a call last week from a wonderful realtor who does a great job for her clients.  Her client owns a very successful small business and he wants to purchase a house for his family.  This certainly seems like a reasonable idea.

 

19530687_s-300x200Successful Business Owners Don’t Fit in the Fannie/Freddie Universe

Successful business owners use CPA’s to run their books, keep track of revenue, account for cost, and properly file taxes each year.  As with all good CPA’s, they follow the rules and file tax returns according to the laws and financial regulations.  For businesses owners this will include accounting for expense to reduce their income tax.

The problem is the Fannie & Freddie world of conforming mortgages does not deal well with the successful business owner who has plenty of assets and cash flow but not a lot of taxable income.  I can tell you, I have spoken to many wealthy people who want to buy a house, have the necessary assets, but can’t get a conforming loan.

What is the solution?

BANK-STATEMENT-LOANS

Equity Prime Bank Statement Loan Program

  • 24 mo personal statements
  • DTI up to 50%
  • Credit scores to 660
  • 80% LTV considered
  • Multiple property types
    • SFR
    • Condo
    • Investment/2nd home

 

 

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Non-Prime Loans Are Safer Than You Think

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When non-prime (or non-QM) lending returned to the market again early last year, it wasn’t welcomed back with open arms. Many critics were concerned that these products were the same as the sub-prime loans that led to the housing crisis and were afraid that history would repeat itself. In fact, sub-prime and non-QM are quite different. New regulations have helped to ease non-QM loans back into the market.

Source: Why Non-Prime Loans Are Safer Than You Think

Realtors/Borrowers
Don’t Get Stuck In the QM Box

mike nelson equity primeI am licensed in Florida, Colorado, and California for a couple of reasons.  The first of which is family – I have a lot of family in California and my wife and I want to visit for extended periods of time.  Since I still need to work – we want to incorporate these extended work visits with re-connecting to family and friends.

michael nelson equity primeMy wife and I are also partial to the Gulf Coast of Florida.  We won’t tell you that Anna Maria is our favorite spot on the planet and we want to purchase property on the island.  Many houses are still affordable so we don’t want the secret to get out.  Live your dreams – right?

 

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Equity Prime Bank Statement Loan Program

Equity Prime has a wonderful bank statement loan program that may be utilized for our customers that have non-traditional income streams from self employment and the like.  As with all reputable loan programs, certain conditions and restrictions apply.  The point is this, there are many wonderful loan programs available today from …

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