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New construction extended rate locks

New construction extended rate locks

Build with confidence

You as a customer benefit from locked in rates

We help our customers gain peace of mind in a changing market with the Extended Rate Lock program. You can lock down a range of interest rates with a required, non-refundable extended rate lock fee.

How it works

If interest rates go up, our customers are protected from 5 to 24 months, depending on their loan type

If interest rates go down, our customers may qualify for a one-time float down option to a lower rate or different loan program. Talk to us about this possibility.

If our customers feel confident knowing their interest rate range won’t change, they can feel confident building a home for them.

Protect your interest rate on spec projects

As you market and sell your spec properties, consider a short-term interest rate lock-in through our Lock-in program. You can lock-in for up to 120 days, giving you more time to market and sell your property.

Supporting you

Let’s connect about working together to help you.

Contact us today at 800-535-0270 for more information or email us here.

 

Self Employed – ONE YEAR TAX RETURNS – Jumbo Loans to $3.5mm

Self Employed – ONE YEAR TAX RETURNS – Jumbo Loans to $3.5 million.

A common request as of late has been Self Employed Borrowers only wishing to provide their most recent tax returns covering a one year period, so yes, WE CAN OFFER THIS AMAZING NICHE to our clientele.

The Self-employed Program which goes as high as $3.5 million in guideline, allows for a Self Employed Borrower to partake of this aspect with the following needs

1. The borrower has been Self Employed for at least 2 years;
2. The borrower provides their most recent tax filings for their Personal & Business Tax Returns with all schedules;
3. An unaudited Profit & Loss is provided from the tax year end to current date.
4. An unaudited Balance Sheet is provided from the tax year end to current date.

Once it’s determined by comparison review that the income is stable, positive and trending; borrower can proceed as a Full Doc loan under the Self-Employed Program

• 85% to $1.5mm loan amounts.
• 80% to $3.0mm loan amounts.
• 65% to $3.5mm loan amounts.
• Unlimited Cashout.
• Gifts allowed.
• Can close in the name of an LLC.
• Interest Only.
• Can be an ARM or Fixed rate mortgage.
• Cashout Proceeds can be used to satisfy the Reserve Requirement

Should you have any questions or comments, please feel free to reach out to us

No Income Check Loans

Many of our clients would like to unlock the equity in their home or buy an investment property.

No income verification loans are for owner-occupied and investment properties.

They are for 1 – 4 family homes as well as condominiums.
They are for refinances and for purchases.
There is NO prepayment penalty of any kind.
The rate is exactly the same regardless of credit score, type or use of the property.

65% Loan to Value may be borrowed on any property up to 1 million dollars with 700 credit score.
60% may be borrowed with credit score of 660 – 699
55% may be borrowed with credit score as low as 600.

There are many unique financing issues that have prevented our clients from borrowing loans.

Income verification is just one of many issues preventing loans from being approved.
This loan program does not require the verification or sourcing of income.

Eligible borrowers: US citizens; green card holders; A-5 & A-10 Employment Authorization Document holders;
Eligible Visa are: E-2; H-1B; L-1; L-2; R-1

We also want to make you aware of the availability of stated income loans for commercial properties, mixed-use & multifamily properties.

This program allows for both owner-occupied and investment purposes.

Contact us for more information about our no income check loans.

Home Equity Lines Of Credit

Heloc also knows as Home Equity Lines Of Credit are a perfect 2nd mortgage for a perfect situation.

Home Equities are primary know as second mortgages but can also be used as first mortgages for those that don’t have a first mortgage in place. There are many reasons why a home equity line of credit is beneficial.

When is the best time to provide our clients with a HELOC? When they don’t need it!! Its a great source of money when need it, like a rainy day fund. Heloc’s is perfect to have access to funds during a difficult time. Even if things are good, clients can use it to pay off bills, pay for college educations, weddings, vacations and more!

Get started now! It’s easy to Get you set up with a HELOC:

Contact us for more information about Home Equity Lines of Credit.

FHA Loan Limits in New York

The FHA will back any mortgage loan known as the FHA loans. These loans are characterized by a small down payment and minimal credit requirements when compared to traditional mortgages. An FHA mortgage has an upper limit for the mortgage, which is specific to where the property is located in New York. Due to the extensive cost of living in New York, as well as a higher cost of living, FHA loan limits are more here than the majority of the country. 
 
An FHA loan has a 30-year term with a fixed rate similar to a traditional mortgage. Three components make up the FHA mortgages: a low requirement for credit scores, only 3.5 percent for the down payment and mortgage and upfront insurance for the loan of more than 78 percent. Monthly mortgage payments are assessed until such time as the loan equals 78 percent of the value of the home. A borrower can qualify for these mortgages when they are only two years out of a Chapter 7 bankruptcy or one year out of a foreclosure, as long as the remainder of the credit file is positive. 
 
If you are looking to get one of these loans, you need to have two credit lines open minimum. For those who don’t have any credit file, utility bills or rental payments can also be used. Prospective mortgage payments and current debt must equal a ratio of less than 31 percent for mortgage payments when compared to income. Based on a case-by-case basis, there are exceptions to this rule. To help you understand all of the ins and outs of this loan, our team of professionals at Centex Capital will go over everything with you to make sure you understand the FHA loan limits. Our goal is to get you into a mortgage that is going to work the best for your specific wants and needs.