We have been given a tremendous opportunity by our wholesale lenders to update our existing programs. The combination of great products, pricing, programs and support we are emerging as the go to mortgage broker in New York. We have all the standard Conventional loan products for both Fannie Mae and Freddie Mac, High Balance, Super Conforming as well as FHA, VA USDA and HARP. We even have Co-op’s, Jumbo Loans, Reverse Mortgages and even some Direct Portfolio products and can do CEMA’s as well.
We wanted to make sure you were aware of some changes that will have a very positive effect for our borrowers. Please see below for some of the highlights. As always, don’t hesitate to reach out to us for anything you may need.
- IRS W-2 Transcripts in Lieu of W-2’s!!!! – no need for tax returns, avoiding to show unnecessary expenses.
- Conversion of Principal Residence – no longer need to verify equity in departing residence. Prior we needed to show a lease, copy of cashed security check and an appraisal of 30% equity on the departure residence.
- Unreimbursed employee business expenses – For a borrower who is qualified using their base pay, bonus, overtime, or commission income that is less than 25% of borrower’s total income; unreimbursed employee business expenses are not required to be analyzed or deducted from borrower’s qualifying income, or added to the monthly liabilities. This applies regardless of whether unreimbursed employee business expenses are identified on tax returns (IRS Form 2016) or tax transcripts received from the IRS.
HIGHLIGHTS – Look To US For All Your Mortgage Needs!
- Fannie Mae & Freddie Mac Approved Broker
- Conventional Loans – 620 Fico to 95% LTV with all Gift Money!
- 1-4 Unit Investor Purchase loans using rental income to help qualify without 2 years prior rental experience!!!!!!!
- Co-op’s & CEMA’s ( saving you thousands on closing costs on refinances.)
- Allowed to pay off debt to qualify, can even keep credit cards open after closing!!!!
- Non-owner occupied co-borrowers allowed
- Only 1 year tax returns for self-employed
- Jumbo Loans to $2 Million
- 90% LTV NO Mortgage Insurance – Purchase/Rate Term 5/1 & 7/1 Arms (680 min fico) Conventional & High Balance
- FHA loans with Fico scores down to 580!
- Purchases – Single up front MI can be paid with Seller Concession.
- Transferred Appraisals – OK – we can accept an appraisal from another Lender
- Unpermitted Additions – OK – Violations on title are handled properly
- 5-10 Financed Properties – OK
- Reverse Mortgages – must be 62 years and older.