Frequently Asked Questions
Do you lend on owner-occupied houses?No. Our no income verification loans are available to non-owner-occupied properties. This means that the borrower cannot live on the property at any time during the term of the loan. We offer stated loans to foreign national investors as both investment rental properties and vacation homes
What is the timeline to recieve a funding commitment letter?Generally it takes 24 hours after the apprasial is completed.
How does my credit score affect the approval of my application?Most of our No Income Verification Loans require a minimum 640 credit score with 75%LTV and minimum laon amounts of $150,000. If you do not have a credit score of 640 or if you do not have a credit score at all. We offer a No Income Verification / No Credit Score loan program starting at 60% LTV with a minimum loan amout of $250,000. The only other option for a higher LTV would be to partner with someone and include them on the Note and HUD.
Can I pay down my loan principal?Yes! There are prepayment penalties depending on the term you select.
Is an appraisal always required to fund a loan?Yes ! An appraisal is required for all of our no income verification. Appraisals are the last step in the application and underwriting process. They are conducted only after the borrower is approved and the estimate of cost has been accepted by the borrower. Borrower pays for the approved appraisers directly.
Do you lend on commercial properties?Yes! We lend on residential and multifamily (5+ unit residential) investment and commercial properties.
What is the timeline to close a No Income Doc LoanIt usally takes 10 to 12 days for investment singel/multi-family properties and 15 to 20 days for commercial properties once the appraisal is completed.
What is the maximum loan amount you offer?Up to 15 million. Higher loan amounts are approved on a case by case basis.
Can you consolidate multiple properties under a single note?Yes
Do you lend in every State?No Income Verification Loans are available in AZ, CA, CO, FL, GA, HI, NC, NV, OR, SC, TN, TX, UT & WA
Loan Process and Checklist
1. Connect & Apply
We start with a pre-application quote form where you provide us with basic information to initiate the pre-approval. One of professional loan originators will contact you to discuss your loan scenario with rate and term options. They will also answer any questions or concerns you might have before taking the next step.
2. Processing & Underwriting
Once we initiated our partnership and you have agreed on a loan program. We initiate the underwriting! As we work on the processing and the underwriting of your loan. We make sure that we are meeting all guidelines set by the loan program selected.
3. Closing & Funding
Congratulations! You are now Ready to close! Your loan originator
will contact you to schedule a date where you will sign all the
disclosures needed to fund your loan.
All of our no income doc loans are secured by the value of the property and not the borrower’s income. Some programs require a minimum credit score to obtain a higher LTV. However, there are certain documents we will need to review depending on whether you are a solo investor or company, including but not limited to a purchase contract and proof of closing funds unless refinancing. Every program is different and require minimum documentation
The collateral being offered to secure the loan must be properly defined in terms of what the property is being classified as and what the value is. It is also important to know what the value is based on, whether it be an appraisal, a broker's opinion, or something else
The location of the investment property can be an important factor is appraised value.