Special Mortgage Programs: Portfolio Loans
Many banks are limited on the types of mortgage programs they offer. Banks no longer finance condotels, non-warrantable condos, multi unit properties, mixed used properties or hobby farms.
Special Mortgage Programs On Residential Properties
We now offer unique collateral residential property financing. I can offer you mortgage loans on non warrantable condominiums. Another niche field I specialize in is condotel financing. I can offer any condo hotel purchasers a condotel loan and close in as little as 21 days. There are only a small limited amount of banks and lenders that will even entertain a condotel mortgage loan. All condotel mortgage loans are portfolio loan products and I can help you either with a purchase condotel mortgage loan or a refinance condotel mortgage loan. Cashout refinance condotel financing is very popular. Contact me at 262-716-8151 or email me at email@example.com. You can check out our website at www.gustancho.com if you need a condotel mortgage loan.
Multi Family Property Financing
I can also offer you multi unit property financing as well as mixed used properties and hobby farms. Income producing mix use properties and income producing hobby farms are also eligible in our special mortgage programs. Loan sizes can be as small as $100,000 or larger than $3.0 million.
Unique residential properties where no comps are available
Many potential home buyers are restricted on buying a dream home because the house they want to buy have no comparables. Majority of the mortgage lenders require a home appraisal that has the market value valuation approach and will not approve an appraisal that has no recent nearby comparables. Good news is that we offer unique property financing and accept the cost value appraisal approach. Whether you are buying a white elephant that is the biggest house in the neighborhood or a huge estate in the middle of nowhere, contact me at www.gustancho.com to explore what mortgage options that is available to you.
Expatriate mortgage programs
I can offer expatriate mortgage programs to individuals who have not yet established any credit in the United States or has obtained a social security number. The way these mortgage programs work is that we treat these individuals like they had a credit score of 740 FICO. The on major qualification is that they can come to the United States to work for a U.S. company and have a valid work visa and are financially able to put down a 20% down payment on their purchase and able to meet our principal, interest, taxes, and insurance one year reserve requirements.
Loan to value requirements on residential primary portfolio loans are 80% up to $1.5 million and loans up to $3,000,000, loan to value requirements might be 70% to 75% depending on the borrower’s credit profile.
Asset depletion mortgage programs
No doc loans or state income loans have been dead and buried for several years now but we can offer you something comparable for those who are not showing a lot of income on their tax returns. Asset depletion mortgage programs calculates a 5% return on their qualifying assets, year over year and depleted out to a max age of 85 years old.
Afterwards, any remaining asset amounts can be rolled back into the calculation percentage potentially increasing it further. Furthermore, this can be added to fixed or wage income to qualify and doesn’t requre pledged funds from the borrower. Also, please note, given this is an unconventional way to calculate income, the loan to value may be reduced depending on the overall profile of the borrower.
Hard Money Capital Group: Hard Money Loans
Gustan Cho Associates now offers hard money loans and private money loans through its subsidiary, Hard Money Capital Group . Hard Money Capital Group is a hard money and private money direct mortgage lender where real estate investors, real estate developers, and property flippers can benefit by its fast two week processing, underwriting, and funding. Minimum down payment is 35% down payment or 65% Loan To Value.