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Friday, May 24, 2019

SmartFunds No Income Verification Loans


Mortgage Quest
a dba of McCormick Lending Group, Inc.

For borrowers with significant eligible assets that can't qualify with traditional documentation

HIGHLIGHTS:
  • Net residual assets > 60 months of total monthly obligations + reserves
  • LTVs up to 90% for Purchase & Rate/Term and up to 85% Cash Out – No MI
  • Primary residences and second homes (no rental properties)
  • Borrower can own up to 15 financed properties
  • Reserves waivable on Rate/Term with the <$1.5M loan amount, 0x30x12, and decreasing housing payment
  • No pre-payment penalty
  • No DTI calculation
  • 30 yr Fixed, 10/1, 7/1, 5/1 ARMs – all with optional Interest Only; Fixed 40 yr Interest Only option

HERE'S HOW IT WORKS:
Simply put, we add up all their eligible assets and subtract the entire loan amount and closing costs. Then we compare that to their total monthly obligations over 5 years plus reserve requirements. If qualifying assets are greater than their total obligations and reserves, they qualify.
Example: 

Bob McCormick, President

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 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

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