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

  • 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

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.

Bob McCormick, President


 Lending in Arizona and California 

"Don't Overpay For Your Mortgage"

mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender

No comments:

Post a Comment