Whittier Mortgage News

As most of you already know the loan business has been extremely tight since the downturn in real estate occured in 2007. However, I have noticed in the last month or so that a number of lenders are coming up with some new and creative loan programs that have been virtually extinct from the market for the last 4 years. One of the programs is the stated loan program where the borrower(s) can simply state what they make on the application without collaberation from their income tax returns. Income taxes are required but not used to underwrite the loan. The criteria for underwriting is a strong credit score ( generally considered to be above a 700 FICO score ), a quality property in a quality location ( properties that have been well maintained and in areas where the prices have held up relatively well because of strong demand usually related to an area of low unemployment due to employment centers being close by ), and bank statements that show strong cash flow for business owners that may tend to write off as much of their business expenses as possible.

Right now these programs are available for Los Angeles, Orange and parts of San Diego county only. They are available for both single family residential, condos and multifamily properties. Cash out is allowed. Owner occupied as well as non-owner occupied properties are acceptable. Rates are very low and loan to values ratios up to 75% are considered for either purchases or refinancing. Loan amounts range from conventional loans below $417,000 to super jumbo loans of $3,000,000 plus.

For further information please contact:

Steven Lazerson

Financial Brokers of America

PH: 562-696-3139

financialbrokerssL@gmail.com

www.financialbrokers.net

DRE Lic # 01113093

NMLS ID # 323900