There are new loan programs coming very soon to help a large number of self employed home buyers that have been shut out of the real estate and home buying market during this time of super low mortgage rates.
I have the good fortune to work with many top mortgage professionals, the best react to changing real estate market conditions and offer products that serve home buyers effectively. In a recent meeting with our mortgage partners RPM Mortgage they outlined 5 new programs that give options to self employed and large down payment buyers. These home loans offer home buyers options that are reasonably priced alternatives to hard money loans or no mortgage option at all. The good news is the pendulum is swinging back and large institutional investors are now interested in putting their money back to work in the mortgage market. Below are loan programs coming to RPM Mortgage.
1. Nifty Fifty – No Income Documentation for self employed borrowers! 50% Loan to Value with 36 months in reserves. (exclusive to RPM)
2. 5/5 Arm – Up to 4 million fixed in the 3% range for first 5 years, then max adjustment based on todays rates* up to about 5% approximately for the next 5 years.
3. REX Homebuyer Program- This program offers down payment funding with out debt, REX matches the home buyers down payment with now debt payments, this program basically offers you a co buyer that will share in the upside or downside of your equity.
4. Asset Depletion- Lender uses a 4% rate of return on assets to help with qualifying income.
5. Sneak Peak Program- Only 1 year of tax returns for self employed jumbo loans.
NOTE: all programs above are for example only, get exact details by talking to a loan professional at RPM.
for more info on these programs email or call me today 760-602-1000
If you are just now in the process of considering buying a home we have created a quick guide that should help with the considerations involved in buying a home in San Diego.