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Benefits
Improvements
and/or debt reduction
From proceeds, up to 50% for cash, balance for debt reduction
Buy for's and 2nd homes
Single
wide and park (on leased land or purchased land)
models
Recent
bankruptcy or foreclosure
No
credit or stated income
No existing loan seasoning required
24
hour loan commitment subject to appraisal
L.T.V.
60%, with a minimum credit score of 660
55%, with a minimum credit score of 620
50%, with a minimum credit score of 580
Interest Rate & Term
12%-15%: 120
months
15%: 180 months w/60 mo.
call
Funding & fees
(funded)
Origination: 5 points (maximum)
Lender: 5
discount points or $1,000 minimum
Processing
and closing fees : $450 (3rd party)
Required documentation from
loan originator
Application
(initial submission)
Credit report
(initial submission)
Appraisal
(buyer funds)
Insurance
declaration
Verification of
paid up taxes
Verification of rent & lease
Verification of income and assets
Tax returns for stated income
above
rates and terms are subject to change
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