{"id":260,"date":"2024-08-09T02:51:41","date_gmt":"2024-08-09T02:51:41","guid":{"rendered":"https:\/\/local.americansenior.com\/david-houghten\/?page_id=260"},"modified":"2024-08-09T03:05:53","modified_gmt":"2024-08-09T03:05:53","slug":"loan-options","status":"publish","type":"page","link":"https:\/\/local.americansenior.com\/david-houghten\/loan-options\/","title":{"rendered":"Loan Options"},"content":{"rendered":"\t\t
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\n\t\t\t\t\tWe offer a variety of products to meet your <\/span>\n\t\t\t\t\n\t\t\t\t\tfinancial goals<\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t
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Conventional<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A traditional mortgage is a type of mortgage loan where a lender provides funds to a borrower to purchase a property or refinance a mortgage. In exchange, the borrower agrees to repay the loan, plus interest, over a set period. As the borrower makes payments, the amount owed on the loan decreases and the equity in the property increases. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Reverse<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This product allows eligible homeowners, typically seniors aged 62 and older (or 55 and older in certain states), to refinance their home, converting home equity into cash with optional monthly mortgage payments. It may be an excellent option if you are looking to supplement retirement income, manage unexpected expenses including healthcare needs, home repairs and improvements, or just increase cashflow to be able to do the things you love! Loan amounts can go up to $4m for those that qualify, depending on the state the property is located in.

\u2022 Optional Monthly Mortgage Payments!*
\u2022 Cash Out for health care, bills, home improvement or anything you desire.
\u2022 Age in place.
\n*Borrowers MUST make Property Tax and Homeowners\nInsurance payments or risk foreclosure.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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FHA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u2022 Loan to Value (LTV) of 96.5% \u2013 100% Gift Allowed
\u2022 Purchase, Refinances, Cash Out
\u2022 Chenoa and other Down Payment Assistance (DPA) Programs Available
\u2022 Minimum Score of 580 with underwriting approval
\u2022 Seller Paid 2\/1 Buydown Available<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Zero Down Payment<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u2022 Grant or 2nd Loan which covers your down payment and closing costs.
\u2022 600 FICO credit score Allowed (Chenoa, Golden State Finance Authority (GSFA) requires 640 FICO credit score).
\u2022 Does not have to be a first-time home buyer.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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A Home Equity Line of Credit (HELOC) allows homeowners to tap into their home equity as needed, providing a flexible and revolving credit line for various expenses such as home repairs and improvements, education, or other major purchases.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Jumbo<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u2022 Loan to Value (LTV) up to 89.99% \u2013 Loan Amounts to 3M for those that qualify.
\u2022 Maximum Cash Out is $500k.
\u2022 660 FICO credit score.
\u2022 Interest Only Available.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Military Veterans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The VA loan program is a robust mortgage loan program. Did you know a VA loan provides qualified veterans the ability to purchase a home with no down payment? Other loan programs require small down payments, and are subject to mortgage insurance (MI). Please call us today to speak with a mortgage loan originator and obtain a Loan Estimate. We will provide you with information on your credit score if you authorize us to pull your credit and, if you qualify, pre-approval documentation so that you can quickly go shopping for a new home with confidence.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Self Employed Mortgages<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Self-employed non-QM (Non-Qualified Mortgage) loans are mortgage products designed specifically for individuals who may not meet the strict income and documentation requirements of traditional mortgages.

\nSelf-employed non-QM loans provide a valuable financing solution for self-employed individuals seeking to purchase or refinance a home.

\nWith flexible income verification, expanded underwriting criteria, and credit flexibility, non-QM loans offer a pathway to homeownership for those who may not qualify for traditional mortgages.

\nKey Features To Consider:<\/b>

\n\u2022 Flexible Income Verification:<\/b> Utilize alternative documents like bank statements and profit-and-loss statements to verify income.

\n\u2022 Asset-Based Underwriting:<\/b> Consider assets such as savings, investments, and retirement accounts for loan approval.

\n\u2022 Expanded Debt-to-Income (DTI) Ratios:<\/b> Accommodate the higher expenses typically associated with self-employment.

\n\u2022 Alternative Documentation Options:<\/b> Choose from various documentation programs tailored to self-employed borrowers.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Alternative Financing<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u2022 Loan to Value (LTV) up to 90% \u2013 Loan Amounts to 4M.
\u2022 Cash Out Amounts to 3M for those that qualify \u2013 70% LTV.
\u2022 Full Documents and 12 or 24 Month Bank Statement.
\u2022 Can Also Qualify with P&L, 1099, Asset Depletion.
\u2022 Minimum 620 FICO credit score.
\u2022 ITIN Borrowers Allowed.
\u2022 Interest Only Available.
\u2022 Non-Warrantable & Condotels Allowed.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Investor Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u2022 Loan to Value (LTV) up to 80% \u2013 Loan Amounts to 3.5M.
\u2022 No Minimum Debt Service Coverage Ratio (DSCR).
\u2022 640 FICO credit score \u2013 Foreign Nationals Allowed.
\u2022 Cash Out Amounts to 1M \u2013 65% LTV.
\u2022 Interest Only Available.
\u2022 Non-Warrantable & Condotels Allowed.
\u2022 Non-Owner Occupied Only.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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American Senior Lending is not affiliated with or acting on behalf of or at the direction of the FHA, VA, and Federal Government<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

We offer a variety of products to meet your financial goals Conventional A traditional mortgage is a type of mortgage loan where a lender provides funds to a borrower to purchase a property or refinance a mortgage. In exchange, the borrower agrees to repay the loan, plus interest, over a set period. As the borrower …<\/p>\n

Loan Options<\/span> Read More »<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","footnotes":""},"class_list":["post-260","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/pages\/260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/comments?post=260"}],"version-history":[{"count":0,"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/pages\/260\/revisions"}],"wp:attachment":[{"href":"https:\/\/local.americansenior.com\/david-houghten\/wp-json\/wp\/v2\/media?parent=260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}