PURCHASE PROGRAMS
LoanSavvy.com offers several loan programs for customers wishing to buy homes for the first time. We have programs for buyers with little or no money to use as a down payment, or for the borrower with 10% to 30% or more to put down. We can help you purchase a loan even if you have had a Prior Bankruptcy or foreclosure. LoanSavvy.com has helped countless customers purchase their primary residences and many who buy Investment or Commercial Property. LoanSavvy.com specializes in helping the Self-Employed by offering No-Income Verification and No-Asset Verification loans.
REFINANCE
We have many refinance options for customers who wish to pay off an existing first, second, or third mortgage. Most customers opt for a refinance to either recast their present mortgage debt or lower their interest rates to save money. By obtaining a new refinanced mortgage, customers usually take advantage of the equity in their homes to obtain some cash, consolidate debts, or improve their homes. LoanSavvy.com also can refinance an owner-occupied residence or an Investment Property. And by the way, we have No Restrictions as to the reasons why customers cash out. LoanSavvy.com specializes in helping the Self-Employed by offering No-Income Verification and No-Asset Verification loans.
SECOND & THIRD MORTGAGES
LoanSavvy.com offers second and third mortgage programs. Customers usually will leave their first mortgages in place and go for a second or a third mortgage either when the existing mortgage(s) are at a very low rate or if many years have been paid on them and they are almost paid off. The most common reason for customers to obtain a second or third mortgage is to cash out. Again, unlike many other lenders, we have No Restrictions as to how customers use the cash. The benefit of obtaining this type of mortgage is to consolidate debts, lower interest rates, or simply satisfy some other need. With second mortgages, the money usually is delivered in a lump sum with a predetermined payment for the future. We also offer this program to Self-Employed borrowers in the form of No-Income/No-Asset Verification loans.
HOME EQUITY LOANS
Often, Home Equity loans are obtained by customers for reasons similar to second and third mortgages. The main difference, however, is that they act like a checking account waiting to be used. A checkbook is given to the customer to purchase any items necessary. When a customer incurs the debt by using the line of credit, they make a payment based on the outstanding balance of the equity line.
JUMBO LOANS
A Jumbo Loan is just another way to say a very large loan amount. Any loan larger than $240,000 is considered a jumbo loan. The guidelines for jumbo loans are updated and controlled by the government agency, Federal National Mortgage Association (FNMA). Jumbo loans can be used for first, second, and third mortgages or to either purchase or refinance a home.
125% EQUITY PROGRAM
This program is designed for customers who have little or no equity left in their property. Customers utilize this program, in most cases, to consolidate debts, save money or make improvements to their homes. Borrowers can obtain up to 125% of the value of their home.
SELF-EMPLOYED PROGRAM
Self-employed programs are for customers who do not receive a W-2 or simply work for themselves. Often, they need a no-income or no-asset verification loan (see below), which we provide. In most cases, a customer only needs to verify that they are self-employed. With Self-Employed programs, the amount of earned income stated on the application is what we use to determine loan eligibility. Remember, there are self-employed options for just about all of the loan programs that we offer at LoanSavvy.com.
NO-INCOME VERIFICATION
This program is used for borrowers who do not wish to verify their income. Usually, the amount of income stated on the application is used to determine loan eligibility. Additional documents are not needed to substantiate the income. This customer may or may not be self-employed. No-Income Verification loans are a specialty at LoanSavvy.com and are available in almost all programs we offer.
NO-ASSET VERIFICATION
This program is used for borrowers who do not wish to verify their assets. Normally, any assets stated on the application are used to determine loan eligibility. Additional documents are not needed to substantiate the assets. This customer may or may not be self-employed. No-Asset Verification loans are a specialty at LoanSavvy.com.
PRIOR BANKRUPTCY PROGRAM
Another area in which LoanSavvy.com excels is with Prior Bankruptcy programs. The three types of bankruptcies that we work with are Chapter 7, Chapter 11, and Chapter 13. We can work with a customer who has had a Chapter 7 or Chapter 11 bankruptcy as early as one day after discharge. We can help customers in Chapter 13 by arranging a new mortgage in cooperation with the bankruptcy trustee. We must determine when the bankruptcy was filed and when it was discharged. We can help all bankruptcy customers obtain a loan in nearly all of the programs we offer.
NO-SEASONING LOANS
Seasoning of ownership refers to how long a customer has owned a home. No-seasoning refers to a customer who has recently purchased a home and now wishes to obtain additional financing on the property. If the property is owned for less than six months a No-Seasoning loan is likely to be required. If the customer has owned the home for at least six months, a No-Seasoning loan is not required. At LoanSavvy.com we offer No-Seasoning loans.
INVESTMENT PROPERTIES
This is a property where a borrower does not reside. It usually refers to one- to four-family properties. We have many programs to help customers purchase, refinance or obtain second mortgages on investment property.
MIXED-USE PROPERTY
Mixed-Use properties have a combination of commercial units and residential apartments. We have many options and programs to help borrowers purchase, refinance, or obtain a second mortgage on this type of property.
COMMERCIAL PROPERTY
A property is considered to be commercial if it contains more than four units or a commercial use and is in an appropriate zone. We have many programs to help clients purchase, refinance or obtain a second mortgage on commercial property.