UAMB

100% Commercial NO DOC loan.

I have found a terrific Commercial loan program. 100% No documentation required. This is an unbelievable product. You can get into an Office Condo for nothing down. With a minimum of 2 years in business, and a 680 credit score, you can get into a commercial property with no money down. Financing like this has been around for years in the residential side of my industry, but for commercial this is a first.

Here are some highlights...

• Loan amounts up to $1,000,000.00


• 30-Year Amortization


• Excellent rates available!


• Only 25% Owner-Occupancy (SBA requires 51%)


• Local appraisers can be used


• Must have a credit score above 680


• Lower LTV’s available for lower credit scores


• NO MONEY DOWN!

This product is HOT. Simply put, IT IS THE BEST STATED INCOME PRODUCT ON THE MARKET TODAY! PLEASE REMEMBER THAT RATES AND TERMS WILL VARY BY DEAL – THE STRONGER THE DEAL, THE BETTER THE TERMS.

I close these deals quickly, usually within 45 days!

So, if you have any deals that you would like me to look at or if you have any questions or want more information, please give me a call at:

1-866-373-4700 Ask for David.

I’d love to talk with you about this or any other commercial deal you may have!

My Thoughts on FHA and Subprime Mortgages

While I was reading blogs this morning, I have been pondering the sub-prime market and FHA.  I personally have never done an FHA loan because I do not have access to it at my brokerage.  My brokers have not had the desire or assets to become FHA approved, as far as I can tell, it is a long drawn out process. Hopefully with FHA deregulation that may change soon.

I thought to myself how many people would have been able to qualify for FHA if I had had that product available to me versus those I obtained a sub-prime loan for, and would it have really mattered?  The FHA deregulation is in the process of passing through the House and Senate, if the measure is approved, brokerages throughout the country will be able to become FHA approved more easily than ever before. If this would have been done sooner, would as many people be facing foreclosure?  On the surface, you would think no, more people would be able to afford their housing payments, it would be a fixed payment, and everything would be "hunky dory." However, according to recent statistics, the default rate on FHA loans was nearly 1% HIGHER than that of sub-prime loans, and who takes the hit when those FHA loans default? The taxpayers do!  These high risk borrowers are high risk for a reason, they do not pay their bills, it would not matter if their payment was $25 I doubt it would get paid. Case in point, In November, I had the opportunity to do a refinance for a previous client.  They had terrible credit originally, and were placed in a sub-prime 2/28 ARM as a band-aid to heal their bad credit. Fast forward two years, and low and behold, when we tried to do their refinance they are currently 60 days late on their 5.75% loan.  Their home had appreciated greatly in the last two years, and they were at 50% LTV, so refinancing them was quite easy.  However, they are now in another 2/28 ARM.  This time at 9.75% interest only.  The borrowers made close to $8000 a month salaried and the mortgage payment before the refinance was $700 and $1300 after. Do I think they learned their lesson? No! 

Bottom line, people who don't pay their bills, don't pay their bills.  It wouldn't matter FHA, sub-prime; it's all the same.  Lenders knew the risk.  They accepted it.  No one should be to blame but the borrowers themselves.  They may have had the best intentions, but deep inside I believe they knew they would never pay their mortgage. 

Provo Utah Home Loans, Utah Home Loans, Utah County Home Loans, Provo UT Home Loans, American Fork Home Loans, Cedar Hills Home Loans, UT Home Loans, Saratoga Springs Home Loans, Orem Home Loans, Spanish Fork Home Loans, Payson Home Loans, Springville Home Loans, Mapleton Home Loans, Salem Home Loans, Lindon Home Loans, Pleasant Grove Home Loans, Utah Home Loans, Utah County Home Loans, Lehi Home Loans, Alpine Home Loans, Highland Home Loans, Draper Home Loans, Utah Home Loans, Daybreak Home Loans, Utah County Home Loans

 

 

Welcome to the opening of my Real Estate/Mortgage BLOG

I love my job as a loan officer, I have chosen a profession that is truly rewarding, I enjoy giving people the opportunity of home ownership, guidance in purchasing investment properties, and buying commercial properties.  I love talking to people and helping them understand the importance of the tool they now own.  I don't just sell loans, I try to give sound financial advice.

Utah Home Loans, Utah County Home Loans, Provo Home Loans, American Fork Home Loans, Cedar Hills Home Loans, Utah Home Loans, Saratoga Springs Home Loans, Orem Home Loans, Spanish Fork Home Loans, Payson Home Loans, Springville Home Loans, Mapleton Home Loans, Salem Home Loans, Lindon Home Loans, Pleasant Grove Home Loans, Utah Home Loans, Utah County Home Loans, Lehi Home Loans, Alpine Home Loans, Highland Home Loans, Draper Home Loans, Utah Home Loans, Daybreak Home Loans, Utah County Home Loans