Feature: Stated Income Product
I currently have access to a stated income product that is extremely beneficial for clients who do not make as much “on paper”. Most lenders offer Stated Income products, but the difference with this particular lender is that they accept clients who earn a base salary plus commission (or tips) instead of only self-employed clients.
It is usually in the client’s best interest to try an “A” lender first, but if you are looking for alternative lending options, it is nice to know that they are available.
The interest rates for this particular product are slightly higher due to the higher level of risk the lender is assuming therefore it should be considered a back up option.
5.5% cash-back for down payment
Please note that the lender who is currently offering 5.5% cash-back that can be used towards the down payment will only be offering this until June 30th, 2011. After that time, I will still have access to cash-back for down payment products, but only up to 5%. On a $200,000 mortgage, that is an additional $1000 you would receive back at closing for the same interest rate.
For more information on these or anything other creative mortgage solutions, please feel free to contact me today!
I currently have access to a stated income product that is extremely beneficial for clients who do not make as much “on paper”. Most lenders offer Stated Income products, but the difference with this particular lender is that they accept clients who earn a base salary plus commission (or tips) instead of only self-employed clients.
It is usually in the client’s best interest to try an “A” lender first, but if you are looking for alternative lending options, it is nice to know that they are available.
The interest rates for this particular product are slightly higher due to the higher level of risk the lender is assuming therefore it should be considered a back up option.
5.5% cash-back for down payment
Please note that the lender who is currently offering 5.5% cash-back that can be used towards the down payment will only be offering this until June 30th, 2011. After that time, I will still have access to cash-back for down payment products, but only up to 5%. On a $200,000 mortgage, that is an additional $1000 you would receive back at closing for the same interest rate.
For more information on these or anything other creative mortgage solutions, please feel free to contact me today!
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