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Fed Rate Decisions and Mortgages: What Homebuyers Should Know
When people say, “The Fed raised rates or lowered rates…”. The truth is: the Federal Reserve doesn’t directly set mortgage rates, but its decisions can/could influence the environment within which mortgage rates operate. What the Federal Funds Rate Is (in Plain English) The federal funds rate is the interest rate banks charge each other for overnight loans of reserve…
Read MoreNo Income/No Reserves Documentation – HELOC
Primary & Second Homes – Owner Occupied Only Max 60% LTV/CLTV Minimum 700 FICO Max HELOC amount $500,000 No Reserves Required – Money Received from HELOC counts as Reserves. 30 Year Term, 1st 10 years Interest Only, Remaining 20 Years are amortized. Loan Application only requires: Name, Social Security Number (to Pull Credit), and the address of…
Read MoreContract Employee 1099 – Aggressive Purchase and Refinance Programs
Self-employed 1099 borrowers can relax – no tax returns, frustration, or wasted time. Designed to help self-employed and contract borrowers turn their 1099 income into approvals—without needing tax returns or complex documentation. Program Highlights: Up to 90% LTV 85% LTV, Min FICO 720 80% LTV, Min FICO 680 $3.5MM Max Loan Amount | $150K Min Loan…
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