Non Prime

Some Programs we offer:

For about 20 years Nationwide Mortgage has been helping borrower’s obtain mortgages to purchase or refinance their properties. Borrower’s have different needs.

  • Some have bruised credit
  • Some have a limited amount of cash available for a down payment
  • If Self-Employed, some borrower’s are not able to provide typical income documentation like tax returns to prove their income
  • Some Investors are looking to obtain financing for a commercial or residential rental property and just need a short term loan based on equity

Let Nationwide Mortgage help you determine what would work best for you. Here are some examples of loans that we offer, and the general guidelines that pertain to them.

  • Lending Area: California, Colorado, Florida, Oregon, Virginia, Washington
  • Lien Position: 1st only


  • Example #1

    Low FICO Score

    • FICO: 500
    • Loan Amount:$300,000
    • Interest Rate: 4.500% APR: 5.543%
    • Term: 30 Year Fixed
    • Loan-to-Value: 96%
    • Property Location: California

    General guidelines:

    • Loan Amounts: FHA loan amounts based on county limits—Please visit this link to find out your FHA county loan limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
    • Term: 5 to 30 years
    • Minimum FICO Score of 500+
    • Property Types: 1-4 Unit Single Family Residences and HUD Approved Condominiums—Please visit this link to see if your condo is HUD approved: https://entp.hud.gov/idapp/html/condo1.cfm
    • Loan-to-Value: Up to 96% (Based on appraisal)

    Example #2

    Bank Statement Program

    Personal  or Business bank statements can be provided instead of providing traditional income documentation like tax returns.  This program is for Self Employed Borrower’s only.

    • Interest Rate: 5.125%  APR: 7.936%
    • Loan Amount: $500,000
    • FICO: 701
    • Origination Fee: 3 points plus $1,295 lender fee and third party fees like Title, Escrow, and Appraisal.
    • Term: 30 Year 7/1 Hybrid ARM
    • Loan-to-Value: of 50%

    General Guidelines

    • Loan Amounts: $75,000 to $3,000,000
    • FICO: 600+
    • Term: 30-Year Amortized & Term – 7/1 Hybrid ARM or 30-Yr Fixed
    • Property Types: 1-4 Unit Single Family Residences, Condominiums and Townhomes
    • Loan-to-Value: Up to 90% (based on appraisal) for credit scores 700+
    • DTI: Max of 50%
    • No Pre-Payment Penalty
    • No Reserves
    • Impounds Required

    Example #3

    Post Foreclosure or Bankruptcy Program

    • Interest rate of 7.999%   APR: 10.570%
    • Time Since Bankruptcy/Foreclosure: Event was just settled
    • Loan Amount: $400,000
    • FICO: 501
    • Origination Fee: 3 points plus $1,295 lender fee, and third party fees like Title, Escrow, and Appraisal.
    • Term: 30 Year 7/1 Hybrid ARM
    • Loan-to-Value: 45%

    General Guidelines

    • Loan Amounts: $75,000 to $3,000,000
    • FICO: 501+
    • Term: 30-Year Amortized & Term – 7/1 Hybrid ARM or 30-Yr Fixed
    • Property Types: 1-4 Unit Single Family Residences, Condominiums and Townhomes
    • Loan-to-Value: up to 90% (based on appraisal) for credit scores 700+ and bankruptcy/foreclosures settled over 3 years ago or Short Sales and Deed-in-Lieu’s over 2 years ago.  Ask us for more specifics if you have one of these events settled more recently.
    • Max Debt to Income Ratio of 50%
    • No Pre-Payment Penalty
    • No Reserves
    • Impounds Required
  • No Foreclosure, Short Sale or BK Seasoning
  • Two years from Short Sale to 90% LTV
  • One year from Short Sale to 85% LTV
  • $3,000,000 loan amounts
  • 50% DTI
  • Bank Statements for Income to 90% LTV
  • ATR-In-Full & Asset Depletion No Inccome or Employment Requirement
  • NO Reserves, NO Pre Payment Penalties

 

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