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  There are several types of loans available to fit your individual situation. Southern California, as well as many other markets, real estate values have skyrocketed and made it difficult for borrowers to qualify for a loan since the payments are so high. There is a loan that is customizable for pretty much every situation. It all depends on your credit rating and if there are ample funds to close the transaction and having a payment that fits your lifestyle. Not everyone can qualify for a $600,000 loan using their paystubs and or tax returns. People who are self employed dilute their income with expenses which is great at tax time since they don't show all their income, but when qualifying for a loan, it can be a problem since their tax returns don't show enough income to qualify. For a wage earner, maybe their income won't show enough income to qualify for the loan, but in reality there may be additional income that can't be documented, or additional family members or renters will be contributing toward the mortgage payment, but their credit isn't good enough to put them on the loan. Lenders have become flexible and creative when it comes to qualifying for a loan. Rates for these alternative types of loans used to be up to 3% higher than the fully documented loan (paystubs and tax returns). Now with good credit, 680 FICO score and above, the difference is now as low as .50%. Loans are still available for those borrowers with less than a 680 FICO credit score, the rate differential just increases. There are several loan options to choose from when it comes to income documentation to qualify for the loan. Stated Income/Verified Asset Stated Income/Stated Asset No Ratio/Verified Asset No Income/No Asset or NINA and others...... The differences in the loans above, is that each of them asks for different income documentation. The fully documented loan for example, wants W-2's, tax returns, paystubs etc...... The no income no asset loan on the other hand, doesn't require any of that information. Documenting income is the single largest fator to take into consideration when selecting a loan. Are you a W-2'd individual? A fully documented loan may be best. Submitting W-2's and tax returns would be required. Can't show enough W-2 income to qualify? Stated income, no ratio, or no income no asset (nina) loans would be the choices. Self employed? Fully documented, stated income, no ratio, no income no assets or NINA are a few choices. No Job? No income no assets would be the best fit. Retired or fixed income? Fully documented, stated income, no income no assets would be options. Sometimes you don't have a choice on what loan you qualify for. Your situation may dictate which loans are available. Call me for a customized loan that fits your situation! To learn more about the above loans, go to my main menu and click on each loan type and you will see a full explanation on each loan and how they can work for you.
Fixed or Adjustable? It really depends on a few things. How long am I going to stay in the home you are buying/refinancing? Is it a short term stay or a long term stay? If you are looking to stay 5 years or less, the 5 yr fixed rate may be a good option. The rates on a 5 year fixed should be at least .50% lower than the 30 year fixed. What loan gives me the maximum buying power? If it's a 6 month adjustable, where the payments adjust twice per year, than you have to measure how much more house can I buy with this loan (since the payments are lower), vs. payment volatility. Which loan gives me the lowest payment? Some loans out there may give exceptionally low payments, but they can hurt you in the long run if you don't know exactly how they work (click the option arm loan button on the main menu to learn more). But if you have an experienced Loan Consultant who also has your best interest at heart, you will be able to make an educated decision as to which loan is best for you. Tolerance for adjustable rate ups and downs. Some people need to know to the penny how much money is coming into the household, and how much is going out. This type of person probably isn't an adjustable rate loan candidate. There are other people who after being educated by their Loan Consultant on how adjustables work and how the individual rate indicies have behaved in the past (again click the option arm button on the main menu to see how adjustable rates work), may take an adjustable rate loan option. Having to make a loan you can afford and feel comfortable with, is extremely important so be sure to look at all loan options available. If you are looking to stay in the property for a short period of time, an adjustable may be a good option and save you money. A long term stay may be better for a fixed rate loan. Each scenario is different. Less than perfect credit-which loan is best for you? A 30 year fixed rate for this type of loan probably wouldn't be a good option. The interest rates are higher than say a 3 year fixed. In a few years, once your credit score has improved, would be a better to refinance and take a 30 year fixed or a hybrid fixed where the payments are fixed for the first 5,7 or 10 years.
Call Me for Details or click here to apply on-line now! Kevin Walton Cell: 805-276-1942
 Best Capital Funding - 6930 Owensmouth Ave. #102 - Canoga Park, CA 91303 Office Phone: (818) 887-2779 Fax: 800-506-0632 Cell Phone: 805-276-1942 Best Capital Funding.
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