Just the other day I posted an article about "Portfolio Loans" making a comeback in Soutwest Florida. Remember now, a portfolio loan is one where the lender/investor establishes the guidelines, makes their own rules, so to speak. It's their $$$$$, and they are free to lend it as they chose.
Once again let me remind you that these are not subprime loans but rather
"Make Sense"
loans to good quality customers who just don't fit in Fannie/Freddie guidelines
Here's some new stuff;
originally Foreign National loans were only being made to Canadian citizens, with these programs. That has now been expanded to incude
Our British Friends
The investor found out that a "Great Britain Equifax Credit Report" could be acquired and moved forward with expanding the program. Need to see the guidelines again, give me a yell. Email and/or telephone, you do remember the telephone, don't you?
Jumbo Loans
That's right, qualified borrowers in Cape Coral, Ft. Myers, Ft. Myers Beach, Sanibel, Captiva, Estero, Bonita Springs, as well as Collier and Charlotte county can recieve financing up to $1 Million for the purchase of
Primary Residences, Second Homes, Condo's and (yes) Condotels
Here's a new term for you.
Asset Dissipation
This is a extremely unique qualifying tool. Qualifying income will be established/utilized based on the verifiable amount of the borrowers liquid assets to be added to any other traditional income generated through w2's, tax returns, etc.
Down & Dirty
If you have $500,000 in verifiable liquid assets I may convert that to $5000 (1%) in qualifying income.
Pretty Cool, Huh?
the financing door has just opened a bit wider in financing properties in SW Florida because we have some
More Fannnnnnntastic Portfolio Loan Products!!!
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