Sub-Prime Mortgage Market Alive in San Diego County

The sub-prime mortgage crisis has hit San Diego County especially hard.  Declining housing prices and an erosion of alternative mortgage products leaves many San Diegans high and dry when looking for a "quick" loan.

Homeowners with solid equity positions can breathe a sigh of relief; sub-prime mortgages are still available, today.  Some of the borrowers we've helped, include:

1- Foreclosure Bailouts:  Big banks have turned their backs on borrowers who have had a notice of default filed against the property. We are able to fund sub-prime loans up to 65% of the property's value (as determined by comparable values)

2- Alternative Income Documentation: Stated income loans are available for non-owner occupied properties.  Owner-occupied properties can qualify using the "cash-flow" method of income documentation.  In short, the borrower can use 3-6 bank statements to justify the income disclosed on the loan application.  We are able to make a sub-prime mortgage loan if the borrowers income is at least twice the month debt obligations (inclusive of the new mortgage payment).  Loans can be made up to 70% of the property's valuation.

3- Small Multi-Family Loans:  Sub-prime mortgages can be funded on investment properties up to 15 units.  Fisrt and second liens are available.  The income from the property must exceed the new mortgage payment, taxes, and property insurance. 

Loan programs offered are typically five-year terms (for owner-occupied properties), interest only, with rates ranging from 9.99% to 15.99%.  Discount fees can range from 0-5%.  Good-Faith-Estimates, Mortgage Loan Disclosure Statements, Truth-In-Lending Disclosures, and California High-Cost Loan Disclosure Statements are furnished at the time of full loan application.  

Brian Brady, of World Wide Credit Corporation, has direct access to sub-prime mortgage capital for San Diego County homeowners, with equity positions of 30% or greater.  Contact him:

Call me at my office at (858)- 777-9751

E-mail me at brian (at) californialoanconnection (dot) com

Apply for a loan online at http://www.californialoanconnection.com/apply