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Those Niche Loans You Rarely Hear About!

There is the 'norm' and 'not so norm' in lending. Most folks know about refinancing, at least the general aspects of it. Perhaps you want to consolidate debt, shorten your term, lower your rate, turn equity into cash, or some other reason. You probably (whether you are a homeowner or not) have heard about refinancing before. You do a quick search, you'll be able to find a boat load of information on refinancing and a Mortgage Professional who can help you out.

Then there are loans to buy a home (maybe even for the first-time) or purchase an investment property. Those are talked about quite often as well. You do a quick search, you'll probably be able to find the information and a Mortgage Professional to help you out.

In fact, the majority of my business comes from helping people buy or refinance a home. However, there are other products out there that fit the needs that don't seem to be as commonly addressed.

I received a phone call yesterday from a gentlemen who expressed a hint of frustration. Apparently, the guy had a heck of a time finding a source that will do Land Loans. He had searched high and low before he finally found me. That reminded me that there are still some holes in lending that need to be filled, so I'd like to take a brief moment to address some of the loans we offer that fill those very holes.

We are still doing Construction Loans & Rehab Loans throughout the State of Pennsylvania!

Our Land Loans (to buy vacant land) are a specialty that many have already taken advantage of and here's a brief look at them:

* 70% Loan-to-Value

* 25 year term.

* Adjustable Interest Rate that adjusts annually, 6% Lifetime Cap. The start rate yesterday was 6.625%! There is no balloon so you could keep this loan for the duration if you chose too.

* Will even allow for up to 6% seller assist with closing costs!

And here's a few more features and niches that you may not hear about too often:

Easy Approvals

Self-Contracting with Approved Credentials (Looking to Rehab a property and want to do the contractoring work yourself? This is allowed based upon credentials. It is best to get this process started immediately in the loan process as not to delay closing.)

Rehab Loans

Manufactured/Modular

Interest Only During Construction

Owner Occupied and Non-Owner

Log Homes

Feel free to email me or give me a call if you have any questions on the above products or to run your particular scenario by me.

Posted by Jason Sardi, Mortgage Banker on 11/04/2008 12:56 PM

Comments (25)

Niche Mortgage Products in the ActiveRain Channel

rehab loans, interest only during construction, land loans, log homes, pennsylvania mortgages, lehigh valley, allentown

Originally posted at: Real Estate Financing...: Those Niche Loans You Rarely Hear About!

This post has been included in Pennsylvania Information
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25 Comments on Those Niche Loans You Rarely Hear About!

NOV

2008

This is what I love about you: You can do ANYTHING!

Mwa & Fwa!

The land loans and rehab loans are growing in popularity in Michigan, especially with the foreclosure's that need fixing up and so below market value. It's important to work with lenders that can offer these to buyers and to let the Realtor community know.

Jason,

Nice post! Assuming business comes back in the not too distant future, I expect land loans, interest only construction, and manufactured/modular loans to be at the leading edge...And these also provide opportunities down the road!!! Thanks, Fran

Good stuff Sardi! This type of product is especially important in the current market.

Jennifer - You are too good to me;)

Missy - Certain part of many areas of Pennsylvania are experiencing similar popularity with these types of loans. You don't hear about them very often, I thought I would throw this out there to folks who may need it.

Fran - Thank you. Applications, at least for me, have gone up with some of these products. They are providing a unique outlet to a unique market.

Beth - Thanks! I am finding more and more folks expressing interest in these products. Educate first... close later.

Hi Jason, that was an interesting post. Like you, I wrote about a recent article that says there is plenty of mortgage funds out there . I think consumers especially buyers have been holding back as though waiting for a go-ahead by the press. Because many of the articles out there have said lenders are not wanting to make loans or that the lending money is in short supply, people are holding back based on a lot of distorted information. We all need to keep the word out on the street that loans are not only available but are still at amazing low and affordable rates. Some lending has been curtailed but Buyers with good credit should be moving forward with their plans.

Jason,

Jennifer is bisas. Any thing heard on a pillow has to be questioned.

I read that all these evil loans were gone, and now you let the cat out of the bag. These great tools are still avaiable! There's always more than one way, but you've got to deal with a pro.

You're a pro my friend!

Bill

See? Uncle B loves you after all ;-)

William - So true, I've had a few folks surprised loans were even still being made! For those in a position to do so, there may be no better time in refinancing or buying Real Estate. Thanks, as always, for your thoughts.

Bill - That means a heck of a lot, coming from you. Thank you for that. As far as pillow talk... wise words indeed:)

Jennifer - I suppose he does!

Dang...you CAN do it all! Of course this post will probably not elicit as much interest and or controversy as the last and I will miss that!

Russell - It probably won't but I don't mind that. I'd rather educate anyway, at least on these type of posts.

And I DO appreciate that. it's just that I have had a ball getting to know you through the many exchanges of ideas and comments and you are someone I would always want on my team (no matter what we were doing)! have a great week and say hi to your sweetie!

Absolutely, my friend.

You are certainly becoming quite normal and easy to understand with the new writing style. Should be very helpful to consumers looking for those hard to find financing options. Do you also have a mortgage for Seasonal Properties? Years ago when I was looking for a weekend getaway I head it was tough to find a mortgage for a property that would be closed up for the winter.

Dan - No worries, I'll break out the weird stuff from time to time;) As far as Seasonal Properties, do you mean Second Homes or Vacation Homes? Those are fairly easy but maybe we are thinking about different types of properties. Shoot me an email or call me if you want. Besides, I know you miss my lovely voice:-)

Yes, you are right, we'll be seeing a lot more of these in the near future. But that's a good thing. That means that we are moving in the right direction.

Jason - I had no idea you needed a special loan program for log homes, we don't have that many around here. Great about the manufactured/modular homes, I never seem to be able to find a lender willing to do these.

Jason,

I know there are loans lout there....I'm seeing them more and more...your industry is going to loosen up and I'm seeing signs of it.

Yes Jason, I mean second homes that are not necessarily fully functional. For example rural lakeside cabins that are only used during the warm months and do not have a heating system or ski shacks with there own generator systems that may only be used during a few months of the winter. When we purchased ours I refinanced my primary residence and paid cash up north because it seemed easier. Prices have escalated over the years so not everyone has enough equity to use that technique today. Just wondered if you had a mortgage product for that market....

OK Jason, where do we find a mortgage professional.....oh, I get it. That is you, isn't it? Well, I can absolutely attest to the fact you are a mortgage professional. There is no doubt that you know your stuff. I am sure glad that Jennifer is moving there instead of you moving here....I have enough competition.

Seriously, very good list of niche products. I am happy to let you do all of the construction loans though, they are too much work. LOL

NOV

2008

Jason-how about a mortage for a person who just got their green card and wants to buy but has no US credit history (plenty of money, though)? I have a deal now that might fall thru because Wachovia can't get it done. Email me if you have any ideas. Thanks for the informative post!

NOV

2008

You finance log homes? That's great! There are VERY FEW people (outside of banks) who can do lot loans / land loans. It's also a much needed program! Good work!

Grossman - I agree. I believe in my heart that we are moving in the right direction, may the wind follow.

Sandra - Both are unique properties. I don't see a plethora of business from these (some from Manufactored Housing) but it is nice to have the outlet available.

Neal - Those purse strings can't strangle things for too long... the cycle keeps circling.

Dan - I'm going to have to give them a call to make sure, but my guess is yes... they can get that done.

Fred - If I moved there, I wouldn't be competition... I'd need a job:-)

Lisa - Sorry for the delay, I will email you shortly.

Eleanor - Yup, we do. I don't see much business in that arena but it can be done.

Jason, it is good that you can do land loans. Depending on the value of the land I have a source here but I try to stay away from "small" loans as my normal loan is already considered small in most markets.

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