So Your Clients Have Debt Ratio Issues - New Conventional Program Can Help - Florida

By
Mortgage and Lending with Bay to Bay Lending, LLC NMLS 343112

Do you have a client that has been turned down due to debt ratio's?

This can often be the case with self employed borrowers who have tons of deductions.  Some of these buyers have substantial liquid assets in the form if IRA's, Stocks, CD's, and Bonds.  Our New Portfolio product allows the use of these assets to increase income.   Here is how it works:

 

Income is calculated as follows:

60% of liquid assets / half of new loan term = monthly income to qualify.

Borrower has $250,000 in combined liquid assets and wants a 15 year mortgage

Calculation:

60% X $250,000/90 = $1667 (additional qualifying income per month)

 

Other Terms:

680 Minimum FICO (720 for 1st Time Buyers)

Minimum $100,000 loan amount

Self Employed Borrowers must have 4 Years

Eligible Property Types

  • Single Family - Attached and Detached
  •  Townhome
  •  PUD
  •  2-4 Unit (Primary only, no second homes)
  • Warrant-able Condos

 

For more information call Tony Marra with Bay to Bay Lending at 813-842-7999, email Tony@BaytoBayLending.com or visit www.TampaMortgageHome.com.

 

- See more at: http://activerain.com/blogsview/4234358/debt-ratio-issues-we-allow-borrowers-to-use-liquid-assets-as-income-florida#sthash.UJIT4Yqz.dpuf

Comments (2)

Kerry L Klun, Broker/Owner
Palm Realty - Melbourne, FL
321-626-5868

Tony, is that program only available in Tampa or other parts of Florida as well.

Nov 02, 2013 04:45 AM
Tony Marra
Bay to Bay Lending, LLC - Tampa, FL
Tony Marra

All over Florida - it is not hard money, one of my lenders just started this as a portfolio product

Nov 02, 2013 04:48 AM