We never look at tax returns or personal income statements, and there is no Debt to income ratio Analysis. You want to think of us a NO INCOME VERIFICATION MORTGAGE LENDER an asset-based GEORGIA no income documentation mortgage lender whose main concern is the subject property, its value, and its cash flow. Our GEORGIA commercial lenders are asset based,credit driven,and perfect for investors that have trouble qualifying with traditional institutions but are not interested in hard money options.
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FlexibleGEORGIA No Doc Commercial Mortgage Lenders Provide Solutionsfor GEORGIA Self Employed no income verification mortgage applicants
NO Doc GEORGIA mortgage lenders are focused exclusively on financing residential 1-4 investment, multi-family, mixed-use, and small balance commercial properties.
By focusing more on the property’s value and revenue-generating potential than the GEORGIA self employed Commercial mortgage applicants personal income and credit, our alternative, asset–based mortgage programs allow GEORGIA real estate investors, including W-2, self–employed, and small business owners, who are often tough to qualify.
Because all GEORGIA commercial mortgage applicant, even the extraordinary ones, deserve an opportunity.
GEORGIA No Doc Commercial Mortgage Lenders programs may be used for purchase, rate/term refinance, and cash-out refinance transactions.GEORGIA No Doc Commercial Mortgage Lenders also allows an IRS 1031 Exchange for any borrower. All GEORGIA No Doc Commercial Mortgage Lenders require impounds of taxes and insurance.
Commercial GEORGIA mortgage lenders never look at tax returns or personal income statements, and there is no DTI Analysis. You want to think of us as an asset-based lender whose main concern is the subject property, its value, and its cash flow. We‘re asset based,credit driven,and perfect for GEORGIA multifamily investors that have trouble qualifying with traditional institutions but are not interested in hard money options.
GEORGIA COMMERCIAL NO INCOME VERIFICATION PROPERTY TYPES INCLUDE
Acceptable property GEORGIA commercial property types include Investor1–4units, 5+ Multifamily,Mixed Use, and GEORGIA Commercial. You want to think of our acceptable property types as properties that are generic and conform to GEORGIA zoned use.
Following this logic, VMC will stay away from highly specialized properties like schools, hospitals, hotels, and any single use properties such as reception halls, theaters, or concert venues.
NO INCOME VERIFICATION GEORGIA MORTGAGE PROGRAMS INCLUDE:
• FlexPerm No Income Verification Commercial Lenders
• Fast50 GEORGIA No Income Verification Commercial Lenders
• Quickfix No Income Verification Commercial Lenders
• ARV Pro GEORGIA No Income Verification Commercial Lenders
FLEX PER NO INCOME GEORGIA MORTGAGE LENDERS SUMMARY
Likely to be your ‘go-to’ No Income verification mortgage loan program, the FlexPerm GEORGIA mortgage Loan boasts a 3 or 8-year fixed ARM, with a 30-year amortization schedule. This program is available for all GEORGIA Commercial property types.
Designed for GEORGIA Commercial investors seeking a simple financing solution for purchase or refinance, with the flexibility to remain in the loan for up to 30 years. It’s an uncomplicated GEORGIA Commercial mortgage option with flexible underwriting and longer terms. You’ll want to think of this GEORGIA Commercial no income verification loan program as a good fit for no income verification mortgage applicants that are looking to buy and hold their investments.
• Great for qualifying W-2 and self-employed GEORGIA real estate investors • Based on property value,not personal income. • Best alternative to hard money loans. • Available as a 3-year-fixed or 8-year-fixed loan, each amortized over 30 years. • Minimum mid score requirement is 650 • 75% LTV depending on property type • 7-9% interest rates • On SFR ‘s – most important rule across any program – borrower must own their primary residence for at least 12 months.
FAST50-NO INCOME GEORGIA MORTGAGE LENDERS SUMMARY
Think of this No income verification Commercial loan program as a credit forgiving extension of the FlexPerm program. Compliance requirements are still in effect even though Underwriting flexibility is at its highest at 50% LTV or less. All Velocity GEORGIA Commercial Property Types are eligible on this program.
Designed for GEORGIA Commercial investors with derogatory credit issues and high equity seeking quick and easy credit qualification. This is a low LTV loan with easy credit requirements. In addition, the pricing is improved by 0.50% when mid FICO is 650+.
FAST50-NO INCOME GEORGIA MORTGAGE LENDERS KEY FEATURES INCLUDE: • Great for no income verification mortgage applicants with a recent bankruptcy or notice of default. •No seasoning of ownership required. • Improved pricing compared to our FlexPerm program. •Derogatory mortgage history is okay. • No active FC or NOD inthe past 12 months on subject property • Vacant refinance not eligible •80% CLTV max
QUICKFIX- NO INCOME GEORGIA MORTGAGE LENDERS EXPLAINED
The QuickFix Program is a 12-month interest-only option that balloons at the end of the term. This program is restricted to Investor 1-4 property types and can be used for purchase as well as refinance transactions. This is a purchase or refi program that allows for deferred maintenance, vacancy, and currently listed properties.
Designed for investors with credit issues seeking an interest-only, short-term loan as an alternative to hard money financing. This is a higher LTV alternative to hard money.
This is a great option for no income verification mortgage applicants looking for a short-term capital solution to acquire or leverage an investor 1-4. It is also a great program for investors with legitimate ownership/experience in “Fix & Flip” real estate activities. Rates on this program will be notably higher, but remind your clients this is an alternative to a hard money option.
QUICKFIX- NO INCOME GEORGIA MORTGAGE LENDERS SUMMARY
• A higher LTV than hard money options. • Great for no income verification mortgage applicants who need a quick close. • An interest-only 1-year term provides lower monthly payments. • Perfect for acquiring or leveraging real estate with deferred maintenance. • No credit minimum. • 75% LTV for all purchase transactions. • Only Investor 1-4 property types. • We do an as-is valuation and base the LTV off that value. • Health and Safety issues are not a concern • We do not do “tear downs”. • It is a 12-mo. interest-only term with a 2-point cost. • There is no prepayment penalty, but there is an interest guarantee of 4 months. If a borrower pays off the loan after making 2 payments, 2 months of interest would be added to the payoff. • Pricing Tiers are determined by score. A first-time investor is Tier 3. • The Location Rate Add of 1.5% is for “Long Foreclosure” states. • Even though Tier 3 does not have a minimum score requirement, all Tiers have minimum tradeline requirements that mirror the FlexPerm program. • Mortgage delinquency restrictions are the same as the FlexPerm program. • This program allows for the refinance of vacant properties and allows for properties that are currently listed.
Credit QuickfixEnhancement–We are no longer requiring appraisals on the Credit Quick Fix. A BPO will be required instead. Specifics are found in the Quick Fix BPO attachment.
Credit Quick FixBPOProcedure
We are tweaking the Credit Quick Fix program to make it easier, and more importantly, quicker to get these deals closed. The game changer is moving from requiring an appraisal to only requiring a BPO. The BPOs will be returned to Velocity within48–72 hours after the order has been placed.
l. The BPOs will be paid for through the Alpha Realty site. If the Alpha site is showing a commercial appraisal cost, email Joe Clickener who will fix the glitch.
The BPO cost is $250. $400-$750 LESS than the appraisal cost.
The BPOs will be ordered by the Appraisal Desk. BE SURE TOCOMPLETE THE CONTACT FORM IN PHASE 2 OF THE PORTAL. The BPO includes an internal inspection so we need to know who we are contacting to get the inspection done.
The openers will be alerted once the order has been placed. It will be on us to get the submission to them AS QUICKLY as possible.
The BPO review will take less than an hour and will be a priority in the l-4 Real Estate department.
The stip sheet will not be issued until the BPO has been returned and reviewed. The stip sheet should look like a clear to close if we are on our sales game and send a complete submission to the openers. REMEMBER the only requirements on a Quick Fix are:
a. Executed CLA
b. Complete Application Copy of DL & SSC
f. BPO and Review
Payoff Demand on refi
Purchase Contract on purchase
ARV PRO-NO INCOME GEORGIA MORTGAGE LENDERS EXPLAINED
A true fix and flip product, the ARV program is great for cosmetic rehab and bringing the subject property up to speed in terms of renovations and maintenance. This is NOTa construction–basedrehabloan– no tearing down walls or additions.
Designed for “fix-and-flip” investors who are seeking a short term, interest-only loan to acquire and improve a property based on its “as repaired value” [ARV). The best short-term solution for acquiring and improving property value.
NO INCOME GEORGIA MORTGAGE LENDERS KEY FEATURES
• Allows no income verification mortgage applicants to finance improvements.
• Great for no income verification mortgage applicants who need a quick close.
• An interest-only 1-year term provides lower monthly payments.