Ed Currie and his team understand the importance of getting you the loan you need to move into your new home, so we’ve expanded our guidelines to make the process even easier, and to help you qualify for the loan you need.
Expanded Debt Ratios
We’ve expanded our debt ratios up to 50 percent in some cases. This will allow our clients to get increased loan amounts.
Have your eye on a great lot to build your dream home or 2-to-4 unit apartment building? We’ve expanded our guidelines on construction and lot loans so more clients can qualify and qualify for more funding. Now, you can obtain your lot loan for as little as 10 percent down with fantastic interest rates.
With the low inventory of homes for sale, many of us are looking to build the house we’ve always wanted or rehab our current home to add additional space. Ed Currie and his team can help with expanded loan-to-value (LTV) ratios.
We are now offering 85 percent LTV ratios for single-family home loans up to $1.5 million. Our old guidelines were at 80 percent, so this additional 5 percent helps you keep more cash in your pocket and put less down on your loan, or if you choose, qualify for a larger loan than you were able to qualify for in the past.
2-4 Unit Owner-Occupied Construction Loans
Want to build or rehab a 2–to-4-unit apartment building? With the low inventory of rentals, landlords are now able to charge more than ever before. Not only does this lead to greater passive income potential, but it gives owner-occupied landlords a way to build or rehab the unit of their dreams. We’re now offering up to 75 percent LTV ratios for $1.5 million loans for owner-occupied units, which is almost double our previous limits!
If you have one of the following degrees or are a medical resident in one of these programs, you are eligible for the Physician’s Loan Program: Medical Doctor (MD), Doctor of Dental Science (DDS), Doctor of Dental Medicine or Surgeon (DMD), Doctor of Optometry (OD), Doctor of Ophthalmology (MD), Doctor of Podiatric Medicine (DPM), or Doctor of Osteopathy (DO).
Applicants with these degrees qualify for a no-down-payment mortgage with no mortgage insurance. Mortgage insurance is generally required when the down payment is less than 20 percent. The average cost of private mortgage insurance, or PMI, for a conventional home loan ranges from 0.58 percent to 1.86 percent of the original loan amount per year, so this part of the program is a substantial benefit.
We have the only combination of construction and physician loan. We offer a 100 percent LTV ratio up to $850,000, and a 95 percent LTV ratio up to $1 million in loan amounts. Physicians also qualify for a construction loan for as low as 5 percent down.
Call us today at 847-214-2404 or complete our online form to schedule your free consultation with Ed Currie and his team. We’re happy to discuss your options and find the loan that best fits your needs. For more tips and our latest updates, check us out on Facebook, Twitter, LinkedIn or Pinterest!