Cash Out Refinance of a Single Family Home
Manhattan Beach, CA
- Challenge: Retired Borrower with insufficient income
- Solution: Used only rental agreement to document income. No Tax Returns required.
Purchase of a Primary SFR
Rolling Hills Estates, CA
- Challenge: Borrower did not report sufficient income on their tax returns, had 30% down payment
- Solution: Use only 12 months personal bank statements, No tax returns used, Rate of 4.125%, APR xxxx, Loan Amount: $1,050,000, 7/1 ARM.
Purchase of a Primary SFR, 80% LTV
Beverly Hills, CA
- Challenge: Borrowers desired an interest only loan
- Solution: 30 yr fixed, 0% points, Rate of 3.875% interest only payments for 10 years, APR xxxx
Purchase of a SFR, Owner Occupied
- Challenge: Borrower’s only income comes from rental properties whose income are reported on a family
trust tax returns, the trust became dissolved after the death of the trustors, Borrower’s own 1040s
report insufficient income
- Solution: Conforming 30 yr fixed, Rate: 4.375%, 4.389% APR, 0% points, using only lease agreements
from income properties to document sufficient income, no Trust Tax Returns used
Purchase of a Primary Single Family Home, Owner Occupied, 30% down payment
Palos Verdes, CA
- Challenge: Borrower had recently sold his company but continued to work for the company at a reduced
salary, income is insufficient to qualify for the loan.
- Solution: Used income calculated from combination of salary and ‘Asset Depletion’ (i.e.creating
‘paper income’ from savings based on a specific formula). Rate: 4.051%, APR xxxx, 30 yr fixed, 0% points.