90% LTV Purchase Loan Program, Any Type Property

1.              The Lender will fund up to 90% of the purchase price.  No rehab money is available

2.              The minimum – maximum loan amounts are $50,000 - $250,000

3.              The Lender requires a down payment of a minimum $10,000 or 10% of the purchase price, whichever is more

4.              The Broker’s mortgage application package needs to be completed with documentation

5.              Upon receiving the Commitment Letter, there is a .5% - 1% commitment fee.  A portion of this fee goes to closing costs and the majority goes to Lender for underwriting costs including CMA’s or Appraisal.

6.              The Lender has no other up front points.  The Broker fee is due at the closing.

7.              The interest rate is 24% (2 points per month), paid monthly

8.              The Lender charges 1 point per month for every month the loan is outstanding.  These points are paid when the loan is paid off (the back end)

9.              The Loan term is up to 12 months.  The Lender’s original term is 6 months with an additional 6 months allowed upon request.  The Lender does not ask for additional points for the extension, but this may be added on a case by case basis.

10.           There is no pre payment penalty