We can get a feel for how much the market is struggling based on the types of financing that are needed to keep homes selling.

When it’s hot, all we need is a 30-year fixed-rate mortgage.

What loan programs are available today?

Everything except a neg-am, and only because they were outlawed! 

A lender solicited my business yesterday, so I asked him to send me a list of what he can do – decide for yourself, but it appears we are searching under every rock for potential buyers now:

Hi Jim,

Thanks for taking my call.  I’m looking forward to helping you close more deals!

  • Asset depletion – We have the most aggressive program in the business.  For every $1MM in assets, we give $16,666/month in income.  Other banks are half to a third of that amount.
  • Foreign National Programs – no US Credit, no US Tax Returns, as little as 30% down, rates in low 5% range
    • Just closed $1.5MM purchase in Carmel Valley with a client from Myanmar – easiest foreign national loan in the market
  • Bridge loans (not hard money) –
    • No need to be contingent upon sale.  Use equity in current properties to buy without selling first
    • Doesn’t need to be primary residence – can be second homes and investment properties too / great tool to get your investors to buy more property
    • Just closed the largest one in San Diego for $6.5MM with NO MONEY DOWN
  • Bank statement loans that actually work – we only look at the deposits (call all the people you know who are self-employed and writing everything off… now they can buy a house)
    • I am in contract now with a client for $1.6MM and she had a pre-foreclosure less than 2 year ago with just 15% down.
    • As little as 10% down

I have a lot more loan programs to save your deals or help you get new ones into contract that need more creative financing.

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