Foreign National

Foreign National loans are designed for borrowers who live outside of the United States and would like to purchase a second or investment home.

  • Up to 75% LTV
  • No US credit required
  • Fewer country restrictions
  • DTI up to 50% considered
  • Second homes and investment properties
  • SFRs, townhomes, condos, 2-4 units
  • No SSN or ITIN required
  • 12 months reserves required
  • Non-warrantable condos considered
  • 5/1 ARM or 30-year fixed
  • Loans up to $750,000 (minimum $75,000)
  • Seller concessions up to 2%

Documents needed

  • Visa and Passport
  • Three Credit Reference Letters from your country.
  • Letter from employer verifying employment and wages (for employees)
  • CPA or Accountant letter reflecting annual gross income for 2 years, including year to date income.
  • Additional documents such as signed loan application and disclosures, clear title, appraisal, etc.

FHA 203 (k)

FHA 203K loans may be used to do minor remodeling and non-structural repairs on your primary residence. Bluecastle Lending does Limited 203 (k) loans.  Below are some highlights:

  • Minor remodeling and non-structural repairs only
  • Minimum $5,000 repair amount and maximum $35,000 including all costs
  • A 203(k) fee consultant is not required but may be used
  • Repairs must start within 30 days and be completed within 6 months
  • Maximum of 2 draws (Initial and Final)
  • Projects cannot have more than three (3) specialized contractors without the use of a General Contractor to manage the project
  • Painting and appliance purchases may be included as self-help

Limited 203 (k) Eligible Repairs and Improvements

  • Eliminating health and safety hazards to meet HUD’s minimum property requirements (MPRs)
  • Repair/replacement of roof provided the structural integrity of the structure will not be impacted by the work being performed; siding; gutters and downspouts
  • Repair/replacement/upgrade of existing: HVAC systems, plumbing, and electrical systems
  • Repair/replace/add exterior decks, patios, porches (must increase As-Is Property Value equal to the dollar amount spent on the improvement)
  • Minor remodeling, such as kitchens, which does not involve structural repairs
  • Painting, exterior and interior (changes for improved functions and modernization)
  • Eliminating obsolescence
  • Purchase and installation of appliances including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements for persons with disabilities
  • Lead-based paint stabilization or abatement of lead-based paint hazards if the structure was built before 1978
  • Septic system and/or well repair or replacement
  • Connecting to public water and sewage systems
  • Pool repairs
  • Installing/repairing fences, walkways and driveways
  • Check HUD’s website for a complete list of allowable repairs; www.hud.gov

Note: All repairs/improvements must meet HUD’s minimum property requirements and meet or exceed local building codes.

Limited 203 (k) Ineligible Repairs and Improvements

Major rehabilitation/remodeling, such as when any of the following exists:

  • Repairs/improvements requiring a work schedule longer than six months to complete
  • Rehab activities require more than 2 payments per specialized contractor
  • The required repairs arising from the appraisal requiring a HUD Consultant to develop a specification of repairs/Work Write-Up or requiring architectural exhibits/plans
  • The repair prevents the borrower from occupying subject property for more than 15 days Major remodeling and structural repairs/alterations such as 1-4 structure conversion, additions, finished attics, basements, constructing a garage, changing footprint or requiring architectural plans, etc.
  • Site improvements and landscaping
  • Constructing a windstorm shelter
  • Additions/alterations to support commercial use or to equip/refurbish space for commercial use
  • Recreational or luxury improvements such as –
    o Swimming pools
    o Exterior hot tub, spa, whirlpool bath or sauna
    o Barbecue pits, outdoor fireplaces or hearths
    o Bath houses, tennis courts, satellite dishes, photo murals, gazebos,
    o Tree surgery (except when eliminating an endangerment to existing improvements)

Manufactured Housing

Our Conventional & FHA Manufactured Housing mortgages are designed to make homeownership affordable for Purchases, Rate/Term and Cash-Out Refinances. We understand the unique in’s and out’s that financing manufactured homes present, that’s why we provide mortgages that are specifically aimed at making homeownership affordable for these types of homes.

All manufactured homes must have the original title surrendered in accordance with applicable state law and be titled and taxed as real property prior to closing for both Conventional and FHA loans. All loans must score Approve/Eligible or Accept through DU or LPA.

Conventional Highlights:

  • Primary Homes and Second Homes
  • Purchase, Rate-Term:
    • Maximum LTV 95%
    • Minimum FICO 660
  • Cash-Out:
    • Primary Only
    • Maximum LTV 65%
    • Maximum Term 20 Years
    • Consolidation of 1st and 2nd lien only
  • PUDs Eligible

FHA Highlights:

  • Primary Homes
  • Fixed Rate Only
  • Purchase, Rate-Term & Streamline:
    • Maximum LTV 96.5%
    • Minimum FICO 660
    • Maximum DTI 50%
  • Cash-Out:
    • Maximum LTV 85%
    • Minimum FICO 660
    • Consolidation of 1st and 2nd lien only
    • Maximum DTI 50%
  • PUDs Eligible

Condos – up to 90% financing

In today’s market, most condos do not qualify for regular Conventional or Government financing. To find out if the condo you want to buy qualifies for FHA, visit the HUD website. Enter the State and County, and under Status select Approved. If you are looking to do a VA loan, go to the VA website and do the search.

If the condo is not on the HUD site, it will not likely be approved for a Conventional loan without a limited review approval. Check the Fannie Mae Approved Project List website.

How do you get a limited review approval? Unless the project is a non-warrantable condo, you put 25% down and that’s it. If you don’t have 25% to put down, you can get a 75% first mortgage, and a 15% second mortgage. Below are some highlights:

  • Loan is a Home Equity Line of Credit
  • No mortgage insurance
  • Maximum combined loan to value of 89.99%
  • Non-occupant co-borrowers not allowed
  • No reserve requirements
  • Gift funds allowed
  • Max housing ratio is 38% and max Debt to Income ratio is 45%
  • 700 minimum middle credit score up to $750,000.00
  • 730 minimum middle credit score between $750,000.00 and $1,500.000.00

To calculate your monthly mortgage payment and cash you will need, use our Loan Estimate tool. Enter the price, taxes and hoa fees, and select the Conventional loan type. Select Include Escrows and Second Mortgage checkboxes. If you want 90% financing, for down payment enter 25%. Select your credit score, enter your interest rate and any discount points or lender credits. Under Second Mortgage Amount enter 15% and the interest rate for Second Mortgage Rate. Calculate.

For more information please contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com. Bluecastle Lending is an Equal Housing Lender.

 

 

 

Non-Warrantable Condos

A non-warrantable condo is a condominium property in which the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, mortgage financing for this type of property is considered by most banks to be more “risky.” Freddie Mac and Fannie Mae would consider a condo to be “non-warrantable” if, for instance, the condo:

  • Is in a development which has yet to be completed
  • Is in a development which allows for short-term rentals
  • Is in a development where one person or entity owns more than 10% of all units
  • Is in a development where less than 50% of the occupants in a complex are the owners
  • Is in a development involved in litigation of any kind regardless of whether the building is suing another party, or is the party being sued.

Typically, a condo is considered warrantable if, for instance:

  • No single entity owns more than 10% of the units in a project, including the developer
  • At least 51% of the units are owner-occupied
  • Fewer than 15% of the units are in arrears with their association dues
  • There is no litigation in which the homeowner’s association (HOA) is named
  • Commercial space account for 25 percent or less of the total building square footage
  • Mortgage Loan Solution for Non-Warrantable Condo Borrowers and Self-Employed Borrowers

4 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $3 million (minimum $150,000)
Credit scores starting at 660
Up to 90% LTV/CLTV
Owner-occupied and second homes
Non-warrantable condos
Interest-only available
Cash-out available – $500,000 maximum
Full doc and bank statements available
Option to qualify with assets instead of income
1-year tax return program available

  • Hard Equity Loans

Only if you have applied for a Conventional loan and your loan has been denied, or you can’t get any other type of mortgage loan, then this type of loan may be attractive.  These are the “no questions asked” loans for investment properties. It does not matter if you don’t have a social security number, or if you have an open foreclosure, short sale or bankruptcy, or if you can’t show tax returns or pay stubs. The only thing that matter is the loan to value – cannot exceed 70%.

You will have to pay a high-interest until you can qualify to refinance or you sell the property. If some of the above hold true to you, you have 30% to put down, and you are willing to take a two-to-five-year loan with a high interest, then this is the loan is for you.

Real Estate Investors

  • Real Estate Investor Cash Flow Program: Mortgage Loan Solution for Real Estate Investors

No personal income used to qualify
Qualification based on property cash flow (10% above monthly mortgage payment)
2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Credit scores down to 660
Up to 80% LTV
No DTI restrictions
Must have current mortgage / own a home
1-4 units and condos
No limit on number of properties financed (up to 5 with this program)
Loans up to $1 million
Seller concessions allowed up to 2%
7/1 ARM

  • Asset Qualifier Program: Mortgage Solution for Cash-Rich Borrowers

No employment, no income, no DTI
Up to 75% LTV
5 Years seasoning foreclosure, short sale or bankruptcy
Loans up to $3 million (minimum loan $150,000)
Credit scores 700 or higher
Primary residence, purchase only
Interest only program available
5/1 ARM or 30-year fixed
Non-Warrantable condos considered
All assets must be sourced and seasoned for a minimum of 12 months
Required assets: Borrowers must have at least $500,000 in post-closing assets, recurring monthly debt multiplied by 60 months, funds to close and 6 months reserves

Loans for Self Employed Borrowers

More often than not, self-employed individuals have a hard time obtaining financing due to their low Adjusted Gross Income on their personal 1040 Tax Return.

One of the most common questions we receive get is “How much do I have to make in order to qualify to buy a house?” Our Income Tax tool will easily answer that question instantaneously. As long as you report the minimum Adjusted Gross Income that the tool suggests, and your debt stays the same, you will be able to qualify for a Fannie Mae, Freddie Mac or Ginnie Mae backed loan and get a normal interest rate.

If you are unable to have that kind of Adjusted Gross Income on your tax return, then these Self Employed Mortgage Loans are designed for you.  These loans that are not fit to be sold in the secondary market and do not follow Freddie Mac, Fannie Mae or Ginnie Mae guidelines. Usual loan denials due to unable to verify income for self-employed individuals are no longer an issue. Below are some of our programs.

  • Bank Statement Program: Mortgage Loan Solution for Self-Employed Borrowers

No tax returns required
12-month personal bank statements
24-month business bank statements
Loans up to $3 million
Credit scores down to 600
Up to 90% LTV on Personal and Business with no MI
DTI up to 50% considered
Owner-occupied, 2nd homes and investment properties
2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Non-warrantable condos considered
Jumbo loans down to 600 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
Seller concessions to 6% (2% for investment)
2 year self-employed required

  • Asset Qualifier Program: Mortgage Solution for Cash-Rich Borrowers

No employment, no income, no DTI
Up to 75% LTV
5 Years seasoning foreclosure, short sale or bankruptcy
Loans up to $3 million (minimum loan $150,000)
Credit scores 700 or higher
Primary residence, purchase only
Interest only program available
5/1 ARM or 30-year fixed
Non-Warrantable condos considered
All assets must be sourced and seasoned for a minimum of 12 months
Required assets: Borrowers must have at least $500,000 in post-closing assets, recurring monthly debt multiplied by 60 months, funds to close and 6 months reserves

For more information please contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com

Subprime Loans for Borrowers with Foreclosures, Short Sales and Bankruptcies

Subprime loans are those loans that are not fit to be sold in the secondary market and do not follow Freddie Mac, Fannie Mae or Ginnie Mae guidelines. Usual loan denials due to foreclosures, short sales, and bankruptcies seasonings are no longer an issue. Below are some of our programs.

  • Non-Prime Program: Mortgage Loan Solution for Foreclosures, Short Sales, Bankruptcies and Low Credit Scores 

1 day out of foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $1 million
Credit scores down to 500
Up to 90% LTV
DTI up to 50% considered
Owner-occupied, 2nd homes, and investment properties
Non-warrantable condos considered
Jumbo loans down to 500 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
No active tradelines OK with housing history
SFRs, townhomes, condos, 2-4 units
Seller concessions to 6% (2% for investment)

  • Mortgage Loan Solution for Foreclosures, Short Sales, Bankruptcies and 1-Year Tax Return

2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Loans up to $3 million
Credit scores down to 600
Up to 90% LTV with no Mortgage Insurance
100% gift funds allowed
DTI up to 50% considered
Owner-occupied, 2nd homes, and investment properties
Non-warrantable condos considered
Jumbo loans down to 600 score
5/1 ARM or 30-year fixed
No pre-payment penalty for owner-occ and 2nd homes
Asset depletion available – option to qualify with assets instead of income
SFRs, townhomes, condos, 2-4 units
Seller concessions to 6% (2% for investment)
1-year tax return program available

 

For more information please contact Bluecastle Lending at 954-866-0000 or info@bluecastlelending.com

 

Real Estate Investors

  • Real Estate Investor Cash Flow Program: Mortgage Loan Solution for Real Estate Investors

No personal income used to qualify
Qualification based on property cash flow (10% above monthly mortgage payment)
2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Credit scores down to 660
Up to 80% LTV
No DTI restrictions
Must have current mortgage / own a home
1-4 units and condos
No limit on number of properties financed (up to 5 with this program)
Loans up to $1 million
Seller concessions allowed up to 2%
7/1 ARM

  • Asset Qualifier Program: Mortgage Solution for Cash-Rich Borrowers

No employment, no income, no DTI
Up to 75% LTV
5 Years seasoning foreclosure, short sale or bankruptcy
Loans up to $3 million (minimum loan $150,000)
Credit scores 700 or higher
Primary residence, purchase only
Interest only program available
5/1 ARM or 30-year fixed
Non-Warrantable condos considered
All assets must be sourced and seasoned for a minimum of 12 months
Required assets: Borrowers must have at least $500,000 in post-closing assets, recurring monthly debt multiplied by 60 months, funds to close and 6 months reserves

  • Hard Equity Loans

Only if you have applied for a Conventional loan and your loan has been denied, or you can’t get any other type of mortgage loan, then this type of loan may be attractive.  These are the “no questions asked” loans for investment properties. It does not matter if you don’t have a social security number, or if you have an open foreclosure, short sale or bankruptcy, or if you can’t show tax returns or pay stubs. The only thing that matter is the loan to value – cannot exceed 70%.

You will have to pay a high-interest until you can qualify to refinance or you sell the property. If some of the above hold true to you, you have 30% to put down, and you are willing to take a two-to-five-year loan with a high interest, then this is the loan is for you.

For information on this program contact us at 954-866-0000 or email us at info@bluecastlelending.com. Bluecastle Lending is an Equal Opportunity Lender