Home Loans Guide

Happy Mother’s Day!!!

Let your homebuyers know they can pay cash to win bids…..and get it back through delayed financing!

Delayed Financing is a win-win for everyone involved! Here’s an example of how it works:

Challenge:
-A borrower finds the right home or rental property and is ready to make a purchase. Since the market is still very competitive, they need to act fast. Making an an all-cash offer can be more attractive to a seller.
-They want as much of the cash back as possible soon after the sale so they can replenish their money in the bank.

Solution: We have many!
-Bank Statement loans for self-employed borrowers uses personal or business bank statements to qualify. No tax returns required.
-Investor Cash Flow DSCR for real estate investors allows the property’s expected cash flow to determine qualification. No income or employment information is required. Short-term rentals are now accepted.
-Full Doc Platinum offers Jumbo clients the opportunity to replenish their bank accounts.
-Full-Doc Portfolio Select is ideal for those with credit issues. This loan only requires one year seasoning for foreclosure, short sale, or deed-in-lieu and two years out of bankruptcy.

Use the link to apply today leshea.smith@angeloakhomeloans" rel="ugc" target="_blank">https://myloan.myaohl.com/loan-officers/leshea.smith@angeloakhomeloans

I’m super excited to announce my promotion to Licensed Team Leam with Angel Oak Home loans!!! I will continue to help people find the loan program that fit their needs. I special in bank statement loans for self-employed individuals, No DSCR loan for investors, and low down payment for jumbo loans. Use the link to apply today leshea.smith@angeloakhomeloans" rel="ugc" target="_blank">https://myloan.myaohl.com/loan-officers/leshea.smith@angeloakhomeloans

Ensure you have the funds in order to close:
Down Payment is a percent of the purchase price you are paying at closing. These funds can be from one of your accounts, down Payment assistance program, or a gift.

Closing Cost- are funds use to pay for lender’s fees, discount points, title services, settlement fees, recording fees, transfer tax (if applicable), prepaid (taxes and insurance). All due at closing

***You will see also see an appraisal fee under closing but this is an item paid prior to closing. Then deducted prior to your actual closing

Reserves are your monthly mortgage payment including taxes and insurance time the required number of months (6 months up to 24 months depending on the loan type). Reserves are NOT due at closing and stay in your account.

Most realtors require a prequalified or pre-approval letter before they will show you a home.

I can assist you in getting prequalified for a home today! I have loan programs that may allow you to qualified for a home loan even if other lenders told you no!

Contact me TODAY!

Reserves- is the amount of funds required after closing
To calculate the amount of funds required multiple the total monthly mortgage by the required number of months

Ex. Total monthly mortgage payment ($1000) * # of months of reserves (6) = $6000 for reserves

Most loan programs require 6 months of reserves. There are some loan products that can require that you have as much as 24 months for reserves. Reserves can be in a checking account, savings account, retirement account, gift (deposited in an account), trust account, money market account just to name a few.
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Investor Cash Flow Program-

allows for cash flow on the property to be used to qualify for the loan. No tax returns or employment information required.
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