We’re always on the lookout for talented loan officers to join the City Lending family. But why might you want to come aboard? One look at City Lending’s diverse suite of loan products says it all, with financing options to meet the unique needs of every kind of borrower imaginable. Let’s look at a few of City Lending’s offerings.
Purchase Products for a Multitude of Borrowers
Bank Statement Loans for Non-Traditional Earners
An emerging trend even before COVID-19 shifted the world into a more online direction, gig workers and other self-employed folks are a rising demographic you should be targeting. These non-traditional earners often don’t have the pay stubs, tax returns, and work histories that conventional loans generally require for approval. But these would-be borrowers are creditworthy and can benefit from Bank Statement Loans that gauge earnings by looking at bank account deposits.
VA Loans Are Available for Millions
While veterans and active-duty members of the military don’t have to get VA loans when seeking a mortgage, they would be wise to consider one. Thanks to backing by the U.S. Department of Veterans Affairs, VA Loans have highly attractive features, such as up to 100% financing of the value of a home, with no maximum loan limit. Plus, there’s no mortgage insurance required and borrowers with credit scores as low as 600 can often qualify.
How many of these potential borrowers are out there? According to the most-recent V.A. data, there are about 19 million veterans in the United States today. Add that to the 1.3 million active-duty members of the armed services and you’ve got north of 20 million people who might benefit from a VA Loan.
Real Estate Investors Spend Billions
Often when we think of people who are applying for mortgage loans, the mind conjures up an individual, couple, or family looking for a single-family home. And they are common borrowers. But loan officers know that these folks make up only a part of the lending landscape; property investors compose a huge portion of homebuyers in today’s market. In the third quarter of 2021, about 18% of all home sales went to real estate investors, who collectively spent around $64 billion. If nearly one in five homebuyers is a property investor, that’s a group you can’t overlook.
So which loan products best serve these investors? City Lending’s Investor Cash Flow Program is tailored to the needs of real estate investors. With no requirement of personal income verification and loan amounts up to $1 million, Cash Flow loans look at the potential income that a property will generate in evaluating qualification. And not just for purchases — this program can also be used to refinance investment properties.
FHA Loans for First-Time Homebuyers
While first-time homebuyers don’t necessarily need to get FHA mortgages, it is a popular option for many. People who are buying their first home often have less money for a down payment, and FHA guidelines allow for as little as 3.5% down. Given that first-time homebuyers tend to be younger than those who have owned homes before, their credit histories are often shorter, and perhaps with a few issues, making the moderate credit score requirements for FHA loans a good potential fit.
And the pool of first-time homebuyers is a group you certainly would not want to ignore. While the percentage of people who are buying homes for the first time fluctuates from year to year — falling from 33% in 2021 to 27% in January 2022 — the number of first timers who might be right for FHA loans is comfortably in the millions.
ITIN for Foreign-Born Borrowers
A considerable number of people who are allowed to work in the United States lack social security numbers or the documentation needed to qualify for conventional loans. This represents many would be home buyers who fall into this segment of the market.
Many of these people may benefit from City Lending’s ITIN Number Loan Product. Even if a potential borrower is undocumented, or doesn’t have a valid residence permit, they may still be able to qualify for a mortgage loan. They just need two years of tax returns, and two months of bank statements among the requirements, and they can own a piece of the American dream even if they aren’t American citizens.
Refinancing to Fit the Needs of Many
RefiNow offers an excellent way for low-income homeowners to refinance and take advantage of today’s attractive interest rates to save money each month. How much money? At least $50 a month, though that number is often higher. RefiNow is perfect for those who may not qualify for a conventional loan, as this refinance program has more-relaxed application requirements, a debt-to-income ratio of up to 65%, and credit score requirements as low as 620.
Do you know a borrower with a fixer-upper in need of serious work? Or maybe one who just wants a simple renovation, such as a bathroom makeover or an upgraded kitchen. Then they’re ripe for an FHA 203k Rehabilitation Loan Product, versatile loans backed by the Federal Housing Administration that allow borrowers to make home improvements on either a new home or one that they already own.
You’re unlikely to find a borrower who doesn’t like getting cash that they can use for anything they want. From paying off a credit card to buying a new car, covering tuition costs, and more, FHA Cash-out refinancing can be an ideal way to use one’s home equity to put cash in their pocket. How does it work? The borrower simply replaces the mortgage they currently have with another mortgage, quite possibly at a lower rate given today’s interest rates.