Nationwide Mortgage

Non-Traditional Mortgage Solutions for Homeowners and Property Investors

For over 20 years Nationwide Mortgage has been helping borrower’s purchase and refinance their properties. Non-Prime, or what is thought of as, “Hard Money” is primarily for consumers with one of several circumstances:

• Bruised Credit – mortgage late payments, bankruptcy, foreclosure, short sale
• Self-employed applicants with good cash flow but low taxable income
• Foreign nationals with little or no US credit history
• Unique properties – rural, agricultural, etc.
• Mixed-use buildings (for example, businesses downstairs and living quarters upstairs)
• Very large loan amounts above traditional loan limits
• Non-warrantable condominiums
• Investors with 10+ rental homes financed
• Long-Term Rentals – quality with property income, no tax return required
• Rehab Fix & Flippers

At this time, we only offer loans for properties located in 6 states:
California, Colorado, Florida, Oregon, Virginia, Washington.

Non-Traditional Loan Examples

Here are some examples of loans that we offer, and the general guidelines that pertain to them.

Example #1: Self-Employed / Bank Statement Program

Although income may be sufficient to qualify, a self-employed applicant may not have the traditional income documentation like tax returns to support their income.  So in lieu of tax returns, personal or business bank statements can be provided to show the ability to make the mortgage payments.

• Interest Rate: 5.725%  APR: 6.936%
• Loan Amount: $500,000
• FICO: 701
• Origination Fee: 0 points,  $2,295 lender fee, plus third party fees like Title, Escrow, and Appraisal
• Term: Fixed rate for 5 years and then becomes a 1 year Adjustable Rate Mortgage
• Loan-to-Value: of 75%
• Lien position: 1st Trust Deed

General Guidelines

• Loan Amounts: $75,000 to $3,000,000
• Minimum FICO Score: 575
• Term: 30-Year Amortized & Term – 7/1 Hybrid ARM or 30-Yr Fixed
• Property Types: 1-4 Unit Single Family Residences, Condominiums, Townhomes
• Loan-to-Value: Up to 90% (based on appraisal) for credit scores 700+
• Debt-to-Income Ratio: Max of 50%
• No Pre-Payment Penalty
• No Reserves
• Impounds Required

Example #2: Low FICO Score & Low Down payment

• FICO Score: 590
• Loan Amount:$300,000
• Interest Rate: 4.75% APR: 5.743%
• Term: 30 Year Fixed
• Loan-to-Value: 96%
• Lien position: 1st Trust Deed

General guidelines:

• Loan Amounts: FHA loan amounts based on county limits
• Term: 5 to 30 years fixed rate terms
• Minimum FICO Score: 575
• Property Types: 1-4 Unit Residential (condominiums are subject to HUD approval)
• Loan-to-Value: Up to 96% (Based on appraisal)
• Employment: Minimum 2 years
• Income Documentation: Tax Returns, W-2’s, Pay Stubs

Example #3: Post Foreclosure or Bankruptcy Program

• Interest rate: 8.375%   APR: 8.780%
• Time Since Bankruptcy/Foreclosure: Event was just settled
• Loan Amount: $400,000
• Credit Score: 501
• Origination Fee: 0 points plus $1,295 lender fee, and third party fees like Title, Escrow, and Appraisal.
• Term: Fixed rate for 5 years and then becomes a 1 year Adjustable Rate Mortgage.
• Loan-to-Value: 65%
• Lien position: 1st Trust Deed

General Guidelines

• Loan Amounts: $75,000 to $3,000,000. Additional restrictions and additional costs will apply to higher loan amounts.
• Minimum FICO Score: 575.  Interest rates are higher for lower credit scores and higher loan to value.
• Loan Term: 5, 7 or 30 years
  • Rates are fixed for 5 years or 7 years and amortized over 30 years.
  • There is an added cost for 7 year and 30 year fixed rate loans as compared to 5 year fixed rate loans.
• Property Types: 1-4 Unit Single Family Residences, & Condominiums.
• Debt-to-Income Ratio: Up to 50%
• No Pre-Payment Penalty
• Impounded tax and insurance is Required

INQUIRE ON OUR WEBSITE

Sub-prime, Non-Prime, Non-QM or Hard-Monday

The terms sub-prime, non-prime, non-QM or hard money are often used interchangeably to describe a mortgage loan for a consumer when they can’t qualify for a traditional loan. “Qualified Mortgage” is the only government defined loan standards and refers to Traditional Fannie Mae type loans. But not everyone can qualify for this type of loan, so that’s where Non-QM, Non-Prime, sub-prime, and “Hard-money” comes in. These types of mortgage programs make it possible for consumers with unique situations to get a loan. Some of those situations involve credit problems, but not all.

There are many reasons for using non-QM financing, and not all of them involve bad (subprime) credit. Sometimes, very well-qualified applicants have difficulty proving their income — either because its source is foreign, or because the business is new, or because money that is available for a mortgage payment is deducted at tax time.

N A Nationwide Mortgage, a California Corporation is located at 1963 O’Toole Way, Suite 200, San Jose, CA 95131. (949)588-8453 Fax (949)340-8051. Unique Identifier NMLS #32417 www.nmlsconsumeraccess.org.

Real Estate Broker – CA Department of Real Estate #01247594, Performing activities for which a license is required. Colorado Responsible Individual Paul Balla #100507045. Florida Mortgage Broker License #MBR2347. Oregon Mortgage Lending License #ML-3166. Virginia Broker License #MC-5843. Washington Mortgage Broker License #MB-32417.

Noelle Wheeler, President & Broker, NMLS ID 32388 and 32417, CA DRE Broker Lic.01125188

N A Nationwide Mortgage Service Mark @1998. All rights reserved.