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Purchasing
- Conforming – up to $424,100, fixed, ARM
- High Balance – up to $636,150, fixed, ARM
- Jumbo – up to $2 Million, fixed, ARM
- FHA – 3.5% down payment, FICO 550, charge-offs
- VA – 100% funding, NO down payment, NO PMI, funding fee 2.5% YSP
- Reverse Mortgage Purchasing – gift is available for down payment, 40-50% down payment then no mortgage payment
- NO ORIGINATION FEE refinance and cash out refinance are available
Reverse Mortgage
- Qualifications
- Over 62 Years Old
- Minimum 50% – 60% equity from a primary residence house
- 1-4 units house or FHA condo
- Have social security or other monthly incomes (minimum)
- Best For
- Lack of income or need more income after retired
- Prefer to live at current house/condo than sell it
- HELOC expires soon
- Can’t get other types of loans
- Benefits
- Need minimum credit and minimum income required
- NO MORTGAGE payment
- Tax free
- Non-recourse (can live there forever)
- If a house/condo prices increase, you can sell it
- Various ways to be paid (monthly, lump sum, line of credit etc)
- Keep owner’s title
- Can sell your home anytime
- Does not affect Medicare
- FHA insures
Foreign National (Non-Resident)
- 7 years ARM
- 40% down payment up to 1 Million loan amounts
- 45% down up to 1.5 Million Loan
- 50% down up to 2.5 Million Loan
- Up to 50% gift is available for down payment
- Up to 5 Million purchasing price is covered
- DTI max 43
- Need 2 years of principal and interest amounts in a bank in US as reserve (no gift)
- No student visa borrowers. All other visas are fine.
Alternative Documentation (No Tax Return)
- V.O.E. (verification of employment for employee) – 7 years ARM, need 1 year reserve
- Stated income (for self-employed) – worked over 2 years and minimum FICO 680. Need a CPA letter and Profit and Loss statement
- Both need 30 (house) – 35 (condo) % down payment, minimum FICO 680, DTI max 43, 2 months seasoning is required for 50% of total down payment and 12 months reserve
F H A
- Minimum 3.5% down payment required
- Minimum FICO 550
- Charge offs – no need to be included in borrower’s liabilities or debts
- Need to pay UFMIP (up front mortgage insurance premium) 1.75% and monthly MIP (mortgage insurance premium) 0.80-0.85%
Good Deal Mortgage can help fund your next loan.
Contact us today!Get Started Today:
Contact us to get started with
- Reverse Mortgage
- Purchasing
- Alternative Documentation
- Refinance
- Cash out refinance
- Foreign National
- FHA
- VA
- And much more!
Good Deal Mortgage, Inc
3450 Wilshire Blvd.
Suite 312
Los Angeles, CA 90010
(310) 804-3366
Hours of Operation (PST)
Mon - Sun:
9:00 AM - 6:00 PM