95% LTV, $945k Primary Residence, Stated Income
OPPORTUNITY: Young Bay Area family was excited to identify a property that was liveable yet allowed them to improve over 40% of the property through renovations. We structured the loan in a way that allowed them to lock in for a fixed 7yr period on the 1st loan, while structuring a 2nd loan for the remaining 15%. Once improvements have been completed, we will keep the 1st loan in place (6.125%) while restructuring the current HELOC to a fully amortized/fixed 2nd.
SOLUTION: Borrowers overall profile allowed us to get Full Doc pricing while not having to show or verify income. The policy of the lender on this home rewarded borrowers with FICO scores of over 780. At no additional cost to the borrower, their loan was priced as a Full Doc loan but required only minimal documentation.
*** To preserve cash at closing, seller paid for $25k of the closing costs – Steelhead Residential recommended this approach after sitting down with our client and the agent representing our borrower – it was a win/win for both side of the transaction.
Steelhead Residential Funding is a mortgage brokerage in California (CA Dept. of Real Estate - Real Estate Broker #01400712) and Hawaii (Dept of Commerce and Consumer Affairs #MB 1264). Information provided by you to Steelhead Residential Funding through this website shall not be considered an application for a mortgage loan. An Equal Housing Lender. Steelhead Residential Funding is an independent company under the guidance of Steelhead Capital, Inc. Purchase and financing advice are offered as part of the full service nature of the lending process, however neither Steelhead Capital or its affiliates are responsible for investment decisions. No guarantees are offered or implied to visitors of this website. Thank you for your interest in working with a professional mortgage broker from Steelhead Residential.