In 2005, I was at a Christmas party listening to a Lender’s Account Rep brag about his 100% loan-to-value “stated income” and “stated asset” purchase money loan product for investment properties. He expected me to be happy to hear this but I was crestfallen b/c I knew the end was near. And it was.
The good news is that we are not back there yet, and will likely never go back, but lenders continue to get more flexible.
We now have a loan product for borrowers who are 1 day out of foreclosure (or short sale).
We also have several loan products for borrowers who need to purchase and borrow in the name of their LLC or partnership.
These loan products require substantial down payments, but they are a step in the right direction.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646