First Lenders Mortgage

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Low Credit Score Construction Loans


Construction loans are loans that are made to the consumer for the purpose of building a new home. Construction loans are great for the consumer who already owns land, the land can often be used as a way to qualify for the loan.


Value of Home

Construction loans are made on a project that has not yet been completed, so the lender basis much of the loan qualifications on the value of the completed home. An appraisal will determine the value of the home once it is completed. A loan-to-value calculation will be done in order to insure that the lender is covered in the event of non-payment by the borrower. LTV is the percentage of the of the home minus any mortgage amount. The lower the LTV percentage, the less risk exists for the lender, so loan terms may be more favorable.





Low Credit Score Jumbo Loans


A low credit score jumbo mortgage is a loan that exceeds the conforming loan limits. If the loan value is more than $417,000, then that is considered a jumbo loan. Jumbo loans are typically used for large, single-family homes, and they have a different underwriting process and come with a slightly altered set of guidelines. Jumbo mortgages are called non-conforming because they exceed the conforming amount that can be backed by Fannie Mae or Freddie Mac, the federal government-sponsored entities that guarantee mortgages. Non-conforming loans that exceed conforming limits are not backed by the government entities Fannie Mae and Freddie Mac. Jumbo loans are backed by private investors and have slightly different guidelines. The conforming loan limit in New Jersey is any mortgage over $417,000, so home buyers in New Jersey seeking mortgage loans higher than this loan value can apply for a low credit score jumbo home loan.






Here Are Just A Few Of Our New Jersey Mortgage Solutions:
  • DU Refi Plus, HARP 2.0, Open Access, Home Ready
  • Fresh Start Program BK, Short Sale, foreclosure okay!
  • NJ FHA and First Time Home buyer loans down to 530 credit scores
  • AAG REVERSE MORTGAGES
  • REDUCED mortgage insurance with a 760+ credit score
  • NJ Super Jumbo Loans up to 10 Million
  • FHA Streamline Refinances
  • NJ FHA Jumbo Loans
  • LOW RATE loans down to 2.75%
  • COMMERCIAL MORTGAGES (nationwide)
  • ASK ABOUT OUR HOME IMPROVEMENT/ CONSTRUCTION LOANS!!!
  • NO INCOME VERIFICATION for investment properties
  • Alternative Income products for sel-employed/ 1099 Borrowers
  • DEBT NEGOTIATION - SAVE THOUSANDS!!
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IMPORTANT MESSAGES

We specialize in:

New Jersey Mortgage Loans
Low Credit Score Jumbo Loans
Low Credit Score Construction Loans

In MOST cases our pricing will beat:
QUICKEN LOANS
ROCKET MORTGAGE
GUARANTEED RATE

Ask about our investment property mortgage available NATIONWIDE! As well as all other major banks & mortgage companies**

**Based on 75% loan to value and loan amounts $200K - $424,100 **CALL FOR DETAILS

New Jersey Mortgage Loans


Some lenders often want you to think that homebuyers have to make down payments of at least 20 percent. In fact, some loan programs allow qualified people to buy homes with no down payment at all. Other loan programs allow down payments as small as 3 - 5 percent.

The Department of Veterans Affairs guarantees zero-down VA mortgages for qualified borrowers: veterans, active-duty service members and certain members of the National Guard and Reserves.

Lenders say they often dispel the mistaken idea that homebuyers have to make down payments of at least 20 percent. In fact, some loan programs allow qualified people to buy homes with no down payment at all. Other loan programs allow down payments as small as 3 percent or 3.5 percent.


Getting in at the right time for you and your family may not be something that should be on your mind when looking for a New Jersey mortgage loan. The first step is getting in contact with us so that we can help walk to through the process.










LOOKING FOR A COMMERCIAL LOAN?

Two to Four Unit Residential Loans

First Lenders is pleased to announce two to four unit bank portfolio financing.  One of the big benefits to this program is that the lender will allow CASH-OUT transactions. The program will qualify you based on your Global Financial strength of a 1.20 to 1.30 Debt Service Ratio (DSR).  The properties cash flow should achieve a 1.20 to 1.30 Debt Service Ratio.  Just like apartment financing.  The sponsor's personal cash flow needs to at least break even.  Finally a program that will help those investors with two to four unit apartment buildings.  Especially those investors looking for cash-out financing with low rates. Please complete the Submission Form now while the rates are low.

Program Highlights   CASH OUT FINANCING ALLOWED!!!!!Amortization Period: 30 Years Fixed Rate Periods: 6 Months, 3 Years & 5 Year fixed rates.  Interest rates from 3.94% to 4.44% based on loans of $500K or more.  Loans under $500K are repriced at 100 to 125 bps higher. Reverts to an adjustable rate loan based on the 6 MO LIBOR + 3.5% Cap Rate: Greater of 6% over start rate or 9.5% Property DSR: Minimum 1.20 to 1.30 Personal Income must cover borrower expenses Overall Borrower and Property Debt Service Ratio must equal between a 1.20 and 1.30 DSR.


Stated Income Apartment Loan

 

First Lenders Mortgage has the of the best Stated income loans products available in the commercial mortgage marketplace.  With this program you don’t have to provide tax returns or bank statements.   It gets better if you have an apartment you’re looking to refinance. Not only does this lender pay for the appraisal, a savings in the area of $1,500 to $2,000, they also pay for the Escrow and Title fees (Refinance Only). The savings on these two fees alone, depending on your loan amount, can easily save you another $1,000 to $2,000 or more! This is one of the easiest loans to obtain so contact Crown Commercial Finance now while this apartment loan product is being offered.

Loan Highlights

Interest rates fluctuate daily Rates approximate rate are : Adjustable Rate Loan: 2.99% 3 Year Fixed Program: 3.32% 5 Year Fixed Program: 3.98% 7 Year Fixed Program: 4.24% 10 Year Fixed Program from 4.75% All have 30 year amortization. Debt to Service Coverage Ratio only 1.15 based on 4.25% Qualifying Rate. Minimum middle FICO score of 680+. Minimum loan amount of $500K. Loans between $500K to $750K add 20 basis points to the rate. Loans between $750K and $1MM, add 10 basis points to the rate. Max LTV 75% Borrower liquidity to equal 6 months


Adjustable to Fixed Rate Apartment Loan

Loan Description Here's a unique loan.  The Adjustable to Fixed rate loan.  It's called the 7/6 ARM.  The loan starts as an adjustable rate loan and in years two through six you can fix the rate for seven or ten years on the market conditions.  The rates start in the low 3% range and the Lifetime caps are in the mid 7% range. You could actually use this loan like a Bridge loan, only less expensive!  Let's say your investment strategy is to take an undervalued multifamily property and over the course of 2 years raise the property standards and subsequently the cash flow to resell.  In the Second Year on a normal 5 year fixed rate loan,  you could have a 4% or 3% prepayment penalty on the unpaid balance.  For a Bridge loan both the interest rates and fees are much higher as well.  One other hassle free benefit is that there are NO TAX RETURNS required from the borrower.  They will scrutinize a Personal Financial Statement, Schedule of Real Estate Owned and Bank/Stock Statements. I invite you to call me regarding this program and see if it might fit your apartment financing strategy. 

Loan Parameters
7 Years Amortization Period: 30 Years Qualifying DSCR: 1.25 Start Rates: 2.98% to 3.33% - 20 BPS Lower for loans over $2M Interest Rate Ceiling: 7.36% to 7.78% - 20 BPS Lower for loans over $2M Prepayment Penalty: 1 Year Lock-out, then 1% thereafter.  Prepayment Penalty is waived if you convert to a fixed rate in Years 2 through 6. Fully Assumable Non-Recourse
Qualifying Rate: 5.75%


Commercial Property Loans

 

This product comes in two flavors; investor and owner-occupied properties. Both are being scrutinized quite heavily so prepare yourself for a full documentation loan. Meaning, three years complete tax returns must be submitted.   For investor properties the maximum loan to value (LTV) that a bank will finance is somewhere between 65% to 75% LTV.   Some banks may only go 50% for retail properties.   Interest rates will vary depending on the strength of the borrower.  The property must have at least a 1.25 to 1.35 Debt To Service Coverage Ratio as well. For owner-occupied properties, we can go a bit higher on the LTV, up to 90% financing in some cases because we add in an SBA component. It's not as scary as it seems. But be prepared to do some paperwork. Contact us today to regarding your industrial, office or retail property.

Commercial Property Rate Examples

Rate quotes below are an estimate using recent market pricing parameters and generic risk and collateral assumptions and will vary with from borrower to borrower 3-year fixed rate: 4.50% 5-year fixed rate:4.75% 7-year fixed rate:5.85%  Unsecured line of credit – variable rate: 3.73%



WE CAN ALSO HELP WITH BRIDGE LOANS AND MEZZANINE LOANS