There are really only a few loan programs:
- The government regulated (Fannie Mae/Freddie Mac, FHA, VA)
- In-House loans (credit unions and local banks)
- Alternative financing, also known as “Hard Money”
The biggest advantage to Hard Money is, not only can it be fast, it is treated as a cash offer in most circumstances, thus assisting in strengthening one’s purchase offer. It can also be used to purchase or refinance a dump-property, bad credit borrower, irregular income borrower, large cash-out borrower, Bridge loans, jumbo loans, etc.
The government regulated loans such as FHA are quite regulated. More in-house loans are being done by credit unions and banks and can appear stronger in offers, but they still come with tighter loan qualifications. Hard money has little bureaucracy, deals can be approved and closed in just a few days, there’s no red tape as to qualifications and rates are improving with the hot real estate market.
When you call us, you get the Loan Officer and the Underwriter on the phone in one person. Within just a few minutes we can tell if it is real estate that we can finance. Our transactions can go very fast because in many instances, we do not need an appraisal.
We invite you to look at our Website www.sunpacmortgage.com to get more insight into what Sun Pacific Mortgage is all about. We have been in the business for over 28 yeas now and are family owned and operated.
We only do Hard Money and we do it right!
Give us a call at 707-523-2099 and see what we can do for you and your home buyers.