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Most Hard Money Lenders these days do not offer Owner Occupied financing programs, also known as a Principal Residence Loans, due to the amount of federal and state regulations that apply to them.
Here at Sun Pacific Mortgage, we will always have this loan program available because of the important niche it fills for so many Borrowers. We continuously work to stay on top of the regulations that apply so that people have somewhere to go when they have have tarnished credit, difficult to prove income or are dealing with a problem property.
This type of program does have a higher interest rate but it allows a quick close, makes an impossible deal possible, offers various options and is generally a shorter term loan.
Typically, this type of loan will get paid off with a refinance into a 30 year fixed rate loan once the Home Owner is more able to qualify.
Some instances of when one might use an Owner Occupied/Principal Residence Loan are:
- Buying a first or a 2nd
- Refinancing a loan that has come due.
- Pulling some cash out from the equity in one’s home, to do needed repairs or remodeling.
- Getting some cash out for debt consolidation.
- Getting some cash out for a business purpose.
You can find out about our rates and fees by checking out the Rate Sheet: https://www.sunpacificmortgage.com/SPM_Programs_Rate_Sheet.pdf
Also feel free to call in to our office and within just a few minutes, we can let you know exactly what we can do for you: 707-523-2099.