If it’s the American Dream to own one’s own home, then why is it made so difficult for so many to achieve? And does it have to be that difficult?
One California broker has recently taken a good look and come up with a new way to open more doors. It’s a key designed to work from both sides of the lock: the security of bank loans and the risks of private money.
In the case of banks and other traditional lenders, requirements are so rigid it’s virtually impossible to get a home loan unless one has perfect credit or the time to fill out a football field of forms. Financing can take from 2 to 5 months and offers can be rejected simply because sellers are aware of this fact.
In the case of private lenders, hard money loans are based directly on real estate equity: “You got the property; you get the money!”. But rates can run as high as three times a conventional 30-year mortgage.
Moreover, many private lenders issue too few mortgage loans to be closely watched by state and federal oversight. Fraud is not uncommon. Borrowers must put integrity first in their selection of broker, while investors must absorb the risk of borrowers rejected by banks… which still leaves the big question: bank money security or hard money risk?
But what if you could find middle ground? If a client falls just short of qualification for conventional or traditional financing (Fannie Mae, FHA, Portfolio lending, etc.), there is now a new hard money program on the market offering lower rates as low as 6 percent. It is called the Alt-A Hard Money Loan program and it is offered by Sun Pacific Mortgage & Real Estate of Santa Rosa, California.
Since opening its doors in 1988, Sun Pacific Mortgage & Real Estate has proven trustworthy to over 10,000 borrowers. It is a trust that has seen the company rise from last-minute solution to first preferred choice for many California professionals seeking superior rates and reliability for their clients.