Exclusive Loans
Finding a great home loan involves careful consideration of your needs, finances and history.
We are here to guide you
Exclusive
Bank Statement
Ideal for self-employed or freelance workers, people who claim significant tax deductions, or anyone who would prefer to use a bank statement over a tax return in order to qualify for a mortgage. These loans are also perfect for anyone who feels their bank statement is a better representation of their finances rather than a yearly tax return when qualifying to pay a loan.
A Bank Statement loan is a loan where you do not provide the typical financial documents like in standard loans. Instead you use your bank statement as proof of income and monetary backing in order to qualify for a loan. These loans often come with many tangibles and higher rates and are recommended only if you have not been approved for standard loans. If that is the case, these loans allow for large down payments and flexible credit scores to secure loans for your mortgage. Reach out to one of our trusted Loan Officers to find out if this is the best loan for you, and rest easy knowing we do the work so you don’t have to.
These loans:
- Allow for low credit scores required with excellent bank statements
- Do not require pay stubs or tax returns when seeking a loan
- Allowance for higher debt-to-income ratios.
Requirements to keep in mind when considering a bank statement loan:
- 12-24 months of bank statements
- Proof of 2 years self-employment
- Funds to cover several months of mortgage payments (reserves)
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1099
The ideal mortgage for anyone who has a 1099 instead of a W-2, these mortgages simply allow for different avenues to get qualified. At Loan Vault we know many 1099 workers enjoy the flexibility of their profession, so why be limited when it comes to your mortgage? We work hard to find the flexibility you desire while working with these exclusive loans.
A 1099 Loans is simply a loan that uses a W-9 and/or 1099 form when qualifying for a loan rather than a W-2 form. It is ideal for any individual who uses one of those two forms for taxes in lieu of a traditional W-2.
These loans:
- Have consistent down payments
- Allow for the use of W-9s and 1099s instead of W-2s
- Are perfect for self-employed or free-lancing individuals.
Requirements to keep in mind when considering a 1099 loan:
- Documentation of year-to-date income
- Lower debt-to-income ratios and/or higher credit scores
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ALT Doc
Ideal for anyone who is looking to qualify a loan without traditional documents for a variety of reasons. These loans allow for lendees to prove their ability to repay a loan through a variety of avenues, thus opening the door for many options to secure a loan.
A ALT doc loan, or alternative documentation loan, is simply a loan that uses different documentation than a standard loan. These documentations can include only a 1099, only a W-2, a 12-month bank statement, an asset qualifier, or a one-year tax return. These loans are set up for prospective borrowers who are looking to qualify for a loan but do not meet the traditional requirements of a standard loan. If you are unsure if the documents you have are right for a conventional loan, an ALT doc loan, or another loan, contact us at Loan Vault to rest easy knowing we will walk you through all the necessities to get your mortgage, erasing the anxious and stress of trying to solve it on your own.
These loans:
- Can be used to get cash in hand, up to $2 million on cash-out
- Allow for debt-to-income rates up to 50%
- May be used on a primary or secondary home
- Allow for many avenues of qualification.
Because requirements for this program vary from lender to lender, contact us today to see how you can qualify for this loan.
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Interest Only
I/O or interest only mortgage loans are for anyone looking to make low monthly payments over the first several years of owning or refinancing a property. This allows individuals to secure a house sooner while building up income and cash to make larger payments down the line.
An I/O loan, or interest only loan, is a loan that allows the borrower to pay interest only for the first couple of years when financing a home or property. This allows for flexibility in the first few years of purchasing a home. After this initial period, the borrower can begin making regular monthly payments, refinance the loan, or pay the remaining balance. These loans are ideal for anyone who wants to free up cash flow early on in purchasing a property, but eventually result in higher payments over a longer period of time. These loans are ideal for buyers who need extra cash flow the first few years and are able to offset the interest accrued over time.
These loans:
- Have lower initial down payments
- Can help reduce monthly payments
- Include initial tax benefits.
Requirements to keep in mind when considering a Interest Only loan:
- Credit score above 700
- Low debt-to-income ratios
- Typically down payments of 15%
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DSCR
Debt Service Coverage Ratio (DSCR) loans permit borrowers to use the cash flow that is generated from investment properties to qualify for a mortgage. This loan is best for financial consumers and real estate investors by allowing them extra protection to handle their transaction.
A DSCR loan allows lenders to use the debt service coverage ratio to determine a borrower’s eligibility to receive the loan. With this type of loan there is no need to verify income or an approval process. This loan is not used to purchase a residential property for personal use. There is no limit to how many DSCR loans you can take out, so it is ideal for building a larger investment portfolio quickly. Lenders usually require a higher down payment for this loan rather than traditional mortgage loans, so this is a great option if your investment properties make up the majority of your income stream.
Requirements to keep in mind when considering a DSCR loan:
- DSCR ratio higher than 1.0 (no ratio and ≤ 1.0 programs available with compensating factors)
- Typically credit scores over 640
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Community
Ideal for anyone facing barriers when trying to purchase a home, whether if be do to low or no income, low or no assets, recent immigration, or other financial hardships that make buying a home difficult. These loans are in place in order to try and increase homeownership across the country so that no matter your circumstance, you can own the home you want.
A community/NINA loan, or no income/no assets loan, is a loan for individuals and families who do not have the typical assets or income to qualify a mortgage. These loans are also useful for recent immigrants or individuals who work for foreign countries and may not be able to provide typical proof of income in the US. These loans often have no minimum loan requirements, low-zero down payments, and fixed rates. These loans are part of a program that aims to expand home ownership for qualifying individuals to allow for competitive and affordable rates for those who have unique circumstances. These loans’ sole goal is to make qualifying for loans easier and more available to more individuals.
These loans:
- Have no income documentation required
- Are available for families at or below 80% of their areas median income
- Apply to 30-year fixed rate mortgages to allow for consistency and predictability in financing.
Requirements to keep in mind when considering a Community Loan:
- 25% or greater down payment
- 640 or higher credit score
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Foreign National
These loans are perfect for just that, foreign nationals. Ideal for any non-US citizens looking to purchase a second or vacation home in the US. These loans allow for these individuals to forego the traditional requirements for mortgage loans required for US citizens, and provide alternate documentation to secure a loan.
A foreign national loan is an opportunity for a non-US citizen to purchase a second or investment home in the United States. Because most loans for US homes are catered to citizens, these loans allow for other documented residents to apply for and secure loans in the states.
These loans:
- Require no credit score
- Are investment opportunities
- Allow for up to 10 financed properties
Requirements to keep in mind when considering a Foreign National loan:
- Higher down payments
- Verified income
- Letter of reference from a bank
- Proof of residency in other country
- Passport and/or Visa
- Valid pay stub or letter from employer stating salary,
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Hard Money
Whether you are trying to flip a house, buy an investment or commercial property, or simply need a loan fast, a hard money loan is perfect for all these needs and more. Hard money loans allow for faster loans than traditional loans that rely on property rather than credit history to be secured. When traditional loans just don’t get it done, hard money loans might be right for you.
A hard money loan is a loan that is backed with the tangible asset set by the lendee. These assets work just like traditional mortgages, where the lender acquires the asset if the lendee fails to make a payment. These loans are perfect for people who are looking to get loans that take days rather than weeks or months. These loans often come with higher risk due to fast processing, and thus come with higher rates and often require a history of successful endeavors in property to secure the loan. Because of these tangibles and connection to a high value asset, these loans are able to be used for large sums in short amounts of time.
These loans have:
- Fast approval processes
- Flexibility in their structure and processes
- None credit based approval
- Emphasis on the property being purchased, not the borrower.
Requirements (one or more of the following) to keep in mind when considering a Hard Money loan:
- Typically have a history of successful investment in property, flipping houses, etc.
- Proof of ability to afford repayments.
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Bridge Loans
The ideal loan for investors when money is still tied up in a previous investment while trying to purchase a new one. These loans allow investors to bridge the gap between the closing of one investment and the opening of another, before any deal has actually been finalized.
A bridge loan is a loan that allows you to borrow money for a new property while you wait for an older property to close. Often bridge loans are used for closing costs, and there is a year gap from receiving the loan to the start of payments on the loan. It is a good idea to have expectations of assets and when the first investment will close in order to properly structure paying off the bridge loan. Typically, a sizable amount of equity is required in the first home to qualify for a bridge loan.
These loans:
- Offer up to 3-year, interest only programs
- Have availability as a first or second mortgage
- Have no prepayment penalties
- Are often used for closing costs.
Requirements to keep in mind when considering a Bridge Loan:
- 20% equity in initial home
- 3 months of mortgage reserve (ability to make 3 months of payments)
- Good to excellent credit
