Special Programs Offered by Some Lenders Hobby Farms Most mortgage companies restrict the number of acres that they will include in the appraised value of the property when they are considering a mortgage. Currently, for borrowers who qualify, one of the lenders we deal with may allow the residence, a garage, and up to 80 acres of farmland to be included when determining the value of the property. However, it should be noted that farming income from the property will not be considered if it is the only or the largest source of income for the borrower when determining his ability to service the debt. Call us today at (519) 255-9505 or Email us at info@unimorcapital.com to see if you might qualify. Business for Self (BFS) Some of our lenders currently offer programs that may lend a borrower who is self-employed or operates his own company as much as 100% loan-to-value(LTV) on a purchase, and as much as 95% LTV on a refinance, if the borrower is able to prove income sufficient to meet the lenders criteria. If the borrower cannot prove income, these programs may allow a loan of up to 95% of the lower of the appraised value or the purchase price, and the 5% down payment must come from the borrower’s own resources. Furthermore, these lenders may offer a qualified borrower a mortgage for up to 90% loan-to-value on a refinance. In addition to meeting the debt service requirements, the borrower may need a Beacon Score(Credit Rating) of 700 or more. From time to time we may have lenders who offer other programs that allow us similar flexibility, so call us today at (519) 255-9505 or Email us at info@unimorcapital.com to see if you qualify. Rental Properties One or more of our lenders will consider advancing up to 100% loan-to-value(LTV) on the lower of appraised value or purchase price on a purchase if the borrower qualifies and has a Beacon Score(Credit Rating) of 680 or higher, as long as the closing costs can be paid from his own resources. Furthermore as much as 95% loan-to-value(LTV) of appraised value may be available for a refinance to a qualified borrower who has a Beacon Score(Credit Rating) of 650 or higher, with closing costs paid from the mortgage proceeds. These programs apply for rental properties of 1 to 4 units, and the property may be held in the name of a Corporation with the personal guarantee of the borrower. To get more details and see if you qualify, call us at (519) 255-9505 or Email us at info@unimorcapital.com. New to Canada This program, which can be used for purchases only, may be available to new immigrants who have lived in Canada for less than 3 years. In all cases, the qualified borrowers must be able to pay the down payment and closing costs from their own resources, and they must be able to prove that they have been working for their current employer for at least 3 months. The down payment requirements vary as follows: 3% DOWNPAYMENT - if the borrower was relocated to Canada by his employer. 5% DOWNPAYMENT - if the borrower has two current trade lines in Canada or has an international Credit Bureau Rating that satisfies the lender’s criteria. 10% DOWNPAYMENT - if the borrower can provide 6 months’ of bank statements and has 2 verifiable bill payments with 6 months history showing payment as agreed. Call us today at 519-255-9505 or click here to e-mail us to arrange an appointment or request one of our several FREE reports , which include valuable information which may suggest solutions for you personal situation.
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