Our Phoenix owner occupied hard money loans program makes it easy for you to get the new home you need despite not having credit, having bad credit, or even if you’re not from the United States. Owner occupied loans have easier requirements than investor loans and can even benefit from our cross collateral 100% LTV loan option.
Owner occupied hard money loans are also considered Principle Residence Loans, alternative financing, and private money loans.
We continuously stay up to date on all regulation required to offer owner occupied hard money loans.
Poor Credit, BK, Foreclosure, TIN Numbers, Self Employed YES we can!
No Up-Front Fees and No Cost to Apply.
Hard to prove income
Dealing with a problem property
Cannot qualify for conventional or FHA/VA financing
Buying first or second home
Refinance an existing loan
Cash out for repairs or remodeling
Cash out for debt consolidation
100% FINANCING AVAILABLE if the borrower has another property that is free and clear or has a small mortgage in relation to value (substantial equity) to pledge as additional collateral.
NO PRE-PAYMENT PENALTY
We have no pre-payment penalties on our loans.
PURCHASE – REFINANCE
Down payment: 20-30%
Can accept co signers
Allow seller carry back for the Down Payment
Up to 70% or 80% of appraised value
Up to 100% financing with a 2nd free and clear property.
Interest Rates from 9.5% for Owner Occupied Private Hard Money in .Phoenix
Income verified – 3 months banks statements or tax return.
BK, Foreclosure, INN, Self Employed YES we can!
If you are interested to see if you qualify for an owner occupied hard money loan in Phoenix, give Jamie a call today at 623-582-4444 or fill out our loan application to get started.
These types of loans are considered consumer loans. This means that they are for the individual home owner not an investor or corporation. These loans are for borrowers who will live in the home as their primary residence home. These are loans where the borrow will use the funds for consumer purposes, such as paying down debt, buying a boat, debt consolidation or paying a tax lien. The funds are going to be used to help the consumer. When you are applying for a consumer Private Hard Money home loan there are a lot of requirements that the lender must do to make sure that the borrower fits the loan. These are recent requirements, but the main requirement is that the Private Hard Money Lender Lending for an Owner Occupied Homes needs to make sure that the borrower can make the payments. They call this verifying the ability to pay the loan. Since this a Private Loan, these requirements are easier and more relaxed that the traditional lender. Additionally, Phoenix Private Hard Money for Owner Occupied Loans usually have a lower credit requirement. Another requirement is that the loans must be ‘fully amortized over 30 years’ and cannot have a balloon payment. The advantages of a Private Hard Money Lender are that the loan is completed quickly, and the borrower can move fast. Typically, the lender is private individual that will look at the property and make a quick decision. Rates on the loan are higher that a traditional loan, but usually range from 6-12%.
Trouble documenting income
Inconsistent income history
Credit issues due to a recent loan modification, short sale or foreclosure
Client already owns the home and needs to refinance, the purpose is consumer in nature, and there’s no purchase component.