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| Loan Product: |
Fixed rate terms from 10 to 25 years.
30 year ARM loans with initial fixed
ratesfor 2 to 5 years. |
| Interest Rate: |
Rates start at 6.5% & up |
| Minimum Loan Amount: |
$100,000 |
| Maximum Loan Amount: |
Unlimited |
| Maximum Loan to Value Ratio: |
80% (20% down payment) |
| Pre Payment Penalties: |
Penalty applies for the first
three years. The amount of the penalty may vary
and can be eliminated in some cases. |
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| Geographic Regions: |
Los Cabos/San Jose del Cabo Corridor
La Paz
Tijuana/Ensenada Corridor
San Felipe
Puerto Peñasco (Rocky Point)
Mazatlan
Puerto Vallarta
Ajijic/Chapala
Cancun/Playa del Carmen Corridor |
| Purpose: |
Purchase, Cash-out, Refinance, Custom Construction |
| Property Use: |
Primary Residence & 2nd Homes |
| Eligible Properties: |
Single Family, 1 unit dwellings
Condos
Planned Unit Developments
Homesites in Planned Communities |
| Credit: |
650 minimum credit score
Borrower must display generally excellent credit with
atleast three accounts active for the past two years |
| Income Documentation: |
Three different verification methods exist. They are: |
| Full Documentation: |
For salaried borrowers: 2 years W-2's; 2 most recent paystubs (must be employed a minimum of two years in same line of work)
For self employed borrowers: 2 years personal and corporate tax returns; Verification that business has been in existence a minimum of two years (i.e. copy of business license, letter from CPA)
Additional documentation if applicable: Award letters for pension or social security; Divorce Decree; Rental Agreements |
| Alternative Documentation: |
24 months of personal or business bank statements (income is calculated by taking a 24 month average of all of the deposits; 100% of the total deposits are used if using personal bank statements, 50% of the total deposits are used if using business bank statements) |
| Stated Documentation: |
Income is stated on the application and must be reasonable for the type of employment; salaried/wage earners are not eligible; borrower must verify liquid assets totaling as little as six months of payments in reserve, up to 2.5 times the loan amount in reserve, post closing, depending on chosen lender. |
| Asset Verification and Reserves: |
Two months bank statements required from accounts being verified (four months for the stated doc program); i.e checking or savings accounts, brokerage, mutual funds, IRA's, 401K's.
Borrower must verify funds to close plus 4 to 8 months of mortgage payments in reserve (exception for stated borrowers where two times the loan amount are required)
Snell Real Estate offers a variety of financing options. All programs and guidelines listed above are a mere sampling of programs. For clarification, contact Tony Tiedje or call 1-800-650-5845, Ext. 1031. |
