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| Loan Products: |
Fixed rates and 3/1 or 5/1 hybrid ARM's.
Amortization terms from 15 to 30 years. |
| Interest Rate: |
Rates start at 6% & up |
| Minimum Loan Amount: |
$100,000 |
| Maximum Loan Amount: |
$5,000,000 |
| Maximum Loan to Value Ratio: |
60% to 75% (varies based on loan size) |
| Pre Payment Penalties: |
Penalty applies for the first
two years.
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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 |
| Property Use: |
Primary Residence & 2nd Homes |
| Eligible Properties: |
Single Family, 1 unit dwellings
Condos
Planned Unit Developments
Homesites in Planned Communities |
| Credit: |
680 minimum credit score
Borrower must display generally excellent credit with
at least three accounts active for the past two years |
| Income Documentation: |
Three different verification methods exist. They are: |
| Full Documentation: |
For salaried borrowers: 3 years W-2's and personal tax
returns; 2 most recent paystubs (must be employed a
minimum of two years in same line of work)
For self employed borrowers: 3 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: |
12 months of personal or business bank statements (income is calculated by taking a 12 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 a minimum of 12 months of payments in reserve, post closing. |
| 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. 1008. |
