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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 Rates: |
Rates start at 5.25% |
| Minimum Loan Amount: |
$100,000 |
| Maximum Loan Amount: |
$5,000,000 |
| Maximum Loan to Value Ratio: |
50% to 75% depending on loan size |
| Pre Payment Penalty: |
Two year (2% in year one; 1% in year two)
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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 (restriction do
apply) |
| Credit: |
680 minimum credit score
Borrower must display generally excellent credit with
at least three accounts active for the past two years |
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| Income 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 |
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| Asset Verification and
Reserves: |
Two months
bank statements required from accounts being
verified; 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.
Snell Real Estate offers a variety of financing
options. All programs and guidelines listed
above are a mere sampling of programs. For
specific details, contact Greg Filardi or call 1-855-GOT-BAJA. |
