Conventional Loans
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5% Down Loan up to $679,650.
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10% Down Loans up to $1,029,650. First loan of $679,650 and Second up to $350,000
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1 year tax return program. Get a mortgage by providing not two, but one year’s federal income tax returns!
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80/10/10 LOANS WITH NO MI. Conventional Loans. First of 80% up to Conventional Loan Limits. Second (HELOC) of 10%. Not directly offered by Shining Star Funding. Both loans close simultaneously
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- Conventional Loans. Conventional Loans No MI To 90%
- First of 80% up to Conventional Loan Limits
- Second (HELOC) of 10%
- Both loans close simultaneously. Breaking up the loan into a 80% first and 10% second gets rid of MI
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- Single loan to 95% with no mortgage insurance (with lender paid mortgage insurance)
- Break up your loan into 80% first and 10% second and save MI.
- Refinances and Purchases OK. Refinance to 80% and get rid of MI
- Automated underwriting only
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- Easy 1 year income verification for Self Employed borrowers. First loan up to $679,650. Second loan up to $350,000 – $500,000*
- Combined up to 90% financing without MI. Family Members can cosign for borrower. Co signor need not occupy home
- Co Signor not allowed on second loan. Subject to automated underwriting only. Borrower needs to be self employed for 5 years+*Second loan not directly offered by Shining Star Funding
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- Qualify a Owner Occupied Borrower with a Non Owner Occupied Co Borrower
- Conventional Loan only
- Useful when Owner occupant cannot qualify on their own income.
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- Borrowers should be same as owners on title
- Own funds to be used for purchase
- Property should not be secured by any other loan
- Unsecured loans ,obtained to close cash escrow need to be paid of at time of close of new escrow
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- We finance upto 10 Investment properties. The limit of 10 properties does not include 5 unit+ properties
- The limit of 10 properties does not include mortgage free properties. Minimum 720 Credit Score
- 25% Down. 6 Months PITI Reserve for subject property and 2 months for each financed investment property
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- Owner Occupied Properties. Always OK
- Non Owner Occupied Properties. Allowed with Limited
- Condo Review DU approvals
- DU should approve limited Condo Review
- DU approves limited Condo Review based on Down Payment,
- Borrower Credit Profile etc
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- Cannot be structural. Can only be minimal issue/nuisance litigation
- All court documents required. Attorney opinion letter required
- Verification of full monetary amount of litigation is required
- Resolution date of litigation required
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- Loan should be owned by Fannie Mae or Freddie Mac. Fannie or Freddie Mac should have purchased your loan before June 1st 2009
- Field Waivers for appraisal are offered. High Back end ratios possible .Even a 60% backend may be OK
- Limited income documentation. Loans for Owner Occupied and Non Owner occupied available
- No restrictions to number of properties owned.
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Transferred Appraisals
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- Transferred appraisals ordered by previous lender OK
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FHA Loans
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FHA Loans 3.5% Down
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- Loans available up to $679,650 ( conforming loan limits ) with 3.5% down
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- First Loan is up to 96.5% with mortgage insurance
- An additional 4 % is available as a down payment assistance (DPA) .This is a true grant with no interest or repayment required
- DPA is for down payment and closing costs only.No cash back is allowed
- Owner occupied single unit properties only.Not limited to first time home buyers
- 45%.640+ credit score needed
- Need to occupy home per program guide to avoid interest payment or principal repayment on the grant
- Subject to underwriter approval
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- Upside down loans OK
- No appraisal needed
- No income verification
- No credit score requirements
- Borrower should have made timely mortgage payments for 12 months if owned for more than 1 yr or 6 months if owned less than 1 yr
- 1X30 day late in last 12 months OK .However there should be no 30 day lates in last 3 months
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Flips
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- We will order one or two appraisals based on quantum of appreciation .Will work with lower of the two appraisals,
- Buyer can pay for only 1 appraisal, Interested party needs to pay for the second appraisal.
- Home Inspection Report with No pending work relating to Health and Safety issues.
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- Get a FHA Loan 12 months after
- foreclosure
- deed in lieu
- short sale
- discharge of Chapter 7 bankruptcy
- Taxable income should have dropped by 20% or more prior to above event
- Applicant should be out of work for 6 months or more as a result of the event
- Credit should have been re-established and satisfactory for 12 months or more
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203K Renovation Loan
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- The FHA 203K Renovation loan allows a buyer to purchase (or refinance) and renovate a property with one loan and one closing.
- With one loan, there is only one application, one set of fees, one closing and one monthly payment.
- Improvements can include anything that adds value to the home, such as room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen.
- The loan can also be used for energy-efficiency improvements.
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Jumbo Loans
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- 5/30 yr; 7/30 yr; 10/30yr; 10-30 yr fixed loans
- No MI to 90% option available
- Cash Out OK
- Primary/Second Home/Investment properties
- 1-4 Units OK
- Upto 80% Financing with minimum 700 fico
- Back end ratios max to 43%
- Loan Amounts 80% to 1 Mn |75% to 1.5Mn|70% to 2.5Mn
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- 5/30 yr; 7/30 yr; 10/30yr; 10-30 yr fixed loans
- No MI to 90% option available
- Cash Out OK
- Primary/Second Home/Investment properties
- 1-4 Units OK
- Upto 80% Financing with minimum 700 fico
- Back end ratios max to 49.99%
- Loan Amounts 80% to 1 Mn |75% to 1.5Mn|70% to 2.5Mn
- Interest only option
- Asset Depletion program
- Projected income program
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- Loan amounts as low as $300000 and upto 2.5Mn
- Back end ratios to 49.99%
- Interest only options
- Asset Depletion program.We use income calculated based on assets in hand
- Projected income from future job
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VA Loans
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- Credit cannot be on a deteriorating track
- No MI(monthly mortgage insurance) Loans ( FHA Loans have MI)
- Funding Fee exempt for Veterans with Disability
- All Closing Fee can be paid by Seller
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- No requirement to close your currently outstanding VA loan
- Rent your Current Home and buy another home ZERO Down
- VA county limits, guidelines and eligibility apply
- Minimum Fico 620
- Manual and Automated underwriting OK
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Some More Niches
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- Down Payment Assistance (DPA) for up to 5%. DPA is a true grant bearing no interest with no repayment required. FICO 640+
- Owner Occupied homes only. Owner Occupied homes only
Not limited to first time homebuyers.
- Subject to underwriter approval.
- DPA is only for down payment and closing costs. No cash back allowed.
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- Zero interest never to be returned. Borrower needs to occupy home per program guides to seek waiver.
- Available for Conventional and FHA loans; 640+ Credit Score Needed
- Maximum Debt to Income; FHA 45%; Conventional up to 50%
- Grant FHA up to 4% (640+ credit score up to 3%, 660+ score up to 4%)
- Conventional up to 5%
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- 2 year self-employed required
- No tax returns required
- Loans up to $3 million
- 12 month personal bank statements or 24 month business bank statements
- Up to 90% LTV on Personal and Business with no MI
- Owner-occupied, 2nd homes and investment properties
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Jumbo loans down to 600 score
*Loan not directly funded by Shining Star Funding |
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- 1 day out of FC, SS, BK, or DIL
- Up to 90% LTV/CLTV
- Up to 50% DTI
- Credit scores as low as 500
- Non-warrantable condos OK
- Loans to $3 million
- No pre-pay penalty
- No active trade lines required/Rent free OK/Gift funds OK
- Owner-occupied, second homes and investment properties
- Mortgage lates ok
- Aggressive pricing on LTVs to 90% with “No MI”
*Loan not directly funded by Shining Star Funding |
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- Short Term Loans to Buy and Fix property
- No personal income or debt requirements
- No tax returns
- No property count limit
- LLC loans OK
- Line of credit OK
- Max 75% of Loan to Value or 85% of Loan to completed value
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- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Credit scores down to 660
- Up to 80% LTV
- No DTI restrictions
- Must have current mortgage
- 1-4 units and condos
- No limit on number of properties financed
- Loans up to $1 million
- No personal income or debt requirements
- No tax returns
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No Transcripts verification
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- No IRS Transcript verification
- FHA,Conventional and VA Ok
- Speeds up closing process
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Manual and Automated underwriting
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