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In today’s housing market, loan officers need access to different types of loan programs and financing solutions that are outside the box of conventional loans. As the economy, the workforce, and the mortgage and real estate markets shift, it’s important to be armed with the right products to grow your business and gain market share.
It’s a well-known fact that not all borrowers meet the standard criteria for conventional and government loan programs. This is why American Pacific Mortgage (APM) offers an industry-leading suite of specialty and non-QM home loan products designed to meet the needs of today’s borrowers.
From mortgage loans for foreign nationals and ITIN borrowers to solutions for self-employed borrowers, borrowers with credit scores below 600, construction and renovation loans, and a suite of non-QM jumbo products, APM has loan options that fit almost any scenario.
Read on to discover more about our innovative product solutions for today’s market and make sure to download our comprehensive loan product playbook for an inside look at all the products APM offers.
Helping Borrowers with Credit Challenges
Now, your borrowers don’t have to miss out on their dream home because of a few blips on their credit. At APM, we provide financing solutions for borrowers down to a 560 FICO score.
This includes borrowers and properties that don’t fit traditional lending guidelines. Here are some program highlights:
- Loan amounts up to $3 million
- Owner-occupied or second home
- Foreclosure, bankruptcy, and late pays may be allowed
- 30-year fixed, 5/1 ARM, 7/1 ARM, 10-year interest only
- First-time homebuyer
- Cash-out up to $500,000
- Option to qualify with assets instead of income
- Asset depletion available
- Non-warrantable condos allowed
- Bank statements can be used to determine based income
Low Down Payment Options
Down Payment Assistance
We know some potential homebuyers could really use a little help with their down payment. APM has access to hundreds of programs that can help buyers in specific geographic areas. In addition, we have access to broader programs and national programs that support larger areas. These programs provide financial assistance to cover down payment and closing costs.
1% Home
Homeownership just got 2% easier with APM's 1% Home program! Borrowers can now purchase a primary residence with as little as a 1% down payment and APM will provide a 2% grant (not to exceed $4,500), providing them an automatic 3% equity in your home at closing.
Customers who qualify for this program may contribute up to a 3% down payment and still receive the 2% lender grant from APM. They don’t have to be a first-time homebuyer to qualify. There are no location restrictions.
Community Lending
APM is dedicated to strengthening the communities we serve by building wealth through homeownership. Properties within predetermined areas will see notable price improvements and may qualify for a Loan Level Price Adjustment waiver.
SmartBuy
APM has access to multiple national DPA programs, including SmartBuy(™) that allows assistance of up to 5% of purchase price to be used towards down payment, closing costs, or points to lower rate. It’s available in forgivable or repayable options and does not have income or first-time homebuyer restrictions and may be used with FHA or USDA loans.
Mortgages for Self-Employed Borrowers
At APM, we understand that self-employed borrowers need flexibility when it comes to documenting their income. The traditional method of providing two years of tax returns is not realistic for many business owners.
We offer several income documentation solutions for self-employed borrowers, including full doc, bank statements, asset depletion, and other innovative documentation options.
Financing Solutions for Foreign Nationals & ITIN Borrowers
We believe the dream of homeownership should extend to everyone, and at APM we’re making that a reality. Foreign nationals and ITIN borrowers can achieve homeownership much more easily than before, with solutions such as:
- Full or alternative documentation available
- 12-month income documentation required
- Assets may be used to supplement or replace income
- Purchase, refinance, and cash-out refinance available
- Single-family residence, condo, townhome, and second home
- Jumbo loans up to $3 million with fixed, ARM, and interest-only options
Jumbo Financing Solutions
Our jumbo financing solutions were created for borrowers who are looking to maximize their buying power but want flexibility in how they do it. Whether this means having a higher DTI or needing an alternate way to document their income. The APM Jumbo portfolio includes a jumbo 1st and 2nd and a dozen delegated jumbo solutions.
At APM, we have our own in-house jumbo lending team dedicated to providing expertise in all things jumbo loans. This is how we are able to have delegated underwriting up to $3 million. We are the leading experts in the jumbo marketplace and have a jumbo deal desk to provide ongoing support to loan officers sourcing and solutions for their jumbo borrowers.
Construction Lending
We know that not every borrower will purchase a home; some will want to build. We also know that our loan officers have opportunities to work with builders every day, and we have construction lending in-house to meet those needs.
Just like with jumbo lending, construction lending has its own team, too. Our national construction team guides our loan officers with their construction loans, manages the builder approval, loan approvals tied to draw requests, and everything in between.
Investor Solutions
Investors have a unique set of needs depending on the type of property being financed, as well as their overall portfolio. APM has programs that cater to everyone from first-time investors to seasoned professionals looking to add to their real estate empire.
Program highlights:
- Investors can qualify off the cash-flow of the property (DSCR), versus traditional income documentation when purchasing an asset.
- Available to first-time investors
- Cash-out refinancing provides access to equity
- Short term rentals allowed for refinance transactions
- LLC vesting is allowed
Helping Borrowers Access Home Equity
A home equity line of credit (HELOC) can give your borrowers access to funds for anything from home improvements to college expenses—on demand!
Highlights of APM's Equity Access HELOC
- 10-Year interest only draw period
- 30-Year variable term
- Owner Occupied & Second Homes
- Self-employed income accepted
- Available as stand-alone HELOC or as purchase 2nd
This flexibility makes HELOCs a popular option for financing home improvements, debt consolidation, or other large expenses. Interest rates on HELOCs run higher than conventional conforming first mortgages.
Personal Lending & Non-Secured Loans
Financing can be made fast and easy with personal loans. And we don’t have to tell you how valuable that is. APM’s trusted source can offer our customers low-interest fixed-rate loans from $5,000 to $100,000 for practically any purpose, including home improvements, auto loans, debt consolidation, you name it.
Program highlights:
- Use cash for home improvements, debt consolidation, large purchases, and more
- Ability to use funds for purchase of hard-to-finance properties such as tiny homes
- More flexible term lengths more flexible than with home equity loans
- Interest rates fixed (instead of those variable credit card rates)
- Higher borrowing limit than a credit card
- Lower interest rates than a credit card
- No collateral is required and fast funding turntimes
- Predictable monthly payments
Our commitment and mission is to make our originators look good. We do that through innovative, competitive, and practical lending practices to help more buyers get into homes.
These are just a few ways APM is helping our loan officers stand out and gain market share. If you’re interested in learning how you can grow your business by partnering with APM, we’d like to connect with you.
