Hard Money Loans for Owner Occupied Properties

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Filed under: Market Comentary

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This week, we rolled out a product that I thought we’d never see. At Franklin Loan Center, we’re pretty good with hard money loans for people who need loans where income or employment doesn’t matter.

But these types of loans are only for investment properties due to the compliance issues for owner-occupied loans – which can be difficult to navigate. These loans usually have significantly higher rates, but it gets people into investment properties (such as buying a quick flip).

New Loan Product for Primary Residences

Now, this new product makes this available for primary residences. The nice thing is that it’s significantly better than hard money. It requires a minimum of 20% down, with rates between conventional loans and hard money loans.

In terms of credit scores, you’ll need a score at least in the mid-600’s. The good news is that we can do these loans up to $3 million.

These loans have some pretty specific guidelines, but they are for primary residences – which is a big deal for people who are running into stated income issues for loan approval.

No More Turning Down These Deals

Myself, I’ve probably said no to at least half a dozen deals in the last year that would fit this deal really well. This new option is nice for people in the real estate business because it gets our client into a home, and you can increase the likelihood of closing the deal.

If you have someone with a difficult income or employment situation that isn’t working anywhere else, we’d love to take a look at it. Again, this is for primary residences (and secondary) specifically; it doesn’t work very well on investment properties.

Who do you know that needs help with this type of financing? Share this info since it’s a great option for people who are having a hard time getting financing. Franklin Loan Center is here to help!

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