We Offer an Array of Loan Programs to Meet Your Needs
At Mortgage Capital Advisors, we work with you on every loan to ensure you have the right product for your specific, individual needs. Through getting to know you and evaluating your income, credit, and assets, we’ll determine the options that best fit your unique financial profile and borrowing qualifications.
SELF-EMPLOYED BORROWERS
Self-employed mortgage borrowers have all the same loan options as “traditionally” employed borrowers. All of the same factors are taken into consideration (credit history and score, debt-to-income ratio, amount of down payment, etc.) and you fill out the same application.
Proving your cash flow as a self-employed borrower may require a bit more paperwork, but if you can document steady, reliable cash flow and you meet loan guidelines, you have the same options for purchasing or refinancing a home as a “traditionally” employed borrower.
QUALIFYING FOR SELF-EMPLOYED MORTGAGES
Investor Cash Flow Loan
No personal income or employment needed
Qualifications based on property cash flow
Credit score - 640+
80% loan to value
Property can be titled in LLC
Bank Statement Loans
No tax returns required
12-24 months of bank statements
Must be self-employed 2 years
Credit score - 620+
90% loan to value
No mortgage insurance
1099 Loans
No tax returns required
Income derived off past 2 years of 1099’s
80% loan to value with credit score 640+
90% loan to value with credit score 700+
No mortgage insurance
Must be with the same employer for 2 years
PRIMARY HOME PURCHASE
Your primary residence (also known as a principal residence) is the main home you inhabit. The great news about primary home purchases is that they tend to qualify for the lowest mortgage rates!
QUALIFYING FOR A PRIMARY HOME PURCHASE
You must live there most of the year
Down payments can be as low as 3% for first-time homebuyers
SECOND-HOME PURCHASES
Buying a second home is a wonderful prospect if you want a vacation, retirement spot, or simply to diversify your assets. Each situation is unique when purchasing a second home.
QUALIFYING FOR A SECOND HOME
Requires a larger down payment, typically 10%, and asset reserves may be required depending on the number of homes owned and financed by the borrower.
REFINANCES
Homeowners choose to refinance their mortgage loans for a variety of reasons, lower market interest rates, cash-out option, or change mortgage terms. Refinancing a mortgage requires taking out a new loan to pay off your original mortgage loan and, regardless of your reason, the refinancing process is similar to your original mortgage process.
CASH-OUT REFINANCE
Replace the current mortgage with a new one under new terms, and get an additional lump sum of cash. The new loan replaces your existing loan and receive the difference between the old loan and the new loan (minus any applicable costs) in cash
QUALIFYING FOR REFINANCING
The current mortgage must be in “good standing”
Your home equity must be sufficient
A minimum credit score of 620
The debt-to-income ratio can’t be too high
JUMBO MORTGAGES
A jumbo loan can be used to purchase or refinance properties (single-family homes, townhouses, and condos, primary residences, second or vacation homes, and investment properties) priced higher than the loan limits in your area. Jumbo mortgages are any loan amounts over $625,000.
QUALIFYING FOR A JUMBO MORTGAGES
Credit score – 700+
Debt-to-income ratioCash reserves
Documentation – tax returns (past 2yrs), W-2’s, 60 days bank statements, 30 days pay stubs
Appraisals
INTEREST-ONLY MORTGAGES
Interest-only mortgages require you to only make interest payments on your loan for the first several years (typically five or ten.) Additional principal payments can be made during the interest-only period but are not required. After the initial interest-only period ends, principal is repaid either in a lump sum at a specified date or you begin to pay both principal and interest payments. Interest only-mortgages offer several advantages: lower initial monthly payments, the ability to pay off the loan faster since any extra payments go directly toward the principal in both loans, and greater overall financial flexibility.
QUALIFYING FOR INTEREST-ONLY MORTGAGES
Credit score 720 or higher
Income – must have 6-12 months of mortgage payments in the bank
Low Debt-to-income ratio
Larger down payment – 20% or more
“I highly recommend Mortgage Capital Advisors. Melissa Flom was a fantastic advisor and helped me navigate some unique issues with my credit. The team was fast and efficient, and I closed more quickly than I ever have with other advisors. It was a pleasant and easy process and I couldn’t be happier”
“I highly recommend MCA. Being self-employed along with my husband, Mark and his team stood out from the competition because of their ability to find the perfect loan option that fit our needs. MCA got us prequalified six months before we found our home. Mark stayed in touch with us monthly and made sure we closed on our new home on time! Mark ensures professionalism, quick response time, and successful closings! We would definitely recommend using MCA for your mortgage services”