How we can help
Loanbox helps borrowers purchase and refinance their properties. Non Prime, or what is thought of as, “Hard Money” is primarily for consumers with one of the two circumstances.
Bruised credit
Credit scores can be reduced for many reasons including late payment history, how much of your available credit is being used, Bankruptcy, Foreclosure, or Short Sales.
Self-Employment
Although their income may be sufficient to qualify, they may not have the traditional income documentation like tax returns to support this income. So in lieu of tax returns, bank statements have the ability to demonstrate income.
Here are some examples of loans that we offer, and the general guidelines that pertain to them.
Example #1: Low FICO Score & Low Down payment
- FICO: 500
- Loan Amount:$300,000
- Interest Rate: 4.75% APR: 5.743%
- Term: 30 Year Fixed
- Loan-to-Value: 96%
- Property Location: California
- Lien position: 1st Trust Deed
General guidelines:
- Loan Amounts: FHA loan amounts based on county limits
- Term: 5 to 30 years fixed rate terms.
- Credit Score of 500+
- Property Types: 1-4 Unit Single Family Residences. Condominiums are subject to HUD approval.
- Loan-to-Value: Up to 96% (Based on appraisal)
- Min two year employment required.
- Traditional income documentation required
Example #2: Bank Statement Program
Personal or Business bank statements can be provided instead of providing traditional income documentation like tax returns. This program is for Self Employed Borrower’s only.
- Interest Rate: 5.725% APR: 6.936%
- Loan Amount: $500,000
- FICO: 701
- Origination Fee: 0 points, $2,295 lender fee, plus third party fees like Title, Escrow, and Appraisal.
- Term: Fixed rate for 5 years and then becomes a 1 year Adjustable Rate Mortgage.
- Loan-to-Value: of 75%
- Lien position: 1st Trust Deed
General guidelines:
- Loan Amounts: $75,000 to $3,000,000
- FICO: 600+
- Term: 30-Year Amortized & Term – 7/1 Hybrid ARM or 30-Yr Fixed
- Property Types: 1-4 Unit Single Family Residences, Condominiums and Townhomes
- Loan-to-Value: Up to 90% (based on appraisal) for credit scores 700+
- DTI: Max of 50%
- No Pre-Payment Penalty
- No Reserves
- Impounds Required
Example #3: Post Foreclosure or Bankruptcy Program
- Interest rate: 8.375% APR: 8.780%
- Time Since Bankruptcy/Foreclosure: Event was just settled
- Loan Amount: $400,000
- Credit Score: 501
- Origination Fee: 0 points plus $1,295 lender fee, and third party fees like Title, Escrow, and Appraisal.
- Term: Fixed rate for 5 years and then becomes a 1 year Adjustable Rate Mortgage.
- Loan-to-Value: 65%
- Lien position: 1st Trust Deed
General guidelines:
- Loan Amounts: $75,000 to $3,000,000. Additional restrictions and additional costs will apply to higher loan amounts.
- FICO: From 500. Interest rates are higher for lower credit scores and higher loan to value.
- Term: Rates are fixed for 5 years or 7 years and amortized over 30 years. There is an added cost for 7 year and 30 year fixed rate loans as compared to 5 year fixed rate loans.
- Property Types: 1-4 Unit Single Family Residences, & Condominiums.
- Max Debt to Income Ratio of 50%
- No Pre-Payment Penalty
- Impounded tax and insurance is Required