When you searching “No Money Down Loans” in Scottsdale Brad Loans has a program designed for your needs. We offer 100% Loan To Value Loans Available With Cross Collateral! Without cross collateral borrowers typically need to have a down payment of 20% for owner occupied properties and 30% for investment properties. Cross collateral hard money loans are designed for those who want to use their capital for renovations, or for those that don’t have the down payment.
No Down Payment Hard Money Loan With Equity
You can get a hard money loan with no down payment or money down with cross collateral. You might wonder what cross collateral is. It is when there are more than one property is used for collateral against the loan. An example of this is when you want to purchase a property for $100,000 but don’t want to dedicate financial resources for a down payment. You own a second property which is paid off which is worth $80,000 that is included in the loan as cross collateral.
Qualifying For No Money Down Loans
With both properties used as collateral to secure the loan for the new property being purchased Brad Loans is able to offer you a hard money loan without having to put money down. When using cross collateral you are pledging the equity of the properties as collateral to get the loan instead of needing to put money down or have a down payment. There is a fee of $975 to use this feature.
What about bad credit? Can I still get a no money down loan? – Yes, you can. As long as you can provide enough collateral to cover the full value of the loan you are looking to take out. Then it is still possible to get a no money down loan, with Brad Loans.
Do you have loan challenges where banks have said no? We can help! – Have you had foreclosures, short sales, bad credit, are not a US citizen yet, or have had a bankruptcy discharged? Brad Loans understands that life throws some curve balls and is here to help. Brad Loans by eMortgage is a no credit or bad credit hard money mortgage lender.
How To Quality For A No Money Down Loan from Brad Loans
We loan to both investors and homeowners or owner occupants. When it is a loan for the home you either intend on living in, or already live in, the requirements are different than for investors. Read below for details for both types of borrowing qualifications.
Loans for Owner-Occupants:
When you need hard money for a home you intend on living in, Brad Loans can help! Here are the minimum requirements for owner-occupied borrowers.
- 20% minimum cash down payment or equal collateral
- Cash fees for closing costs, loan fees, and prepaids
- Refinance, equity of 35% or more required
- Proof of income showing that less than 45% of your income before taxes will be used towards your Brad Loans payment, car payments, credit card or student loan payments.
- Statements from your bank showing that you have the funds available for loan fees, down payment, third party closing costs etc. Also, a copy of 401(k) or IRA statements.
- 30 days worth of paystubs, 2 years worth of tax returns, and W2’s/1099’s, or 2 years worth of bank statements as a replacement for the tax returns.
- Must have a 45% or less debt to income ratio.
- Valid US or Foreign ID
- Copy of purchase contract for the residence you are purchasing
- Title and appraisal report (ordered by us)
- How long does it take before I get my hard money loan funded? 7-10 day funding from the date of the original application.
Regardless of credit issues you will most likely qualify for a Brad Loan if you can prove adequate income and have the down payment!
It’s just that simple.
Loans For Investors:
- Loans for investors require a down payment of 30% or more for a purchase up to 70% loan to purchase price, or after repair
- Cash fees for closing costs, loan fees, and prepaids
- Refinance, equity of 35% or more
- Show proof that you have working capital funds
- Up to 100% Loan to Value of Purchase price when using a 2nd Free & Clear property for additional collateral (cross-collateralization)
- Statements from your bank showing that you have the funds available for loan fees, down payment, third party closing costs etc. Also, a copy of 401(k) or IRA statements.
- Copy of lease(s) if applicable
- Copy of purchase contract for the residence you are purchasing
- Valid US or Foreign ID
- Appraisal and title report (ordered by eMortgage Inc.)
- Title and appraisal report (ordered by us)
- How long does it take before I get my hard money loan funded? 3-5 day funding from the date of the original application.
How To Get Your No Money Down Loan Started
Scottsdale residents can get their no money down loan started by filling out our simple, 5 minute, online loan application form or they can call 602.999.9499 to get approved for a Brad Loan today! Please make sure to include any cross collateral you will be using if you are applying for the no money down feature. We will call you to let you know if you qualify.
