BACF has a number of loans now for consumers in special circumstances. Let's face it, the years from 2008 - 2011 were bad for all of us, and it has stayed bad for years since then. A large percentage of our population faced job loss, stock loss, and property value loss - often all at the same time. Many experienced foreclosures, short sales, and even bankruptcy. Here are some loans to help you get back on your feet:
- Self employed 24 month bank statement program - where your bank deposits are used as income, rather than tax returns, or W2's and pay stubs. Requires a 650 FICO. 5 and 7 year ARM loans only. Rates in the low 6's for owner property, low 7's for investor. LTV typically to 75% - sometimes as high as 80%.
- Stated income program. Needs 700 FICO - self employed only. Rates in the high 4's to low 5's. LTV to only 70% - requires however about $100,000 in documentable reserves. (Check availability)
- 1 day out of foreclosure - requires full documentation; rates in the high 5's to low 6's. LTV to as high as 80%. Needs 660 FICO.
- 24 month bank statement program; needs 700 FICO. LTV to 75% with rates in the low 5's.
- 10+ financed properties; needs 700 FICO and 75% LTV. Requires 6 months reserves. Rates in the mid to higher 4's.
- Foreign National; no FICO needed 60% LTV. Valid VISA required; 12 months reserves needed. Rates in the high 4's to low 5's.
- Loans to an LLC: Requires personal sponsorship, non owner properties / business purpose loans only.
Call please for more info. Rates are subject to change, and these rates and programs are subject to modification and adjustments depending upon your credit scores, circumstances, and LTV.
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