What is a No Ratio Primary Purchase or Refinance Loan?
A No Ratio Primary Purchase or Refinance loan is a loan product that allows a borrower to purchase or refinance a primary residence based off of credit and reserves. No employment, no income, and no “debt to income (DTI) ratio” for qualification purposes! A borrower’s debt-to-income ratio can disqualify a persons ability for conventional financing when the income doesn’t qualify for the lenders DTI ratio percentage. A No Ratio loan can circumvent this issue.
How to qualify for No Ratio Primary Purchase or Refinance Loan?
Qualifying for a No Ratio Primary Purchase or Refinance Loan in California or Arizona is strictly based on credit score and reserve amount.
- Minimum credit score is 660
- Higher the loan to value, higher the reserve requirement. Minimum reserves 12 months and maximum 24 months
- Eligible Properties: SFR, PUD, Townhome, Condominium (Condos in Florida require a Full Cond Review), 2‐4 Unit, Modular, Rural and Log Homes
- Occupancy: Primary Residence and Second Homes
- No Seller Carrybacks
- Max Seller Concessions 6% Max
No Ratio Primary Purchase or Refinance Loan Highlights
- Purchase or Refinance for O/O & 2nd Homes
- 2M Max loan amount
- No DTI…..No Income and No Employment on the 1003
- 100 percent of Down payment & Closing costs can be gifted
- WE ACCEPT TRANSFERRED APPRAISALS!!
- CDFI Eligible borrowers receive -0.25 off in Rate
- FICO scores as low as 660
Who is ideal for a No Ratio Loan?
- Anyone
- Self Employed
- 1099 Contractors
- Cash Based Business Owners
- Influencers, Artists, or Vloggers
Other Amazing Products Adam Lawrence at Valor Lending Group Can Offer:
- Hard Money Loans (35% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 10% down Jumbo’s with NO MI up to 2MM / 10% down up to $3mm
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
CALL ADAM LAWRENCE TODAY FOR ALL AND EVERY LOAN SCENERIO 858-344-0323 or ALAWRENCE@VALORLENDING.COM
Check out more of what we offer. Check out Valor’s Mortgage News to learn more!
