Types of Loans Azatlik Does

Conventional Loans – Conforming and Jumbo loans.  Approvals are based on verifiable income and liquid assets including, but not limited to, paystubs, W2s, income taxes (individual, partnership or corporate) and bank or brokerage statements.

FHA Loans – Designed for borrowers with lower down payments and/or lower credit scores.  Similar paperwork requirements as a conventional loan.

Bank Statement Loans – Designed for self-employed borrowers who do not meet traditional guidelines.  Income is calculated based on an average of deposits over a 12-month or 24-month period from either a personal or business bank account.

1099 Income Loans – Designed for self-employed borrowers who are 1099 workers such as freelancers or contractors.

Profit and Loss (P&L) Loans – Designed for self-employed borrowers using 1 or 2 years of P&L statements to qualify rather than taxes.

Investor Cash-Flow/DSCR Loans (Debt Service Coverage Ratio) – Designed for owners of rental properties who may need to qualify with limited documentation.  Loan approval is based on the cash flow of the subject property.

Asset Depletion/Asset Qualifier Loans – Designed for borrowers who may be cash heavy, but limited on income.

ITIN Loans (Individual Tax Payer Identification Number) – Designed for borrowers living in the United States, but do not have a Social Security Number.

Foreign National Loans – Designed for borrowers who are not US citizens and who do not live or work in the US.

Reverse Mortgages – Designed for borrowers who are at least 62 years of age who may need to access the equity in their home, but may not have sufficient income to qualify for a traditional mortgage.  Can be done in either 1st or 2nd lien position.

Construction and Fix/Flip Loans – Designed for borrowers who are looking to finance construction projects including ground-up construction or minor/major renovations or remodeling of an existing property.

Home Equity Line of Credit (HELOC) – A revolving line of credit with a variable rate (typically in 2nd lien position) secured by a property that can be used for any purpose at the borrower’s discretion.

Fixed Rate Second or Home Equity Loan (HELOAN) – A fixed rate 2nd position mortgage that leaves your existing first mortgage untouched.

Bridge Loans – Designed for borrowers who are looking to buy a new home before selling their previous home.

Private Loans – Designed for borrowers who may have challenges with credit scores or income, but have significant equity in a property.

Many of the above loans are set up with monthly principal and interest (P&I) payments although there may be options for interest only payments also.

Most loan terms are for 360 months (30 years), however other loan terms may be available depending on the loan program.  Terms can range anywhere from 1-3 years for a private or construction loan to as high as 40 years for some of the self-employed, DSCR or asset qualifier loans.  Please contact us for specifics.