Chris Luis, My Favorite Mortgage Broker 
"I work for you, not the banks." 
NMLS 888571

CLuisMortgages. LLC             
MBR 1575, NMLS 1159714                                       
t: 941-219-4381
f: 800.718.1862
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Alternative or Non-Prime Programs

These are mortgages for select homebuyers that have credit or income problems. 

Credit problems can be a recent bankruptcy or foreclosure. Or, their credit score is lower than 580 and they are looking to buy an expensive property. 

Income problems can mean they are self-employed and their tax returns do not show how much of a mortgage they can handle as reflected in their bank deposits. For instance, the business is highly profitable, but you declare low personal income.  

In general, your interest rate will be higher than a conventional or FHA mortgage and your down payment will be anywhere from 5% to 30% depending on the loan program. 

  • Condos, non-warrantable – these are condos that are not approved by the FHA or Fannie Mae, here you are looking at 20% Down 

  • Self-Employed, 1 year tax returns 

  • Foreign nationals, 25% to 35% down

  • Recent Foreclosure - 1 day out @20% to 30% down

  • Recent Bankruptcy - 1 day out @20% to 30% down 

  • Apartment Complexes – 4.75% rate, 35 year term 

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