Non-Prime Home Loans in Bureau Junction Illinois
At Smart Mortgage Centers we realize not everyone has perfect credit and we understand life happens. Additionally, not everyone can document their income in the narrow definition that government loans allow. Smart Mortgage Centers allows borrowers with a rougher than usual credit history to qualify for loans with terms that are fair and meet government lending criteria for Ability-to-Repay and government fee limitations. Find a , Illinois Non Prime Mortgage Broker Now.
Talk to a Non-Prime Mortgage Broker in Bureau Junction IL 888-882-1058
Bureau Junction Non-Prime Lending Programs
- Rates starting in the low 5’s
- 1 day out of foreclosure, short sale, bankruptcy or deed-in-lieu
- Loans up to $1 million
- Credit scores down to 500
- Up to 90% LTV
- DTI up to 50% considered
- Owner-occupied, 2nd homes, and investment properties
- Non-warrantable condos considered
- Jumbo loans down to 500 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- No active tradelines OK with housing history
- SFRs, townhomes, condos, 2-4 units
- Seller concessions to 6% (2% for investment)
- No tax returns required
- 12 month personal bank statements
- 24 month business bank statements
- Loans up to $3 million
- Credit scores down to 620
- Rates starting in the low 5’s
- Up to 90% LTV on Personal and Business
- DTI up to 50% considered
- Owner-occupied, 2nd homes and investment properties
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Non-warrantable condos considered
- Jumbo loans down to 660 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- Seller concessions to 6% (2% for investment)
- 2 year self-employed required
- Second Chance Program Highlights
- Up To 80% Ltv
- No Minimum Credit Score
- Full Doc Only-43% DTI
- Bankruptcy, Foreclosure And Short Sales Are Ok
- Deferred Maintenance Is Acceptable On Purchases
- Up To 7% Seller Help Allowed
- Gift Funds Are Acceptable
- Need 2 Months PITI Post-Closing
- May Consider 1st Time Homebuyer With Larger Down Payment
Losing a family member is difficult, but keeping a home in the family after a loss should not be.Whether you need funds for repairs, the buy out of another heir or cash out, we have a solution.
- Up To 80% LTV & Up To 5 Year Term
- No Minimum Credit Score
- Future Value of Rental Income Considered
- Bankruptcy, Foreclosure And Short Sales Are Ok
- Deferred Maintenance Is Acceptable
- Debt Consolidation Allowed
- Rehab Money Escrow for Future Value to Sell Available
- Refinancing of Reverse Mortgages Available
General Requirements – Max LTV 75% Max Loan Amount $1,000,000 Qualify at 640 FICO score Designed for experienced investors. Income and employment are not verified. Documentation – Copies of the borrower’s passport and unexpired visa must be obtained The following visa types are accepted for foreign nationals: – B-1 and B-2, H-2 and H-3, I, J-1 and J-2, O-2, P-1 and P-2 Assets – NO Reserves required Funds for down payment and closing costs must be sourced or seasoned for 60 days – Must be in US depository for 30 days prior to closing Credit – 3 open accounts with a 2-year history Letters of reference allowed 2-year housing history can be used as tradeline **All documents must be translated by a certified translator
Bureau Junction, usually called Bureau, is a village in Bureau County, Illinois, United States. The population was 322 at the 2010 census.[3] The village name is shown as both “Bureau Junction”[4] and “Bureau” on federal maps,[5] and is commonly called “Bureau”, including by phone companies[6] and the United States Post Office.[7] It is part of the Ottawa–Streator Micropolitan Statistical Area. Bureau Junction was the point where the Rock Island Line railroad’s branch line to Peoria split. Track west and south of Bureau is operated by Iowa Interstate, while tracks east to Chicago were formerly operated by CSX but are currently leased to Iowa Interstate.
The village is named for Michel or Pierre Bureau. Their original surname was probably Belleau, but local aboriginals may have had difficulty pronouncing the “l” sound. One or both of the brothers ran a trading post near where Big Bureau Creek empties into the Illinois River from 1776 until 1780 or 1790.[8][9] A man named Buero, of mixed French and Native American descent, and possibly a descendant of one of the earlier Bureau brothers, was operating in this area as a fur trader in 1821.[10]