Approved Funding, a leading privately held local mortgage banker has launched “Approved Alternatives,” specialty loan programs for mortgages that don’t fit under the conventional lending model. “We are extremely excited to introduce this offering to the market formally, and know that it will truly help so many people who have been prevented from obtaining conventional financing,” says Shmuel Shayowitz, President of Approved Funding.
Carefully evaluating a safe and advantageous loan product offering, Approved Funding was extremely diligent in weighing all of the risks and red-flags of previous “subprime loans” that toppled many banks and homeowners a decade ago. “We did not participate in the predatory loans that were being offered back then,” adds Shayowitz, “and we feel that we are retaking rigorous precautions to avoid some of the pitfalls that plagued lenders at that time.”
While protecting the interests of their clients, as well as their own, Approved Funding feels that their prudent loan products will have an instant impact in the marketplace. To address some of the pitfalls from the financial collapse, Approved Funding will not be offering these loans via any third-party originators. That means, mortgage brokers will not be able to access these programs through the company, and borrowers will have to contact Approved Funding directly to obtain financing. By eliminating intermediaries, Approved feels it will have a more unswerving understanding of the applicant and can truly personalize a safe alternative mortgage for their clients’ benefit. Additionally, many of the loans provided can be obtained with no “Pre-Payment” penalties, which traditionally prevents homeowners from paying down or paying off the mortgage before a certain period without extreme financial consequences.
The Approved Alternative mortgage programs support the most common areas of loan confines – namely income documentation, credit requirements, and qualification guidelines. Specifically, under the “Approved Income” offering, alternative documentation to demonstrate and validate compensation for qualification can be from bank statements and alternative residual income from assets or inconsistent income streams. The “Approved Credit” product offers credit scores as low as 500, including allowing applicants with recent bankruptcies or foreclosures the opportunity to get a mortgage and re-establish their credit. Under these carefully crafted products, applicants will be “approved” if they can demonstrate their ability to repay and explain the circumstances in the past that prevented them from a timely payment history in the past.
Another viral program is the “Approved Investors” loan, which is a flexible option that permits real estate investors to purchase investment properties without the traditional documentation requirements. The buyer’s personal income and tax return is not used in determining loan worthiness and is available to first-time investors as well. The “Approved Max” loan program offers extended loan amounts up to 10 million dollars (and as high as $25 million by exception) and expanded debt-to-income ratios that go higher than any traditional loan products in the marketplace.
For more information on any of these products and to receive a personalized “Approved Analysis” contact Shmuel Shayowitz at (201) 833-0123.
Approved Funding NMLS 5411 is a three-decade-old privately held direct mortgage banker offering competitive interest rates and specialty niche programs on all types of Residential and Commercial properties.
