Loan To Value
Max LTV
70%
Max LTV
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Rates as Low as 6.25%. (1.50% buydown. 60% LTV. 740 Credit Score )
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5/6 ARM, 7/6 ARM Only
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Purchase * Refinance * Cash Out Eligible
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ITIN Up to 80% LTV
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Max LTV/CLTV reduced by 5% if the appraisal report indicates the market value is declining
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Under $1.5MM one full appraisal and one automated valuation model (AVM) or desk review
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AVM/CDA must support the value within no more than 10% below the appraised value
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Two appraisal reports required when loan amount is over $1.5MM
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FTHB without housing history max LTV 70%
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Transferred appraisal not acceptable
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Investment, 1-4 Units, FICO >= 700, Purchase & R/T Refi, loan amt > $200K-1.5M, Max LTV 65
Credit Score
Min Credit Score
680
Min Fico
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Margin: 3.00%
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Index: 30 Day SOFR
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Housing: 0x30x12, 2x30x24, 1x60x24
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Installment/Revolving (Open accts only): 3x30x12, 4x30x24, 1x60x24
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Bankruptcy: 4 Years
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Charge off of a mortgage account, Short Sale and Deed-in-Lieu: 2 Years
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Foreclosure: 5 Years
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Loan Modifications/Forbearance:
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(1) 12-month seasoning required
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(2) 3-month payment history required
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(3) No missed payments since exiting plan
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★Judgements, Collection, Charge offs - Seasoning not required but must be paid prior or at closing if amt > than $250
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★5/6 ARM: 2 tradelines in good standing seasoned for at least 12 months.
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★7/6 ARM: 3 tradelines in good standing seasoned for at least 12 months.
Loan Amount
Max Loan Amount
$2M
Max Loan Amount
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Max. Loan Amount $3,000,000
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Loan Amount > $3.5M up to 20.0M: Call for Price
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Min. Loan Amount $150,000
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Loan Amount < $150,000: Call for Price
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Prepayment Penalty is 5% of the amount prepaid on Investment Properties Only
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Other Requirements: Delayed Financing is allowed for primary only
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Max Cash-In-Hand $500,000 for LTV > 60%.
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2nd Home/Investment: Max LTV 70% for C/O Refi
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Warrantable Condo /2-4 Units: Max LTV 70% for C/O Refi
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1 Year Full Doc LTV > 80%: Call For Price
Qualification
Requirements
P&L
Self Prepared
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Max DTI 53%
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This program is designed for borrowers who are self-employed and would benefit from alternative loanqualificationmethods
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Self Prepared P&L (Ownership > 25%)
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(1) Two years of current Business License
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(2) for application received on or before 6/30: YTD Profit and Loss Statement and 1 full year of Profit & Loss statement, for application received on or after 7/1: Current YTD Profit and Loss Statement
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Schedule C and 1099 SE borrowers may be considered as self-employed borrowers if confirmed third party verifiable license( e.g realtors,insurance agents, broker) and verbal verification from the employer is provided
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Most recent 2 months bank statement required
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When business assets are used for closing costs, Self-employed borrowers can only use amount corresponding toownership%
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IRA/ 401K: able to use 70% (deduct 20% penalties and 10% tax)
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Accept VOD in lieu of 1 month bank statement
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Gifted funds: NOT allowed for Investment and Foreign National borrowers, gift from trust account is NOT acceptable
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Max Debt-to-Income (DTI) ratio allowed: 43%
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Non-Arm's Length Transactions: (1) Primary residence only. (2) Borrowers cannot be an owner of a business entity selling the subject property. (3) Borrowers cannot provide services on trasaction (closing agent, title agent, appraiser, etc) (4) Gift of equity is permitted (Gift letter must be received) (5) Foreclosure bailout is not allowed.
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No prepayment penalty
Property
Type
2-4
Sfr, Condo
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Primary, Second, & Investments Eligble
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Non-warrantable Condo Not Eligible
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Rural Property Eligible: Call for Price
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Assets & Reserves: Most recent one month bank statement required
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Assets & Reserves: 100% access letter obtained from all joint owners
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Assets & Reserves: Gift funds are acceptable for use toward down payment and loan costs.Borrower(s) must contribute at least 5%of the transaction(lowerofPurchase Price or appraised Value) from their own funds
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Assets & Reserves: Stocks/Bond/Mutual Funds - 90% of stock accounts may be considered in the calculation of assets for closing costs andreserves
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Assets & Reserves: Vested Retirement Account funds – 80% may be considered for closing and/or reserves.
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Assets & Reserves: When bank statements are used, large deposits must be evaluated. Large deposits are defined as a single deposit that exceeds 50%of thetotal monthly qualifying income for the loan
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Assets & Reserves: Cash out proceeds may be as reserves
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Fraud Report is required.
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List Item
Eligible Borrowers
Foreign Eligible
Foreign
Non Permanent Resident
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C08 EAD Borrowers are eligible, Call For Price
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Can Close In a Business
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ITIN up to 80% LTV. ITIN (Min FICO 680, Max DTI 50)
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Escrow Waiver Allowed
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Reserves: 5/6 ARM: (1) Primary: 3 months PITIA reserve
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Reserves: 5/6 ARM: (2) Second/Investment: 6 months PITIA reserve
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Reserves: 7/6 ARM: (1) 2 months P&I
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Reserves: 7/6 ARM: (2) Cash-out Refinance: 6 months P&I reserve
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Foreign National Allowed
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5/6 ARM, Foreign National, 12 Months PITIA reserve is required
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Foreign National, 2nd home & Investment only
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Foreign National, loan amt > $200K-1.5M, Max LTV 60
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Foreign National: Copy of unxpired passport, I-94 & valid VISA
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Foreign National: ★F1 and F2 type are not allowed
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Foreign National: Borrower must have U.S. address when applying for loan
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Foreign National: Foreign assets (downpayment, closing costs, and reserves) must be transferred to a U.S. account prior to approval
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Foreign National: Credit Report to be pulled to check if there's any negative history. No Fico score required
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Foreign National: 5/6 ARM: 12 Months PITIA (1% above note rate for 5/6) and DTI Ratio: 38%
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Foreign National: 7/6 ARM: 12 Months P&I reserves and 6 of them to be deposited into AAA designated account prior to funding
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Foreign National: Self-employed business or Foreign CPA license are to be independently verfied
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Foreign National: Asset verfication (must be in U.S. banking institutions)
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Foreign National: Automatic payment to be set up
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Foreign National: All documents must be translated by a certified translator
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Hugh is Incredible guy, to the point, on the top of his game, friendly, easygoing, ready to help, and open to answer any questions with positive altitude. Hugh been my lender, everything changes to the right direction; he explained to me everything and anything what to do and not to do, which makes me to trust him and have confidence. It's so worth having him as my lender.
I totally recommend you guys have him if you looking for a lender. You guys are not going to fail.Thank-you so much Hugh for helping me!
Charlie helped my parents re-finance our home. According to my parents, he is very accommodating, friendly, and easy to work with. Very trustworthy too. My parents highly recommend him. Thanks for helping out my parents, Charlie!
Hugh is very helpful and is a true professional of his field. He goes out of his way to help his clients and I am very happy with the services he provided to me. He really cares about his clients.
Hi Hugh,
With great appreciation to you and your team for making this process so effortless and stress free.
I have already recommended you to three of my friends.
Wishing you all a wonderful holiday season!!
With regards,
Rosie
Hugh and the Home Loan Source team were exceptional through the home buying process! Tons of communication, which we needed as first time home buyers! We had a quick 30 day escrow, and there was never a moment where they weren't touching base with us to make sure we knew what was going on. I'd recommend them to anybody buying a home, and will hopefully get to use them again if we buy again in the future.
Hugh and his team are amazing! They are very customer service oriented. Hugh goes way out of his way to make himself available during all hours. He answers questions very quickly and gets to the bottom of anything that needs a little digging.
I wasn't really sure where to even begin with the home buying process, but that was all laid to rest when I got in touch with Hugh and his team. Hugh was my loan broker as well as my real estate agent. I would recommend him and his team to anyone in the market for a loan for a new home or even a refi.
Hugh Wang did a great, impressive and trustworthy job. He got me qualified for my loan of the property i wanted to purchase. The process was very smooth coz of his excellence and knowledge throughout the process. I am really 100% satisfied and would recommend the Home Loan Source if you are planning to be qualified for a loan.
Far beyond an amazing team to work with. Mr. Wang went above and beyond our expectations. Along with Lizel Lopez our realtor, they made our dream of owning our first home within matter of 23 days. It was an amazing experience. They're very professional and trustworthy people to work with. We are beyond thankful and blessed to have met such incredible individuals to work it. They're truly the dream team to work with...thank you so much for all your effort and your hard work guys.
Hugh helped us with our Mortgage Refinancing. We would highly recommend Hugh for all mortgage needs. He is very Honest, Helpful and Trustworthy. He doesn't consider you as a client instead He made us feel like Family. He is always available for any questions and concerns. I remember contacting him off office hours for my immediate concern and without hesitation he responded and assisted us. I understand that the refinancing is very stressful but for the first time Hugh made it easy and stress free he always find ways to make you qualify. Good job and wonderful service.. Thanks a lot Hugh.
Couldn't ask for better service! Hugh Wang was on top of everything during our loan process. The Home Loan Source was able to open and close escrow in only 3 weeks! This is our first home so we were naturally very anxious and nervous about the whole deal. Hugh made it as smooth and as simple for us as possible. What we appreciated most is that Hugh was very dedicated to our file...meeting with us on the weekends and working during the late evenings just to make sure everything is in place and that we would meet the escrow deadlines and requirements. While we were already approved with another loan company, I think we made a very good decision by working with The Home Loan Source. Many thanks to Hugh and his team. Excellent service!
It's alway a pleasure working with Hugh, great service, easy to understand, and very trustworthy! Will surely recommend to others. Keep up the excellent service!
Hugh and his team provided excellent service for our new purchase. 5 stars for communication, timeliness, and transparency throughout the transaction. We closed on time and exactly "on the numbers" and we are thrilled with our new home.
From preapproval to final docs, Hugh delivered and made our dream a reality.
Thank you, Hugh!!!
Hugh and Mariana were fantastic! I appreciated their diligence in sourcing the best funding solution for me, guiding me through the many issues, offering options, and always communicating with me to provide regular updates to apprise me if there status of my loan application. Their hands-on customer-focused attention to the details is outstanding. Much gratitude to Hugh, Mariana and their extended team.
Hands down the best Mortgage Broker team around. Hugh Wang and his team at The Home Loan Source got me qualified and in the home of my choice in no time. Hugh was honest and fair in my assessment on what I could be approved for, and through out the whole process was there for me even when it had nothing to do with my home loan. This kind of integrity is hard to find, but Hugh and his team exhibited it daily in my dealings with them. I would definitely recommend Hugh Wang to anyone interested in getting qualified or purchasing property. Hugh and his team did a tremendous job!
i highly recommend mr. hugh wang he helped me with the purchase of my first home and helped me with a streamline refinance and a second refinance on my property to lower my interest and mortgage payment mr. wang is a class act he is very effective at what he does made our lives better than what it was before don't think about it he wont let you doown.
Hugh and his team are one of the best mortgage lenders to work with. They were there for me every step of the way and walked me through it from beginning to end, twice! They were available day, night and weekends. Hugh is very thorough with any questions you have on how it works, which is a plus. He has a lot of patience and I wasn't easy to work with. I learned a lot from him. I moved here from New York so I wasn't familiar with California lenders and how they worked. Hugh knows his stuff.
I had the pleasure of working with Hugh for my home loan, and I am beyond impressed with the service I received. Hugh made the entire mortgage process smooth, transparent, and stress-free, and I highly recommend him.
From the initial consultation to the final closing, Hugh demonstrated exceptional professionalism and expertise. He thoroughly explained the loan options available to me and guided me in choosing the one that best fit my financial situation and long-term goals. His deep knowledge of the mortgage field was evident in every phone call/text interaction.
