Financing the Encore Condos for Self-Employed Buyers

the Encore condos in downtown Nashville, TN

For self-employed borrowers, SunTrust has an option that will help meet the need to obtain financing without having to go full documentation in The Encore. I would like to introduce the No Income Verification option. Below are some of the benefits and features of this product:

– Eliminates verification of income
– Shorter processing time

This product is targeted to SELF-EMPLOYED BORROWERS ONLY. The definition of a self-employed borrower is someone who receives 50% of his or her income from commission. Certain restrictions apply to this product. For a primary residence or second home, a minimum of a 720 credit score is required with a 10% down payment. For investment properties, a minimum of 20% down is required with the same 720 credit score requirement.

The immediate downside is that the risk is much higher for the Bank versus a full-documentation loan. The rate goes up with the risk; therefore the rate will be higher. The upside is that we have negotiated a 3% closing cost credit for our clients who close at the new earlier closing date. Buyers can use that 3% for closing costs, origination fees, discount points, etc… My suggestion is for self employed buyers to buy the rate down a couple of points with the money that the developer is giving them to end up with a conventional interest rate. EITHER WAY IT GOES, YOU WIN…

This is a huge opportunity to act quickly on this offer that the developer is offering. If you have any questions or concerns, please don’t hesitate to give me a call.

Travis Smith, USMC
Mortgage Loan Consultant

SunTrust Mortgage
615.309.4899 office
615.498.3970 cell

If you liked this post, you might also like: