Can You Get a Hard Money Loan for Owner Occupied Homes?

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Can You Get a Hard Money Loan for Owner Occupied Homes?

Owner-occupied hard money loans are also considered Principle Residence Loans, alternative financing, and private money loans.

Reasons Why Borrowers Use Owner-Occupied Hard Money Loans

Bad Credit
Hard to prove income
Self Employed
or dealing with a problem property
 
Typical borrowers pay off this loan by refinancing after being qualified for a conventional or FHA loan. 

Common Uses Of Owner Occupied Loans

Buying a first or second home.
Refinance an existing loan.
Cash out for repairs or remodeling.
Cash out for debt consolidation.
 

Owner Occupied Hard Money Loan Program Options

 
100% financing is available if the borrower has another property that is free and clear, or has a small mortgage with value ( substantial equity) to pledge as additional collateral ( aka Cross Collateralized Loan).
 
Hard Money Lender is making real estate loans to both Investors & Owner Occupants in Arizona.
 

Typical hard money programs for owner-occupants are below.

NO PRE-PAYMENT PENALTY
Typically no pre-payment penalties on our loans.
 
PURCHASE
Down payment: 30% – 40%.
Up to 60% or 70% of the appraised value
Up to 100% financing with a 2nd free and clear property as additional collateral.
 
REFINANCE
Up to 65% of the appraised value
Up to 100% financing with a 2nd free and clear property as additional collateral.
 
ORIGINATION FEE
            A loan Origination fee of 2 to 6 points (2 to 6% of the Loan Amount).
 

Requirements For Owner Occupied Hard Money Loans

 
Income must be able to be verified by a 3rd party source.
 
If the owner-occupied loan is considered a “high-cost loan”, hazard insurance and property taxes must be impounded for the 1st year of the loan. This is the borrower’s responsibility.
 
There are disclosure laws that require us to make you aware of the loan terms before signing any loan documents. These are the same requirements as a traditional bank loan.
 

Apply for an Owner Occupied Hard Money Loan

 
If you are interested to see if your qualify for an owner-occupied hard money loan in Arizona, give us a call today at 602-497-4444 or fill out our loan application to get started. Getting your owner-occupied hard money loan is simple and fast, and we do the funding!  So if we say you’re approved you’d better start packing to move into your new home!
 
Owner-occupied hard money loans program makes it easy for you to get the new home you need despite not having credit, having bad credit, or even if you’re not from the United States.  
 
Owner-occupied home loans using private hard money have easier requirements than investor loans and can even benefit from our cross-collateral 100% LTV loan option.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO

NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701

Equal Housing Opportunity. This is not a Good Faith Estimate and this is not a Guarantee to lend and should not be considered as such. Costs, rates, estimates and terms can only be determined after completion of a full application. Actual payments will vary based on your individual situation and current rates. APR for loans vary from 7.99 – 29.5% and is based on Credit Score, Down Payment, LTV, Income. Mortgage rates could change daily. To get more accurate and personalized results, please call 623 582 4444 to talk to one of our licensed mortgage experts. Terms and conditions of all loan programs are subject to change without notice. Level 4 Funding LLC, 22601 N 19th Ave Suite 112, Phoenix AZ 85027, 623-582-4444 NMLS 1018071 AZMB 0923961 This e-mail is for the exclusive use of the intended recipients, and may contain privileged and confidential information. If you are not an intended recipient, please notify the sender, delete the e-mail from your computer and do not copy or disclose it to anyone else. Your receipt of this message is not intended to waive any applicable privilege. Neither this e-mail nor any attachment’s establish a client relationship, constitute an electronic signature or provide consent to contract electronically, unless expressly so stated by Dennis Dahlberg RI/CEO, Level 4 Funding LLC, in the body of this e-mail or an attachment. To the extent this message includes any tax or legal advice this message is not intended or written by the sender to be used, and cannot be used, for legal or tax purposes or advice.
 

About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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