Here at Sun Pacific Mortgage, we will always have this loan program available because of the important niche it fills for so many Borrowers. We continuously work to stay on top of the regulations that apply so that people have somewhere to go when they have have tarnished credit, difficult to prove income or are dealing with a problem property.
This type of program does have a higher interest rate but it allows a quick close, makes an impossible deal possible, offers various options and is generally a shorter term loan.
Typically, this type of loan will get paid off with a refinance into a 30 year fixed rate loan once the Home Owner is more able to qualify.
Some instances of when one might use an Owner Occupied/Principal Residence Loan are:
Also feel free to call in to our office and within just a few minutes, we can let you know exactly what we can do for you: 707-523-2099.
Best, Forest - The Guy in the White Hat
Broker at Family owned & operated Sun Pacific Mortgage & Real Estate