Conforming Fixed Loans

The confirming fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Unlike other mortgage producer, Sunny Lending offers flexibility of fix mortgage term ranging from 8 to 30 years. In most cases, Fixed rate mortgages are available in terms ranging from 8 to 30 years (such as 8 Year Fixed, 10 Year Fixed, 20 Year Fixed and 30 Year Fixed, etc). In most cases, it can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term. 

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Confirming loan normally request full document review of applicants, including W2s and tax returns. The funding criteria is from Fannie Mae and Freddie Mac

Non-QM Bank Statement
Programs

A non-qualified mortgage — or non-QM — is a home loan that is not required to meet agency-standard documentation requirements as outlined by the Consumer Financial Protection Bureau (CFPB). The criteria of approving Non-QM mortgage is not from government agency, or Fannie Mae or Freddie Mac. Mainly the ATR (Ability to Repay) of applicants will be considered and verified.

Non-QM bank statement program is for self-employed borrowers who want to use their 12 to 24 months of personal or business bank statements to show stable income and ability to repay lenders.

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Non-QM DSCR

Non-QM DSCR program is for borrowers who prefer to be investors and who are willing to invest in more properties. The program allows applicants to be qualified based on the prospective monthly rental income of subject property. There will be no tax return, paystubs, W2s, or verification of employment required for this program.

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The advantages of this program is that those loan normally close fast, lenders request much less documents for approval and can be closed under entity names. 

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Note: There is Non-QM No-DSCR loan available also, which does not require high rental income of subject property. Lenders would only require borrower to have sufficient assets for closing & reserves and require borrower to match Minimum FICO score requirement to be approved for the program 

Non-QM Foreign National Programs 

The Non-QM Foreign National Programs for borrowers who is not US Citizens, Permanent Residence Aliens or Non-Permanent Residence Aliens. There are variety of Foreign National Programs offered in Sunny Lending, LLC. Technically, as long as there is a valid passport of foreign national borrower, and sufficient assets for closing and reserves, the Non-QM application will be able to approved by lender for this program. The valid visa and credit score are not always required for this program  

VA Loan

A VA loan is a mortgage loan available through a program established by the United States Department of Veterans Affairs (previously the Veterans Administration). The VA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees a portion of the loan, but doesn't actually offer the financing.

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VA loan offers 100% financing (0% down payment) for qualified military borrowers, and there is normally no private mortgage insurance required. There will be VA funding fee, but it can be financed if necessary or even waived in certain circumstances

USDA Loans

USDA loans are low-interest mortgages with zero down payments designed for low-income Americans who don't have good enough credit to qualify for traditional mortgages. You must use a USDA loan to buy a home in a designated area that covers several rural and suburban locations

Commercial Loans

Commercial loans are mortgages secured by liens on the commercial property.

Commercial property is income-producing property used solely for business (rather than residential) purposes. Examples include retail malls, shopping centers, office buildings and complexes, and hotels.

Renovation Loans

The renovation loans allow applicants to finance the repairs costs, renovation costs or upgrading costs and the house purchase in one long term loan. Unlike Fix and Flip loans, renovation loans normally have longer terms, are fully amortized and are applied to primary residence property, second home and also investment properties.

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The lender will consider the after renovation value of property to decide the loan to value of loan application, and normally will help applicants monitoring the working progress of contractors. The popular renovation loans are FHA 203K and Conventional Homestyle, etc

HELOC

HELOC, is a line of credit opened by lender, based and secured by the equity of the applicants’ property. HELOC shows that you have a maximum balance and an amount can be taken out and borrowed by the applicant at any time as long as the line of credit is in an open status.  The monthly payment will be triggered when there is a balance due in your line of credit.

Hard Money Loans

Hard Money Loans – A hard money loan is a short-term loan program for borrowers that need funds urgently.  The lender only reviews the information of the property used as collateral, without reviewing many other common lean documents.  Normally, the processing of Hard Money Loans is quicker than conforming loans; however Hard Money Loans generally require a higher down payment.

Bridge Loan 

A bridge loan is a type of short-term loan that “bridges” the gap between borrowers selling currently owned properties and putting a down payment onto a new property. It works for primary resident house purchase, second home purchase or investment purchase.  

Adjustable Rate Mortgages (ARM)

Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which allows you to afford and hence purchase a more expensive home. Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years.

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Sunny Lending offers 5/6, 7/6, 10/6, 7/1 and 10/1 ARMs

Non-QM WVOE or
P&L Only Programs

Non-QM WVOE or P&L Only is another kind of alternative document program for salaried borrowers who wants to only use their official Written Verification of Employment from employers to support their stable income and ability to repay, or for self-employed borrowers who prefer to only user the profit and loss statement of their business to prove qualification of loan applications

Non-QM Assets Qualification Programs 

Non-QM Assets Qualification program is designed for borrowers with plentiful of liquid assets. The type of assets including funds in checking/saving account, in portfolio accounts, in retirement plan accounts, or in stock trade accounts, etc.  

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Lenders will make decision on borrower's qualification based only on the qualifying assets, without checking employment, income or any tax returns.   

Non-QM 1099 Form Only Programs 

Non-QM WVOE or P&L Only is another kind of Alternative document programs for borrowers who receives 1099 as their main source of income and who wants to only use their 1099s to support their income level and ability to repay. The Underwriter will decide borrowers’ qualification income only based on 1099 form of borrowers.  

Jumbo Loans

A jumbo loan, or jumbo mortgage, is a home loan for an amount that exceeds the "conforming loan limit" set on mortgages eligible for purchase by Fannie Mae and Freddie Mae, the government-sponsored enterprises (GSEs). The Loan amount limit varies by county and changes (normally increase) each year.

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The loan limit amount varies by county and changes each year (usually increases). 

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We provide both full documents Jumbo Loans (with all tax related documents required) and Non-QM Jumbo Loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes

FHA Home Loan

FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.

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FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements.

Fix and Flip Loans

Fix and Flip Loan is a type of short term mortgage used by short-term real estate investors to purchase and renovate a property before selling it for profit or financing to a permanent loan if they decide to keep the property for rental income.  This type of funding for flipping houses offers investors fast closings for properties in any condition.

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Generally the monthly payment for Fix and Flip loans are interest only payments, and the principal amount will be paid at the end of term or at the time that borrower sell the property.

New Construction Loans

New construction loans are for applicants who are willing to ground up building the property on vacant lands.

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Generally a construction loan is short-term financing that can be used to cover the costs associated with building a house, from start to finish. Construction loans may cover the costs of buying land, drafting plans, taking out permits and paying for labor and materials. After the construction completed, applicants might refinance the short term loan to normally confirming loan programs
 

We also have New Construction Loan Programs that do not require a second time to refinance it to long term loan programs. It will be one-time close new construction loan program and can be a permanent mortgage in a single close

SBA Loans

An SBA loan is a government small-business loan that can help cover startup costs, expansions, real estate purchases and more. This type of financing is issued by a private lender but backed by the federal government.

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SBA loan is more friendly and obtainable for small-business owners who have experience, while newly started business owners will have a high chance of approval, as long as they have done enough research and plan thoroughly. 

Compared to normal commercial loans, an SBA loan normally offers a lower interest rate and lower down payment (0% down payment is possible if the criteria are met), and allow borrowers to refinance not just property, but also equipment, inventory and other assets.  However, an SBA loan normally takes longer processing time than a normal commercial loan.

DPA (Down Payment Assistance) Program 

Down payment assistance (DPA) programs provide down payment assistance to wide variety of eligible borrowers (normally are first time home buyers with lower income looking for purchasing primary house)who can’t make the down payment or pay the closing costs a mortgage requires.

Depending on the difference of the programs and borrower's condition, the DPA might be a purely grant, which does not require repayment, or a second lien on property, with very low or even 0% interest rate. The source of the down payment assistance can be from lenders’ partners, county special programs or other source.

The down payment assistance are normally ranged from 2.5% to 3.5%, which means that in FHA loan application, the down payment requirement might be 0% if applicants match the criteria.