Summit offers you many services that other property managers do not:
– Online rent pay
– Online maintenance requests
Summit Property Management also has a $30,000 website coming online at the end of April that will be the gold standard for all property management websites in the United States…I should know…I helped build it! Simply put, it will drive hundreds of tenants to your property creating more renters than rental property. Be sure to check it out whenever you can.
– 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
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