Whether you're an experienced investor or a first-time homebuyer looking for alternative financing solutions, Best Option Mortgage offers a diverse range of programs to ensure there's something for everyone. Explore our tailored options below and find the perfect fit for your real estate goals.
Hard Money Loans
Minimum 10% Down Payment: Get started with just a 10% down payment.
Must Close in a LLC: All transactions need to be completed through an LLC.
No Prior Experience Required: Ideal for new investors.
Available in ALL STATES: Nationwide availability for maximum convenience.
ITIN Loans
Down Payment: 3.5%-20%: Flexible down payment options to suit your budget.
DSCR (Debt Service Coverage Ratio) Loans
No Income or Asset Verification Required: Simplified approval process.
Must Own a Primary Property: Ideal for property investors.
Can Close in a LLC: Transactions can be completed through an LLC.
Available in ALL STATES: Accessible across the country.
P&L (Profit & Loss) Loans
No Income Documentation Required: Approval based on P&L statements.
20% Down Payment: Secure your loan with a 20% down payment.
Income Verification Based on P&L Statements from a Tax Preparer: Simplified income verification.
Designed for Primary Residences: Perfect for homeowners.
Bank Statement Loans
No Traditional Income Documentation Required: Approval based on bank statements.
Minimum 10% Down Payment for Primary Properties: Low down payment requirement.
Utilize 12 Months of Bank Statements: Simplified income verification.
Also Available for Investment Properties with Additional Down Payment: Flexible options for investors.
1099 Loans
Minimum 20% Down Payment: Secure financing with a 20% down payment.
Ideal for Contractors or Freelancers with One Year of 1099 Income: Tailored for self-employed individuals.
For Primary Residences: Perfect for securing your home.
Understanding Our Diverse Financing Programs
Q: What is a hard money loan and how can it benefit me? A: A hard money loan is a type of financing secured by real estate. It’s ideal for investors because it requires minimal down payment (as low as 10%), doesn’t require prior experience, and must be closed in an LLC. This loan type is available in all states, making it accessible and convenient for various investment opportunities.
Q: What are ITIN loans and who can benefit from them? A: ITIN loans are designed for borrowers who have an Individual Taxpayer Identification Number (ITIN) but may not have a Social Security number. These loans offer down payments ranging from 3.5% to 20%, providing flexibility and making homeownership accessible to a broader audience.
Q: How do DSCR loans work and what makes them unique? A: DSCR (Debt Service Coverage Ratio) loans are unique because they do not require income or asset verification. These loans are perfect for property investors who already own a primary property. They can be closed in an LLC and are available in all states, simplifying the financing process.
Q: What are P&L loans and who should consider them? A: P&L (Profit & Loss) loans are designed for borrowers who may not have traditional income documentation. Instead, income verification is based on P&L statements prepared by a tax professional. With a 20% down payment requirement, these loans are ideal for primary residences.
Q: What are the benefits of bank statement loans? A: Bank statement loans offer flexibility by allowing borrowers to use 12 months of bank statements for income verification instead of traditional income documents. These loans require a minimum 10% down payment for primary properties and are also available for investment properties with an additional down payment.
Q: Who can benefit from 1099 loans? A: 1099 loans are tailored for contractors or freelancers who receive 1099 income. With a minimum 20% down payment requirement, these loans are ideal for self-employed individuals looking to purchase a primary residence.
At Best Option Mortgage, we are committed to providing diverse and flexible financing options to meet your unique needs. Whether you’re an investor or a homebuyer, our tailored loan programs are designed to help you achieve your real estate goals. Contact us today to learn more about our financing solutions and find the perfect fit for you.
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Best Option Mortgage is a DBA of ML Mortgage Corp. ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2024 ML Mortgage Corp. All rights reserved.