SPECIALTY & ASSET BASED LOANS

Daniel Shlufman, through Classic Mortgage LLC, offers New Construction Loans and Reverse Mortgages as well as a variety of Asset Based Loans including Bank Statement Mortgages, 1099 Income Loans, Business Bank Statement Elite Loans, Investor Cash Flow (DSCR Loans), ITIN Mortgage Loans, Asset Qualifiers, Foreign National, Agency Mortgages, Platinum Jumbo, and Portfolio Select. It's important to work with someone knowledgeable, experienced, & qualified, such as Dan Shlufman, to determine which loan is the right choice for you.

NEW CONSTRUCTION LOANS

Build The Home Of Your Dreams

New construction loans are used to finance the construction of a new home or building. These loans are typically short-term & provide funding for the various stages of the construction process.

One of the main differences between this loan and a traditional mortgage is that new construction loans often require more documentation and approval processes due to the higher risk involved with new construction.

The terms of these loans can vary depending on the lender and the borrower's specific needs. Generally, the loan will be disbursed in stages or "draws" as construction progresses, with each draw releasing funds to cover the cost of materials and labor for that stage of the project.

Once the construction is complete, the borrower may choose to convert the loan to a traditional mortgage or pay it off in full.

BANK STATEMENT MORTGAGE

Credit Scores Starting at 660

Up to 90% LTV

A bank statement mortgage is a loan that allows borrowers to use their bank statements to show ability to pay the loan as opposed to traditional income documentation such as W-2s and tax returns. This mortgage is often used by self-employed borrowers, freelancers, or small business owners who may have irregular income streams or difficulty providing traditional income documentation.

To qualify for a bank statement mortgage, borrowers must provide bank statements for 12 to 24 months that shows a consistent pattern of deposits and cash flow.

BUSINESS ELITE MORTGAGE

Credit Scores Starting at 660

Up to 90% LTV

Business Bank Statement Elite mortgage programs are the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. The Business Bank Statement Elite program provides a loan solution to help borrowers qualify off their credit history along with their Business Bank Statements.

1099 INCOME LOAN

Credit Scores Starting at 660

Up to 90% LTV

1099 income loans are for underserved self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under typical Agency guidelines.
These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. Our 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership.

INVESTOR CASH FLOW (DSCR) LOAN

Credit Scores Starting at 680

Up to 80% LTV

DSCR stands for Debt Service Coverage Ratio, and a DSCR loan is a type of loan that is based on a borrower's ability to cover their debt service obligations. This type of loan is often used in commercial real estate financing and is particularly useful for income-generating properties, such as apartment buildings, hotels, or office buildings.

The DSCR is calculated by dividing the net operating income (NOI) of a property by its annual debt service. The resulting ratio indicates how many times the property's income can cover its debt obligations. Lenders typically require a minimum DSCR of 1.2 to 1.3 for a loan to be approved.

PLATINUM JUMBO LOAN

Credit Scores Starting at 680

Up to 90% LTV

The Platinum Jumbo mortgage program is a competitively priced product for borrowers who just miss qualifying under Prime Jumbo guidelines. Stop losing deals because other lenders only offer Prime Jumbo. Our non-QM Platinum Jumbo loan allows our clients to help more Jumbo borrowers.

A Platinum Jumbo Loan typically offers higher loan limits, up to several million dollars, and may have more flexible underwriting standards compared to traditional jumbo loans. These loans may also come with additional benefits, such as lower interest rates, reduced fees, and personalized service from the lender.

PORTFOLIO SELECT

Credit Scores Starting at 660

Up to 85% LTV

Credit worthy borrowers who have recovered from credit events no longer have to wait seven years to purchase or refinance! Our full doc Portfolio Select mortgage loan allows just one year seasoning for foreclosure, short sale, deed-in-lieu and just two years seasoning for bankruptcy. Capture more business and help those borrowers shut out of Agency guidelines. This full doc loan solution helps more borrowers achieve their financial goals through a home purchase or refinance.

ITIN MORTGAGE LOAN

Credit Scores Starting at 660

Up to 75% LTV

Individual Tax Identification Number (ITIN) loans are for borrowers who do not have Social Security numbers. Borrowers with ITIN cards can qualify for a mortgage as long as they meet the eligibility requirements. This loan product is a full doc non-QM mortgage offering flexibility for individuals residing in the United States.

ASSET QUALIFIER MORTGAGE

Credit Scores Starting at 700

Up to 75% LTV

An Asset Qualifier Mortgage is a type of mortgage loan that allows a borrower to use their assets, such as investments, savings, or retirement accounts, as qualifying income to obtain a mortgage loan. This type of loan is often used by high-net-worth individuals who have significant assets but may not have a high income or may have difficulty documenting their income.

With an Asset Qualifier Mortgage, the lender takes into account the borrower's assets when determining their ability to repay the loan. The borrower's assets are typically evaluated using a formula that takes into account the value of the assets, the borrower's age, and the expected rate of return on the assets.

Asset Qualifier Mortgages may have more flexible underwriting standards compared to traditional mortgages, and may be available to borrowers who may not qualify for traditional mortgages due to their income or credit score. These loans may also offer more favorable interest rates and terms compared to other non-traditional mortgage loans.

FOREIGN NATIONAL MORTGAGE

This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. This is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit required to qualify.

No Credit Needed

Up to 70% LTV

AGENCY MORTGAGE

Credit Scores Starting at 660

Up to 95% LTV/CLTV, with MI

An Agency Mortgage is a type of mortgage that is backed by a government-sponsored enterprise (GSE), such as Fannie Mae, Freddie Mac, or Ginnie Mae. These agencies were created by the US government to provide stability and liquidity to the housing market by buying and guaranteeing mortgages from lenders.

When a mortgage is sold to a GSE, the lender receives a lump sum of cash, which they can use to make more loans to other borrowers. The GSE then sells the mortgage to investors as mortgage-backed securities, which are backed by the collateral of the underlying mortgages.

Agency Mortgages are considered lower risk compared to other types of mortgages, as they are guaranteed by the government-sponsored enterprise, which provides a level of protection to investors. This guarantee also allows lenders to offer lower interest rates and more favorable terms to borrowers.

REVERSE MORTGAGE

Borrow Against Your Home's Equity

A reverse mortgage is a type of loan that allows homeowners to borrow money against the equity in their homes.

With a reverse mortgage, borrowers may receive a lump sum or monthly payments. Unlike conventional mortgages, this loan does not have to be paid until the home is sold, or the borrower moves out or passes away.

One of the advantages of a reverse mortgage is that it can provide additional income for seniors who have limited financial resources and can be used to pay for medical expenses, home repairs, and more.

Interest rates on reverse mortgages may be higher than traditional mortgages, and the borrower is responsible for paying taxes and insurance.

All Mortgages are done through our partner, Classic Mortgage, LLC
Licensed by the NJ Department of Banking and Insurance.
Licensed Mortgage Banker-NYS Department of Financial Services (Doing business in New York as Classic New York Mortgage in lieu of true corporate name of Classic Mortgage, L.L.C.)
NMLS # 31149
FHA ID 1393700008
VA ID 559719-00-00