sarah@limitlessnational.com - Quintessential Mortgage Group

Flexible Down Payment Options

A conventional loan through Quintessential Mortgage Group offers qualified buyers a range of down payment choices and strong financing benefits. Unlike some government-backed programs that may limit property types, conventional loans can be used on most homes, giving you greater flexibility.

Low Down Payment Conventional Options

Fannie Mae HomeReady
A fixed-rate affordable housing program for qualified low-to-moderate income buyers, offering financing up to 97%.

Freddie Mac Home Possible & Home Possible Advantage
Programs designed to support eligible buyers purchasing or refinancing in targeted areas. Financing limits and credit requirements vary by loan structure.

Private Mortgage Insurance (PMI) is required for conventional loans with less than 20% down.

Buying or Refinancing?

Quintessential Mortgage Group is happy to offer qualified borrowers options for obtaining financing for self-employed or 1099 employees. To qualify borrowers should have an employment history along a year’s worth of income tax returns to be used. The borrower must have a 2-year employment history, but only 1 year of income tax return is used to qualify the borrower.

The Major Benefit

We want to provide mortgage options that allow self-employed and 1099s the opportunity to borrow the higher amounts they can afford. We work to get the full picture of how much you can truly qualify by working with one of our team of skilled loan officers. Below are a few highlights of the 1-year income program:

Self-employed, commission: qualify on 1-year tax return — Self-Employed for 2 yrs
Foreign Nationals permitted
All occupancy types allowed

It’s our mantra that we provide excellent service and find the best rates for our borrowers. If you believe the 1-Year Income Qualification program is right for you, or you want to learn more. Please contact our team today.

Purchase a Home without Citizenship

With our 50+ years in the industry we have gained extensive experience working with international borrowers looking to buy or refinance a property within the United States. We work alongside international real estate agents to ensure any borrower that enters our office has a financing plan. If you are looking to buy or sell your property in the United States, especially in the New York area, we will refer you to a real estate agent that specializes in working with foreign national buyers and homeowners.

Home-buying Made Easy for International Borrowers

Our Foreign National Mortgage program is a flexible documentation program with clear guidelines to help you qualify. We offer additional options for the international buyer or homeowner with our Asset Qualifier or Full Doc mortgage programs.

Asset Utilization for Second Home Qualification
Second Home & Investment Properties
Borrowers can qualify with full documentation OR assets only
No work visa required
No income documentation required for asset qualification
No visa required when borrowers are residents of countries that participate in the Visa Waiver Program
No score or FICO 599
Up to 80% CLTV
Loan amounts up to $3 million
Cash-out allowed
DSCR as low as 0
CPA Letter for last 2 years & year-to-date
One bank reference letter
Overseas assets allowed as reserves
Gift funds allowed

Obtain Financing Regardless of Immigration Status

This loan program offers the opportunity to apply for a mortgage even if you don’t have a social security number. If you have an Individual Tax Identification Number (ITIN), regardless of your immigration status, both resident and nonresident individuals may have U.S. tax returns and payment responsibilities. The IRS issues ITINs to individuals who are required to have a Taxpayer Identification Number and cannot obtain/are not eligible to receive a Social Security Number. Your ITIN allows you to take out a tax id loan- in which you do not need to show legal residency. Your credit history is evaluated based on your ITIN by making successful transactions and making reoccurring bill payments.

Advantages for ITIN Holders

Once you’ve successfully obtained your ITIN, the key to getting a Tax-ID loan is having all the proper documentation such as your income payment history, as well as having saved a significant amount of funds that can financially support this mortgage loan. ITIN loans have high-interest rates, so preparing correctly for this financial situation will benefit you in the long run. An ITIN loan down payment can be almost as much as 20% of the total value of the house. The advantage of the ITIN programs so you don’t need the following to qualify:

No credit score is required
No Social Security Number
No green card
No Seasoning Assets Required

ITIN loans typically have higher interest rates, so preparing correctly for this financial situation will benefit you in the long run. An ITIN loan down payment can be almost as much as 20% of the total value of the house.

QMG can assist you in this process by briefing you on the details of the loan and examining your credit history to make sure you understand the terms. Your credit history is evaluated by looking at your actual credit gained by the use of an ITIN, making successful transactions, and looking at your monthly bills. If you’d like to learn more and see if you’re eligible, contact our skilled team at Quintessential Mortgage Group today.

Interested in a Mixed Use Property?

Mixed-use properties may have a residential component, they’re typically considered to be commercial real estate. That means buyers who are planning on using a mortgage to purchase such property will need to procure a commercial loan. Quintessential Mortgage Group is one of the nation’s leading Mixed-Use property financing specialists. Commercial mortgage financing requires a specialized set of skills. At QMG, we have a dedicated team standing by that are experts in commercial financing and ready to answer in questions you may have.

Getting the Best Loan for You

Quintessential Mortgage Group specializes in Mixed-Use property loans. So whether you’re an owner-occupant, a private investor, or an LLC; and whether you’re buying a Mixed-Use property or you’d like to refinance we offer competitive options:

30-year fully amortized terms
15-year fixed-rate options
10-year balloon options with 25-year fully amortized terms
7/7 ARM balloon options with 30-year fully amortized terms
We offer loans with up to 75% loan-to-value on Mixed-Use properties
We can finance Mixed-Use properties held by an LLC

Our dedicated commercial real estate financing division is standing by to help you. One of our experienced mortgage loan consultants will be able to find the perfect innovative loan program that will help you achieve your goals.

Getting the Most with Asset Utilization

We know that your needs are dynamic, and at Quintessential Mortgage Group we make sure to accommodate those who are retired, self-employed, or have found innovative ways to live off of various investments.

We do our research to help all our borrowers, especially our non-traditional borrowers, achieve their goals. The asset utilization loan program is unique in what it can offer. This program relies on a new underwriting concept, which allows borrowers with non-traditional income streams to qualify for larger mortgages than would normally be allowed under traditional underwriting methods, like those used for FHA loans, or Fannie Mae or Freddie Mac loans.

Program Overview

The Asset Utilization Loan Program considers a borrower’s total landscape of assets. This loan calculates what an annual predicted return would yield on investment property and adds that total to the borrower’s annual income. This provides more liquidity and opportunity for bigger mortgages than their income returns would normally allow. Qualifying assets and investments for this program include checking account balances, savings account balances, money market accounts, stocks, CDs, bonds, mutual fund accounts, retirement accounts like 401Ks and IRAs, annuities, trust funds, and hedge fund portfolios. The program even takes into consideration the cash-out value of insurance policies.

We’ve found that this innovative mortgage concept provides a wider range of mortgage products to higher-net-worth borrowers. If you have any questions, please contact our staff of highly skilled loan professionals.

Projects Big or Small

At Quintessential Mortgage Group, we specialize in a variety of loan programs that fit the need of each of our clients. Our expertise and network of providers allow us to provide construction loans that will help you achieve projects. We can help you obtain short-term financing to help fund the construction of your project, and assist in securing long-term financing. From projects big and small, our team of loan experts can work with you to find a loan that is based on you.

Great Rates for You

Underwriting and approving a commercial construction loan requires an overwhelming amount of paperwork and restrictions set forth by providers. Allow our experts to sift through all the paperwork and work with the underwriters to ensure a smooth approval process. We can help get financing in:

Primary residences and second homes
Apartment buildings
Strip Malls
Hotels and motels
Mixed-use properties

Our experts can navigate through the process and work with the underwriters to ensure a smooth approval process. You can rest easy knowing that our team of experts have your best interests in mind as they work to secure financing.

A Powerful Financing Tool

Quintessential Mortgage Group offers a cross-collateralization financing option to achieve higher Loan-to-value. Cross-collateralization can be a powerful tool, letting you use an asset — like your house, car, or savings account. By using cross-collateralization, you can typically qualify for a lower interest rate on debt products like personal loans, credit cards, and commercial loans. And you won’t have to purchase another asset leveraging what you may already have.

At Quintessential Mortgage Group, we ensure that our rates and loans are tailored to your specific needs. A cross-collateralization loan can be used for the following:

Financing for second home purchases
No restrictions for first-time buyers
Cosigners are allowed on the loan.

Cross-collateralization is common in real estate loans. For instance, taking out a second mortgage on a property is considered a form of cross-collateralization. Cross collateralization involves using an asset that’s already collateral for one loan as collateral for a second loan, and at QMG we’ll work with you to understand the process. If you have any questions or want to learn more, please contact our skilled team of loan officers today.

Helping You Secure Financing

At Quintessential Mortgage Group, we make the process simple to find affordable financing for a non-warrantable condo. A non-warrantable condo doesn’t have to be a challenge and can be a great alternative to Fannie Mae or Freddie Mac programs. We have competitive rates for condos that have been classified as non-warrantable, and we can help you to achieve your financing goals with our excellent program options.

Finding Financial Solutions For You

A non-warrantable is any condo that doesn’t meet all of Fannie Mae’s or Freddie Mac’s qualified financing requirements. We specialize in providing financing solutions that are competitive and that meet our client’s needs. When you have a property that is difficult to finance, such as a non-warrantable condo, you can reach out to us to learn more about the available financing benefits as such:

Offered as both Non-Agency and our Non-QM program
Less strict guidelines than standard warrantable condos
Loans vary on a case-by-case situation

We’ll work with you to help finance your property at Quintessential Mortgage Group. Contact our loan experts today to learn more about how we can help you get the financing needed.

*For those in Flordia or New York

Program Overview

Our bank statement program offering is dynamic and has many great offerings. A bank statement is a monthly or quarterly document that lists all of your banking activity. In addition to other documentation, providers evaluate your bank statements to ensure you’re a reliable candidate for a mortgage.

Instead of requiring years of tax documents, W-2s, or proof of regular payroll checks, we base our financing decision on a combination of your bank statements and a profit and loss statement for your business.

Even if you earn your income in just part of the year, as long as you maintain bank accounts documenting your income stream we can help!

Making it work for you

We’re aware that everyone’s financial situation is different. Whether your business and personal accounts are shared or separate we can still get you qualified for a competitive loan. There are many factors that underwriters will review and at Quintessential Mortgage Group. We can help make sure you have the necessary and proper documentation to get approved.

Making your dreams possible

Quintessential Mortgage Group offers a No Income Verification loan option that requires only tax returns, W2s, or paystubs. A paystub and tax returns are usually all that is needed to suffice for a provider’s underwriting requirements regarding proof of income. Proving income can be challenging for borrowers whose incomes come from various sources and income might often fluctuate.

Taking the time for you

Obtaining conventional financing for the purchase of a home, investment property, or commercial real estate poses challenges for those with various income sources. Meeting the strict underwriting requirements of most providers can be daunting, but we have at Quintessential Mortgage Group. Our loan officers work with providers that specialize in no-income-verification loans with the type of flexible underwriting policies to overcome financing challenges.

We require a 25% down payment for a purchase transaction and 65% Loan to Value ( LTV) financing for refinancing. There are other requirements that need to be met and we recommend contacting our experienced loan officers today. At Quintessential Mortgage Group, we dedicate the time and commitment to get you the loan you deserve to fund your goals.

Program Overview

A Debt-Service Coverage Ratio (DSCR) loan is a top option for borrowers who want to use investment earnings, rather than their income, to qualify for a mortgage. This type of loan falls under the Non-QM umbrella, meaning that it doesn’t require borrowers to meet the strict federal guidelines mandated by traditional mortgages. It uses alternate criteria to confirm eligibility.

QMG helping with DSCR Loans

If property investment cash flow makes up a significant portion of your income, our DSCR mortgage might help you get closer to your real estate goals. As an investor, You can avoid high rates and the high points associated with private loans, lengthy approval processes, and strict financing criteria. A debt service coverage ratio loan (DSCR) is a type of no-income loan, which also possesses its own unique advantages. Important things to note when applying for a DSCR:

Borrowers need a minimum credit score of 599 to qualify.
We allow a combined loan-to-value ratio (CLTV) of up to 85%.
DSCR calculations as low as twenty percent are eligible for the program.
Borrowers must have owned any property type in the past 24 months to qualify.

Contact our team of skilled loan officers today, and see if the debt service coverage ratio loan is right for you!

At Quintessential Mortgage Group we offer our Streamline Refinance (No Doc, No Appraisal) Program with base interest rates as low as 4.875% and apr 5.374%. Owner Occupied, Second Homes, & Investment Properties Requires 18 months 0x30 payment history on subject property mortgage.

For loans less than $400,000, no appraisal is required (AVM and property inspection only) for our Streamline Refinance products.

Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. For any questions regarding our refinancing program contact us through our website or give us a call. Our award-winning team is ready to help you with your current or future refinancing plans today.

A cash-out refinance replaces your existing home loan with a newer loan. The difference between the two loans is the amount of cash you withdraw from the total equity in your home. This same equity directly affects how much cash you’ll be able to access with a cash-out refinance. Once the cash is withdrawn there is no restriction on how it can be used.

Closing a Cash Out Refinance

Cash-out refinances closing costs range between 2-6% of the total loan amount and are deducted from your “cash-out” at closing. Cash-out closing costs are typically higher than other refinance options because rates are higher, and many borrowers opt to buy down their rate with mortgage points. These optional mortgage points increase your closing costs. Your specific cash-out refinance closing costs are based on the size of your loan, length of term, and credit score.

Eligibility and Post-Completion

Cash-out refinancing is available to homeowners with both conventional and government-backed mortgages. Along with the equity requirements, individual providers or loan types may have specific criteria- such as minimum credit scores or requirements to have owned the home for a minimum amount of time. There are some exceptions to the minimum time of ownership; the death of a homeowner, inheritance or legal divorce, fall under this criteria.

Most providers require you to retain 20% equity in your house after the cash-out is complete. This is called having a loan-to-value (LTV) ratio of 80%. Maintaining 20% ownership of the property ensures you can avoid paying private mortgage insurance (PMI). It can also help to prevent you from owing more than your home is worth if market conditions change. For any questions regarding our refinancing program contact us through our website or give us a call. Our award-winning team is ready to help you with your current or future refinancing plans today

Looking to Refinance?

The opportunity to take equity out of your property is a key benefit associated with owning real estate, and we can help you to tap into that same equity for your desired use. Make additional investments, pay off debts, or even take a dream vacation; use your equity as you see fit. As the best in class and quality within the mortgage financing industry, we offer very competitive loan terms available for all owner-occupied properties.

Advantages of Jumbo Loans

The opportunity to take equity out of your property is a key benefit associated with owning real estate, and we can help you to tap into that same equity for your desired use. Make additional investments, pay off debts, or even to take a dream vacation; use your equity as you see fit. As the best in class and quality within the mortgage financing industry, we offer very competitive loan terms available for all owner-occupied properties.

Allows for larger borrowing, more than a traditional mortgage loan
Opportunity to purchase larger properties
Competitive interest rates

At Quintessential Mortgage Group Our loan officers are ready to work with you today and meet all your provider underwriting requirements.

Our team of award-winning experts are ready to help you with your non-credit qualifying FHA refinance. There are several benefits that you receive by refinancing your existing FHA loan with a FHA refinance. Most prominently you are not required to to fill out a new application, nor do you need a new appraisal as the FHA allows you to refinance using the original value of the home.

Basic Requirements for a Non-Credit FHA refinance

The primary purpose of the non-credit qualifying FHA streamline refinance is to provide a benefit to you with a new mortgage loan using limited approval documentation and no credit check. However, if there is no benefit to using the program, and your monthly principal and interest payments increase by refinancing, you must apply for a credit-qualifying FHA streamline refinance. The following criteria will be taken into consideration:

The mortgage you want to refinance must be insured by the FHA.
You must be current on your mortgage with no delinquent payments.
You must have made a minimum of six months of on-time payments on your FHA-insured loan
Six full months must have passed since you made your first payment.
You must receive a tangible benefit from the refinance.

For any questions regarding our refinancing program contact us through our website or give us a call. Our award-winning team is ready to help you with your current or future refinancing plans today.

A 203(k) rehab loan is a form of home financing or refinancing that enables home buyers and homeowners to combine both real estate costs and incurred renovation expenses into a single mortgage. In effect, it allows home buyers who are considering purchasing a fixer-upper that requires multiple repairs and significant rehabilitation efforts to roll the cost of both the property and these projects into one home loan. Keep in mind that a conventional mortgage might be an even better loan option for homeowners looking to make more extravagant updates to their home.

How An FHA 203K Loan Works

An FHA 203(k) loan is backed by the Federal Housing Administration (FHA). Funds obtained through a rehab loan, which can take the form of a 15- or 30-year fixed-rate mortgage, or adjustable-rate mortgage (ARM), can be applied to expenses associated with both materials and labor. Because these mortgages are insured by the government, the FHA 203(k) loan may come with more flexible qualification terms and requirements than a conventional home loan. The expenses associated with home improvement and repair efforts are added to the total that you elect to borrow and can be paid off over a period of years as you pay off the monthly premiums associated with your mortgage. Rehab loan offerings can provide a cost-effective way to pay for many home improvements (especially large home improvements). As with any mortgage, you’ll need to qualify to obtain one based on your income, credit history, credit score, debt-to-income ratio and other factors. Bear in mind that work covered under an FHA 203(k) loan must start within 30 days of closing, and projects must be completed within a maximum of 6 months’ time.

Important Streamline Facts

The FHA Streamline program is ideal for properties that are owner-occupied, and it gives you the ability to reduce your interest or even lower your monthly mortgage payments without enduring the time, expense and hassle associated with ordering an appraisal. There is also less paperwork and documentation associated with this loan program in comparison with many other types of refinance loans. Because there is not an appraisal requirement, you will not have to pay extra fees or wait for third-party reports to be completed. Altogether, you may find that the Streamline program is a simpler and easier way to refinance your loan.

Types of FHA 203K Loans

There are two types of FHA 203K loans for you to choose from: a streamline 203K loan and a standard 203K loan.

Streamline 203K Loan:

A streamline 203K loan, or limited loan, is frequently utilized for homes that require fewer repairs. It provides home buyers or homeowners with a maximum of $35,000 for renovations. No minimum cost requirement is attached, and applications may be simpler to process due to the lower sums borrowed under the terms of this type of loan. Keep in mind that you won’t be able to roll major structural repairs into the sums that you wish to borrow.

Standard 203K LoaN:

On the flip side, a standard 203(k) loan is typically used for larger jobs and covers major structural repairs exceeding $35,000. Renovations must cost a minimum of $5,000 though, and a U.S. Department of Housing and Urban Development (HUD) consultant must be hired to oversee the project and renovation process. Select rules and guidelines must also be followed to ensure compliance with government code.

If you currently have an FHA mortgage on your home and you are interested in refinancing your property, the FHA Streamline program may be the right option for you. This is among the fastest and easiest refinance options available for those who already have an FHA home loan, and it also can be one of the most affordable options. Quintessential Mortgage Group is dedicated to providing personalized assistance to each of our valued clients. We look forward to answering all of your questions regarding our program.

The Benefits of the Streamline Program

Program overview

Conventional loans have long been a favored option among homebuyers, and this latest enhancement elevates their appeal even further. In the past, acquiring a 2-unit property necessitated a substantial 15% down payment, while 3-4 unit properties required an even more substantial 20% down payment. However, the recent update opens up new possibilities, enabling you to offer your clients the chance to acquire 2-4 unit owner residences with a mere 5% down payment.

This development is particularly advantageous for individuals interested in 3-4 unit properties that might not meet the criteria of FHA’s Self-Sufficiency test.

QMG Revolutionizing the 5% Multifamily Loan Landscape

Our 5% Multifamily Loan Program offers key benefits that make it an attractive option for prospective buyers for owner occupied homes. With a minimal 5% down payment requirement, this program lowers the barrier to entry for multifamily property ownership. Advantages of this program include:

A 5% Down Payment: Significantly lower down payment requirements for 2-4 unit primary residence purchases.
No Income Limits: Clients can benefit from this financing option without being concerned about income restrictions.
No Self-Sufficiency Requirement: Unlike FHA loans, conventional loans do not impose a self-sufficiency requirement, providing greater flexibility.

Our loan officers work with you to fully utilize the capabilities of this loan program. You have the freedom to leverage this financing option without worrying about income restrictions, allowing more flexibility in your homeownership goals. Additionally, unlike FHA loans, there’s no self-sufficiency requirement, providing you with even greater flexibility and control over your multifamily property. Our loan officers work with you to obtain the right multifamily loan. Owner-occupied housing is achievable whether it might be through a standard purchase, Cash-Out Refinances, HomeReady, or HomeStyle Renovation– we work to ensure your loan exceeds your needs and achieve your real estate aspirations.

Contact our team of skilled loan officers today, and see if the 5% multifamily program is right for you!

The Definitive Answer for Independent Borrowers

A P&L loan, short for “Profit and Loss loan,” is a type of financing that’s often extended to self-employed individuals or businesses that might not have traditional income documentation like pay stubs or W-2 forms.

Key Highlights of the Quintessential Mortgage Group P&L Program:

Alternative Documentation: Accepts profit and loss statements for income verification, ideal for self-employed individuals.
Business-Centric Evaluation: Focuses on the financial health of the business- not just personal income, for lending decisions.
Customized Solutions: Offers tailored loan structures based on the unique financial situation of the business.
Streamlined Process: Simplifies the application and verification process, reducing paperwork for faster approvals.

How QMG Can Help With P&L Loans

Our team understands the complexities of P&L loans. They can prove to be a valuable program designed to accommodate those whose income might fluctuate or might not be easily captured through traditional employment documentation. They aim to provide access to financing based on the profitability of the business rather than solely relying on conventional income verification methods.

Please contact our skilled team of loan officers today at Quintessential Mortgage Group with any questions and see if our P&L program works for you.

Unlocking Your Homes Equity

A home equity loan program is a financial arrangement where homeowners borrow money against the equity in their property. Equity represents the portion of the home that the homeowner truly owns outright, calculated by the home’s value minus any outstanding mortgage balance. These programs typically provide a lump sum amount that borrowers repay over time with a fixed interest rate and regular payments. The funds can be used for various purposes, such as home renovations, debt consolidation, or other significant expenses.

Key Highlights of Home Equity Loans:

Fixed Interest Rates: These loans often come with fixed interest rates, providing stability in monthly payments over the loan term.
Lump Sum Disbursement: Borrowers usually receive the loan amount as a lump sum upfront, making it convenient for planned expenses.
Flexible Use of Funds: The funds can be used for various purposes, such as home improvements, debt consolidation, education expenses, or other significant expenses.
Predictable Payments: With fixed-rate home equity loans, borrowers have predictable monthly payments throughout the loan term, making budgeting easier.

QMG Assisting with Home Equity Loans

To qualify for a home equity loan, you’ll need a FICO score of 660 or higher. Other factors can include your current home equity, income history, and debt-to-income ratio.

Our team comprehends the intricacies of Home Equity Loans. These loans are crafted to cater to individuals whose income might fluctuate or might not be readily captured through traditional employment records. The goal is to offer access to financing based on the profitability of the property rather than solely relying on standard income verification methods.

Feel free to reach out to our adept team of loan officers at Quintessential Mortgage Group for any inquiries and to explore if our Home Equity Loan program aligns with your needs.