Residental Loan Application

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We give home loans just like any other bank or mortgage broker would, but we help when they turn you down.   You have an income and your property must have equity.

Residential First Mortgages

» Up to 80% Loan-to-Value
» Borrower income meet federal guidelines—owner occupied
» Rental income present or potential—non-owner occupied
» 6- to 24-month prepay
» 3-day rescission on owner occupied

Residential Second Mortgages
» Up to 70% Loan-to-Value
» 6- to 24-month prepay
» 3-day Rescission on owner occupied
» Typically used for renovations and blanket loans

Residential and Commercial Purchases
» Up to 80% Loan-to-Value
» Appraisal can be used for Loan-to-Value instead of price
» Some down payment still typically required, except in extreme cases
» Renovation money can be borrowed
» Draw schedule with inspections used

  1. Residential Loan Application
 

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Typical Specifications
Lending Area Kentucky, Southern Indiana, Florida, Washington DC Metro Area, including Northern Virginia and Southern Maryland (other areas on a case-by-case basis.)
Loan Amount $15,000 to $5,000,000+
Loan Term 30-Year Ammortization with One to Two Year PrePay Typical
2 Year Balloon on Homes Sold with Owner Financing
Interest Rate 11% to 15%, fixed
4% to 7% on Homes Sold with Owner Financing*
*These are homes that we have sold from our own inventory.
Credit Requirements No Minimum FICO or Credit Score
Approved on a Case-by-Case Basis
Origination Points None
Closing Costs Actual Appraisal, Title Insurance, and Closing Costs
Learn more about closing costs.
Closing Time Typically 3-7 days

 

Credit Reporting

All of our loans are reported monthly to Trans Union. This improves our customers credit and increases their credit score. Learn more about our credit reporting process.

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Action Loan Co., 143 West Market Street, Louisville, KY 40202