FREQUENTLY ASKED QUESTIONSWe have compiled a list of frequently asked questions in an effort to save you both time and energy in submitting your loan.
Reviewing these questions and answers, will certainly allow you to have a better understanding on whether your loan submission has a chance of a preliminary approval.
California, Arizona, Indiana, Ohio, New Mexico, Texas, Tennesse, Michigan, Washington and Colorado.
Loans made or arranged in Arizona must be represented by a mortgage broker qualified to do business in that state.
We specialize in non owner investor rehab where the borrower secures properties at a steep discount, rehabs the property, and re sells it at a substantial profit usually within 3-6 months. More can be found in our investor rehab section.
No, there is never a pre-payment penalty.
Yes, but we do require personal guarantees from the principles.
No, after your 3rd loan, you are pre automatically pre qualified.
Yes, after the 3rd loan, your pricing will be reduced.
Go to the "Get Pre-Approved", tab of our website, complete the registration and send in the required information requested at that tab.
No, you can not live in the property we lend on.
Usually not, all of our investor rehab loans are 1st position.
Typically $50,000 to $,1500,000, however exceptions will occur with strong deals and strong borrowers.
No, no matter how good the deal, the investor must home some skin in the game, in the form of hard cash. See our Loan Programs.
We sometimes offer 2nd position loans in rare circumstances with plenty of equity. We do not offer 3rd position loans.
No, only investor rehab and you can visit our investor rehab section for more information.
We loan up to 85% of the purchase price, not to exceed 70% of the ARV.
i.e. If you purchased the property for $100,000, and it will be worth $150,000 when repaired, then we will loan up to $85,000 so long $85,000 does not exceed 70% of the after repair value. (ARV = $150,000 x 70% = $105,000, which is more than our $85,000 loan).
Yes. We always use two values. The purchase price and the ARV.
The purchase price is determined by the amount you paid for the property.
The ARV is determined by the appraisal.
We are a direct lender with control of our own funds and we make all decisions right here.
See "Loan Programs" tab for fees, rates and terms.
Typically SFR 1-4, however we will consider multifamily on a case by case basis. We typically do not loan on commercial, retail, land, rural, etc.
We do not lend on primary residences, raw land, mobile homes, extremely rural properties, or properties in very poor condition or undesirable areas.
See "Loan Programs" for credit requirements. We typically like to see a 625 Mid FICO, but will consider lower FICO scores with special circumstances and a little more cash in the deal. We are NOT a subprime lender, and borrowers with terrible subprime credit should not apply.
We do not have set income requirements for the borrower, but the borrower must be able to prove the ability to repay.
We do not have set D.T.I. requirements, but the borrowers must be able to prove the ability to repay.
We like to see a 1.4 D.C.R.
Usually within 24 hours, if the submission is complete.
No. We require no up-front fees, other than the appraisal which is ordered by ZINC, but paid directly by the borrower with their credit card.
Usually in 7-10 days if required documentation is provided timely.
Brokers charge their own points on top of ZINC's points. Brokers points cannot exceed ZINC's points. We do not allow brokers to charge any miscellaneous junk, processing, or other fees.
Yes, with the exception of a purchase and then the escrow and title company must be approved by ZINC. See Title and Escrow requirements under the Forms Section.
Yes, every borrower must complete an extensive recorded borrower interview over the phone?
We require a complete submission with supporting documents, as outlined at the "SUBMIT A LOAN" tab of our website.
Our underwriting team is happy to
answer your questions.
Please feel free to contact us with
© 2017 ZINC Financial, Inc.Loans made or arranged pursuant to a California Lender's License