Our Loan Programs
Our Loan Programs
UMS PROS is a Market leader in Investment Property Loans. Our Loan Programs offer some of the most dynamic programs in the Country. Our over 25 years experience gets you Options so you can choose what fits your strategy best. Our Goal is to make you a Customer for life and we work hard to make that happen.
We are all about the long haul. Getting you the best Loans over all your deals. Although we have many versions and options, below are our 3 main Loan products. Charles ( nmls# 96665) is employed by an FDIC Bank and does Mortgages to Homeowners in all 50 States thru the Bank. Zee runs UMS PROS and does Private Money loans for non Owner occupied properties in all States except California & Nevada.
FIX & REHAB
– We offer 90% of the Purchase price and up to 100% of the Rehab budget. With 12 months Interest ONLY that have NO EARLY PAYOFF COST. You can make your loan through LLC, so it does not appear on your personal credit causing debt to income issues on future deals.
- The deal needs to have an appraisal equal to or more than the purchase price. The deal is based more on the property than you. If you have ALL the documents uploaded prior, we can close these normally in 10-21 days. Click here to learn how to get the Rehab Funds.
- If you plan to keep the property as a Rental after the Rehab is completed then we can do a refinance to the Rental Property Loan described below. Note that most of the time the refinance cannot be completed until you have owned the property a minimum of 6 months and sometimes it will require 12 months Ownership. Our Loan Programs have been helpful to many Americans! On our web site www.umspros.com just hit Application.
- Our Minimum Loan amount is $ 75,000. That means the purchase price, less your down payment plus the Rehab budget must add up to a minimum loan amount of $ 75,000.
RENTAL PROPERTY LOAN TO YOUR LLC
– We offer 30 year fully amortized Rental Property Loans with either fixed or adjustable rates up to 75% of Appraisal. This loan can be to buy a new rental property that does not need rehab or refinance a Fix & Rehab loan. The property does not have to be rented. But we can use market rents averages if needed.
- You can do your loan through your LLC, so it does not appear on your personal credit. That way you will not have the loan showing when a Lender go to calculate your debt to income on any future deal. It may cause debt for your income issues for any future deals.
- Our Loan Programs is fully amortized principal & interest and the monthly payment includes taxes & insurance Impounds. If you have ALL the documents uploaded prior, we can close these normally in 21 days. On our web site www.umspros.com just hit Application.
BANK LOAN TO YOU FOR RENTAL PROPERTY
- Charles, is licensed in all 50 States (NMLS 96665) to do Conventional Bank loans. This type loan will usually be at a lower rate & lower cost but is made to you based on your Credit & Personal Income. This can be purchase or refinance and can offer up to 75% of Appraisal.
- This is a great option for the smaller Investor or when you need the absolute lowest rate on a property purchase or refinance. There is no rehab available but there is no limit on number of properties you can do in this program.
- Loans usually take 30-40 days once we have all the Docs we need. On our web site www.umspros.com just hit Application
- Charles ( nmls# 96665) is employed by an FDIC Bank and does Mortgages to Homeowners in all 50 States thru the Bank.
- HOW TO PROCEED– Once the application is received you will be receiving an email with how to log in and what documents you will need to upload. You will have access to log in and see exact Status on your file and the projected Closing Date. We will need some documents from you. You will get notifications or updates through daily email.
- MAKING OFFERS– Once you have all the documents uploaded including the executed Purchase Agreement, Insurance estimate cost and Rehab budget if required, it takes a minimum of 21 days to complete your file. PRIORITY UNDERWRITING IS AVAILABLE IF NEEDED AT A COST OF 1/2 to 1.0 point.
- QUALIFING FOR A LOAN- All loans will require your credit to be run and a minimum score. A score over 720 will get you the best pricing, but we go down to a 620 score. Bank loans are based on you, your credit, your Tax Return shown Income and your DTI. Loans from the Fund will be based on the property and the rate & cost be determined by the Investors actual experience in the last 24 months and the DSCR on the property. Every loan will need a new Appraisal and we lend a % of the lowest either the purchase price or the Appraisal.