Berkshire Calloway hits Homerun with new Stated Income Mortgage program in California

Dec. 26, 2009 - PRLog -- Berkshire Calloway Holding Group, in conjunction with; No Doc Lender (http://www.nodoclender.com), Jumbo Funder (http://www.jumbofunder.com) and The Power to Close (http://www.thepowertoclose), have forged a strategic alliance with an elite consortium of banks and investors who have agreed to pool their funds for the sole purpose of providing financing for home buyers who find it difficult, if not impossible to document income. The Program is being offered in the State of California only.

Reminiscent of the "Stated Income" and "No Ratio" products that were prominent in the mid 2000's this product is specifically designed for home purchases and more specifically for homes valued between $1,000,000 and $6,000,000. BCHG is targeting the 'Jumbo' and "Super Jumbo' loan market $750,000 - $4,000,0000), although they will provide financing for 'conforming loans' on a case-by-case basis. This new product mix is similar in many ways to its predecessor that was so prevalent in the early to mid 2000's. The main difference is this new product line-up is a Platinum Product developed for Platinum Home Buyers.

The member banks are willing to lend money to home buyers based on the following characteristics; Excellent Credit (700+), an above average down payment (40%) and documented reserves (12 months P.I.T.I.). in exchange for these qualities the member banks will provide the home buyer with an "A" Paper rate (A.P.R. averages 5.125%), with no pre-payment penalty and limited or no closing costs. All commission income is received through 'alternative' commission streams which are "Non-APR affecting" or "RESPA" related. The fee income is distributed among all parties who have an interest in the transaction and may or may not include the; seller, the seller's agent, the buyer and the buyer's agent. But structuring the fee income in such a manner it encourages the seller and buyer to "meet together and get the deal done" says E.V.P. Greg Steinaker.

Mr. Steinaker went on to add "we are in middle of one of the largest buyer's markets in history, with that being said, it would be very easy to 'stick it' to the seller or the seller's agent. We don't do business that way. By having all parties in the transaction share together in getting the deal done, it leaves a 'good taste' in everybody's mouth when the deal closes". "We have an exclusive product and we know it, this allows us to pick and choose who we want to do business with, but just because we have an exclusive product does not change the way that we have done business for the last 20+ years.... we have not stayed in business that long by taking advantage of individuals."

BCHG along with its subsidiaries are marketing this product directly to the home buyer and to Realtors. It is also working with Mortgage Brokers on a referral basis-where it will pay a referral fee based on loan size or market value. When working directly with a home buyer, BCHG will first pre-qualify the home buyer for amount of home that are looking to leverage. They will then represent the home buyer in the purchase of their new home. By combining both of these functions together they are able to save the home buyer thousands in fees. When working directly with a Realtor, they will first qualify the Realtor as a "preferred realtor". Once the Realtor receives this designation, there are many benefits attached to it. The Realtor will receive additional advertising exposure from BCHG that includes a preferred buyer incentive package for home buyers that need to use the "Stated Income" or No-Doc/No-Ratio" program. This package is developed directly for the home seller and the home seller's agent, and provides them with additional financing options that would normally be made available.

The product being offered is one of simplicity. The member banks and investors are basically looking at three different criteria; Risk Score, Down Payment and Reserves. This simplicity leads to faster closings and ease of transaction-which is what every person involved in a real estate transaction is looking for. This new product also is available to Foreign Nationals. With Foreign Nationals the product becomes even simpler. BCHG only requires down payment and reserve verification, there are no credit score requirements. The trade off here is 50 bps. This product for Foreign Nationals is unheard of, in and of itself.

Berkshire Calloway is offering this product to a limited amount of proven Realtors and Mortgage Brokers. "Since we have not competition we can be picky with who we do business with" said Mr. Steinaker. "We are looking for proven Realtors and Brokers who have an established 'pipeline' that can deliver us with Platinum Clients on a consistent basis. I won't establish what this number is, but it is limited and once we do reach this number we will not be adding any new Realtors or Brokers. I imagine we will reach our 'target number' by the first or second week of February based on the initial response of our product to the real estate market".

For Additional information on these exiting new products please e-mail; info@berkshirecalloway.com. For employment opportunities please e-mail your resume' to; human.resources@berkshirecalloway.com or you may call 877-877-8860 ext 2210.

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Berkshire Calloway is the leading authority of "No Income Verification" Purchase Money Financing in the State of California. Berkshire Calloway has secured a strategic alliance with an elite consortium of banks which have pooled funding for this program.