I recent did some research for a client who is considering placing a secondary home into a qualified personal residence trust (QPRT). I found that no traditional lenders will allow a loan they service, let alone allow for a newly originated loan, to be placed into an irrevocable trust such as a QPRT. A QPRT is an irrevocable trust that can be used for both asset protection and tax savings, particularly for those with estates greater than $3.5 million in 2009.
Our Portfolio Program allows for a loan to be both originated and serviced when held by an irrevocable trust such as a QPRT, subject to reviewing the document and underwriting the loan. This is a niche for marketing to estate attorneys, elder care attorneys, CPA's and others. The beneficiaries of the trust still need to personally guaranty the loan.
This loan program is available to qualified applicants in Virginia, Maryland, Pennsylvania, Delaware, New Jersey, Connecticut, and parts of NY.
Loan terms include 30 and 40 year Fixed Rates, various Adjustable Rate Terms , and 15 Year Fixed Rate Terms. Loan amounts range from 100k-1.5Million.
Please Note: I no longer offer this program. Try "The Provident Bank" out of NJ for this program, and be sure to ask what the geographic restrictiona are.
Michael Byrne
908 531 6170
FHA, VA, and Jumbo Specialist
Gateway Funding Diversified Mortgage Services, L.P. is licensed by the PA Department of Banking as a first mortgage banker and licensed pursuant to the PA Secondary Mortgage Loan Act; Arkansas Mortgage Company License; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; DC Mortgage Lender and Broker; a Georgia Residential Mortgage Licensee (#15499); Illinois Residential Mortgage Licensee; Kansas licensed Mortgage Company; Massachusetts Mortgage Lender and Broker (#MC-3052); Licensed by the New Hampshire Banking Department (#10192-MBB); Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker NYS Banking Department; a Mortgage Lender and Broker in Rhode Island; Gateway Funding is also authorized or exempt as a mortgage banker in AL, CO, CT, DE, FL, IN, IA, ME, MD MI, MN, MO, MT, NE, NV, NM, NC, OH, OK, OR, SC, TN, TX, UT, VT, VA, WV, and WI. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. For qualified borrowers only. Equal Housing Lender. © 2009 Gateway Funding Diversified Mortgage Services, L.P. FHA Success Stories NJ Jumbo Programs VA Financing va mortgage success stories
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