Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Shmuel has over two decades of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. Shmuel provides a uniquely holistic approach to comprehensive real estate and financial matters that goes well beyond any single transaction. Shmuel is an award-winning financier recognized for maximizing the short-term and long-term objectives of his client. As a contributing writer to many local and regional newspapers and publications, his insights have been featured in the media for many topics, including mortgages, personal finance, appraisals, and real estate trends.
People are different. Circumstances are different. Needs are different. Conditions are different. Yet, most mortgage lenders offer the same loans, the same process, and the same options. As a Non-Depository Licensed Mortgage Banker, we pride ourselves on being different. Approved Funding derives its mortgage products from many sources and avenues unlike banks or savings institutions, which are often limited by the availability of their own deposits and a conservative lending philosophy.
Some of our specialty mortgage programs include:
Self-Employed Borrowers
Stated Income Mortgages
Low Credit Scores
Unique Properties
High Debt-to-Income loans
Construction Programs
Non-Occupant Co-Signers
Low Downpayment/No PMI loans
Extended Rate Locks
Condo Loans (Non-Approved approved)
“Custom” Loan Terms (example: 8yr, 22yr, etc)
Cooperative Loans (Co-ops)
Mixed-Use properties
Portfolio Bank Programs
Blanket Mortgages
Non-Qualifying Borrowers
Commercial Mortgages
Private Mortgage Loans (Hard-Money)
Construction “take-outs”
Niche Programs
Business Loans
With hundreds of programs to offer our customers we work hard to ensure that the final mortgage program matches the unique characteristics of each of our mortgage applicants. We continually work with our national and local financiers to develop loan programs that suit the changing needs of our customers and the real estate market. Here are a few of our common loan programs that should suit almost every scenario in the marketplace:
Fixed Rate Mortgages
The interest rate is fixed for the life of the loan
The principal and interest payment never changes
The shorter the loan term the faster equity is built up in the property
Prepaying loan principal will shorten the loan term
No Closing-Cost Refinance Program
Avoid having to pay mortgage costs
Quicker loan process and approval
Fixed or Adjustable Rate Terms available
FHA Mortgage Loans
Lower down payment requirements
Easier qualifications for certain parameters
Fixed or Adjustable Rate Terms available
Adjustable Rate Mortgages
Initial Rate Fixed for Up to 10 years, or as low as 1 year
Lower rate than Fixed Rate Program allows higher price and loan qualification
Future rate changes limited by fixed and predetermined interest rate caps
Fannie Mae and Freddie Mac Loans
Conventional loans backed by Fannie Mae, Freddie Mac and FHFA
Fannie Mae specialty programs available like HARP and Open Access
Jumbo Mortgage Program
Choice of either a Fixed or Adjustable Rate Mortgage Loan
Loans up to $10,000,000 at very competitive terms
Mini-Jumbo Mortgage Program
Avoid paying “jumbo rates” with our mini-jumbo program
Avoid paying “jumbo rates” with our extended conforming program
First Time Homebuyer Program
Discounted Closing Costs
As little as a 3.5-5% Down Payment requirements
Home Equity Lines of Credit & Second Mortgage Loans
Available for loans up to $500,000
Fixed Rate Conversions options
We are accredited underwriters for agencies such as Fannie Mae, Freddie Mac, Ginnie Mae and many other institutional conduits which insures that the most competitive and diverse lending products are available to our clients. Knowing that every borrower is unique, and that every situation is specific, we can entertain options that can cater to almost any “qualified” applicant. Simply put, if there is a way to get you a mortgage, Approved Funding can make it happen.
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