Our Philosophy "Competitive Rates, Quality Service and a Simplified Process" |
| Cachet Financial Services, LLC is affiliated with Cachet Homes and was formed to assist homebuyers at Cachet Homes subdivisions. In addition to a complete range of loan programs and the most competitive pricing, Cachet Financial Services is committed to providing you the best service in the mortgage industry. So, whether you are purchasing your primary residence, an investment home, or that vacation retreat, let one of our mortgage professionals fit you with a loan that best suits your needs and helps you achieve your financial goals. During the construction of your new Cachet Home, you will be continually updated on the status of your loan. It is our goal that your loan process run smoothly and there are no surprises so you can plan, with confidence, around your closing date. |
Cachet Financial Services is a Full-Service Lender |
| We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken the mystery out of approving and closing a homeloan. We offer all types of loan programs, including: Non-Warrantable Condominium Loans * Competitive Fixed and Adjustable Rate Mortgages * Conforming and Jumbo Programs * 100% Financing * Second Home Programs * No Income Verification Programs * No Doc Loans * No Ratio Loans * NIV/NAV (no income verification/no asset verification) * Less than Perfect Credit Programs * Deferred Interest Programs * Interest Only Programs * Foreign National Programs * Investor Loans * Bridge Loans. |
What is a "Non-Warrantable" Condominium? |
| If you haven’t heard this term before, you most likely will before your loan process is complete. Simply put, in the case of new condominium/townhouse subdivisions, it is when the project is new and has not yet met the minimum sold/closed requirements of the Federal National Mortgage Association (FNMA). Please read the guidelines (below) that determine whether your subdivision is FNMA approved, or not. Until it does meet these guidelines, individual loans are not saleable to FNMA and are considered "non-warrantable". Therefore, most lenders will not lend in these communities until the minimum requirements are met. When shopping for your mortgage, be sure to mention that your community is "non-warrantable" if the sales/closed homes in your subdivision do not meet these guidelines…it will make a difference. Cachet Financial Services, however, can close your loan even if you are the first one in the subdivision and can lock your loan for up to a year so that you can be assured of your interest rate during the construction of your home. Then, if rates are better as you approach your closing date, you can float down, at no extra charge, to a lower rate. Locking your loan now can give you piece-of-mind during the construction period. Be sure to ask your Cachet Financial representative about these very popular loan programs! |
FNMA Guidelines for "Warrantable" Condominiums |
| FNMA is a publicly owned, government-sponsored corporation that was established in 1938 to purchase both government-backed and conventional mortgages from lenders across the country. FNMA guidelines for "warrantable" condominiums are: TYPE "A" (Established Projects): 90% of the total units in the project have been conveyed to unit purchasers, with 60% of the units being owner-occupied. TYPE "B" (New Projects): At least 70% of the units in the project have to have been conveyed, or are under contract, to unit purchasers. TYPE "E" P.U.D. (Established and existing developments): H.O.A. has to have been turned over to the homeowners. TYPE "F" P.U.D. (New and still under the control of the developer): 50% of the units must have been conveyed to purchasers. There are other requirements for each of the above mentioned condo/P.U.D. types, however, what is listed should tell you if you are "warrantable", or not. For additional FNMA requirements, please ask your Cachet Financial representative. |
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Cachet Financial Services, LLC
14624 N. Scottsdale Rd., Ste. 140 |
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Scottsdale, AZ 85254 |
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Toll Free: |
(800) 681-9667 |
Tom Brandvold |
(480) 368-0150 |
Tom’s Cell: |
(602) 526-2100 |
Fax: |
(480) 368-0275 |
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