Champions Funding - Trusted Lending Partner at LoanFactory

Champions Funding

Address: 365 East Germann Road, Gilbert, AZ 85297

https://www.champstpo.com/

Internal Reviews

(9 reviews)

Total loans closed with Loan Factory
17,896

Total loans closed with Loan Factory (past 12 months)
14,508

Lender overview

Basic information

QM Program

Jumbo

Loss Payee

Champions Funding LLC ISAOA/ATIMA 365 E Germann Rd, Suite 140 Gilbert, AZ 85297 Loan #

CPL or Subordinate Clause

Champions Funding LLC ISAOA/ATIMA 365 E Germann Rd, Suite 140 Gilbert, AZ 85297 Loan #

Lock policies & Fees

Lock Policies

Lock extension

Non Ally Loans: The cost of an extension is 15 basis points for 5-day increments. Max extension days is 10. Max number of extensions is 2.

Should additional days be needed; the loan will be evaluated by secondary marketing for an additional extension or worst case pricing.

Relock

If the interest rate has expired; the lock will be subject to worst case pricing until 30 days has elapsed from the time of expiration. Once 30 days has elapsed; the lock will be allowed current day pricing. Should worst case pricing be the original lock; a .25 relock fee will be assessed.

Lock & Shop

Lender's niche & Overlays

Lender's Niche

CDFI - potential rate and price improvements for specific borrower ethnicities, low income housing, low income borrowers, and borrowers who are disabled.

Loan program Ally - Primary residence and 2nd home Allowed- True NO DOC. No income, no employment, No DTI stated on the 1003, no supporting income docs required!

DSCR - First time investor, vacant property, Short term rental allowed. No ratio available. NO seasoning on c/o and no seasoning on allowing new appraisal value if higher than purchase price (min. 1 year PPP required).

We Allow Exception to all loans w/ Great Compensating factors

1.) 'Ally ' - No Ratio O/O ( No Ratio O/O and 2nd Home ( No Employment - No Income = No Ratio No DTI Calculations )

Lowered our Reserve requirements on Purchase and Refi's - Up to max 12 mos. 🤩

** Loan Amounts up to $2M
** FICOs as low as 660
** Up to 80% LTV Allowed Purchase and R & T
** 100% gift funds allowed for down payment and closing cost
** No VOR required on FTHB Purchases

2. Activator – Alt Doc -Qualify more borrowers without traditional documentation.

( 12 mo. P & L w/ CPA , 12 mo. 1099 w/ 10 % expense ratio, 1 yr Tax Returns , 2 yr chx stub and w-2's 12 mo. Bnk. Stmt Personal / Business, Written VOE only, and Asset Depletion factored at 84 mos. & more )

3. ITIN Activator – Alt Doc Qualify more borrowers without traditional documentation.

(12 mo. P & L w/ CPA , 12 mo. 1099 w/ 10 % expense ratio , 1 yr Tax Returns , 2 yr chx stub and w-2's, 12 mo. Bnk. Stmt Personal / Business , WVOE only, and Asset Qualifier )

4. Accelerator – Business Purpose DSCR ( .75 ) | No Ratio DSCR - SFR , 2-4 units , Condo , PUD, non warrantable condo's , 5 to 8 units ( w/ min 1.0 DSCR w/ min $400K Loan amount )

5. ITIN Accelerator – Business Purpose DSCR -Investment opportunity for ITIN Borrower's Up to 80% LTV w/ a DSCR- down to .80 = < DSCR

6. Ambassador - Investment opportunity for Foreign National Up to a max 70 % LTV

Lender's overlays

N/A

Lender turn time

Initial underwrite (days)

CTC conditions review (days)

Initial CD (days)

Review - Champions Funding

9 reviews

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