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VA Purchase - Closing Cost Assistance - Unsecured Loans
  • LightStream will provide an unsecured loan for closing costs and prepaids for a VA purchase transaction.
  • Planet Home will underwrite these loans as non-delegated deals.
  • There is a minimum loan of $5,000 with LightStream.
  • LightStream will treat the loan as "Other" for the loan type when checking on rates and terms.
  • This loan can be taken out anytime before closing.
  • The loan payment for the unsecured loan must be included in the DTI calculation on the VA purchase.
  • The large deposit from the unsecured loan will need to be documented for Planet Home.
  • We think a copy of the note should be sufficient to document the funds but check with Planet to confirm this.
  • All applications are done online or over the phone directly with LightStream.  Red Diamond is not a part of the application process that I am aware of.
  • The LightStream application and processing process is very streamlined.
Here is the LightStream Rate calculator-click here  
Freddie Mac - 2% Unsecured Loan for Closing Costs
  • LightStream will provide an unsecured loan for closing costs and prepaids up to 2% of the loan amount on a Freddie Mac Purchase.
  • Red Diamond will underwrite these loans as non-delegated deals.
  • There is a minimum loan of $5,000 with LightStream.
  • LightStream will treat the loan as "Other" for the loan type when checking on rates and terms.
  • This loan can be taken out anytime before closing.
  • The loan payment for the unsecured loan must be included in the DTI calculation on the Freddie Mac purchase.
  • The large deposit from the unsecured loan will need to be documented for underwriting.
  • We think a copy of the note should be sufficient to document the funds but we will check with our Investors to confirm this.
  • All applications are done online or over the phone directly with LightStream.  Red Diamond is not a part of the application process.
  • The LightStream application and processing process is very streamlined.
Here is the LightStream Rate calculator-click here  
Here is an example of the payment calculations on a $10,000 unsecured lien with LightStream on 10/28/2021.  Rates will vary by credit score.
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No Fee, Unsecured Lending from LightStream, a division of SunTrust Bank

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Red Diamond receives compensation for the completion of LightStream loans based upon the details below. This is a great option to the difficult Texas Cash Out laws.  These loans are unsecured so they are not regulated by the Texas Cash Out rules.

You each will have a link on your websites so to the LightStream products and application so we can track any loan activity.

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For Other Loan Types:  Here are some additional examples of rates and terms as of 10/28/2021.
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