Qualified Personal Residence Trust (QPRT)

Finance your home with title in the name of your qualified personal residence trust

Title may be held in a  qualified personal residence trust for residential one to four family homes and condominiums financed with a portfolio loan up to 80% loan to value ratio.  Use of property may be owner occupied, second home or investment.  The maximum loan amount for this type of vesting is $3,000,000.

A Qualified Personal Residence Trust is an irrevocable trust that must meet requirements under the Internal Revenue Code

The creator of the trust may also be called the grantor, trustor or settlor.  The trust creator transfers their interest in a personal home to the trust and the trust grants the creator (or grantor or trustor or settlor) the right to occupy the home for a certain number of years.

All trust documents must be reviewed and approved by lender.  The trustees must be authorized to borrower money by mortgaging the property.  The property has to be either a primary or second home residence.  There must be an expiration date of the trust.  All trustees must be identified and they must be individual people.  The beneficiaries must be identified they cannot be minors. 

The lender's rights cannot be restricted and there cannot be excessive servicing requirements.

Above is a brief summary of lender requirements, additional requirements, limitations and restrictions may apply.
 

Questions?  Call Bill Meyers toll free at  877-994-9589 or 239-566-8484 or e-mail bill@marcoislandmortgage.com

This website is not a solicitation for mortgage brokers
Rates vary with geographic location, lender, transaction type, credit scores and other factors
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market conditions
Expressed interest rate may change or be unavailable at commitment or closing
Most rates based on primary residence, purchase transaction
Cash out refinance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call for additional information on underwriting requirements
and program limitations.  Guidelines and rates posted here are general in nature and subject to change without notice. 
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not guaranteed
All information published on this web site is believed to be accurate but cannot be guaranteed, errors may occur
This site has been built and is maintained by Bill Meyers

Bill Meyers is employed as a  mortgage loan consultant for one of the nation's largest residential lenders.  Bill works as an employee and not a mortgage broker.  This is Bill's personal web site and not the official web site of  any bank or mortgage company.  Please consider all information posted on this site to be general in nature and representative of mortgage rates and policies that may be available from various sources.  Bill is located on Marco Island Florida.  Bill can be reached on his cell phone at (239)566-8484

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