Portfolio Loan Options

PORTFOLIO LOAN OPTIONS

Self Employed Bank Statement Programs

Personal Bank Statement:

Bank Statement Transfers may be counted as income into a personal bank account, when transfers are from a business account( limit 1 business account).  Transfers from personal account to personal account are not permitted.  Borrowers can receive up to 90% loan to value (10% down payment) using personal bank statements.

No tax returns, or transcripts required

Fast and simple

Rates starting in the low 5’s.

 

Terms:

24 months personal bank statements to max 90% loan to value (740 mid-credit score)

24 months personal bank statements to max 85% loan to value (660 mid-credit score)

24 months personal bank statements to max 80% loan to value (620 mid-credit score)

12 months personal bank statements to max 80% loan to value (720 mid-credit score)

12 months personal bank statements to max 70% loan to value (680 mid-credit score)

  • DTI’s 35% and 43%, with maximum 40% and 45% with 660 score and 12 months cash reserves
  • Minimum 3 tradelines on credit report with 12+ months activity in last 12 months or 2 tradelines 24+ months with activity in last 12 months
  • Self employed for minimum 2 years
  • 6 months cash reserves required post closing
  • Gift funds allowed- minimum borrower contribution 10%
  • Investment properties, (purchase only)
  • Owner-Occupied, 2nd homes, investment properties
  • Seller concessions up to 6% (2% for investment)
  • Minimum loan amount $150,000 

Business Bank Statement:

To use business bank statements instead of personal bank statements, a third party profit and loss statement would be submitted through the end of the most recent quarter and covering a minimum of 24 months.  The bank deposits must match at least 90% of the gross receipts listed on the business P/L statement.  The qualifying income will be the lesser of the net income listed on the P/L statement, or income of 24 months bank statements.  Applicant must be 100% owner of business, minimum 620 credit score.

 

 Non-Prime Program 

This loan product is for borrowers who have had a recent housing event,  such as a foreclosure, short sale, and bankruptcy or deed in lieu.  A second change to get back into a home using non traditional loan terms until a traditional agency refinance can be used to pay off this mortgage product.

Terms:

  • 1 Day out of foreclosure, Short Sale, or Bankruptcy
  • Credit scores down to 500
  • Up to 85% loan to value, 15% down payment, no MI
  • Past Mortgage Lates OK
  • 100% gift funds allowed for down payment
  • DTI up to 50% considered
  • Owner occupied, 5/1 arm or 30 year fixed
  • NO prepayment for owner occupied
  • No active tradelines OK, with 12 month rental housing industry
  • Seller concessions up to 6%

 

 Investor Cash Flow Program

Terms

  • No personal income used to qualify
  • Qualification based on property cash flow
  • Credit scores down to 660
  • Rates starting in low 6’s
  • Up to 75% LTV
  • No DTI Restrictions
  • 5/1 arm, or 30 yr fixed
  • Must have housing history, own a primary residence
  • SFR’s, Town Homes, Condo’s, 2-4 units
  • No limit on properties financed
  • Seller concessions 2%

 

  Foreign National Program 

  • Up to 75% LTV
  • No US Credit Required
  • 12 months Reserves Required
  • Reserves can be in foreign account
  • DTI up to 50%
  • NO SSN, Or ITIN number required
  • Non-Warrantable Condos Considered
  • Arm, or 30 year fixed
  • Loans up to $750K
  • Minimum loan amount $75K

Turbo Mortgage

Turbo Mortgage is a Technology, Marketing, and Mortgage education company that is an assumed name of Lendmoney Mortgage Services LLC. a mortgage brokerage company licensed to Originate residential mortgage loans in the state of Texas LOCATED AT: 1202 Lakeway Drive Suite 5B Lakeway, Texas 78734.

Sammy Ray Trantham
NMLS License # 208677
Sponsored by Lendmoney Mortgage Services

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Copyright © 2016 Turbo Mortgage. All rights reserved.

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV