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