Prime and Non-Prime Bank Statement Options | Self-Employed Borrowers

Portfolio Direct Lender is a direct lender with their own portfolio of loan products and programs, and they make their own Non-QM and Non-Prime manual underwriting decisions. Some Portfolio lenders can also a bank that lend their own money as well as a portfolio they contribute to or commit to a pre-determined lender service term.

Credit Leniency and Underwriter Discretion

Major credit events only require 2 years seasoning. Mortgage lates OK not to exceed 3 x 60 x 24 (6-60 day lates, including "rolling lates"), within the previous 24-month time period. Or 3 x 30 x 12 (3-30 day lates, including "rolling lates"), within the most recent, previous 12-month time period. Never-the-less, borrowers are seen as people and people are considered individuals

Lender Solutions and Niche Loan Products

This loan program works well for borrower's that fall outside the standard Non-QM box with credit scores as low as 600 and minimal tradelines required.

LTV% / Loan Amount / Credit Score | Matrix

  • 90% LTV to $3,500,000 | 660 FICO
  • 85% LTV to $2,500,000 | 640 FICO
  • 80% LTV to $3,000,000 | 650 FICO
  • 75% LTV to $3,500,000 | 680 FICO
  • 70% LTV to $4,000,000 | 700 FICO

Bank Statement Documentation and Bank Statement Deposits

Business industry and business model can dictate your Expense Factor. Flexible "expense factor" (aka expense ratio) options for the bank statements both business and personal. Cash Out to $1,500,000. Additional details below.

Bank Statement Income Documentation Options

  • 12 Month Personal or Business Bank Statements
  • 24 Month Personal or Business Bank Statements
  • "1099 Only" for Sole Proprietors / Independent Contractors
  • Asset Based Feature for Additional Qualifying Income (Higher LTVs, Higher Loan Amounts)

Maximum Debt-to-Income Ratio's (DTI)

  • 55% to $2,000,000
  • 50% to $2,500,000
  • 43% to $3,000,000
  • 38% to $3,500,000

Eligible Property Types

  • Single Family Residence (SFR)
  • 2-Unit - $2,500,000 Max Loan Amount
  • 4-Unit - $2,000,000 Max Loan Amount

Eligible Occupancies

  • Owner-Occupied/Primary Residence
  • Second Home to 85% LTV
  • Non-Owner-Occupied/Investment

Available Terms

  • 15 Year Fixed - Interest Only Allowed
  • 30 Year Fixed Interest-Only Allowed
  • 40 Year Fixed and Interest-Only Allowed

Additional Underwriting Highlights

  • Non-Occupant Co-Borrowers - Allowed
  • First Time Buyers OK
  • Non-Permanent Resident Aliens - OK

 

Loan Scenario Form - Credit Check Not Required

 

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington