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 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 1 year 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 borrowers 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 “Income 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 Ratios (DTI)
* 55% to $2,000,000 Disposable Income
* 50% to $2,500,000 Disposable Income
* 43% to $3,000,000 Disposable Income
* 38% to $3,500,000 Disposable Income
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.