Brokers First Funding Offers the Following Loan Programs
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1099 Only Loans
Our portfolio 1099-only loan program is designed for self-employed borrowers, requiring just one or two 1099 forms plus a pay stub or bank statement showing year-to-date earnings. This program simplifies the qualification process with a low assumed business expense factor of just 10%.
We offer flexibility with gift funds allowed and a minimum 640 FICO score, accepting the middle of three or lower of two FICOs. Fast closing turn times make this an efficient option for borrowers seeking quick access to funds.
Additional benefits include fixed and adjustable-rate mortgage terms, as well as interest-only options. Cash-out proceeds can also be used to meet reserve requirements, providing further financial flexibility.
Asset Depletion
Our portfolio asset depletion loan program offers flexible financing options through asset utilization, making it easier for high-net-worth borrowers to qualify. Eligible assets are divided by 84 to determine qualification, with loan amounts available up to $4 million.
We provide unlimited cash-out jumbo loans, offering a robust solution for those looking to leverage their assets. With just one year of seasoning required after bankruptcy, foreclosure, or loan modification, this program offers a quicker path to securing financing.
Additional perks include 40-year interest-only options, financing for non-warrantable condos and condo-tels, and the use of gift funds for all occupancy types, ensuring versatile loan solutions for a variety of borrowers.
Our portfolio jumbo loan program offers jumbo and super jumbo loans up to $4 million, providing substantial financing for high-value properties. With credit scores as low as 700, more borrowers can access these loans, making it an attractive option for a wider range of clients.
We offer up to 90% LTV, giving borrowers the opportunity to purchase or refinance with less upfront capital. Condos, townhomes, and two-unit properties are all eligible, making this program flexible for various property types.
Borrowers can benefit from up to a 6% IPC allowance, further reducing out-of-pocket costs and making the loan process more affordable.
Our portfolio DSCR loan programs are designed to help real estate investors grow their portfolios with ease. We offer loan amounts up to $3.5 million for purchases and up to $2.5 million for refinances, providing ample funding for expanding investment opportunities.
With no income or employment verification required, these loans offer flexibility for investors. Cash-out for business purposes is allowed up to 75% LTV, and we offer up to 85% LTV for purchases. First-time investors are also welcome, making it easier to enter the market.
Gift funds yes for down payments and a 40-year interest-only term option, offering long-term financial flexibility for real estate investors.
DSCR 5-8 Units or 2-8 Mixed Use
Bank Statement Lending
As a bank statement loan lender, we offer flexible financing options that help you qualify without needing a tax return. Our loan amounts go up to $4 million for purchases and up to $3 million for refinances, with both 12 and 24-month bank statement options available.
We allow up to 80% LTV for cash-out refinances, which can be used for reserves, and up to 90% LTV for purchases. First-time homebuyers are welcome, and we offer a 40-year interest-only term along with the ability to transfer appraisals for added convenience.