Self-Employed Borrower Income Documentation
Portfolio direct lender functions as a direct lender boasting its unique portfolio loan of products and programs. They autonomously determine Non-QM and Non-Prime manual underwriting decisions. Moreover, portfolio lenders have the capability to lend their own funds alongside a portfolio they either contribute to or commit to for a predetermined lending service term.
Bank Statement Income Deposits
Business industry and business model can dictate your expense factor. Flexible “expense ratio” options for the bank statements, both business and personal account statements.
Bank Statement Income Documentation Options
* 12 month Personal or Business Bank Statements
* 24 month Personal or Business Bank Statements
* 1099 Only Loans for Sole Proprietors/Independent Contractors
* Asset Based features for additional qualifying income
Credit Leniency and Underwriter Discretion
Major credit events only require two years of seasoning. Mortgage lates OK not to exceed 3 x 60 x 24 including rolling late within the previous 24 months including rolling lights within the most recent previous 12 month time.
| Minimum Credit Score | Maximum Loan-to-Value | Max Loan Amount | Reserves |
|---|---|---|---|
| 700 FICO | 90% LTV | $4,000,000 | 12 Months |
| 680 FICO | 85% LTV | $3,500,000 | 12 Months |
| 660 FICO | 80% LTV | $3,000,000 | 9 Months |
| 640 FICO | 75% LTV | $2,500,000 | 9 Months |
| 620 FICO | 70% LTV | $2,000,000 | 6 Months |
| 600 FICO | 65% LTV | $1,500,000 | 3 Months |
| 580 FICO | 60% LTV | $1,000,000 | 3 Months |
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.
Cash Out to $1,500,000. Additional details below.
Eligible Property Types:
* Single Family Residence (SFR) – $3,500,000 Maximum Loan Amount
* 2-Unit – $2,500,000 Maximum Loan Amount
* 4-Unit – $2,000,000 Maximum 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, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Maine, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.