Prime and Non-Prime Bank Statement Options | Self-Employed Borrowers
Portfolio Direct Lender is a specialized direct lender offering an exclusive portfolio of loan products and programs. They make independent underwriting decisions for Non-QM and Non-Prime loans, ensuring a tailored lending experience
Credit Leniency and Underwriter Discretion Solutions
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.
Major credit events only require 2 years of 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.
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 Documentations 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% DTI to $2,000,000
** 50% DTI to $2,500,000
** 43% DTI to $3,500,000
** 38% DTI to $4,000,000
Eligible Property Types:
** Single Family Residence (SFR)
** 2-Unit – $2,500,000 Max Loan Amount
** 4-Unit – $2,000,000 Max Loan Amount
| Credit Score/ Loan-to-Value %/ Loan Amount |
|---|
| ** 680 Credit Score – 90% LTV to $4,000,000 |
| ** 660 Credit Score – 85% LTV to $3,500,000 |
| ** 640 Credit Score – 80% LTV to $2,500,000 |
| ** 620 Credit Score – 75% LTV to $1,500,000 |
| ** 600 Credit Score – 70% LTV to $1,000,000 |
Eligible Occupancy Types:
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 Underwriter Highlights
Non-Permanent Resident Aliens
Non-Occupant Co-Borrowers – Allowed
First Time Home Buyers – 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, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, and Washington.