Portfolio Mortgage Lenders
Portfolio Mortgage Lenders and Loan Programs Portfolio Mortgage Lenders A portfolio mortgage lender can be completely different than any other lender. All loan approvals are
What is RSU Income?
Many borrowers in technology and a growing number of other industries are compensated with restricted stock (RSU) income.
RSU’s are shares in their company earned as compensation. The restricted stock units are assigned fair market value when they vest, upon vesting it is considered taxable income. This incentive-based income has become a popular draw for many employees seeking to increase their earning power.
Did you know most jumbo lenders require a 2 year vesting history and a 3 year continuance guarantee in order to use RSU for qualifying income?
Many borrowers have a history of RSU income just not with the same employer for the past 2 years. Some borrowers do have a history of RSU income but they only have current grants extending less than 3 years and most need their RSU income accepted to reach their maximum qualifying potential.
How can you help your RSU-income borrowers who don’t fit these narrow guidelines?
Portfolio lenders are more reasonable! Portfolio enders use common sense underwriting.
Our general guideline requires a 12 mo vesting history with a 2 year continuance however we will consider exceptions case-by-case. In some circumstances we have allowed the income to be used just after the first vesting as long as there is a 2 year continuance.
How should you calculate RSU income?
For current RSU income, you can find the YTD earnings on a current paystub or WVOE.. You may need to obtain the last paystub of the previous year to determine the total 12 month vesting history to determine continuance, provide vesting schedule
Example:
We still have 90% LTV bank statement loan programs. 15 day turn time, application to close.
Alternative Bank Statement Income Documentation
“Life Event” Credit Seasoning:
Credit Scores
Eligible Property Types:
Eligible Occupancies:
Available Terms:
ARM 5/1 & 7/1
30-Year Fixed; 40-Year Fixed. Interest Only (I/O) available for both the 30-year as well as the 40-year term (lowest payment possible).
Notes:
First Time Homer-Buyer – 80% LTV
Multiple Foreclosures and Short Sales – OK with >3 years seasoning.
5% of Gift Funds must come from borrowers’ own funds. Source required.
We Serve All States
Portfolio Mortgage Lenders and Loan Programs Portfolio Mortgage Lenders A portfolio mortgage lender can be completely different than any other lender. All loan approvals are
Jumbo Bank Statement Program – 620 Credit Score ~ Self-Employed including 1099 Independent Contractors as well as W2 Commission Professionals. 3 Bank Statement mortgage options
Foreign Nationals are buying properties now more than ever which means good & effective Buying Power for the foreign national and also more and more