Portfolio Select
- Loans up to $2.5 million with a minimum of $125,000
- One year seasoning for foreclosure, short sale or deed-in-lieu
- Two years seasoning for bankruptcy, can use chapter 13 filing date
- Purchase and cash-out or rate-term refinance
- Owner-occupied, second homes, and investment properties
- Up to 50% DTI
- Gift funds allowed
- 40 year interest only available
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
Min Fico
640
(Up to 75% LTV)
Max LTV
85%
(Minimum 700 FICO)
Credit worthy borrowers who have recovered from credit events no longer have to wait seven years to purchase or refinance! Our full doc Portfolio Select mortgage loan allows just one year seasoning for foreclosure, short sale, deed-in-lieu and just two years seasoning for bankruptcy. Capture more business and help those borrowers shut out of Agency guidelines. This full doc loan solution helps more borrowers achieve their financial goals through a home purchase or refinance.
FAQ's
What is the benefit to originators who use non-QM loan products?
Originators who utilize non-QM offer a service that their competition may not offer. They become an expert and go-to for the non-QM borrower. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.