Are stated income loans back? Not quite, however Pac Trust now has a Flexible Portfolio Lending Option for borrowers with less than perfect credit in order to purchase a home. These expanded Portfolio products address the “one size does not fit all” scenario. Portfolio 1-Tax Product is for self employed borrowers with a loan amount up to $3.5 million with a required LTV up to 70%. The Portfolio Bank Statements Product is for self employed borrowers with 12 months of personal or business bank statements. For this product the loan amounts also go up to $3.5 million with an LTV of up to 70%. There is also a 49.9 LTV product for high net worth borrowers with significant liquid assets. Again, the loan amounts go up to $3.5 million. Another great product is the Portfolio Expanded Criteria Program that is a TRUE SECOND chance loan for impacted borrowers due to Short Sale, Deed in Lieu, Foreclosure and Bankruptcy. The minimum fico score for this program is 660 and LTV is up to 80%. One last program to mention is the Portfolio Foreign National Product which is for citizens working in a foreign country with U.S. Credit, or a Foreign National: permanent resident alien. For this program full documentation is required.
While these programs are not the Stated Income loans we have known and loved in the past there are certainly more options for borrowers as of late. Less documentation may be required however more down payment will be required as well which is not something we were used to seeing. Either way, this opens up the buyer pool for sure which will allow more buyers to re-enter the housing market and become homeowners once again! The American Dream lives on! www.teamreliablerealty.com