PRIME EQUITY
MORTGAGE, inc.

Your Prime Source For Real Estate Financing 

 
 

LENDER PORTFOLIO (ALT-A)

Are you unable to qualify for Conventional or FHA mortgage loan programs?

The Alt-A market offers consumers alternative mortgage solutions to help borrowers acquire the home they want. Most consumers who qualify for Alt-A financing are self-employed individuals/ or families who have experienced a recent short sale, foreclosure, or unable to prove income traditionally. 


ALT-A PRODUCT (New Program)

  • Up to 85% LTV
  • Rates starting at 6.99%
  • Full documentaiton loan (Wage earner: 2YRs W2s + Current paystubs; Self-employed: 2YRs 1040s & 1120s + P&L)
  • FICO > 650
  • 30 year amortized, Adjustable Rate Mortgage (ARM)
    • 5YR FIXED; (Based on WSJ Prime Index + 4)
  • 30YR FIXED available 
  • Cash-out refinance OK
  • 43% DTI back end ratio
  • Owner-occupied only
  • 12 months seasoning onFC, BK, Short-Sale, or Deed-in-Lieu
  • 60 days seasoning on assets; Gift funds OK
  • 6-12 month reserves
  • No Pre-payment penalties

Click here for our: Short Form Loan Application 

 


 

 

1 DAY OUT OF FORECLOSURE/ SHORT SALE 

  • Rates starting at 5.55% (5/1 ARM)
  • Rates starting at 5.75% (7/1 ARM)
  • ARM Loans based on LIBOR Index
    • FIXED Rate up to 7 YRS
    • Margin 2.5%; Caps: 2/2/6
  • Up to 80% LTV
  • No MI
  • Qualifying parameters:
    • 5/1 ARM: Must qualify 2% above start rate 
    • 7/1 ARM: Must qualify at higher of start rate or fully indexed rate
    • Max DTI = 43%
    • Minimum Mid FICO = 660
  • Loan Amounts: Up to $4M
  • Purchase or Refinance 
  • Owner/ Non Owner OK
  • Lending on: SFR's, Condo's - Low rise/ High rise
  • 2 appraisals required on all loans

Click here for our: Short Form Loan Application 



 

 

PORTFOLIO BANK STATEMENT PROGRAM (SELF EMPLOYED ONLY)

  • Rates starting at 4.55% 
  • Calculate average income over 12 months bank statements
  • 5 YR ARM FIXED; Based on LIBOR Index
  • Up to 75% LTV
  • No MI
  • Minimum Mid FICO = 700
  • Requires 6 months reserves
  • Purchase or Refinance 
  • Foreign National OK
    • Foreign National 2nd Home - Max LTV = 50%
  • Cash out to $300K
  • Loan Amount: $100K - $1M
  • Non - Owner Occupied OK
    • Non O/O LTV Debt Coverage Ratios:
      • 60% = 1.3 X DSC
      • 50% = 1.2 X DSC
      • 40% = 1.1 X DSC

Click here for our: Short Form Loan Application 



 

 

STATED INCOME VERIFIED ASSETS - OWNER OCCUPIED/NON OWNER OCCUPIED (SELF-EMPLOYED ONLY)

  • Rates starting at 8.99% (3/1 ARM)
  • Rates starting at 9.99% (5/1 ARM)
  • Up to 5YR FIXED; Based on WSJ Prime + 4%
  • Minimum Mid FICO = 650
  • FICO < 700 - Maximum LTV = 70%
  • Maximum CLTV = 80%
  • No MI
  • Reserve Requirements: 
    • Loan amount </= $650K; Minimum Liquidity Reserve = $100K
    • Loan amount > $650K; Minimum Liquidity Reserve = $250K
    • Loan amount > $1M; Minimum Liquidity Reserve = $500K
    • Loan amount > $1.5M; Minimum Liquidity Reserve = $1M
    • Cash, cash equivalent securities, and other marketable securities may be used as verified liquidity

 

Get Pre-Qualified Today!

Click here for our: Short Form Loan Application 

A Broker Will Contact You As Soon As Possible


 

 



 
 
            
NMLS Co.# 1305125
1024 Iron Point Rd. | Suite 100 | Folsom | CA | 95630
Office 916.458.5982
Toll Free | 866.603.1866
e-Fax | 916.357.7691
Servicing or General Inquiries: clientservices@primeequitymtg.com
QM Products - Serving CA Only 
Commercial Property Loan Products Offered - Nationwide 
 
 

Normal Business Hours: M - F  9:00a - 5:30p PST