PRIME EQUITY
MORTGAGE, inc.

Your Prime Source For Real Estate Financing 

 
 

NON-PRIME MORTGAGE FINANCING 

Self Employed and Have Significant Write-Offs?

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

The non-prime market offers consumers alternative mortgage solutions to help borrowers get the home they want. Most consumers who qualify for non-prime financing are self-employed individuals/ or families who have experienced a recent short sale, foreclosure, or have adverse credit conditions from the latest recession. Most clients who seek non-prime products are self-employed and are unable to prove income traditionally. 

Qualifying credit parameters typically include but not limited to:

 


 

NON-PRIME PRODUCT

  • Up to 90% LTV (Purchase)
  • NO MI
  • Rates starting 6.25%
  • Cash Out OK
  • Loan amounts: $75,000 - $2,000,000
  • Loan amounts: $1M - $2M Require Lender Senior Mangement Approval 
  • Loan amounts > $1.5M require 2 appraisals
  • Use 24 months bank statements (Personal or Business, Self-Employed Only)
    • Calculated on deposits, excluding withdraws
    • No Tax Returns
    • No Schedule C's
    • No 4506-T's
  • Non-owner occupied and rural properties OK
  • Max 50% back end debt-to-income ratio 
  • High balance loan amounts OK ($650K+)
  • 30 year amortized, Adjustable Rate Mortgage (ARM)
    • 7YR FIXED; (Based on LIBOR Index)
  • No Pre-payment penalty options available
  • Credit scores down to 500
  • BK, Short Sale, Foreclosure, Judgments OK

 

ALT-A PRODUCT (New Program)

  • Up to 90% LTV (Purchase)
  • Rates starting at 5.625%
  • Full documentation loan (Wage earner: 2YRs W2s + Current paystubs; Self-employed: 2YRs 1040s & 1120s + P&L)
  • FICO > 650
  • 30 year amortized, Adjustable Rate Mortgage (ARM)
    • 7YR FIXED; (Based on LIBOR Index)
  • 30YR FIXED available 
  • Cash-out refinance OK
  • 43% DTI back end ratio
  • Owner-occupied only
  • 12 months seasoning on: FC, BK, Short-Sale, or Deed-in-Lieu
  • 60 days seasoning on assets; Gift funds OK
  • 6-12 month reserves
  • No Pre-payment penalties

 


 

NON-QM PRODUCT

  • Stated - Stated 
  • No Income Verification
  • No FICO
  • Up to 70% LTV (Max)
  • Cash Out OK
  • Rates starting 8.25%
  • Loan amounts: $100,000 - $750,000
  • Loan amounts > $500,000 require Lender Senior Management Approval
  • Subject property must be livable 
  • No Balloon Payment 
  • No 1040, 4506-T, or Schedule E's
  • Based on LIBOR Index
  • Foreign National OK
    • Funds to Close Must Be Verified in U.S. Dollars with valid Banking Relationship in Country of Origin
  • Terms:
    • 7 year FIXED; 30 year amortization (30-year product)

 


 

INSTITUTIONAL/and PRIVATE MONEY FIX & FLIP FUNDING

  • Up to 70% LTV
  • 7.99% - 10.99% Interest Only
  • Owner occupied - Business Purpose Only
  • 12 month - 5YR term
  • PPP applies for terms > 1YR
  • Property must show pride of ownership; If subject needs rehab - case by case
  • Cross Collateral OK
  • Rural Properties Case-by-Case
  • FICO applies

For higher leverage fix & flip funding see: High Leverage Fix & Flip Real Estate Loans


 

STATED COMMERCIAL FINANCING (SOFT MONEY)

  • Simple Doc 
  • Investment SFR, Condo, & 2- 4 Units
  • Multi-Family, Mixed-Use, Office, Retail
  • Loan amounts: $100,000 - $2,000,000
  • Rates starting 7.99%
  • Cash Out OK
  • No Balloon 
  • 75% Max LTV; 80% Max CLTV
  • Must meet FICO requirements 
  • PPP apply 
  • Standard 30yr term
  • Flexible Guidelines

 

Non-prime financing offers consumers an alternate path to home ownership. In addition, non-prime products have a no pre-payment penalty option. Qualified borrowers prefer this type of financing as second option to agency backed loans, and use this program to secure the home they like, then refinance when borrowers are qualified for agency backed financing. This program also acts a vehicle to establish new mortgage credit for less than perfect credit consumers. 

 

Get pre-qualified today!

Click here to fill out 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