Portfolio Mortgage Loans
Wright Mortgage is introducing loan products for buyers who do not comply with the qualified mortgage criteria of Conventional or FHA guidelines. These loans are called Portfolio Mortgage Loans.
The Portfolio Mortgage Loans help broaden the pool of eligible customers who will provide full income documentation, demonstrate strong credit scores, and meet additional guidelines that indicate their ability to repay. These products are not for first time home buyers and who have limited assets but seasoned homebuyers with good credit, significant reserves and disposable income.
I’d like to share with you some of the programs that we currently offer that no other lenders are offering. Some of our upcoming niche programs are the SIVA, 1 Day Out of Foreclosure, 12 Months Bank Statement, Foreign Nationals, 10+ Financed Properties, FHA 500 FICO and many more niche programs as well as traditional Conventional, Jumbo and Government programs.
1 Day Out of Foreclosure
The 1 Day Out of Foreclosure is one of our most popular programs. A lot of prospective buyers are currently waiting out their 7 years from their date of foreclosure and short sale . Now they do not have to wait. They can acquire up to $1 million loan amount with LTV of 80% and Fico of only 660.
12 Months Bank Statement
The 12 Month Bank Statement program is also another very popular program. It is designed for the self-employed borrower who writes off everything and cannot qualify using 2 years tax returns. No tax returns or P&L statements are required. We will use 12 consecutive month’s Personal bank statements to verify ability to repay. Deposit must be consistent and typical. Total monthly average deposited and divided by 12 to determine the qualifying income.
Foreign National Loan Program makes buying a U.S. home easier for non-U.S. citizens. Our new program offers flexibility and fewer restrictions. The key advantages of the Foreign National Loan Program include:
- Borrow up to $650,000 per property
- Fixed rate terms (10, 15, 20, 25 & 30)
- Adjustable rates (5/1, 7/1, 10/1)
- Debt-to-income ratios are 35%/45%
- No pre-payment penalties
- Up to 65% loan-to-value financing
- Eligible properties include single-family homes, condos and townhouses
- No Green Card
- Loans are manually underwritten
- Self-employed okay
- Competitive interest rates