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Overview

Portfolio Bank Statement
Portfolio DSCR
Portfolio Foreign National DSCR

* Retail Only

Details

1) 5/6 ARM 30 Day Average SOFR (5/1/5);
2) Buydown ratio under par 1:2;
3) Range of Loan Amount $500,000 – $5,000,000.

* Buyup ratio over par unacceptable

What’s this program?

 Portfolio Bank Statement 

1) Lender Fee same as portfolio program;

2) Trust/Entity Review, if applicable $300;

3) TX Doc Review, if applicable $150;

4) Bank Statement Income LTV Max 65%;

5) Bank Statement – Interest Only Max LTV 60%;

6) Minimum Loan Amount $500,000;

7) Foreign National – Not Eligible;

8) 18-Month Pre-Payment Penalty is equal to 6 months interest.

 Portfolio DSCR 

1) Lender Fee same as portfolio program;

2) Trust/Entity Review if applicable $300;

3) TX Doc Review if applicable $150;

4) Minimum Loan Amount $500,000;

5) Foreign National – Not Eligible;

6) Minimum DSCR 1.000;

7) Loan Made to Natural Person – No Entity Borrowers;

8) 2-4 Unit Property Eligible and 5% Reduction in Max LTV/CLTVs on Matrix;

9) 18-Month Pre-Payment Penalty is equal to 6 months interest.

 Portfolio FN DSCR 

1) Lender Fee same as portfolio program;

2) Trust/Entity Review if applicable $300;

3) TX Doc Review if applicable $150;

4) Foreign National Review $250;

5) Minimum Loan Amount $500,000;

6) Minimum DSCR 1.000;

7) Interest Only – Not Allowed;

8) Power of Attorney – Not Allowed;

9) Pre-Payment Penalty (Investor only) is 18 months and equal to 6 months interest.

How to Calculate Portfolio DSCR?

DSCR shall be calculated as follows: DSCR = *Net Rental Income ÷ Qualifying Monthly Payment (P and I only);

*Net Rental Income = Gross Rents * (1 – Expense Factor);

Expense Factors: Property without HOA = 25%, Property with HOA = 30%;

Rent will be the lesser of: Current lease income or the amount on the 1007 provided by the appraiser showing the estimated market rent schedule.