Self-employed borrowers and those who’d like to forgo private mortgage insurance can apply for the new programs
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Silverton Mortgage has unveiled two new loan programs to streamline the mortgage process for homebuyers.
The mortgage lender’s new programs include a self-employed bank statement program and a 100% financing loan program. The announcement followed Silverton’s launch of its MH Advantage program, which offers affordable home loans for qualifying manufactured homes.
The customized bank statement program enables self-employed borrowers to qualify for a mortgage. They just have to provide business or personal bank statements to verify their income. Qualified homebuyers can receive up to $2.5 million with a 90% loan-to-value ratio that doesn’t require any tax returns.
The 100% conventional financing loan program, on the other hand, does not require mortgage insurance, allowing prospective homebuyers who could not provide a traditional 20% down payment to go without a private mortgage insurance. However, the loan has median income limits and can only be used for single-unit, primary residence properties.
In addition, the conventional 100% financing loan program requires a second Silverton-originated mortgage as well as a minimum credit score of 660.
Our goal is to ensure a great customer experience while achieving their goal of homeownership, and these new programs help accomplish this by streamlining the loan process and overcoming common obstacles to purchasing a new home," Silverton Mortgage President Josh Moffitt said. "We are committed to continuing to expand our services to meet the needs of our ever-growing customer base, through innovative loan products and new office locations."
