Expanded Income Loans
Every now and then a client comes along with income that’s difficult to prove or who needs some expanded criteria to help qualify. Preferred Rate has loan programs that open the door to borrowers who need access to financing but don’t fit the standard agency or jumbo program guidelines.
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Product highlights
- For self-employed borrowers, Alternative income documentation accepted
- For self-employed borrowers, 12–24 months bank statements eligible and/or 12–24 months P&L or 1099 income accepted
- Asset depletion qualifying available
- Loan amounts up to $4,000,000
- Up to 90% LTV for primary residence
- Up to 85% LTV for second homes
- Interest-only options available
Borrower advantages
- Alternative ways to calculate income—such as bank statements, P&L, 1099, WVOE, asset depletion
- Loan amounts as high as $4,000,000
- Unlimited properties allowed
- Multiple options for various credit score scenarios
Realtor advantages
- In-house delegation means we control the transaction end-toend to close on time
- Expand the inventory of options available by providing your buyer the most flexibility for maximum jumbo loan amounts and cash-out financing
Loan Programs
Loan Programs
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