ATLANTA, July 16, 2019 /PRNewswire/ -- Silverton Mortgage is pleased to announce the roll-out of two new loan programs; the self-employed bank statement program and 100% financing loan program. As a continuation of Silverton's service expansion, these recent additions aim to save time and make the mortgage process simpler for homebuyers. This announcement closely follows the company's launch of the new MH Advantage® program offering affordable home financing for qualifying manufactured homes.
"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," said Josh Moffitt, president of Silverton Mortgage. "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."
The bank statement program aims to overcome common application obstacles, such as pay stubs required to prove stable employment, for self-employed and gig economy workers, as well as borrowers who recently changed jobs. This customized loan program allows self-employed borrowers the opportunity to qualify for a mortgage by providing business or personal bank statements to verify income. The program empowers Silverton to finance qualified buyers for up to a $2.5 million loan with a 90% loan-to-value* (LTV) ratio without requiring any tax returns.
The company's featured product, 100% Conventional Financing loan program, does not require mortgage insurance like many similar lending programs. Median income limits apply for this loan, which may be used for single unit, primary residence properties only. This product gives homebuyers who are unable to provide a traditional 20% down payment the opportunity to pursue their dreams of homeownership, while also forgoing the expense of private mortgage insurance that many homebuyers with smaller down payments are saddled with.
Program availability may vary and is subject to change. All borrowers must meet certain underwriting guidelines and credit criteria. Conventional 100% Financing Loan program requires a second mortgage originated by Silverton. Minimum credit score of 660 required. Income limits, conforming loan limits and state restrictions apply. Contact Silverton for details.
*Example of 90% LTV 10% Cash Down Bank Statement Program. Conventional $300,000 30 year fixed rate loan with zero points based on 360 monthly payments at $2,005.00 each (P&I only). Monthly payments do not include required mortgage insurance, taxes, insurance premiums or other applicable escrows. Actual payment amount will be higher. 10% cash down payment of $30,000.00 required. Example includes 0.00% origination fee ($0.00). 8.21% APR. 8.125% interest rate as of 6/19/2019. Rate, fees, other charges and terms subject to change. Subject to credit approval. Minimum credit score is 680. Available loan programs and terms will vary by state.
About Silverton Mortgage
Silverton Mortgage is a direct residential mortgage lender serving borrowers across the United States. Founded in 1998, Silverton joined Vanderbilt Mortgage and Finance, Inc. in 2018 and offers a wide range of mortgage products including purchases, refinances, Conventional, FHA, VA, USDA, HomeReady®, and Jumbo loans. As a direct lender, the entire loan process, from application to closing, is managed in-house. This way, loans close faster, and clients know what's going on every step of the way. Silverton Mortgage's Corporate Office is located in the heart of Midtown Atlanta with branch locations in several states. Vanderbilt Mortgage and Finance Inc. dba Silverton Mortgage - NMLS 1561; (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), MT Lic. #1561, Licensed by the N.J. Department of Banking and Insurance, Licensed by PA Dept. of Banking, Rhode Island Licensed Lender and Equal Housing Opportunity– 855-815-0291. For more information, see www.silvertonmortgage.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/silverton-mortgage-launches-two-innovative-loan-products-to-simplify-mortgage-process-for-homebuyers-300885612.html