BanCorp Properties™ Releases Unprecedented Stated Income Mortgage to Southern California at Up 75% Loan to Value That May be Used for Primary Residences
BanCorp Properties™ has always been recognized as the leader in niche’ financing for potential home buyers in Southern California who had difficulty verifying there income through traditional sources (tax returns). The much anticipated release of the Platinum Gold Stated Income 75 program has opened the flood gates to buyers who had previously been locked-out of the market due to their inability to prove income – and the best part about this financing program is the rates are excellent.
Greg Steinaker, president of BanCorp Properties was quoted as saying “This is the first legitimate stated income program that has hit the market since the financial crisis of 2007/2008, buyers who have difficulty proving their income, but obviously have the capacity for making recurring payments are now able to own a home again, with a very respectable interest rate.” The lending matrix for this stated income program is fairly straightforward, the maximum loan-to-value is 75% (a 25% down payment is required), the minimum FICO score is 680, the maximum loan amount is $5mm, rates average 4.75%, and the terms are either 5/1 or 7/1. The borrower must verify that they have at least 9 months of mortgage payments saved in the bank, the total costs run approximately 3% and there is no prepayment penalty.
This program is a purchase-money product created for the Realtors and clients of BanCorp Properties who are interested in buying a home. BanCorp also offers a sub-prime product (for those with less-than-perfect credit with FICO scores going all the way down to 500. We do not verify income under this program with tax returns, but rather with bank statements, which makes the pre-approval process much easier, typically qualifying our clients for much higher home value than if using tax returns, where they may not quality at all. The minimum down payment under our subprime program is 25% and the rates average approximately 7%.
The Southern California real estate market is moving a break-neck speed, which makes the selection of a Real Estate Broker all the more important. With over $270,000,000 million in closed transactions, BanCorp has decided to lead from the front in a very competitive real estate market.