has released two new loan programs: A self-employed bank statement program and 100 percent financing loan program.
According to the Atlanta-headquartered company, the new products are designed to expand homeownership possibilities to borrowers who may have faced obstacles gaining a conventional mortgage. The self-employed bank statement program is aimed at entrepreneurs and gig economy workers and enabled them 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 percent loan-to-value (LTV) ratio without requiring any tax returns.
The 100 percent financing loan program does not require mortgage insurance and enables homebuyers who are unable to provide a traditional 20 percent downpayment. Median income limits apply for this loan, which may be used for single unit, primary residence properties only.
The new products are the latest from Silverton, which recently launched its 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."