Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-QM, investor rental and fix-and-flip loan programs, has announced the launch of Prime Ascent Plus, a higher balance loan program for applicants with alternative income documentation.
Through Prime Ascent Plus, the following features are available to choose from: LTVs up to 90 percent; FICOs down to 660; 24-month standard documentation options; 12- and 24-month alternative documentation options for self-employed borrowers; 24-month Alt Doc 1099; DTI up to 50 percent; and loan amounts from $150,000-$2.5 million.
Prime Ascent Plus is available for second homes, investment properties and interest-only loans. There are cash-out options as well.
“There is a significant number of creditworthy individuals that need higher balance loans but struggle with qualifying for one reason or another,” said Verus Executive Vice President of Correspondent Sales Jeff Schaefer. “Our new Prime Ascent Plus Program is inherently flexible which makes it a suitable option that lenders can confidently offer their borrowers.”