has unveiled four new non-QM loan programs, including new versions of Sprout’s asset depletion and debt service coverage ratio flagship products. The four new Sprout non-QM loan programs replace existing Sprout non-QM programs, and are effective May 27, 2020. Maximum LTVs of up to 80% are available, as are loans of up to $4 million at lower LTVs. The four programs include:
►J10 Select Jumbo Full Doc: For income documented with paystubs and tax returns.
►A10 Select Bank Statements or 1099: Typically for the self-employed.
►A11 Select Asset Optimizer: For high net-worth borrowers.
►I10 Inve$tor Debt Service Coverage: Designed for investment properties.
“We’re excited to be making these four new non-QM programs available to our clients so that they can provide their borrowers with a full range of mortgage options,” said Michael Strauss, president of Sprout Mortgage. “These programs were developed to serve the unmet home finance needs of many consumers who are currently shut out of the home financing market, but who are creditworthy borrowers.”
Sprout’s new non-QM offerings follow the company’s recent announcement
that it has bolstered its residential loan programs with the launch of the Premier Jumbo Mortgage for purchase or finance of higher-end properties, with loan amounts to $3 million.