Silverton Mortgage launches two loan programs

by Candyd Mendoza17 Jul 2019

Silverton Mortgage has unveiled two new loan programs to streamline the mortgage process for homebuyers.

The mortgage lender’s new programs include a self-employed bank statement program and a 100% financing loan program. The announcement followed Silverton’s launch of its MH Advantage program, which offers affordable home loans for qualifying manufactured homes.

The customized bank statement program enables self-employed borrowers to qualify for a mortgage. They just have to provide business or personal bank statements to verify their income. Qualified homebuyers can receive up to $2.5 million with a 90% loan-to-value ratio that doesn’t require any tax returns.

The 100% conventional financing loan program, on the other hand, does not require mortgage insurance, allowing prospective homebuyers who could not provide a traditional 20% down payment to go without a private mortgage insurance. However, the loan has median income limits and can only be used for single-unit, primary residence properties.

In addition, the conventional 100% financing loan program requires a second Silverton-originated mortgage as well as a minimum credit score of 660.

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," Silverton Mortgage President Josh Moffitt said. "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."