San Jose Ca (PRWEB) December 17, 2013
Wholesale Lender Western Bancorp has announced a new loan program designed to assist self-employed borrowers who have been unable to obtain conventional mortgage financing. While many self-employed individuals have adequate income and credit to buy a home, they may not have the two-year tax return history and recent pay stubs that are required for most mortgage loans.
Western Bancorp is offering a 5/1 adjustable rate mortgage (ARM) for self-employed borrowers that uses Alternative Income Verification (AIV). With AIV, income is verified using a minimum of three months of the borrower’s business bank statements rather than tax returns or business profit-and-loss (P&L) statements.
The program covers loan amounts from $200,000 to $2,500,000 and also offers an interest-only-option, FICO scores as low as 620, non-owner occupied housing and options for first time borrowers. The AIV loan program will be available through Western Bancorp’s Wholesale and non-delegated Correspondent channels.
“We think the most important aspect of the program is to ensure that entrepreneurs and self-employed borrowers are not locked out of the mortgage market,” said Western Bancorp CEO Rick Soukoulis. “Western Bancorp lends in California, Washington, Idaho and Montana – states with a considerable amount of self-employed individuals.
“Many independent contractors and commission-based employees such as sales professionals can benefit from this type of loan,” said Sharon Bitz, Western Bancorp’s SVP of Wholesale Lending. “Qualified borrowers should have the chance to get the home they deserve, whether they work for themselves or someone else.”
About Western Bancorp: Western Bancorp is a San Jose based mortgage company serving the wholesale lending community in the Western U.S. Western Bancorp offers wholesale and correspondent lending services, and also develops the LMS Xpress loan management system technology platform.
The company offers a large selection of loan products, including Fixed-Rate Mortgages, Adjustable Rate Mortgages (ARMs), Jumbo loans and more at competitive rates. Western Bancorp lends in California, Washington, Idaho and Montana.