On February 22, 2019 Summit Mortgage Bankers Inc. announced its own portfolio lending program –SMB Elite Series.
SMB Elite Series is a loan program that allows borrowers to provide alternative income documentation rather than standard income documents (paystubs, W2 and tax returns) to qualify for the loan. The acceptable alternative income documents include CPA letter, P&L statement for self-employed borrowers or employment verification form completed by employer for wage earners. No W2 or tax returns are required.
SMB Elite program is available for all occupancy types and transaction purposes. LTV can be as high as 75%. Borrowers have options to choose 5/1 ARM, 7/1 ARM as well as 30 years fixed product.
Loans under Elite program will be fully funded by Summit Mortgage Banker’s own source of capital. Summit Mortgage Bankers is committed to help more families to achieve their dream of homeownership in America.