Faith Morrow
Prime Choice Funding, Inc. has been offering home loan services since 2007. The company provides a wide variety of mortgage solutions to meet the unique needs of its customers. Prime Choice Funding offers no-income verification home loans, also known as no-doc loans, which do not require traditional income documentation. Instead of income verification, these loans may require a high credit score, a substantial down payment, and funds in the borrower's bank account. Prime Choice Funding specializes in serving self-employed individuals and those with non-traditional income sources, helping them navigate the challenges of providing income proof.
| Characteristics | Values |
|---|---|
| Company Name | Prime Choice Funding, Inc. |
| Type of Company | An independent, family-owned business |
| Year of Establishment | 2007 |
| Location | California |
| Services | Home loan services |
| Target Customers | Self-employed or non-traditional borrowers |
| Loan Types | No-income home loans, self-employed loans, bank statement loans, home equity loans, VA loans, FHA loans, conventional loans, investor loans, cash-out refinances, flexible choice reverse mortgage, no-doc loans, Alt-A loans, low-doc loans, stated-income/stated-asset loans |
| Other Services | Solar energy savings, credit solutions |
| Contact | Phone, email, text, and other means |
| Phone Number | 877-787-7463 |
| [email protected] | |
| Website | www.primechoicefunding.com |
| NMLS Number | 117375 |
What You'll Learn
No-income home loan program
Prime Choice Funding offers a no-income home loan program to help people achieve their homeownership goals. This program is ideal for self-employed individuals, freelancers, and gig workers who may have irregular incomes or a large number of tax deductions.
The no-income verification loan simplifies the path to homeownership by removing the need for traditional income verification. Instead of providing W-2s, tax returns, or other standard income verification, applicants can use their bank statements as proof of income. This option is suitable for professionals with non-traditional income sources, such as doctors, lawyers, real estate agents, small business owners, commission-based employees, artists, and independent contractors.
To be eligible for the no-income home loan program, applicants must have a credit score of 660 or above, a down payment of 20% for purchase, and some funds in their bank account. Cash-out refinances are available for up to 70% of the home's value, and no income documents are required for qualification.
Prime Choice Funding is committed to assisting homeowners in realizing their financing goals and offers a range of loan options, including self-employed loans, bank statement loans, home equity loans, VA loans, FHA loans, and conventional loans. They also provide a \$20 savings plan incentive for those who complete a form and upload a valid mortgage statement.
In addition to Prime Choice Funding's no-income home loan program, there are other programs that assist low- and very-low-income families in achieving homeownership. The USDA Rural Development's Single-Family Housing Direct Loan Program and Section 502 Direct Loan Program provide opportunities for families in rural areas to purchase, build, repair, or renovate homes with affordable financing options. These programs promote prosperity and improve the quality of life in rural communities.
Prequalification: A Loan Guarantee or Just a First Step?
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No-income verification
Prime Choice Funding, Inc. is a California-based company that has been providing home loan services since 2007. It offers a wide variety of mortgage solutions tailored to individual needs, including no-income verification home loans.
The no-income verification home loan program is designed to help self-employed individuals, freelancers, and gig workers secure a mortgage without the need for traditional income documentation. This loan option is ideal for those whose financial health is not accurately reflected by W-2s, tax returns, or traditional income verification methods. Instead, applicants can use their bank statements as proof of income. This flexible approach allows Prime Choice Funding to consider the unique financial circumstances of borrowers, such as tax deductions, irregular income, or income from multiple sources.
To be eligible for the no-income verification loan program, borrowers must meet certain requirements. These include maintaining a credit score of 660 or above, providing a down payment of 20% for the purchase, and demonstrating some funds in their bank account. Cash-out refinances are available for up to 70% of the home's value, and no income documents are required for qualification. This program simplifies the path to homeownership by removing the hurdles associated with traditional income verification.
Prime Choice Funding's no-income verification loans are particularly beneficial for small business owners, self-employed individuals, and those with non-traditional income sources. By considering the borrower's bank statements and financial profile, the company can assess their ability to repay the loan without solely relying on declared income on tax forms. This approach ensures that the borrower's overall financial health and capacity for repayment are taken into account, rather than just their earnings.
The company's commitment to communication and transparency, along with its focus on meeting the unique requirements of its customers, has resulted in positive reviews from homeowners. Many have praised Prime Choice Funding for its smooth and hassle-free mortgage experience, as well as the dedication and professionalism of its loan officers. With over $8 billion in mortgages funded, Prime Choice Funding has established itself as a trusted provider of home loan services.
Bank statement home loan
Prime Choice Funding offers a no-income home loan program to help people achieve their homeownership goals. The company specialises in serving self-employed home buyers and understands the unique financial challenges they face.
To be eligible for the no-income verification program, you must have a credit score of 660 or above, a down payment of 20% for purchase, and some funds in your bank account. Cash-out refinances are eligible for up to 70% of the home's value, and no income documents are necessary for qualification.
Prime Choice Funding also offers a Bank Statement Home Loan, which is a flexible mortgage solution that bypasses the need for W-2s, tax returns, or traditional income verification. Instead, you can use your bank statements as proof of income. This option is ideal for professionals with non-traditional income sources, such as doctors, lawyers, freelancers, small business owners, and seasonal workers.
Bank statement loans, offered by a variety of lenders, are a type of non-qualified mortgage loan that allows self-employed borrowers to seek a home loan without showing net income on tax returns or pay stubs. With these loans, you can use your bank statements in lieu of traditional income documents to qualify for a loan. Lenders will typically request 12 or 24 months' worth of bank statements to verify your income and determine whether you earn enough to qualify for a home loan. The loan amount you can qualify for will depend on the average income calculated from your bank statements and your debt-to-income (DTI) ratio.
Bank statement loans often require larger down payments, typically ranging from 10% to 20% or more, to offset the additional risk taken on by lenders due to the non-traditional income verification. These loans tend to have higher interest rates than conventional loans because they are considered higher risk. However, they provide a flexible solution for those who face difficulties in achieving homeownership due to inconsistent income or tax deductions.
Self-employed and gig workers
Bank Statement Loans
Prime Choice Funding offers a Bank Statement Loan program that caters specifically to self-employed individuals and gig workers. This program allows borrowers to qualify for a mortgage using their bank statements as proof of income instead of relying solely on tax returns. The Bank Statement Loan takes into account the financial realities of those with irregular income or substantial tax deductions, ensuring that they are not rendered ineligible due to a lower net income on paper.
Alternative Loan Options
In addition to the Bank Statement Loan, Prime Choice Funding provides a range of alternative financing solutions for self-employed and gig workers:
- Asset Utilization Loans: These loans allow self-employed professionals to turn their liquid assets into proof of income, offering a smart solution to qualify for financing.
- DSCR Loans: Designed for real estate investors, DSCR Loans enable borrowers to qualify based on their rental property's cash flow rather than personal income. This option streamlines the process by reducing the need for extensive income documentation.
- P&L Loans: P&L Loans leverage a business's profit and loss statements for loan qualification, providing flexibility for serial investors.
- No Income Home Loans: This option allows borrowers to focus on their assets rather than income to qualify for financing, catering to those with non-traditional income sources.
- 1099 Program: Tailored for freelancers and contractors, the 1099 Program simplifies loan qualification by using 1099 forms, making it easier for those with variable income.
Customer-Centric Approach
Prime Choice Funding prioritises communication and transparency in their loan processes. They offer a quick, hassle-free mortgage experience, providing exceptional service and support to their clients. Their team of experienced Loan Officers and Operations professionals is dedicated to assisting borrowers in realising their financing goals and achieving their financial aspirations.
No doc loans
No-doc loans, also known as no-doc business loans, are a type of financing option that requires minimal to no documentation during the application process. While true no-doc loans are rare, low-documentation loans are available as an alternative to traditional bank funding. These loans are typically offered by alternative or online lenders, including online lending platforms, private sources, and some non-bank financial institutions.
No-doc loans are designed for borrowers who may not qualify for traditional financing options due to challenges in providing income proof, irregular income, or an abundance of tax deductions. They are also suitable for startups or early-stage businesses that may not have established financials or sufficient revenue history.
The application process for a no-doc loan is similar to that of a traditional business loan. However, the documentation requirements are significantly reduced. Basic documents that may be requested include bank statements, tax returns, or a credit report. Some lenders may also require collateral or a personal guarantee to secure the loan.
No-doc loans typically have higher interest rates and shorter repayment terms than traditional bank loans or Small Business Administration (SBA) loans. This is because lenders consider these loans riskier due to the reduced documentation. As a result, borrowers may end up paying more for a no-doc loan compared to other financing options.
Prime Choice Funding, Inc. offers a no-income home loan program that does not require traditional income verification. To be eligible, borrowers must have a credit score of 660 or above, a down payment of 20% for purchase, and funds in their bank account. This program is tailored for self-employed individuals, freelancers, and gig workers who may have non-traditional income sources or face challenges in providing income proof.
Frequently asked questions
No documentation mortgage loans do require certain records, but they do not require income verification. This type of loan is ideal for self-employed or non-traditional borrowers who have an abundance of tax deductions.
To be eligible for this program, you must have a credit score of 660 or above, a down payment of 20% for purchase, and some funds in your bank account. No income documents are necessary for qualification.
The Bank Statement Home Loan is a flexible mortgage solution that does not require W-2s, tax returns, or traditional income verification. Instead, you can use your bank statements as proof of income. This loan is ideal for professionals with non-traditional income sources, such as freelancers, small business owners, and independent contractors.
Prime Choice Funding offers a wide variety of mortgage solutions, including self-employed, home equity, VA, FHA, conventional, and investor loans. They also provide credit solutions and solar energy savings programs.
