Is Silver Hill a Full Doc or Stated Income/Stated Asset program?
Silver Hill is a Full Doc program. This means your borrowers need to be willing to document all income sources and provide documentation such as tax returns and bank statements.
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What are Silver Hill's minimum required credit scores?
Because we underwrite loans based on the financial strength of borrowers, credit scores are an integral part of this program. Please click here to see our most up-to-date credit scores. If you refer to our rate sheet, you will see that borrowers with higher credit scores quality for higher allowable LTVs and lower rates/margins.
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What are Silver Hill’s minimum and maximum loan amounts?
Please click here to see our minimum and maximum loan amounts.
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What loan types does Silver Hill offer?
Silver Hill offers several term options, each of which is fully amortizing: 2 Year Fixed:
The interest rate at closing stays fixed for 2 years and then adjusts every 6 months by adding the margin to Prime at each adjustment.
3 Year Fixed:
The interest rate at closing stays fixed for 3 years and then adjusts every 6 months by adding the margin to Prime at each adjustment.
5 Year Fixed:
The interest rate at closing stays fixed for 5 years and then adjusts every 6 months by adding the margin to Prime at each adjustment.
7 Year Fixed:
The interest rate at closing stays fixed for 7 years and then adjusts every 6 months by adding the margin to Prime at each adjustment.
Fixed Rate:
Fixed Rate with 15, 20, 25 or 30 year terms. The loan must be current at the time of closing.
Interest Only:
Although this loan type is not listed on our Matrix, we do offer it to those borrowers who are interested. The loan is amortized over 30 years to make the payments reasonable but the borrower makes interest only payments for the first 3 years, after which he pays principal and interest on the remaining balance. At the end of a 10 year period, the balance is due and must be paid off or refinanced. It is available only to A credit borrowers.
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Does Silver Hill do blanket mortgages?
Yes! There are loans which are for more than one individual property. Non-contiguous properties are not a problem but the properties being covered must be in the same county.
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Do all loans require a personal guarantee?
Yes! Every loan must have the borrower sign a personal guarantee.
2 Year Fixed: 