Non–QM Loans
Non-QM Loans
DSCR
Our Debt Service Coverage Ratio loan allows your borrower to present cash flow from rental property income to qualify vs. traditional proof of income. Ratio or no ratio, STR 125% ratio, no state license requirement in most states.
FICOs as low as 620, LTVs up to 80%, Max Loan Amount $3MM
Bank Statement Loan
Are your clients self-employed? They can qualify using just 12 months of business or personal bank statements, no tax returns needed. FICOs as low as 660, LTVs up to 90%, Max Loan Amount $3.5MM
Full Doc
Ideal for those who do not qualify for a traditional mortgage. Available for wage earners and self-employed borrowers with income to support a conventional loan but are unable to qualify. FICOs as low as 660, LTVs up to 90%, Max Loan Amount $3MM
P&L Loan
A Profit and Loss (P&L) statement can be presented to qualify your borrower based upon their business income rather than personal earnings. No supporting documents required, ideal for self-employed and small business owners. Must be CPA, CTEC, PTIN, or EA compiled.
FICOs as low as 660, LTVs up to 80%, Max Loan Amount $3MM
Closed-End Second Mortgage
Offer your borrowers the option to tap into the equity of their home, enabling them to cover significant expenses. Min. FICO 680,
up to LTV/CLTV 85%, Loan amounts to $500K
1099 Loan
Tailored to meet the unique needs of your borrowers who are classified as independent contractors and gig workers by using a 12 month total average to determine qualifying income (10% expense factor added), FICOs as low as 660, LTVs up to 90%, Max Loan Amount $3MM
Asset Utilization
Ideal for retired individuals, investors, and entrepreneurs. Use Liquid Assets to Qualify your borrower for a home loan such as checking, saving, stocks, IRA, 401K, and more. FICOs as low as 700, LTVs up to 80%, Max Loan Amount $3MM
iTIN Premier
No SSN#? No problem! Designed for those who have both an individual tax identification number (ITIN) and an established credit history.
FICOs as low as 680, LTVs up to 85%, Max Loan Amount $1.25MM
iTIN Close Call
No credit score? No problem! Open up the opportunity for non-U.S. citizens to become homeowners broadening the market by boasting no credit score requirement with up to 75% LTV. Max LTV 80% w/ 660+ FICO
What are Non-QM Loans?
Non-Qualified Mortgage (Non-QM) loans are the loans that borrowers seek when they cannot qualify for other loans. These mortgages are for non-traditional borrowers such as real estate investors, entrepreneurs, gig-workers, and restaurant owners. Clients who prefer interest-only payments or who get paid in lump sums can also benefit from Non-QM loans.
How Does a Non-QM Loan Work?
Non-QM loans have better underwriting flexibility because they are not required to meet the Consumer Financial Protection Bureau’s (CFPB) or federal government qualifications.
Other benefits of Non-QM loans are:
- A credit score as low as 660 is allowed
- No personal income calculations are required
- Job history is (sometimes) not required
- In some cases, no reserves are required
Non-QM loans are favorable to homeowners and real estate investors alike because sometimes they are the only way to make timely purchases or to make some investment opportunities possible. Sometimes the risks may outweigh the benefits in this type of loan, but if that perfect real estate opportunity comes along, it’s good to know that a Non-QM loan is available to grab it!
Who Would Benefit From A Leverage/Non-QM Loan?
Your client may benefit from a Non-QM loan if they:
- Are self-employed
- Are a real estate investor
- Are a retiree looking at purchasing a vacation home
- Are an owner of a small to midsize business
- Are looking for interest-only payments
- Have experienced bankruptcy, foreclosure, or a short sale
If your client falls into one of these categories, please contact one of our lending professionals to find out if they qualify for a Non-QM loan.
BECOME AN APPROVED BROKER
Let us help get your clients approved for Non-QM loans. Our lending experts are here to support brokers in getting the proper funding. Call us today to learn more about our rates and the different types of loans we offer.
Questions?
(877) 267-1056