SELF-EMPLOYED BORROWERS – STATEMENT ONLY NON QM LOANS

While conventional and FHA loan programs require tax documents to prove your income, non qm loans or non qualifying mortgages offer bank statement mortgages that have no need for filed tax paperwork or tax returns. Our underwriters will evaluate your business or personal deposits based on your bank statements from 3 to 24 months to qualify. These are also known as no doc home loans and are ideal for self employed borrowers with limited documentation.

HIGH NET WORTH BORROWERS – ASSET DEPLETION LOANS

An asset depletion loan divides the total cash balance in an account over a determined time period to come up with your qualifying income. This is known as an asset depletion loan. As an example, a $200,000 account balance may result in $833.33 of additional monthly qualifying income.

BORROWERS INVESTING IN MULTIPLE RENTAL UNITS

NonQM loans may be a good choice for investors who own more than have 10 or more financed properties. FHA government and conventional loans allow for up to 10 mortgage loans . For these borrowers we can offer debt-service coverage ratio loans for real estate investors. If the rent on a new home covers the monthly payment, you don’t need other income to qualify. This product works well for fix and flip investors or vacation home rental investors. To qualify for a flip loan go to FLIP LOAN

BORROWERS WITH RECENT BAD CREDIT

You may be eligible for a non-QM loan one day after completing a foreclosure or bankruptcy. You typically need to wait two to three years after a bk event. Call our customer service department to see if you currently qualify. 800-826-5077. Non qm loans are more forgiving than FHA or government loans when it comes to post foreclosure financing.

FOREIGN NATIONAL HOME LOANS are all non qm loans or non qualifying mortgages

A Foreign National loan is a loan for a citizen of another country who travels to or lives in the U.S. for brief periods of time for work or vacation. Non-QM loans for foreign nationals in many cases may not require a Social Security number, proof of U.S. income or credit. These loans are good for primary residences and investment properties.

INTEREST-ONLY LOAN PAYMENT FOR BORROWERS 

self employed or commissioned income-earners that do not receive regular payments may benefit from an interest-only loan that allows for a lower payment option. Understand what your term is and when your loan converts to principal and interest so you are not surprised when your interest only term expires.

P&L Home Loans -The no doc non qm loans

Business owners can provide a 1 year P&L signed by their accountant and qualify for a home loan. The P&L loan is a no doc non qm home loan.