Navigating the world of Non-QM Mortgage loan programs and loan officer options can be complex, but understanding the key terms and conditions can empower borrowers to make informed decisions.
With options available for loan-to-value ratios (LTV) up to 90% and flexible criteria for self-employed individuals, these mortgage products cater to a diverse range of financial situations.
Whether you’re considering a condotel, utilizing cannabis income, or seeking relief from departing residence liabilities, this guide outlines the essential features of interest-only mortgage terms that can help you secure the financing you need.
Loan Program Highlights
* LTV Up to 85%: Interest-only loans available with a loan-to-value ratio of up to 85%.
* Flexible Borrower Criteria: One 30-day late mortgage payment in the last 12 months is acceptable.
* Bank Statement Loans: Borrowers can submit an expense letter for qualification.
* Liability Relief: Departing residence liabilities are waived if leased or listed on MLS.
* Self-Employment Flexibility: Wage earners transitioning to self-employment under two years are eligible if reasonable.
* Entity and Trust Vesting: Accepts vesting in entities and trusts.
* Cannabis Income: 420-friendly policies allow cannabis income for qualification.
* High LTV Options: LTVs up to 90% available without mortgage insurance (MI).
* Gift Allowance: Non-owner occupied properties can utilize gifts up to 80% LTV.
* Condotels and Non-Warrantable Condos: These properties are considered for financing.
* Alimony Income: Only three months of alimony receipts needed for qualifying income.
* TIC Properties: Tenancy in Common properties are accepted.
* Asset Depletion: Allowed in conjunction with other income streams, with no minimum balance required.
* Newly Self-Employed: Declining income considered with a letter of explanation (LOE).
* Business Structure Changes: Accepts changes in business structure (e.g., from Schedule C to 1120).
* Note Income Verification: Income from notes with less than 12 months of receipts can be verified.
Available in the Following States:
Alabama, California, Florida, Georgia, Hawaii, Illinois, Maryland, Nevada, New Jersey, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
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