Non-QM Alt Doc Bank Statement Loans to $10,000,000
Now you can use your 1099(s) to qualify as additional income/”ability to repay” (ATR)
Non-QM loans are not subject to stringent guidelines and government regulation, rather, they fall under what is called an Ability to Repay Rule (ATR). We have a plethora of the best QM and Non-QM lenders and loan programs for this very reason, to accommodate individuals by matching you, the borrower with the best possible loan program to suit their specific needs.
Qualified Mortgages (QM) and Non-Qualified (Non-QM)
So, at the end of the day, a rule as a whole cannot be quantified like specific government requirements. All loans are manually underwritten affording us the ability to apply intelligent underwriting decisions.
These types of borrowers often have strengths within their total credit profile such as exceptional credit scores, significant liquid reserves, strong equity position, etc.
Underwriter Overview:
Purpose: Purchase, R/T and Cash Out
Maximum Loan Amount – $15,000,000
Cash Out to $10,000,000
Credit Scores and Credit Criteria
Minimum Credit Score – 600
Non-QM Income Documentation
Income – Bank Statements or 1099’s
Employment – CPA Letter
Liquid Reserve Requirements
6 Months + 6 months for each additional property financed.
Eligible Occupancies:
Owner-Occupied
Investment
Second Home
Land loans
Available Terms: such as 5-, 7-, and 10-year ARM’s. 125, 20, 30, and 40 years fixed rate with Interest-Only options included. Prepayment penalties available on Non-Owner/Investment
Eligible Property Types:
SFR
1-2 Units
1-4 Units
Gift Money and seller concessions – OK
Income Documentation – None | No Ratio
Reserves – 6 Months not including Cash Out Refinance
This Alt Doc loan program is for buyers that have extraordinary or unconventional income and documentation including self-employed borrowers and fixed income along with previous credit challenges due to inconsistent employment, foreclosure, bankruptcy, short sale, divorce, and or health issues.
Non-Prime Value
This Non-Prime loan program is specifically designed to bridge the gap and resolve the problem that prevents good borrowers from obtaining mortgage credit. Manual underwriting through intelligent guidelines brings forth the opportunity of home ownership to borrowers of all kinds.
Minimum Mortgage Credit Score – 620
Loan Purpose:
Purchase
Rate/Term Refinance
Cash Out Refinance
LTV’s:
75% Maximum for Purchase and Rate and Term
Cash Out to 70% LTV
Occupancies:
Owner-Occupied
Vacation Homes
Available Terms:
ARM’s – 3 Year, 5 Year
Fixed – 15 Year, 20 Year, and 30 Year
Interest-Only Available
Gift Funds – OK
Non-Occupant Co-Borrower – OK
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.
Last Updated on 2 months ago by Broker Mortgages