Non-QM Mortgage loans are for every walk of life. Self-empoloiyed, entrepreneurs, independent Contractors, real estate investors.
Non-Prime Mortgages are like the Sub-Prime mortgages back in the 2000's. In large part, the difference being Non-Prime mortgages and sub-prime is non-prime lenders are more responsible. Safe loan programs and responsible guidelines the nature of which are congruent with the purpose of the Ability-to-Repay Rule as well as the investor base behind the loan programs, guidelines, rates, features, etc.
Regarding credit, typically, non-prime lender guidelines allow for derogatory credit like one day after "major credit event": bankruptcy foreclosure, short sale, deed-in-lieu, mortgage lates (up to 1x60 days late) in previous 12 months and lower credit scores down to 520 for both conventional and unconventional, Non-Qualified mortgage loans. Non-prime alternative income and employment documentation starts with a 600 credit score. 580 credit score with compensating factors.
Alternative Mortgages and Uncommon Service
It could be the only thing that separates you from your new mortgage is the wrong loan officer. Most Loan Officer's (90%+) only originate conforming, agency loan programs.
The problem with that is not all borrowers fit within those guidelines. Not because these borrowers are high risk, but because they fall outside of the conventional loan box. You know what you need, and we know what options are available.
Our "loan scenario" is a great way to start without having credit pulled. No hard-pull or soft-pull. Just a bunch of highly qualified Loan Officers who know how to pre-qualify a borrower to the point where we can determine if we should go forward. The preliminary service takes 24-48 hours to process.
Pre-Qualification Form (loan scenario) is a good way to start (credit check not required).
Your Non-QM Approval
Do you want your approval that will accomodate your specific qualifications?. We work with dozens of progressive banks, Mortgage Brokers, Direct Lenders, and Correspondant Lenders. Alternative equity finance companies, private money lenders, broker service representatives, processors, credit consultants, Realtors, and industry professionals, alike.
We also have all the conventional lenders and loan programs, Fannie Mae, Freddie Mac, FHA and VA, all agency programs. What makes our agency lender loan programs unconventional is the absence of individual lender guideline over-lays that can potentially decline a perfectly good applicant. We also have manual underwriting available.
Check back often as we are always updating our loan programs as this industry continues to evolve.
We Serve the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
What is RSU Income?
Many borrowers in technology and a growing number of other industries are compensated with restricted stock (RSU) income.
RSU's are shares in their company earned as compensation. The restricted stock units are assigned fair market value when they vest, upon vesting it is considered taxable income. This incentive-based income has become a popular draw for many employees seeking to increase their earning power.
Did you know most jumbo lenders require a 2 year vesting history and a 3 year continuance guarantee in order to use RSU for qualifying income?
Many borrowers have a history of RSU income just not with the same employer for the past 2 years. Some borrowers do have a history of RSU income but they only have current grants extending less than 3 years and most need their RSU income accepted to reach their maximum qualifying potential.
How can you help your RSU-income borrowers who don't fit these narrow guidelines?
Portfolio lenders are more reasonable! Portfolio enders use common sense underwriting.
Our general guideline requires a 12 mo vesting history with a 2 year continuance however we will consider exceptions case-by-case. In some circumstances we have allowed the income to be used just after the first vesting as long as there is a 2 year continuance.
How should you calculate RSU income?
For current RSU income, you can find the YTD earnings on a current paystub or WVOE.. You may need to obtain the last paystub of the previous year to determine the total 12 month vesting history to determine continuance, provide vesting schedule