If you are in the market for real estate financing, you should know we have alternative mortgage lenders in our network with choice loan programs available to borrowers like yourself. Borrowers with excellent credit, borrowers with good credit and also borrowers that have had a recent "credit event" such as bankruptcy, short sale, foreclosure, divorce, mortgage lates, etc. And again, if you're self-employed, we also have mortgage options for people with no verifiable income and/or no verifiable employment. People are complicated creatures in your own unique way and that includes how you run your business(s), budget your finances, manage cash flow, navigate business expenses, etc. If you have a complicated tax return (W2's, 1099's, investor income, or all of the above) with income documentation from numerous sources of business income, and/or streams of income such as interest income, distribution income, dividend income, rental income, capital gains, royalties and licensing. Or you're just simply self-employed with a capable CPA.
Non-Qualified Mortgage Lending
Non-QM guidelines are based on the Ability to Repay Rule (ATR) (Dodd-Frank Act). In addition to easier underwriting guidelines, what differentiates a Qualified Mortgage, and a Non-Qualified Mortgage are the following non-qm features: Interest-Only, 40-year amortization, alternative income documentation as well as reduced employment seasoning requirements, and alternate of Verification of Employment (VOE) guidelines, 55% debt to income ratio (DTI). QM lending DTI maxes out at 43%. Non-QM Automated Underwriter System (AUS) approvals now available.
The Non-Qualified "Non-QM" mortgage industry loan program guidelines are ever evolving in the Non-QM mortgage market with good interest rates that come with reasonable approval conditions that make sense.
There are a lot of worthy borrowers in this country who are not getting the mortgage service they deserve. We have lenders who can provide loan programs that can accommodate make sense loans for you and specific to your wants, needs, and requirements.
If you are a self-employed borrower with fair to excellent credit, liquid reserves, and down payment, you should qualify for a mortgage loan This is why we have alternative income documentation programs: Bank Statement Loans, Stated Income, No Doc, Asset Depletion / Asset Utilization, Lite/Reduced Doc and other income documentation options. Non-qm mortgage lending is leveling out the playing field for buying power between the self-employed and wage-earners.
Home Financing Options and Alternatives
People with excellent credit can often find better pricing from a mortgage broker. Many banks require that the borrower have excellent credit, six 12-month seasoned reserves, 20% and greater down payment, 2 years at the same employment. However, there are lenders out there that will approve a unique credit profile or a bad or not-so-good credit loan. And of course, we also have programs like the FHA loan and VA loans that will help you get approved. Just because one lender offers an FHA or VA loan denies you that you cannot get approved under the same loan under a different broker; different brokers have different lenders that do the same kind of loan.
When getting pre-qualified and approved for a home loan, you may want to speak with a mortgage broker. Mortgage brokers have access to hundreds of lenders as well as information about various types of programs that may be helpful to you.
Seeking a lender that will approve your mortgage with reasonable pricing, terms, and conditions? Not all Loan Officers are created equally. Good service is a good rate, quick turn-times, and a loan. Great service is all that plus the right mortgage that fits you. Consult a Loan Officer that possesses the knowledge, experience, and resource to get work done.
Loan program knowledge is important because a loan officer(s) that has the knowledge of a full spectrum of available lender (including guideline changes) programs can make the difference between the wrong loan and the right one.