In recent years, the new regulations like Ability-to-Repay and Qualified Mortgage rules exiled subprime lending of the past. Today, Non-QM loans are on the rise as investors and lenders become more comfortable with loans that do not come under the government’s stringent credit requirements. Over the past couple years, many wholesale lenders have increased their offerings, including Non-QM lending.
- Bank Statements can be used for income qualifying!
- Ideal for self-employed borrowers
- Loan amounts up to $2,500,000
- Investment Properties can qualify based on Debt Service Coverage Ratio (DSCR) of 1% (break-even or cash flowing rental income)
- Recent Derogatory Credit Events allowed within the past year
- Credit scores as low as 580 FICO allowed
- Interest-Only payment option available up to 80% LTV/CLTV
- Available for Primary, 2nd Home, and Investment property transactions
- Purchases and Rate/Term refinances allowed up to 95% LTV
- Cash-Out refinances allowed up to 85% LTV
Contact Dave Kevelighan for Non-QM loan scenarios & pricing today!