Non Qualified (Non QM)
A Non-Qualified Mortgage mortgage is any home loan that doesn't comply with the Consumer Financial Protection Bureau's (CFPB) existing rules on Qualified Mortgage.
For the Entrepreneurs
Self-Employed individuals often find that there are greater hurdles to borrowing for them than an employed person. For many conventional lenders, the problem with lending to the self employed person is documenting an applicant's income. In the absence of verifiable employment records, lenders rely on income tax returns, which they typically require for 2 years. Here are some highlights of Loan Web USA's products for the self employed:
- No Tax Return/Transcripts Required
Primary Residence Purchase, Refinance, Investment
12 Month Business Bank Statements to 90% LTV
24 Month Personal Bank Statements to 90% LTV
Investment Properties to 80% LTV
3 Million Max Loan Amount
Close in as Little as 21 Days
- Gift Funds allowed
- DTI up to 55%
Second Chance Mortgage
The Second Chance Mortgage is Ideal for borrowers with a previous bankruptcy, foreclosure or short sale. No seasoning is required on the credit event and gift funds are accepted.
- 1 Day out of Foreclosure, short sale, bankruptcy or deed-in-lieu
- LTV up to 90%
- Up to 6% seller assist
- Debt to Income up 50% Considered
- Non Warrantable Condos Considered
- 5/1 ARM or 30-Year Fixed
- No Prepayment Penalty for Owner Occupied and Second Homes
- No Minimum Loan Amount
- No Minimum Credit Score
- SFRs, Townhomes, Condos, 2-4 Units
Business Use & Non-Owner Occupied
Loans under this category are not covered under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and are excluded or exempt from the Application of Ability to Repay Regulation.
- $100,000 - $3,000,000 Loan Limit
- Up to 75% LTV
- Interest Only Payment Available
- Stated Income for 1-4 Units Including: Investment, Business Purposes Owner Occupied, Foreign Nationals, Cross Collaterization, Fix & Flip
Still not sure what a Non Qualified Mortgage is?
Watch this short video to find out!