![]() To learn more about our Non-QM line of products, contact us today. It’s for borrowers who are self-employed, have bad credit, have filed bankruptcy or had collections in the past, or who have an income that varies from month to month. Borrowers with substantial assets but limited income Florida Non-QM Loans A non-qualified mortgage (non-QM) is a home loan designed for those who may not meet the criteria for other types of loans.Additional Borrowers who may benefit from these loans are: These loans work well for borrowers considered “gig workers” and others who do not fit the cookie-cutter borrower mold. Examples of some of the more popular NON-QM loans include limited or alternative documentation loans. Prior to the COVID-19 Pandemic in 2020, NON-QM loans were making a big comeback. A NON-QM loan is not necessarily a riskier loan it is one that simply doesn’t satisfy the QM standards. On the other hand, any loan that doesn’t satisfy the above-listed rules is called a NON-QM loan. Loan was originated by insured depositories with total assets less than $10 billion and must be held in a portfolio for at least three years.Loan is eligible for purchase, guarantee, or insurance through the Federal Housing Administration, Veterans Affairs, United States Department of Agriculture, or a government-sponsored enterprise (GSE), regardless of the DTI ratio.Borrower’s debt-to-income (DTI) ratio is 43 percent or less.They must also satisfy one of the following: QM’s loans must also not have risks like negative amortization, interest-only payments, balloon payments, and excessive terms or fees. Qualified Mortgages must follow the ability to repay guidelines which means lenders must make a good faith effort to determine that borrowers have the ability to repay the loan. Qualified Mortgages or QM’s are loans that follow the regulations issued by the CFPB to ensure that lenders are providing safe and sustainable home loans for consumers. Full range of Non QM Loans for expanded qualification.To understand what a NON-QM loan is, you need to understand what a QM loan is. #Non qm lenders florida full#Other Programs: Alt-A Investor loans-80% Full doc & 75% No Income-No Employment, FHA & VA with Lower Score Options, Fixed & Variable Jumbos-Traditional & Private Label Reverse, Self-Employed Bank Statement & Asset Dissipation Programs. Mortgage Specialists - Virginia, Maryland, DC & Pennsylvania We can help you with this presentation.įor more information on non-QM loans see - QM versus Non QM.What is its significance for you? If you present yourself and explain and document your situation, with a little bit of patience, I would bet that there’s a Non QM Loan opportunity waiting for you. The rules and regulations to get a mortgage are still tighter than ever but the market is also still run by people that are willing to hear your story. Offering a range of programs and services geared toward helping mortgage professionals and borrowers achieve their purchase and investment goals. With the emergence of the Non QM market and all the fancy Alt-A loans we have for investors to buy properties, you simply have to present yourself. Acra Lending Here to Help With more than 40+ years of mortgage industry experience, Acra Lending is the leader in Non-QM Wholesale and Correspondent lending programs. Regardless of your credit and financial profile it is your job to demonstrate that you are ready for a loan. In my opinion, your most powerful tool today is presentation. The market place has also learned lessons and the regulators are present. We have loan programs that will allow short sales, foreclosures, bankruptcy as little as one day out for such an episode to a more reasonable two year waiting period with high loan to values and attractive terms. Today, we are starting to see the flowers blossom across the market as the process of renewal takes hold. Just a few years ago, the majority of people that did not meet the QM guides would not be able to get a loan. This category offers a broader range of flexibility with higher debt ratios, lower credit scores, flexible LTVs but with conservative fixed rates and long term arm programs and not the short term adjustables of old with prepayment penalties, balloons, and sky high margins. A newer category called Non QM is evolving to meet the needs of people for loans that fall outside the standards of QM. It’s ever changing and adapting to the presence of need. However, the market is now calling out to you. Many significant credit events under QM loans require up to seven years to be eligible. Quality Mortgages (QM) defined is that square box of perfection that you must fit in to get many mortgages today. Remnants from the crisis, such as a Short Sale, Foreclosure, or even possibly a bankruptcy, could still be holding you back. Maybe this is just what the doctor ordered. ![]()
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