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Do You Need A Non-traditional Home Loan? Superior Mortgage Solutions Can Help!
The name is deceiving. Non Qualified doesn't mean you can't get a loan. It simply means your loan doesn't conform with the government provisions for lending. Non conformance typically occurs when you have high debt to income, your income varies month to month, or income documentation is difficult.
In general, real estate investors, small business owners, solopreneurs, gig workers, and foreign nationals tend to have difficulty conforming to government guidelines and need Non-QM loans to buy real estate. A Non-QM loan is just like other mortgages with one exception. They are not sold to Fannie Mae or Freddie Mac.
Bank Statement Non-QM
If you have a business, are self-employed and/or are a 1099 employee, you probably take advantage of itemized deductions to reduce your tax liabilities. Unfortunately, this may effect your ability to qualify for a traditional loan.
The good new is... there are loans specifically designed for you.
With bank statement loans, lenders analyze your bank statements to determine your income and qualify you for a bank report Non-QM loan. Generally, borrowers need to provide 12 months of bank statements and have 2-years of self-employment.
This loan is usually the right solution for the self-employed, business owners, entrepreneurs, consultants, realtors, and real estate investors.
If you are interested in learning more about bank statement loans, or would like to
apply or a bank statement loan,
contact Shaun today!
DSCR Non-QM
Debt service coverage ratio loans allow investors to buy rental property and service the loan with the income from the property.
As long as the rental income is higher than the mortgage, you can qualify for a Non-QM mortgage. All you need is a rent schedule. That means, no tax returns, no W2s, and no P&L.
The rates are a little higher and you need more money down, but it is a great opportunity if you can't otherwise qualify for a loan.
To speak with a mortgage advisor about asset-based mortgages, call 727-353-9288 today.
Asset-based Non-QM
Asset-based loans are available for individuals who may not have income or don't want to go through the hassle of documenting all their income.
Your borrowing limits for asset-based loans is determined by your ability to depleted an asset.
With an asset depletion, the lender agrees to accept your income figure and verify available assets. In some cases, the lender verifies your assets and does not take your income into consideration at all.
For example, a retiree who draws income from their retirement accounts may not have enough verifiable income, but their assets can be documented making them eligible for an asset-based loan.
To speak with a mortgage advisor about asset-based mortgages, call 727-353-9288 today.
Foreign Nationals
Foreign National Loans are a type of mortgage for a foreign national who is not a resident of the United States, but still want to purchase real estate. These properties might be vacation homes, investment properties, or second homes. Down payment requirements are often higher for these types of loans.
Foreign national loan vary depending on the lender.
However, in general, A foreign national must live and work outside the U.S. and cannot reside in the U.S., the maximum LTV is around 70%, 12 months reserves are required, 30-year fixed mortgage only, and seller concessions are up to 3% only. ACH may be required from a FDIC Bank for a monthly mortgage payment.
If you are interested in learning more about foreign national loans, or would like to apply or a bank statement loan,
contact Shaun today!
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Address:
4590 Ulmerton RD, Suite 104
Clearwater, FL 33762
Shaun Mathena | NMLS #1658367
Licensed Mortgage Loan Originator
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