Non QM Program Loans

Many borrowers are capable of repaying a mortgage but for various reasons do not meet the "qualified" borrower model which is included in the Dodd-Frank Bill. Some of the reasons may include:

  • Debt to income - borrowers who have high amounts of revolving debt may still be able to pay a mortgage, but their income and debt ratios are too high.

  • FICO score issues -in some instances, a borrower may have suffered a short-term financial problem which created a series of late payments on their credit report. Even after the issue has been resolved, these late payments remain on your credit report

  • Issues with self-employment - a borrower who has been self-employed for less than two years, or a self-employed person who maximizes deductions making their income look lower may also have issues qualifying for a mortgage under the new guidelines.

 

Keep in mind, none of these issues makes these loans riskier than a qualified mortgage since lenders will still take the necessary steps to ensure the borrower puts down a substantial down payment (usually 20 percent or more) and has enough income to support the loan.

 

 

What types of Non-QM Loans are there?

 

 

In order to assist a borrower in qualifying for a mortgage loan, lenders offering non-QM loans offer various programs. Some of these may include a loan with a longer amortization, interest only loans, higher debt ratios, or be more flexible about income verification.

Headquarter 

NMLS# 1756893

    2200 N. Commerce Parkway, Suite 200 FL. 33326

Phone: 754-303-0318  -  Fax: 844.356.1170

Branch 

NMLS# 1821732

    4751 Old Goldenrod Road, # 5, Orlando, FL. 32825

Phone:407.226.6544  -  Fax: 407.226.2784

Hours of Operation

Monday - Friday 10am-5pm

Saturday 10am-2pm

Sunday Closed

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  • Banco Mortgage Lender