NON QM Mortgages

NON QM MORTGAGES are Home Loans For Purchase or Cash Out Refinance that do not Conform to FHA, VA and Conventional Mortgage Income and Down Payment Guidelines

Some of the Benefits of a Non QM Mortgage are:

Income Only Repayment Options

Down Payments from 10% or More with No Monthly PMI

No Income Verification Loans or Loans using Non Traditional Income such as Bank Statements

Loans up to 6 Million for Purchase or Cash out Refinancing

Our bank statement loan program is a great option for self-employed borrowers looking to Purchase, Refinance or take Cash Out of their home. You can use Personal or Business bank statements, 1099s or CPA Profit and Loss Statements as a method to calculate income. The statements, 1099s or P & Ls are used to prove the ability to repay the loan.

Bank Statement Loan Highlights

  • 12 to 24 Month Business or Personal Bank Statements or 1099s Accepted
  • Loans Available up to 5 Million Dollars
  • Interest Only Payments available on a 30 year fixed rate mortgage
  • Available for Primary, Secondary or Investment properties
  • No W-2 or tax returns
  • Up to 90% loan to Value depending on Program and Credit Scores
  • Credit Scores from 620 with higher down payment and interest rates
  • Must be Self-Employed for 2 years

How We Determine Your Monthly Income

We use 12-24 months of Total Deposits (no refunds counted) to your Bank Checking Account - Only one account will be used.  That total is divided by 12 or 24 to determine the qualifying monthly average. 

For Personal Accounts use 100% of the qualifying deposits - - less 10% to 50% - depending on your type of Business -expense ratio.

For Business Accounts use up from 50% to 85% of the deposits depending on type of Business.  The remaining is Considered your Income for Qualifying.  Call or Text if you have questions on what your Business expense ratio would be for the loan you want.

For 1099 Income Use Total 1099 Income plus year to date Income less business expense ratio.

How Much Can I Be Approved For?

You will be qualified for up to 50% total debt to your income.  We count the new mortgage payment, insurance and taxes plus minimum payments for credit cards, car loans, student loans etc. that are reported on your credit report.

You Will Need to Have 3 to 6 Months of Reserves plus down payment and closing costs to be approved.