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When you need more flexibility than a conventional loan.
Ideal Mortgage Solution for Self Employed Individuals, Investors, and Foreign Nationals. Programs Include Bank Statement Loans, ITIN, DSCR Loans and Jumbo Non-Qualified Mortgage Loans among others.
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Outside of the box - Non QM Loans,
Our Non QM Loan Programs including; Bank Statement, Investor Cash Flow, ATR-in-Full, ITIN and more. Programs built for Self-Employed, Investor and Foreign National Borrowers
We recognize that sometimes our customers don’t qualify for conventional loans, even though they are financially stable. Non-Qualified Mortgage (Non-QM) loans are for non-traditional borrowers.
With non QM Loans, bank statements or other documents are used to verify and evaluate a potential borrower’s income instead of using W2s or tax returns as we would for a traditional mortgage.
Non- QM Loans
DSCR LOAN
Debt Service Coverage Ratio. Investment property loans designed for borrowers who want to expand their real-estate investment portfolio. No personal income is required.
Expand your footprint with our business purpose loans/ DCSR Loans
- 1 to 4-unit properties
- Qualify using Rents (cash flow)
- Condotels/Airbnb/Daily Rentals allowed
- Yield Spread / LPC Available
- Can close in Corporate (LLC) but not required
- Up to 80% Max LTV on Purchase
- 575 or greater credit scores
12 Month Bank Statement Loan
Mortgage option for self-employed borrowers. Qualify your borrower using 12 months of business or personal bank statements. No tax return required.
12 months of personal bank statements or 12 months of business statements (12 consecutive months)
- Up to $4M Loan Amounts
- Up to 90% Max LTV
- Self-Employed and 1099 For Borrowers 2 years or more
- 600 or greater credit scores
- No reserves required at 75% or less LTV
- No 4506T / No K1’s / No P&L’s
- No MI
P&L LOAN
Rather than using tax returns, we allow the business owner to use their (P&L) Statement as income, which often provides a more accurate portrait of the applicant’s true income profile.
Self Employed / Business Owners. P&L Statements are used for income to qualify you for a home mortgage.
- Income Docs: CPA prepared P&L on CPA’s letterhead (Must cover most recent two years as well as YTD for the business) and most recent two months bank statements
- Max 80% LTV
- Primary Residence Only
- Min 600 FICO
- No FTHB
- Property Types: SFR / Condo / Townhome (No rural or units)
Foreign Nationals
This loan program is exclusively for borrowers who don’t live or work in the US. As a general rule, we will lend to citizens of countries that do not appear on the OFAC list.
Letter of good standing with current financial institution or international credit report
- 1 to 4-unit properties
- Loan amounts up to $2M
- No income, job, or credit required
- No Reserves required
- Non-Owner Occupied only
- 5yr/7yr ARM & 30-year Fixed
- 70% Max LTV Purchase
- 65% Max LTV Refinance
- Condotels/Pudtels allowed
- Short-term Rentals allowed
ITIN
Individual Taxpayer Identification Number
An ITIN can be issued to a U.S. resident alien or non-resident alien that files a tax return and is not eligible for a Social Security Number. An ITIN can also be issued to dependents and/or spouses of a U.S. citizen or resident alien.
- Qualify Full Doc or 12-Month Bank Statement for SE, DSCR
- No Reserves required
- 2-year income history
- Valid U.S. government issued ID
- 75% Max LTV Purchase
- 75% Max LTV Refinance
- Loan amounts up to $1M
1099 ONLY Mortgage Loan
A 1009 income loan is a mortgage solution for self-employed and contract workers who have trouble qualifying for a conventional loan. Must be working at the same job 2 years or more.
Use your 1099 earning statements to show your work income instead of tax documents.
- Max 80% LTV
- OO Only
- 2 Years 1099 & 2 Months Bank Statements
- Min 600 FICO
- No FTHB
- Property Types: SFR / Condo / Townhome (No rural or units)
WVOE Loan
Do you earn a good salary but can’t show it on paper? Maybe you haven’t files your tax returns? The WVOE Loan may be the perfect fit for you.
Cash earners/gain fully employed. Written Verification Of Employment no tax returns and no W2’s required.
- Max 80% LTV
- Primary Residence Only
- No W2’s, No Paystubs, No Tax Returns, No 4506-T
- Min 600 FICO
- Minimum 24 month rent or MTG history
- No FTHB
- Property Types: SFR / Condo / Townhome (No rural or units)
- Borrower cannot be employed by a family member
- WVOE must be completed by HR, payroll, or officer of the company
CONDOTEL LOAN
The Condotel also known as the Condo Hotel is quickly becoming popular with property investors. Most lenders/banks don’t finance condotels, this is where we can help.
Looking for a short term rental property? Take a look at our Condotel financing program.
- Max Loan $4M
- Up to 70% Max LTV on Purchase and Refinance
- 575 or greater credit scores
- No minimum square feet
- Up to 103 LPC Non-Owner Occupied
- Resort, Airbnb, Daily Rentals acceptable
- Full Doc and Bank Statements available
- LLC or corporate closing available
What does NON QM LOAN MEAN?
A Non-Qualified Mortgage (Non-QM) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages (QM) offered by Non-QM lenders. Non-QM mortgage loans can fill the niche for those who don’t necessarily fit into the “qualified-mortgage box.” A qualified mortgage follows rules set by the CFPB and Federal Government; however, a Non-QM loan use alternate methods of income verification to help you get approved for a mortgage loan. Non-qualified mortgage, these are mortgages that maybe sit just outside the box of a normal mortgage. Perhaps you are self-employed, and your tax returns don’t have quite enough income to qualify for a mortgage. There are some loans on the non-qualified mortgage side that you can qualify using your bank statements, using your monthly deposits for your business and or personal bank accounts. Or perhaps you want to buy an investment property, and you’d like to qualify using just your lease income for that particular property, we have Non QM Loans for that. Don’t let restrictions stop you from getting what you want. If you don’t meet the requirements of traditional financing, a non-qualified loan could be your answer. Let’s talk today to see if a Non QM Loan is a fit for you!
Currently Available in 34 States.
Find Out If You Qualify For A Non-Qualified Mortgage Loan. Get A Free Consultation.
Contact Leo Namiot with any questions you may have or with help with your application.
Get started today. Contact Leo to apply
Find Out If You Qualify For A Non-Qualified Mortgage Loan. Get A Free Consultation. It all starts with a simple conversation, let’s chat and see if a Non QM Loan is a fit for you!
Contact Leo Namiot with any questions you may have or with help with your application.
This is not a commitment to lend. Not all borrowers will qualify for the loan programs listed. All program terms and conditions are subject to change and may be discontinued without prior notice. Contact Leo Namiot for program questions and scenarios.
