Non-QM Mortgages

Bank statement loans are a type of non-QM loan that allow borrowers to use bank statements to verify their income instead of traditional forms of documentation such as pay stubs or W-2s. This type of loan is ideal for self-employed individuals or those with fluctuating income. Bank statement loans are a great option for self-employed borrowers and those with non-traditional forms of income.

A Non-warrantable condo is a condominium property that doesn't meet the criteria set by Freddie Mac and Fannie Mae Approved Condo List for purchase or securitization. These criteria include restrictions on owner-occupancy ratios, rental restrictions, and other standards. Non-warrantable condos are not eligible for traditional mortgage financing through the government-sponsored enterprises.

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Profit and Loss (P&L) only mortgage programs, also known as a "no tax return" mortgage program, is a type of mortgage lending that relies solely on a borrower's most recent profit and loss statement as the primary documentation for their income. This type of program is often utilized by self-employed individuals or business owners who have inconsistent or complex tax returns.

Super Jumbo Mortgages are a type of mortgage loan that exceeds the conforming loan limit of $726,200, which is the maximum loan amount that can be purchased or guaranteed by Fannie Mae and Freddie Mac. Super Jumbos go up to $30 million and are designed for high net worth individuals who are looking for large loans for luxury homes, second homes, or investment properties. 

WVOE only mortgage programs utilize an Employment Verification form (VOE) filled out by the employer, instead of the traditional W2 form, as part of the income documentation process. This type of program is often used by self-employed individuals, contract workers, and those in the gig economy who cannot provide traditional W-2 forms but still want to qualify for a mortgage. No Personal Tax Returns are required, the loan qualifies on thbe WVOE for income only. 

Asset Depletion Mortgage Program, a borrower's assets, such as bank accounts, stocks, bonds, and other investments, can be used to determine their ability to repay the loan. The lender calculates the amount of income that could be generated from these assets, which can then be used either alone or in combination with traditional income verification to make a loan decision. No personal tax returns or W2's required. 

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Investment property loans offer alternative lending options for borrowers who don't fit the traditional QM criteria, such as those with a high debt-to-income ratio or unconventional income sources. A key advantage of non-QM investment property loans is the higher number of mortgages they allow compared to conventional loans. Additionally, these loans permit the use of corporate title or LLC vesting.

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ITIN (Individual Taxpayer Identification Number) Mortgages allow individuals who are foreign nationals or do not have a valid SSN to obtani a mortgage in the United States, regardless of their immigration status. These mortgages typically have relaxed income and credit requirements compared to traditional mortgage programs, making homeownership accessible for individuals who may not otherwise be able to obtain a mortgage.

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Cross collateralization mortgages are a type of mortgage loan that uses multiple properties as collateral for a single loan. Instead of using a single property as collateral for a loan, the lender uses two or more properties, which are cross-collateralized to secure the loan. This allows the borrower to obtain financing for multiple properties with a single loan.

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Interest-Only Non-QM Mortgages are flexible financing options for borrowers who are seeking a mortgage that allows them to pay only the interest portion of their loan during a specified period of time. Common terms are 5, 7, and 10 Year Interest Only  Mortgage ARMS. They are perfect mortgage options for investors.

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Non-QM second mortgage and HELOC is a type of loan that allows alternative income verification using bank statements. These loans are in second lien position and provide borrowers with access to their equity without the need to refinance their first mortgage. This allows homeowners to use their built-up equity to finance various expenses, while still maintaining the first mortgage as their primary debt obligation.

No Income No Employment loan, also known as a No Ratio loan, is a type of loan offered  that does not require the borrower to provide proof of income or employment. This type of loan is typically intended for self-employed individuals or those with fluctuating income, as traditional underwriting methods may not accurately reflect their financial situation

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1-year self-employed mortgage programs are an alternative to traditional mortgages, which typically require 2 years of business tax returns to verify income. In a 1-year self-employed mortgage program, the lender uses alternative methods to verify income, such as bank statements, profit and loss statements, or business licenses. 

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Condo-tel mortgage programs are a type of mortgage program designed specifically for purchasing or refinancing a condo-tel unit. Condo-tel units are unique properties that combine the features of a traditional condominium with the services and amenities of a hotel. These units are typically owned individually, but are managed and operated as part of a larger hotel or resort.

1099 only programs are a type of non-QM loan designed for self-employed borrowers who receive 1099's, rather than a W-2. This type of loan program is meant to provide a flexible mortgage option for individuals who do not have a traditional source of income, but can demonstrate their financial stability through their 1099 tax forms. 

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No Income Verified Asset Program uses assets instead of income to determine eligibility. Seasoned, liquid assets such as stocks or cash or retirement assets like a 401K or IRA can be used to calculate the borrower's income. This is done by subtracting any penalties and taxes from the asset account balance and ensuring that the resulting figure meets or exceeds the borrower's total debt obligation, including their mortgage and other liabilities.

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Pledged asset loan programs are a type of mortgage financing that allows a borrower to use assets, such as stocks, bonds, or mutual funds, as collateral for the loan. In this program, the assets are held in a separate account and are used as security for the loan, rather than being sold or liquidated. The lender uses the value of the pledged assets to determine the loan amount and the borrower's ability to repay the loan.

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Non-QM foreign national loans are a type of mortgage loan specifically designed for foreign nationals who are not permanent residents of the country where they are applying for the loan. Non-QM foreign national loans may require alternative documentation, such as a passport or visa, and may consider factors such as the borrower's assets and credit history, rather than just their income and employment.

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Short-term rental mortgage program are a type of financing option specifically designed for individuals or entities who want to purchase or refinance a property used for short-term rental purposes, such as a vacation rental or an Airbnb rental. Factors such as the property's location, rental income, and the length of time the property will be rented can impact the eligibility and terms of the loan. 

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Recent Credit Event Mortgages are a loan program designed for borrowers who have experienced a recent credit event such as a foreclosure, short sale, or bankruptcy. With this program, borrowers can obtain a mortgage with as little as 1 day out of a credit event. This type of mortgage offers an opportunity for individuals to refinance after bankruptcy and re-establish their credit and become homeowners again. 

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Bridge to Sale Mortgage is a mortgage for homeowners who are in the midst of selling their existing property and need temporary financing to purchase a new home. This loan offers short-term funding that bridges the gap between the sale of the current home and the purchase of the new one, thereby allowing the borrower to purchase their desired property without the burden of carrying two mortgages simultaneously