Borrowers Experiencing a Recent Negative Credit Event, such as a Bankruptcy, Foreclosure, or Short sale | |
Borrowers with Less Than Perfect Credit, particularly if Applying for a Jumbo Loan | |
Self-Employed Borrowers, Unable to Document Income Through a Minimum of Two Years of Tax Returns | |
Foreign Nationals Without a Valid Residency Status | |
Investors Owners That Can Use the Cash-Flow to Support the Monthly Mortgage Payment
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No Tax Returns | |||||
Up To 90% Loan-To-Value With:
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Credit Scores Starting At 620 | |||||
Purchase, Rate-Term, and Cash-out | |||||
2 Year Waiting Period on Short Sale, Foreclosure, and Bankruptcy | |||||
Loans Up To $3 Million | |||||
Interest Only Option | |||||
Owner-occupied, Second Homes, and Investment Properties | |||||
2 Year Self-Employment Required |
1 Day Out of Foreclosure, Short Sale, Deed-In-Lieu, or Bankruptcy | |
Chapter 7 Bankruptcy – No Seasoning Foreclosure Completed | |
Chapter 13 Bankruptcy – No Seasoning When Paid as Agreed | |
Up To 85% Loan-To-Value | |
Up To 50% Debt-To-Income Ratio | |
Credit Scores as Low As 500 | |
Loan Amounts Up To $1,000,000 | |
Non-Warrantable Condos Accepted | |
Owner-occupied, Second Homes, and Investment Properties |
Up To 90% Loan-To-Value With | |
1 Day Out of Foreclosure, Short Sale, Deed-In-Lieu, or Bankruptcy | |
Chapter 7 Bankruptcy – One Day Out of Foreclosure | |
Chapter 13 Bankruptcy – No Seasoning When Paid as Agreed | |
Credit Scores Starting At 500 | |
Bank Statements Allowed for Self-Employed Borrowers | |
Purchase, Rate-Term, and Cash-out | |
Loans Up To $3 Million | |
Owner-occupied, Second Homes, and Investment Properties |
Up To 80% Loan-To-Value | |||||||||||
Up To 50% Debt-To-Income Ratio | |||||||||||
Credit Scores as Low As 580 | |||||||||||
Loan Amounts Up To $2,000,000 | |||||||||||
Full Document, Bank Statement for Self-Employed Borrowers, Or No Documentation with Investor Cash Flow | |||||||||||
No Maximum Properties Financed | |||||||||||
Properties Can Be in The Name Of a LLC | |||||||||||
Investor Cash Flow:
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Non-U.S. Credit Accepted | |
No Social Security Number or ITIN Number Required | |
Up To 75% Loan-To-Value | |
Up To 50% Debt-To-Income Ratio | |
Single Family, Townhomes, Condominiums, 2-4 Unit Properties | |
Loans Up To $750,000 |
High Net Worth and Significant Assets in Excess of $500,000 | |
No employment, No Income, No Debt-To-Income Ratios | |
Loans Up To $3,000,0000 | |
Maximum Loan-To-Value: 75% | |
5 Year Waiting Period on Short Sale, Foreclosure, or Bankruptcy | |
Chapter 7 Bankruptcy – No Seasoning Foreclosure Completed | |
Minimum Credit Score: 700 | |
Owner Occupied Purchase Transactions |
Borrower Receives Credit for Equity Growth in The Home | |
Use Appraised Value as Borrower’s Equity Loan-To-Value Based Off Appraised Value Vs. Purchase Sales Price | |
Loans Up To $3,000,000 | |
Up To 90% Loan-To-Value with no Mortgage Insurance | |
Renter Is Now Treated as The Home Owner Without Being on Title for Qualification Purposes |
Non-Qualified or Non-Agency Loans requires a down payment Vs. Sub-prime loans with Zero Down requirements. While the minimum down payment in many cases for Non-Qualified or Non-QM is 10%; often an average of 20% down is required | |
Non-Qualified or Non-Agency Loans require a documented ability to re-pay Vs. Sub-prime loan programs offering No Doc Loan or Stated Income Loans | |
Non-Qualified or Non-Agency Loans are financed through non-government agencies Vs Qualified Mortgages. Non-QM borrowers should anticipate an interest rate premium over loans securitized through FannieMae, FreddieMac, GinnieMae (i.e. FHA, VA, and USDA) | |
Non-Qualified or Non-Agency Loans borrowers for the most part, generally don’t have bad credit. In fact, average credit scores are in the upper 600 range | |
Non-Qualified or Non-Agency Loans aren’t high debt-to-income ratio or low-down payment loans. The borrower just doesn’t fit within “Agency Guidelines” |
The 2014 “Ability-to-Repay and Qualified Mortgage Rule” issued by the Consumer Financial Protection Bureau (CFPB) established stringent guidelines for which borrowers could qualify for agency loans. These rules shut out as many as 30 million otherwise creditworthy Americans, who may be self-employed, living off non-income assets or had a recent negative credit occurrence | |
50% of Americans have a credit score below 680, making them ineligible for many loan programs, specifically Agency Jumbo and Investor Laon financing | |
Relies on “old school” underwriting when making a decision. This means that the Underwriter will consider the background behind a negative credit occurrence and why the negative credit occurrence is unlikely to happen again when making a loan decision | |
10% of the workforce or almost 15 million Americans are self-employed, without traditional means to establish their income | |
Often Non-Qualified or Non-Agency Loans are a temporary solution, in which the borrower will be able to obtain an Agency Loan in the near future |
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