If you’re a borrower or a realtor looking for non qm loans, there are many ways you can benefit from them. Please take some time to learn about how they help you.
A non-qualified mortgage is a kind of mortgage that doesn’t meet the definition of a Qualified Mortgage.Non-qm mortgage loans are suitable for those with recent credit issues like late payments or debt. Unlike a qualified loan, a non-qm loan possesses underwriting standards, which enable a lender to view the whole picture for a borrower rather than just their credit history.
A lender of a non-qualified mortgage loan follows special guidelines during the application process. They first examine a borrower’s income and type of employment their income falls under. Then, they determine whether the borrower in question can pay their loan back on time, which is predicated on many factors.
The documents they analyze can includebusiness and personal bank accounts.
The great thing about non-qm loans is that they’re perfect for self-employed people. Those who are self-employed usually have a difficult time getting a qualified loan due to having income structures that require calculations that differ from those with wage or salary income. Therefore, they aren’t eligible according to traditional underwriting guidelines.
When you do business with HomeXpress Mortgage Corporation, it’s A-okay if you’re self-employed, as long as you have verifiable income like tax returns or pay stubs.
Non-qm mortgage lenders also assist realtors who want to invest in real estate properties. As a matter of fact, we at HomeXpress Mortgage Corporation offer two products for investors: InvestorX Full/Alt and InvestorX DSCR.
InvestorX Full/Alt is for investors who can provide tax returns or stubs as proof of income. If you’re an investor with no proof of income, then InvestorX DSCR is suitable for you. (Qualification for InvestorX DSCR is based on a property’s rental fee.)
Non-qualifying loans have a bad reputation because of the lending crisis that contributed to the Great Recession. There’s nothing wrong with applying for one, especially from us since we require you to go through a certain process to make sure that you meet our standards and that you can pay us back on time.
HomeXpress Mortgage Corporation is a wholesale mortgage lender who’s licensed to work with mortgage brokers and partners in 28 U.S. states. We offer non-qualified loans to the self-employed, realtors, and those with credit issues. Would you like to be able to live the American dream and own a lovely house for you and your family? Then, take the first step towards homeownership by reaching out to us today for more information.