Updated Jan, 2016
Non qualified mortgage products are being announced by lenders frequently in today’s mortgage marketplace. Many lenders have turned to releasing non-qualified mortgage products as a way to service borrowers that need mortgages but don’t qualify for qualified mortgages. Products come and go at lenders, so be sure to get a free non-qualified mortgage quote from a lender or check directly with the lenders below about product availablity.
Free non-qualified mortgage quote here. »
Recent Non-Qualified Mortgage Announcements:
2016 Non Qualified Mortgage Product Announcements
IMPAC Mortgage AltQM Loan product now available.
What’s Non-QM? It’s the opposite of a qualified mortgage (QM), signifying that you don’t have to be discourage with your options if you are a high caliber and well qualified borrower. One of our new alternative programs, AltQMTM, may provide you the financial options unique to your specific needs. Whether you’re a self-employed borrower, a foreign national, or a real estate investor with multiple properties, these AltQMTM programs may be able to get you financed. – See more at: https://impacmortgage.com/products/alternative-programs-altqm#sthash.0E3Minpe.dpuf
New Penn Financial’s Home Key credit event product is for borrowers who have suffered a mortgage credit event such as bankruptcy, foreclosure, or short sale, who do not currently meet agency guidelines, but demonstrate a willingness to grow as a homeowner.
Highlights:
FICOs Starting at 620
Higher DTI offering – up to 50%
0x30 housing history since the credit event with a minimum of 0x30x12 required
Owner Occupied, Fixed Rate Mortgages Only
Reduced seasoning on derogatory credit waiting periods – only 12 months
Loan amounts to $1.5M
LTV up to 75%
Wholesale only – Silvergate bank to enhance it’s non qualified mortgage / Alt Doc program.
According to Alan Peviani, Director of Sales and Marketing: “Our Clients are enjoying the benefits of NonQM, including higher pull thru, broader product mix and increased margins and we are continuing to add correspondent Clients, nationwide.” If you have more questions, contact Alan Peviani at [email protected]”
2014 Non Qualified Mortgage Product Announcements
RPM Introduces New Loan Products for Non-Qualified Mortgage Borrowers
RPM’s new loan programs, called the RPM Tailored Line of Loan Solutions, are designed for residential borrowers who are looking for loans of up to $4 million but have found themselves shut out by the new QM guidelines. RPM’s Tailored Line provides innovative solutions for the self-employed or the recently retired who have considerable equity, assets and credit but may be challenged by income verification requirements, which have limited their borrowing options in the past. In addition, these solutions give options to borrowers with a short credit history, credit scores that are marginally outside of the guidelines, or debt to income outside of QM’s established 43% ratio.
The self-employed and the retired community make up a significant portion of the housing market in the United States. New Census Bureau reports project that the nation’s 65-and-older population will nearly double in size — hitting a total of nearly 83.7 million — by 2050. By then, more than 1 in 5 Americans will be at least 65 years old. In addition, an ever-increasing share of U.S. jobs are supported by privately owned, small businesses. In other words, the self-employed are a critical component of the nation’s economy. RPM’s new loan solutions are designed to serve the needs of otherwise qualified borrowers.
Other Non Qualified Mortgage Information
From the CFPB: What is a qualified mortgage?