Most mortgages require you to have steady employment for a minimum of two years, which leaves out the people that started their business within the last year or so. Does this mean you are forced to rent and wait until your business is in operation for at least 2 years before you can apply for […]
Non-Prime is Back
Mortgage lending company Citadel Servicing Corp announced a record-breaking volume of non-prime mortgage originations in the month of August. Per the report released by Mortgage Professional America, the company successfully originated non-prime mortgages to a total of $200 just in August. CSC’s senior vice president Will Fisher said they are “firing on all cylinders, […]
Can You Be Considered As a Good Candidate for Non-qualified Loans?
For borrowers that couldn’t meet the guidelines for Qualified Loans, many look out for other options to get financing to buy a home. That’s where non-qualified loans come into the picture. These home loans are perfect for borrowers that have unique situations. And in order to fully understand the ins and outs of this mortgage […]
Angel Oak Companies to Go Over $1 Billion in NonQM Originations
The Angel Oak Companies is set to surpass over $1 Billion in nonqualified mortgage originations for this year. In a recent press release announcement, Angel Oak Companies which is comprised of Angel Oak Mortgage Solutions, Angel Oak Home Loans, and Angel Oak Prime Bridge said that the company will have collectively originated over a billion […]
How Lenders Bulletproof Non QMs
How do lenders compensate for the risk in their Non QM or nonqualified loan offers? Since the traumatic crisis that cost the world economy billions in 2008, legislators in the US have passed laws to make sure the same nightmare doesn’t happen once more. Guidelines are set in place as to what a mortgage […]
Why you Need to Consider Affordability with your Non-Qualified Loan
When you finally get that approval for your bank statement or stated income loan, you can feel like you are on top of the world, but don’t celebrate too quickly – you need to make sure you can afford the loan before you sign on the dotted line. What does affordability have to do with […]
Non QM Lender News – August 12, 2015
Things are happening on the lender front with many different lenders expanding their Non QM product offerings. From Rob Chrisman this morning: Citadel Servicing Corporation, specializing in Non-QM & Non-Prime lending, is expanding its Correspondent Conduit. “Citadel, a leader in Non-QM lending, is committed to guiding Retail Correspondent Sellers through the process of becoming successful […]