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 […]
Is Negative Amortization Mortgage a Risk Worth Taking?
A negative amortization mortgage loan may not ring a bell for many homebuyers. However, this type of financing is available to those who are looking for an alternative home financing method other than a conventional or a federally-backed loan. It is otherwise known as neg am loan. It falls under the Non-qualified Mortgage category. Mortgages […]
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 […]
Banks Can Issue Non Qualified and Qualified Mortgage Loans
With the new upcoming qualified mortgage rules, will banks have to choose to issue either qualified mortgages or non qualified mortgages? It doesn’t look that way. It appears that starting in January 2014, banks will be able to issue both qualified mortgages and non-qualified mortgages. Recently, The Federal Reserve, Federal Deposit Insurance Corp and other […]