Alternative Mortgage Financing Programs: Non-QM Loans

This BLOG On Alternative Mortgage Financing Programs: Non-QM Loans Was UPDATED On August 18, 2017

2017 is a year where new Mortgage Financing Programs was launched by many lenders. The 2008 sub-prime crash abruptly ended bank statement mortgage loans for self employed borrowers and other create mortgage financing programs. Bank Statement Loans are now back and so are NON-QM Loans. There are many mortgage financing programs available today such as the following:

  • Non-QM Loans: No waiting period after bankruptcy and/or foreclosure
  • Bank Statement Mortgage Loans For Self Employed Borrowers
  • Condotel Financing
  • Non-Warrantable Condominium Loans
  • Bridge Financing for exiting properties with equity for homeowners who need the down payment on a new home purchase
  • No more contingency purchase offers needed due to our bridge loan program
  • Special Financing for doctors and members of  healthcare that is unsecured financing
  • Fix and Flip Loans for real estate investors
  • Short Term Hard Money Loans for real estate investors
  • Commercial Loans
  • Equipment Leasing for business owners

NON-QM Loans

NON-QM Loans are alternative mortgage financing programs for home buyers who has not quite met the mandatory waiting period requirements after bankruptcy and/or foreclosure or self employed borrowers with substantial unreimbursed expenses on their tax returns.

Non-QM Loans mortgage qualification requirements are the following:

  • 20% down payment on home purchase or 80% Loan To Value on refinances
  • 10% down payment home purchase loan program available with 680 credit scores and higher
  • No waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • No pre-payment penalty
  • Great mortgage program to be used as short term financing tool
  • Mortgage rates depends on down payment and credit scores
  • Debt to Income Ratio up to 50%

Bank Statement Mortgage Loan Programs

Bank Statement Mortgage Loan Programs is a great financing tool for self employed borrowers. No tax returns are required.

  • Income is derived by 24 months bank statement deposits averages
  • Can use personal or business bank statements
  • 100% of deposits averaged on personal bank statements
  • 50% of deposits averaged on business bank statements

Special Jumbo Mortgage Financing Programs

There are special Jumbo Mortgage Financing Programs especially for self employed borrowers.
  • Non-QM Jumbo Loans down to 600 credit scores
  • Bank Statement Jumbo Loans for self employed borrowers

Foreign National Mortgage Financing Programs

Foreign Nationals who currently are in the United States on a work visa and working for a U.S. Company can now qualify for Foreign National Mortgage Financing Programs with no credit scores. They need to be employed by a U.S Company or subsidiary of a U.S. Company.

Here is the Foreign National Loan Program:

  • 80% Loan to value up to 1.5 Million on primary single family residences
  • 80%  Loan to value up to 1.5 Million Loan Amounts for mortgage loan Borrowers who have No US Credit or Limited Tradelines ( Expat Program designed for those living / working for a US Company )  
  • 80% Loan to value up to  $625,500 OR 75%  loan to value up to 1.5 Million on vacation homes, Second Homes, Non Warrantable Condominiums, and Co-ops 
  • 70% Loan to value up to 2.0 Million on Condotel Financing
  • 65% LTV up to 2.5 Million for Canadian Borrowers looking to purchase a Vacation Homes  and Second Homes in the United States
  • 50% Loan to value up to 3.0 Million on Investment Properties / Foreign Nationals consider on a case by case basis.
  • Up to 1.0 Million Cash In Hand.

85% & 90% Jumbo Mortgage Financing Programs

For those high end home buyers who are looking for Jumbo mortgage loan programs with minimal down payments, there is an 85% and 90% Loan To Value Jumbo mortgage loan programs with no mortgage insurance.

  • The maximum loan amount for the 85% and 90% Jumbo mortgage loan programs are a maximum loan amount of $850,000. 
  • Credit Scores required is 700 for 85% LTV and 740 for 90% LTV Jumbo Loans
  • One week underwriting and closing in 30 days or less.

Condotel Financing And Non-Warrantable Condominiums

The Gustan Cho Team is one of a few Condo Hotel Mortgage Consultants that specialize in Condotel Financing in this country.

  • The Gustan Cho Team are experts in Condotel mortgage loan programs
  • Condotel purchase financing, Condotel refinance, and Condotel cashout refinance mortgage loan programs
  • For primary and second home Condotel mortgage loans, the maximum Loan to value is 75%
  • Non-Warrantable Condos require 20% down payment
  • For Condotel cashout refinance mortgage loans, the Loan to value is 75% for primary and second home Condotel units. 
  • For Condotel purchase mortgage loans, Condotel refinance loans, and Condotel cashout refinance mortgage loans for investment Condotels, the maximum Loan to value allowed is 60%
  • Condo unit needs to be at least 500 square feet
  • Condo units need to have at least one bedroom

Condotel financing is rapidly growing popularity throughout the United States and not too many lenders offer condotel mortgage financing.

The Gustan Cho Team at USA Mortgage has no lender overlays on government and conventional mortgage loan programs. USA Mortgage, a division of DAS Acquistion Company LLC NMLS 227262 is a direct lender headquartered in St. Louis, Missouri and licensed in multiple states.

For more information on alternative mortgage loan programs, contact Gustan Cho Associates at 1-800-900-8569 or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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