fbpx

NON-QM Loan With Recent Late Payments In The Past 12 Months

0

NON-QM Loan With Recent Late Payments In The Past 12 Months

This BLOG On NON-QM Loan With Recent Late Payments In The Past 12 Months Was PUBLISHED On March 26th, 2019

Home buyers can now qualify for NON-QM Loan With Recent Late Payments In The Past 12 Months. Home prices are increasing nationwide. Many home buyers who were hindered from buying homes with government and conventional loans can now qualify for a mortgage with nonqm loans:

  • Borrowers can qualify for government and conventional loans with prior bad credit
  • However, in order to get an approve/eligible per automated underwriting system (AUS), you need to have been timely in the past 12 months
  • Many home buyers were locked out of the housing market if they had recent late payments in the past 12 months until the launch of nonqm loans
  • There are countless home buyers who recently sold their homes but had late mortgage payments in the past 12 months prior to the sale of their homes
  • These home buyers who now have plenty of down payment funds from the sale of their homes were locked out in qualifying for a new mortgage
  • This was due to having late mortgage payments in the past 12 months prior to the sale of their home
  • Now these home buyers can qualify for NON-QM Loan With Recent Late Payments In The Past 12 Months

In this blog, we will discuss NON-QM Loan With Recent Late Payments In The Past 12 Months and its lending requirements.

NON-QM Mortgages

NON-QM Mortgages are not just for borrowers with bad credit.

  • There are many benefits to nonqm loans
  • There are no mandatory private mortgage insurance requirements
  • There are no maximum loan limits like there are with government and conventional loans
  • There is no waiting period after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • NON-QM Loans offer bank statement loans for self-employed borrowers with no income tax required

There are owner-occupant and investment property non-qm loans. We also offer asset-depletion non-qm mortgages. 

NON-QM Loan With Recent Late Payments

NON-QM Mortgage Guidelines

NON-QM Loans require 10% to 20% down payment on home purchase.

  • The down payment requirements depend on borrower’s credit scores
  • Mortgage rates depend on the down payment and borrower’s credit scores
  • There Is no maximum loan limits
  • There is no private mortgage insurance premium required
  • There is no pre-payment penalty on owner-occupant homes
  • There is a pre-payment penalty with investment property loans

Borrowers can qualify for nonqm loans with credit scores down to 500 FICO.

Refinancing NON-QM To Traditional Mortgages

Borrowers who cannot qualify for government-backed or conventional loans can purchase a home with nonqm loans. After closing, they can work on their credit profile and are able to do refinancing nonqm to traditional mortgages in as little as six months. NON-QM Loans can serve as a short-term bridge loan. Home prices have been going up substantially over the past few years. With our nonqm mortgage program, home buyers no longer have to wait. They can participate in the strong housing market.

For more information on non-qm and alternative mortgage loan programs, please contact us at Gustan Cho Associates at Loan Cabin Inc. at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. We are direct lenders with no overlays on government and conventional loans. We are experts in non-qm and alternative financing mortgage loan programs. We are available 7 days a week, evenings, weekends, and holidays.

Leave A Reply

Your email address will not be published.

CALL NOW