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

This Article Is About NON-QM Loan With Recent Late Payments In The Past 12 Months 

Homebuyers. 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 non-QM 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 non-QM 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 homebuyers 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 a 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 MortgagesNON-QM Loan With Recent Late Payments

NON-QM Mortgages are not just for borrowers with bad credit. There are many benefits to non-QM 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 And Guidelines

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

  • The down payment requirements depend on the borrower’s credit scores
  • Mortgage rates depend on the down payment and borrower’s credit scores
  • There are no maximum loan limits
  • No waiting period after bankruptcy and/or foreclosure with a 30% down payment
  • 12-month bank statement mortgages for self-employed borrowers with no income tax returns required
  • No income required on asset depletion mortgages
  • 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
  • Mortgage rates on non-QM loans are dependent on risk factors taken by the lender
  • The higher the risk the lender takes, the higher the mortgage rates

Borrowers can qualify for non-QM loans with credit scores down to 500 FICO.

Refinancing NON-QM To Traditional Mortgages

What is NON-QM mortgage refinancing to traditional mortgage loans

Borrowers who cannot qualify for government-backed or conventional loans can purchase a home with non-QM loans. After closing, they can work on their credit profile. Once the borrowers work on their credit profile, they are able to do refinancing non-QM to traditional mortgages in as little as six months. NON-QM Loans can serve as a short-term bridge loan. Non-QM loans give homebuyers an opportunity to purchase a home sooner than later during a hot housing market. Homebuyers no longer have to wait to purchase a home until they meet the government and/or conventional mortgage guidelines. They can purchase a home now with a non-QM loan and refinance later. Home prices have been going up substantially over the past few years. With our non-QM mortgage program, homebuyers 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 262-716-8151 or text us for a faster response. Or email us at [email protected] Gustan Cho Associates is a mortgage company licensed in multiple states with no overlays on government and conventional loans. We are experts in non-QM and alternative financing mortgage loan programs. Gustan Cho Associates has dozens of lending relationships with non-QM wholesale lenders. The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays.

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