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
- 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
- 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 are not just for borrowers with bad credit.
- There are many benefits to
- There are no mandatory private mortgage insurance requirements
- There are no maximum loan limits like there are with
governmentand 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 Mortgage Guidelines
NON-QM Loans require 10% to 20% down payment on
- The down payment requirements depend on borrower’s credit scores
- Mortgage rates depend on the down payment and borrower’s credit scores
Isno 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
Refinancing NON-QM To Traditional Mortgages
Borrowers who cannot qualify for government-backed or conventional loans can purchase a home with
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 email@example.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.