Special Mortgage Programs With Non-QM Mortgages
This BLOG On Special Mortgage Programs With Non-QM Mortgages Was PUBLISHED On June 20th, 2019
Many banks are limited to the types of mortgage programs they offer.
- Banks no longer finance condotels, non-warrantable condos, multi-unit properties, mixed-used properties or hobby farms
- Non-QM Loans are becoming more and more popular
- Non-QM Loans are special mortgage programs
- Non-QM Mortgages are for both primary, second home, and investment properties
- 10% to 20% down payment is required
- There is no private mortgage insurance required
- There are no maximum loan limit caps on Non-QM Loans
In this blog, we will discuss Special Mortgage Programs With Non-QM Mortgages.
Special Mortgage Programs On Residential Properties
We now offer unique collateral residential property financing.
- I can offer you mortgage loans on non-warrantable condominiums
- Another niche field I specialize in is condotel financing
- I can offer any condo hotel purchasers a condotel loan and close in as little as 21 days
- There are only a small limited amount of banks and lenders that will even entertain a condotel loan
- All condotel mortgage loans are portfolio loan products and I can help you either with a purchase condotel mortgage loan or a refinance condotel mortgages
- Cashout refinance condotel financing is very popular
Contact me at 262-716-8151 or text us for faster response. Or email me us at firstname.lastname@example.org. You can check out our website at www.gustancho.com if you need a condotel mortgage loan.
Multi-Family Property Financing
I can also offer you multi-unit property financing as well as mixed-used properties and hobby farms. Income producing mix use properties and income producing hobby farms are also eligible in our special mortgage programs. Loan sizes can be as small as $100,000 or larger than $3.0 million.
Unique Residential Properties Where No Comps Are Required
Many potential home buyers are restricted to buying a dream home because the house they want to buy has no comparables.
- Majority of the lenders require a home appraisal that has the market value valuation approach and will not approve an appraisal that has no recent nearby comparables
- Good news is that we offer unique property financing and accept the cost value appraisal approach
Whether you are buying a white elephant that is the biggest house in the neighborhood or a huge estate in the middle of nowhere, contact us at www.gustancho.com to explore what special mortgage programs that are available to you.
Expatriate Special Mortgage Programs
I can offer expatriate mortgage programs to individuals who have not yet established any credit in the United States or has obtained a social security number.
- The way these mortgage programs work is that we treat these individuals like they had a credit score of 740 FICO
- The one major qualification is that they can come to the United States to work for a U.S. company
- Borrowers need a valid work visa and are financially able to put down a 20% down payment on their purchase and able to meet our principal, interest, taxes, and insurance one-year reserve requirements
Loan to value requirements on residential primary portfolio loans are 80% up to $1.5 million and loans up to $3,000,000, loan to value requirements might be 70% to 75% depending on the borrower’s credit profile.
Asset Depletion Mortgage Programs
No doc loans or state income loans have been dead and buried for several years now but we can offer you something comparable for those who are not showing a lot of income on their tax returns.
- Asset depletion mortgage programs calculate a 5% return on their qualifying assets, year over year and depleted out to a max age of 85 years old
- Afterward, any remaining asset amounts can be rolled back into the calculation percentage potentially increasing it further
- Furthermore, this can be added to fixed or wage income to qualify and doesn’t require pledged funds from the borrower
- Also, please note, given this is an unconventional way to calculate income, the loan to value may be reduced depending on the overall profile of the borrower
Non-QM And Bank Statement Loans For Self Employed Borrowers
Gustan Cho Associates now offers Non-QM Loans and Bank Statement Loans for self-employed borrowers. There is no waiting period requirements after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale with Non-QM Loans. We also offer bank statement loans for self-employed borrowers with no income tax returns required. 12 months bank statement deposits are averaged and used as monthly income. Withdrawals do not matter. Real estate investors, real estate developers, and property flippers can benefit from our fix and flip investor loan programs.
For more information about the contents in this blog or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at email@example.com.