Washington Non-QM Lenders

Washington NON-QM Lenders For No-Doc and DSCR Loans

Gustan Cho Associates are mortgage brokers licensed in 48 states

Washington NON-QM Lenders are offering multiple non-prime loans throughout the state. Homebuyers in Washington state no longer are tied with government and conventional loans. Washington Non-QM lenders can offer a selection of various non-QM and non-prime mortgage loan options for owner-occupant, second homes, and investment properties. No-Doc mortgage loans are becoming increasingly popular for homebuyers with non-traditional forms of income. No income documentation is required on non-Doc loans.

DSCR mortgage loans is the next most popular loan program in Washington state. Washington non-QM lenders can have one or dozens of non-QM mortgage loan options. DSCR mortgage loans is another form of no income documentation loan. The subject property market rent needs to cover the mortgage payment and housing expenses (PITI). Due to the dozens of non-QM and non-prime loan programs available in Washington, The booming Washington housing market have never been this strong. The housing market in Washington is expected to continue on a bullish trend well into 2022 into 2023 with no sign of a slowdown.

Washington Non-QM Lenders Opening More Doors For Real Estate Investors

With a strong economy in the state, many investors are turning to real estate.

With a strong economy in the state, many investors are turning to real estate. The dozens of nonprime loan programs available for owner-occupant homes, second homes, and investment properties is enticing more homebuyers and real estate investors to get into the action of real estate investing. NON-QM mortgages is becoming more popular than ever.

Best Washington Non-QM Lenders With Hundreds of Non-Prime Mortgage Loan Options

Gustan Cho Associates is expanding their coverage area and now offer NON-QM loans in the state of Washington. Gustan Cho Associates are mortgage brokers licensed in 48 states including the state of Washington. Gustan Cho Associates is the largest non-QM Washington Non-QM Lenders with over 210 wholesale lending partners.

The team at Gustan Cho Associates are experts in being able to do mortgage loans other lenders cannot do. Over 80% of our borrowers are folks who could not qualify at other mortgage companies. In this blog we will discuss what NON-QM mortgage options are available at Gustan Cho Associates, how to apply for a NON-QM loan in the state of Washington, and a few fun facts about the state.

Understanding Non-Qualified Mortgages

Why is NON-QM mortgage lending becoming more popular? Non-QM mortgages are not just for borrowers with good credit. Many borrowers of non-QM mortgage loans benefit self-employed borrowers, business owners, high net individuals, and foreign real estate investors.

First, it is important to understand what a NON-QM mortgage loan means. A NON-QM mortgage loan is simply a “non-qualified” mortgage. According to the consumer financial protection bureau (CFPB), a qualified mortgage is a mortgage in which the lender must follow agency requirements (agency guidelines) to qualify. The lender must verify you have the ability to repay your mortgage loan.
Understanding Non-Qualified Mortgages

Difference Between Qualified Mortgage Versus Non-QM Mortgage

A qualified mortgage is your everyday mortgage product such as conventional mortgage lending, FHA, VA, and USDA. These mortgage loans are what the
majority of Americans have used to purchase their homes. However, there is an entire realm of NON-QM mortgage lending. With a qualified mortgage, certain risky loan features are not allowed such as interest only, negative amortization, or balloon payments. There are also very strict debt to income and asset requirements for a qualified mortgage loan. Because mortgage guidelines have become so strict since the real estate crash of 2008, many borrowers turn to NON-QM mortgage lending to qualify.

12-Month Bank Statement Mortgages For Self-Employed Borrowers

What are some popular NON-QM mortgage products? Bank statement mortgage lending for self-employed individuals are probably the most popular NON-QM mortgage lending product with Gustan Cho Associates.

We qualify many of our clients with income based on their business-related deposits showing on their bank statements compared to what they claim on their IRS tax returns at the end of the year. Most self-employed individuals utilize tax write offs to minimize how much money they owe the Internal Revenue Service (IRS). This is a common process but will come to bite you in the butt when it is time to qualify for a mortgage loan.

Washington NON-QM Lenders For Owner-Occupant, Second Homes, Investment Properties

If you are a self-employed individual having a hard time qualifying for a mortgage, we strongly suggest you explore your bank statement mortgage options with Gustan Cho Associates.

If you are a self-employed individual having a hard time qualifying for a mortgage, we strongly suggest you explore your bank statement mortgage options with Gustan Cho Associates. We have helped numerous clients qualify for their dream home when other lenders are unable to assist. Recent derogatory credit events. A qualified mortgage will have a hard stop if you have a recent derogatory credit event such as a foreclosure, short sale, or a bankruptcy. The only way around these strict waiting requirements is to utilize a non-qualified mortgage program.

Non-QM Mortgages One Day Out of Bankruptcy And Foreclosure

Gustan Cho Associates have access to programs that will allow you to purchase or refinance a property just one day out of a foreclosure and/or bankruptcy. For more information on mortgages after a derogatory credit event, please call Mike Gracz on 630-659-7644 or send an email to mike@gustancho.com. These programs are becoming more popular as home values continue to rise.

Non-QM and Alternative Mortgages For Foreign Nationals

Foreign national NON-QM mortgage programs. A “foreign national” is defined as an individual who is a citizen of any other country besides the United States. These individuals may have a tough time getting a mortgage loan depending on their immigration status. These programs help non-permanent resident aliens or non-residents living outside the United States purchase (or refinance) a home.

You must prove you are living outside the United States in order to utilize one of these mortgage loans. Typically, we require a 30% down payment and can qualify you based on debt service coverage ratio (DSCR). As long as the rental income produced from the property is higher than total mortgage payment, no further income documentation is required. In order to utilize these programs, you must have an eligible visa such as a B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P1, or P2. Since there are some runoff guidelines on these programs, we suggest reaching out to our team today for more information.

Washington Non-QM Lenders Helping Immigrants Realize The American Dream of Homeownership Become A Reality

Why are these loans so popular in the state of Washington? The state of Washington has a large population of Asian and pacific islanders, who may benefit from some of the programs above. There is also a large percent of the population who is self-employed.

Self-employed individuals can greatly benefit from NON-QM mortgage lending. The population of Washington is growing rapidly. The Seattle area has grown and home prices are soaring. This is creating a spike in the cost of rent as well. Besides the Seattle area, people love Tacoma and Spokane!

State’s Economy and Population Growth Makes Moving To Washington a Hot Spot

Why are so many individuals and families moving to the state of Washington? Many Americans migrated during the COVID-19 coronavirus pandemic. Washington seems to be one of the states growing at a rapid pace. There are numerous reasons behind this. First of all, Washington is one of nine states that does not have state income tax. Taxation is also kind to franchises as well as corporations.

Many large companies such as Starbucks and Amazon were started here in the state of Washington. Washington is the home of three major sports teams. The Seattle Mariners, the Seattle Seahawks, and recently the addition of the Seattle Kraken. The NHL team now plays out of the Climate Pledge Arena which used to host the Seattle Supersonics. This building was renovated with unique architectural methods. Washington has a great culinary scene that ties into the culture. Seafood is plentiful. The music scene has also been strong for decades and brought some iconic rock bands such as Nirvana, Pearl Jam, and Modest Mouse.

History of Washington State

A few fun facts about Washington. There are 10 volcanoes including the legendary mount Saint Helens within the state of Washington.

A few fun facts about Washington. There are 10 volcanoes including the legendary mount Saint Helens within the state of Washington. The tallest mountain is over 14,400 feet tall and is named Mount Rainier. This is the highest point throughout the state. There are many deep lakes throughout the state as estimates show there were over 3000 glaciers in the area during the most recent Ice Age. Lake Chelan has an elevation of 1000 feet above sea level at the surface, but the bottom is 400 feet below sea level. Washington produces more apples than any other state in the Union. Besides apples, they also produce more pears, red raspberries, spearmint, oil, and sweet cherries than any other state.

The Olympic Peninsula is home to a rainforest. This is the only temperate rainforest in the continental United States. This area was traveled by the legendary Louis and Clark. Their explorations of this area started back in October 1805. This area was uncharted and is now home to over 2 million people. This is a great area for agriculture and produces premium wine in the region. If you are a beer drinker, you will be excited to know that 77% of the hops grown in the United States are grown in the Yakima Valley of Washington.

Best Washington Non-QM Lenders For Non-Prime Mortgages

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If you plan to move to the state of Washington or have a property you’re looking to refinance, we encourage you to reach out to Gustan Cho Associates today. Gustan Cho Associates are mortgage brokers licensed in 48 states with over 210 wholesale mortgage lenders. Our team of experts will send you an online mortgage application link and get to work for you.

Over 80% of our borrowers at Gustan Cho Associates are homebuyers denied for a mortgage from other lenders. We are experts qualifying and approving homebuyers with credit scores down to 500 FICO. The team at Gustan Cho Associates available seven days a week to help you with your mortgage needs. The application process is simple, and our award-winning operations team will help get your loan to the finish line in a timely fashion. For more information on mortgage lending in the state of Washington, please call Mike Gracz on 630-659-7644.


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