Is Non-QM Lending About to Take Off? Currently, non-QM lending is in the early stages, and I’d say lenders are owner occupied investment property loans dipping their toes in the non-QM loan pool at the moment.
However, a number of them have already pledged to continue making interest-only loans, which are now banned under QM. Interest-only loans appear to be the most common non-QM loan type at the moment, mainly because lenders were already making them before QM rolled out. Instead of selling them off, they’ll probably be kept on the banks’ books going forward. This means more stringent underwriting guidelines, including higher FICO score requirements and potentially lower LTV limits.
Who Offers Stated Income and Alt-Doc Loans? Who Offers Mortgages with 40-Year Terms? Florida, including non-QM loans, bank statement programs, stated income programs, jumbos, and much more. Mortgage offers a variety of unique loan programs including no doc on an investment property and a second chance purchase program for those who experienced a recent hardship. 5 million and an interest-only option. 1 million, and non-warrantable condos are okay. Their investor program allows a maximum of 20 financed properties.
There are also options for borrowers who have filed bankruptcy or experienced foreclosure in the past year. QM product that allows alternate sources of income to qualify. They also have special programs for non-warrantable condos and foreign nationals. 5 million and credit scores down to 500. LTV with no MI, recent credit events are OK, and they lend on non-warrantable condos.
3 million and fairly high LTV ratios as well. They offer stated income loans via the wholesale channel to foreign nationals on all types of properties including condotels, non-warrantable condos, and rural properties. Recently added non-QM second mortgages as well. Civic Financial Services LLC offers a variety of non-QM loan programs geared toward investors such as stated income, interest-only payments, and no minimum FICO score requirement. Commerce Home Mortgage is a wholesale lender that offers jumbo non-QM loans including DTIs as high as 49.