Keywords: No paystub; No W2; No Tax Return; No 4506-T; No DU/LP
Non-QM loans are an alternative to qualified mortgage (QM) loans. More specifically, a Non-QM loan is one that is not required to meet the federal government and Consumer Financial Protection Bureau's (CFPB) guidelines for qualified mortgages.
1. Income Documents:
● Salary Borrower(s): WVOE
● Self-employed Borrower(s): P&L, CPA Letter or; 6 Months bank statements or; 12/24 Bank statements; etc.
2. Asset:
● Down Payment + Closing Cost + 6 months reserves (At least, only for subject property.)
● Gift can be accepted
3. Appraisal Report:
At least one full appraisal report
4. FICO(Credit Score):
Mimimum 620
5. LTV(Loan-to-Value):
Max. 90%
Especially
DSCR Program (Debt Service Coverage Ratio):
1) No borrower employment or income to be included on the application;
2) Not eligible for owner occupied or second home;
3) No DTI ratio, the borrower(s) can only qualify with subject property DSCR ratio (Minimum 1.1);
4) How to calculate DSCR ratio: Subject rental income/ Subject PITIA payment.
Post time: Jan-21-2022