What rates should I expect and how long will it take to close and what do I need to show for getting approved for Non-QM loan for a house (Sale Price $680 K)

* My Mortgage Scores are 720+

* Last year gross business income $853K

* Business Checking has over $150K

* Self Employed since 2007 running the same company.

Need To Qualify For No Wait Period Mortgage With 10% Down Payment Need Of Refinance To Lower My Monthly Mortgage Before Mortgage Rates Go Higher Fannie Mae and multiple parcels – if contiguous does it matter if they are buildable?

Many real estate investors buy fixer uppers and renovate it. After renovation, investors will either flip it and try to sell it for a profit. Other investors want to keep it as a rental by AirBnB’d or long term rental. However, investors want to take cash out refinance to get the renovation cost back with a DSCR Cash-Out Refinance mortgage loan. The issue you run into is most non-qm wholesale mortgage lenders require a one year seasoning requirement on DSCR Cash-Out Refinance mortgage loans. GCA MORTGAGE Group can help Cash-Out Refinance on DSCR loans with six months seasoning of property ownership. Please contact us at contact@gustancho.com

Here’s an informative article about DSCR loans

http://www.gustancho.com/dscr-mortgage-loans

gustancho.com

DSCR Mortgage Loans: Debt Service Cover Ratio

DSCR Mortgage Loans is underwritten based on the cash flow of the property. Borrower does not have to provide income docs or tax returns

Cameron LeClair just told me about their great rental financing program for first-time real estate investors and Donal Trump wannabees. Cameron is a wholesale account rep at The LENDER. The Lender has creative financing programs on non-QM loans. This month’s special at The Lender is Their No-Doc 25% down payment rental property financing program with no DSCR, no income verification, and no doc. It is like a hard money loan but non-hard money fees and LTV. First-time investors are allowed from $150,000 to $2 million. This month’s special is no points on rate, and only the borrower paid compensation at 1.5%. Contact Cameron LeClair at The LENDER. Here is a blog written by Dale Elenteny on investor cash-flow financing on rental properties:

https://gustancho.com/investor-cash-flow-financing-for-rental-properties/

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Investor Cash-Flow Financing For Rental Properties

Gustan Cho Associates offers the no-doc Investor Cash-Flow Financing For Investment Properties where we just underwrite the rental property

Yes, you can secure a mortgage immediately following a Chapter 13 Bankruptcy. Most lenders will require one tradeline open for 24 months or more, or three tradelines open for 12 months. We do have access to a lender that will allow non-traditional tradelines such as rent history, utilities and subscriptions.

Minimum Loan to value is 70%. The lender will require reserves of 6 months and a credit score over 640. This is a great option for a borrower to get into a home and rebuild. They can refinance into a more traditional product in a few years when they have met the BK seasoning requirement.

Did you know, we can count rental income from an ADU on a DSCR Loan and allow for multiple ADU’s.

Many people like to purchase homes with acreage so they are not close to neighbors. Some homeowners have over 20 acres and are having difficulty getting financing on first or second-mortgage loans. Working on a case now where my client has a home on 81 acres, and there is not a single non-QM wholesale lender that will touch this property due to the large acreage the home sits on. The Veterans Affairs Administration will allow VA loans on large acreage if the property is not a working farm. In this thread, I like to go over financing a home that sits on acreage, what a working farm is, what the definition of a hobby farm is, and the loan options homeowners who want to buy or refinance on a home with acreage have. Luckily, I have a super cool client who is working with me on getting these obstacles answered. I have not yet encountered a single wholesale lender who will finance a first or second mortgage on homes larger than 10 acres.

This topic on non-QM loans after bankruptcy with no waiting period requirements is mainly addressed to Michelle McCue. Michelle, it has been a while since I kept up to date on non-QM guidelines on mortgages after bankruptcy and foreclosure. Do you know the credit score, down payment, credit requirements, and waiting period on non-QM loans after bankruptcy or bankruptcy?

• This discussion was modified 1 year, 11 months ago by  Gustan Cho. Reason: Forgot to check NOTIFY ME BOX
• This discussion was modified 1 year, 11 months ago by  Gustan Cho.
• This discussion was modified 1 year, 11 months ago by  Gustan Cho.

Non-QM loans or Non-Qualified Mortgages are portfolio loans that do not conform to Fannie Mae or Freddie Mac agency mortgage guidelines. Here are examples of non-QM mortgage loans:

How do non-QM mortgage lenders calculate debt-to-income ratio requirements on non-QM loans.

please help me about this

A “No-Ratio DSCR Loan” typically refers to a type of commercial real estate financing that doesn’t require the calculation or consideration of the debt-service coverage ratio (DSCR) for the property being financed. Let’s break down what this means:

1. Debt-Service Coverage Ratio (DSCR): The DSCR is a financial metric used in real estate lending, especially for commercial properties. It represents the property’s ability to generate enough income to cover its debt obligations, primarily the mortgage payments. The DSCR is calculated by dividing the property’s net operating income (NOI) by its total debt service (mortgage payments).

2. No-Ratio: When a loan is referred to as “No-Ratio,” it means that the lender does not consider the DSCR when evaluating the borrower’s eligibility for the loan. This can be beneficial for borrowers who may not meet the traditional DSCR requirements but have other strong financial attributes or unique circumstances that make them creditworthy.

In essence, a No-Ratio DSCR Loan is a type of financing option where the lender focuses less on the property’s income-generating ability and more on other aspects of the borrower’s financial situation, such as their creditworthiness or assets. This can be useful for borrowers who have unconventional income sources or situations that make it challenging to meet traditional DSCR requirements.

It’s worth noting that these types of loans may come with higher interest rates or different terms compared to loans where the DSCR is a critical factor in the lending decision. Additionally, they may be more common in certain niche or specialized lending markets. Borrowers considering such loans should carefully review the terms and assess the overall cost and risk associated with them.

What are barndominiums? Barnominiums seem to be very popular and many homebuyers and second homebuyers are talking about buying barndominiums. One of the most significant negatives of purchasing a Barndominum versus stick built homes is the difficulty in financing. What are the lending guidelines of barndominiums.

Qualifying for a land loan can vary depending on the lender and your financial situation. Land loans are typically riskier for lenders than loans for homes with structures, so the requirements can be stricter. Here are some general steps and factors to consider when trying to qualify for a land loan:

1. Check your credit score: A good credit score is crucial when applying for any type of loan. Lenders often require a higher credit score for land loans compared to other types of loans. Aim for a credit score of at least 700 to increase your chances of approval.

2. Save for a down payment: Lenders usually require a larger down payment for land loans compared to home loans. Expect to put down 20% to 50% of the land’s purchase price. A larger down payment can improve your loan terms and make you a more attractive borrower.

3. Research lenders: Different lenders may have different requirements and terms for land loans. It’s essential to shop around and compare offers from various lenders, including banks, credit unions, and online lenders. Look for one that specializes in land loans or has experience in this area.

4. Demonstrate your ability to repay: Lenders will assess your income, employment stability, and debt-to-income ratio (DTI). They want to ensure you have the financial means to make loan payments on top of your existing financial commitments.

5. Prepare a detailed land plan: Having a well-thought-out plan for the land you want to purchase can be beneficial. Include information about the land’s intended use, any improvements you plan to make, and any potential income the land may generate (e.g., farming, leasing). A solid plan can demonstrate your commitment to the investment.

6. Gather documentation: Be prepared to provide documentation such as tax returns, bank statements, pay stubs, and financial statements. Lenders may request this information to assess your financial stability and ability to repay the loan.

7. Show your land’s viability: Lenders may want to ensure that the land you’re buying is suitable for its intended use and that it has adequate access to utilities and services. Providing information about the land’s condition and potential value can help your case.

8. Be prepared for higher interest rates: Land loans typically come with higher interest rates compared to traditional home mortgages. Make sure you can afford the interest payments along with the principal.

9. Consider a co-signer: If you have difficulty meeting the lender’s requirements on your own, you might consider having a co-signer with a strong credit history and financial stability. A co-signer can help you qualify for a loan or secure better terms.

10. Be patient and persistent: Obtaining a land loan can be more challenging than other types of loans, so be prepared for a potentially lengthy process. Be persistent and work with your lender to address any issues or concerns that may arise during the application process.

Remember that each lender has its own criteria, so it’s essential to discuss your specific situation with potential lenders to understand their requirements and expectations. Consulting with a financial advisor or mortgage broker can also be helpful in finding the right lender and navigating the land loan application process.

Non-QM Mortgage Brokers is a national mortgage broker and correspondent lender licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands. Non-QM Mortgage Brokers is a wholly-owned subsidiary of Gustan Cho Associates, Inc. Gustan Cho Associates, also referred to as GCA Mortgage Group NMLS 2315275 is a dba of NEXA Mortgage, LLC NMLS 1660690, the nation’s largest mortgage broker and correspondent lender with nearly 3,000 licensed mortgage loan originators and equally number of support, operations, and third-party independent contractor service providers. Non-QM Mortgage Brokers specialize in providing mortgage options for individuals who may need to meet the standard lending criteria set by the Consumer Financial Protection Bureau (CFPB). Licensed mortgage loan originators at Non-QM Mortgage Brokers offer more flexible mortgage loans regarding income and credit requirements, which can benefit borrowers such as business owners, self-employed individuals, and gig workers.

Here are some key features of non-QM loans:

Flexible Income Documentation: Borrowers may use alternative methods, such as tax returns, bank statements, or 1099s, to demonstrate their ability to repay the loan.

Higher Debt Limits: Some non-QM loans allow for debt-to-income ratios over 50%, compared to the standard 43%.

No Waiting Period After Bankruptcy: Certain non-QM loans do not require a waiting period after bankruptcy or foreclosure, enabling quicker access to a mortgage.

Higher Down Payment Requirements: Non-QM loans often require a larger down payment, typically between 15% to 20%.

Higher Interest Rates: Due to the increased risk associated with these loans, non-QM mortgages usually come with higher interest rates.

If you’re considering a non-QM loan, it’s important to shop around and compare offers from different lenders to find the best terms for your situation. Remember that while non-QM loans can provide a path to homeownership for those who don’t qualify for traditional mortgages, they also come with higher costs and risks. It’s advisable to consult with a financial advisor or mortgage broker to understand all the implications before proceeding. Non-QM Mortgage Brokers is the nation’s largest mortgage broker of non-qualified mortgages. For more information, visit us at Non-QM Mortgage Brokers, Inc. at

https://www.non-qmmortgagebrokers.com/

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Home - Non-QM Mortgage Brokers

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Need to sign up with wholesale mortgage lenders for government, conventional, and non-QM loans in the United States Virgin Islands. Also, need wholesale commercial lenders and hard money lenders for real estate investors in the United States Virgin Islands. Please contact us at Gustan Cho Associates at 262-627-1965 or text us for a faster response. Or email us at gcho@gustancho.com. We are forecasted to be a one plus billion dollar mortgage lender licensed in 48 states, including Washington, DC, Puerto Rico, and the United States Virgin Islands. We do residential, business, and commercial loans.

The team at Gustan Cho Associates are experts in helping borrowers qualify and get approved for non-qualified no income document mortgages. We can help borrowers without traditional income sources with our no-ratio mortgage programs. A credit score over 660 is required, as well as at least one tradeline open 24 months or more. Down payments and reserve requirements will vary.

Non-QM late payment guidelines are set by individual wholesale lenders. Non-QM loans are portfolio loans and do not have uniform standardized agency mortgage guidelines like qualified mortgages. One non-QM lender can have a certain guidelines while a different lender will not. Only a few wholesale lenders will do non-qm loans for late mortgage payments in the past 12 months. In this FORUM, we will cover non-QM late payment guidelines by non-QM portfolio wholesale lenders.

Real estate investors benefit from using fix and flip loans by getting a mortgage for the cost of the acquisition of the property and the cost of construction all in one loan closing. Once the property has been renovated, the investor will sell it for a profit. Many investors, including novices, can get fix and flip loans and start investing in distressed properties.

Are there any two-to-four unit multifamily non-qm loans with 10% down payment? Bank Statement Loans, DSCR loans, asset-delpetion, or any other alternative lending programs?

Hello Team!

Anthony Fiero is one of our top niche wholesale investors for non-QM primary home, second home, and investment home mortgage loans. However, Anthony Fiero hands down the only wholesale lender we have for hard money loans on primary homes but is limited to California. You can get hard money loans on primary homes in California and Callifornia ONLY. Closing in a matter of days after all paperwork is in. Interest only hard money loans with a five year balloon. Anthony Fiero is an active member of GCA FORUMS and will be the moderator for Non-QM and alternative mortgage loan programs. @AnthonyFierroLendingAnswer

I was told that non-qm lenders require a certain number of credit tradelines that has been seasoned for 12 to 24 months. Can someone tell me the number of seasoned credit tradelines required on non-QM loans. Does authorized user credit cards count? Does non-traditional credit count as a credit tradeline?

Can a mortgage loan officer explain the difference between a warrantable and non-warrantable condominium unit? Also what is the difference between a condominium and a condotel or condo hotel? How can I get financing on non-warrantable, condotel, and warrantable condominium units?

If a mortgage broker is asking for a CPA letter on a non-QM loan for a self-employed borrower on a P and L non-QM loan, what does this mean? What if my accountant is not a Certified Public Accountant but is a professional tax preparer and does tax preparation for me individually and my businesses. Do you need need to be a CPA to do a CPA letter for a mortgage lender on a P and L non-QM loan for self-employed borrower?

I heard there are non-QM loans for self-employed borrowers that do not require federal income tax returns and no income documentation and is called P and L Statement Non-QM loans. How does the the P and L Statement Mortgage Loan program for self-employed borrowers work? I heard that a CPA Letter is required on a P and L statement non-QM mortgage loan? How does that work?