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NON-QM QUESTIONS & FAQ’s FROM AN AE’S POV
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Thanks Cameron LeClair
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4 unit Cash-Out Refinance 60% LTV
730 FICO. CHAPTER 11 bankruptcy discharged 4 months ago. Can you do this. Non-qm bank statement loans
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Hey Gus,
We need 12 months seasoning minimum for all BK’s.
This guideline is new as we used to allow no seasoning with LTV drop-
When the market gets better so will our guidelines on this specifically ~ So maybe next year.
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Can you do bank statement loans for 120 day late due to the client having a stroke and error by Selene servicer.
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Hey Gus,
We would need 12 month seasoning from most recent late – We do not allow 120 day lates for NON-QM
thanks!
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No extenuating circumstances exceptions? Guy had a stroke
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Cameron, the man. Can you please tell us more about your second mortgage non-QM loan programs. Types of second mortgage, rates, credit scores, LTV, and debt-to-income ratio.
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Hey Gus,
Here is some info for ya!
A stand alone or piggyback equity second that allows homeowners to access the equity in their homes without losing their low interest rate firsts.
theSECOND
- Loan Amounts up to $550k
- FICOs starting at 660
- O/O Full Doc max 80% CLTV
- O/O Bank Statements max 80% CLTV
- N/O/O Full Doc max up to 80% CLTV
- N/O/O Bank Statement max up to 75% CLTV
- Max DTI up to 50%
- O/O: Use original appraisal within 12 months and Appraisal Review or New appraisal with AVM is required
- N/O: Use original appraisal within 12 months and Appraisal Review or New 2055 appraisal and appraisal review
- Combined Liens up to $2.5MM
- No Assets required
- Now Allowing 1st lien to have I/O features (Max DTI 45%)
theSECOND+
- Approved in more states
- MAX LTV is 85%-90% with 740+ fico on O/O properties.
- Maximum loan amount up to $500K
- Minimum loan amount to $75K
- No cap on combined loan amounts
- Cash Out up to $500K
- Minimum FICO lowered to 680
- 2<sup>nd</sup> homes allowed to 80%
- Investment transactions allowed to 75%
- Maximum DTI increased to 50% for LTVs ≤ 80%
- AVMs now allowed for loan amounts ≤ $250K
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Hello Everyone,
Some exciting news!!!!
NEW**** OUR GAP BRIDGE PRODUCT WILL BE ALLOWING 5-25 UNITS!
I will provide more info on Monday when it launches!
COMING NEXT WEEK!
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Thanks Cameron
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Great information Cameron. Always appreciate your feedback and advice on the forum.
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Cameron what is the maximum debt to income ratio for second mortgage loans