As one of the leading Non-QM mortgage lenders operating today, HomeXpress Mortgage tailors loan solutions to address Borrowers’ needs. This includes programs for both owner-occupants and Investors. Our Broker partners trust us to properly document and deliver—with speed, ease, and convenience—a loan meeting all regulatory requirements. Consider these Non-QM solutions.
Our InvestorX program offers Non-QM loans with competitive rates for investors seeking to expand their property portfolio. In today’s Airbnb/VRBO rental environment, this popular program has become wildly successful! With recent updates, our InvestorX/DSCR business purpose program has only two ratings required—a housing history on the subject property, and an investor’s primary residence. This eliminates the headache of gathering documents on potentially dozens of properties. To obtain one of these attractive Non-QM loans, a minimum FICO score of 620 is required. We have added Short-Term-Rentals and Condotels to our Investor X product. We now accept short-term gross rents as DSCR income type. In addition, HomeXpress will accept AirDNA Rentalizer and Overview reports for purchase transactions. Learn more about this program by viewing our current InvestorX/DSCR rate sheet.View Rate Sheet
A Business Purpose Program is a loan program designed solely for business income purposes. This type of loan is typically extended to seasoned real estate Investors using non-occupant residential properties (up to four units) for collateral. At HomeX, we call this program InvestorX™.
Business Purpose loans are qualified on rental income (cash flow) from the property by considering the debt service coverage ratio (DSCR), also known as debt coverage ratio (DSCR). Typically, the mortgage payment on the property will be covered by the rent received, which should produce a DSCR score of 0.75 or greater.
Because of their business purpose, it’s important to note these loans are not subject to TRID guidelines. TRID is the merger of both the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), commonly referred to as the “Know Before You Owe” mortgage disclosure rule. Overseen primarily by the Consumer Finance Protection Bureau (CFPB), the required disclosures and specific timing are required for lending to Consumers, not Investors. This is good news for your investor Clients, enabling greater speed to closing. Read more about the HomeX InvestorX Business Purpose Program.
A Bank Statement Program accepts bank statements for income verification, and is especially helpful for self-employed Borrowers lacking the W-2s and check stubs required by conventional loans. Recognizing the self-employed may have more complex income streams, we make our loan decisions on a variety of factors, including cash flow and expenses such as bill and lease payments, during the approval process for our Non-QM loans. Read more about the HomeX Non-QM loan options here.
By contrast, a conventional mortgage loan uses a government underwriting matrix and requires income documentation that could include tax returns, a W2 and paystubs. As a wholesale lender for both Qualified and Non-QM Loans, HomeXpress Mortgage has the flexibility to fund your Clients’ loans with ease.
As a leader in the Non-QM mortgage lending space, HomeXpress Mortgage is a lender known for quality, integrity and innovation. Our knowledgeable team will guide you through the entire process of obtaining a bank statement loan or a business purpose loan. From Underwriting to Senior Management, your HomeX Home Team works together to deliver exceptional service to Borrowers with unique needs. If you’re a Broker, we’d like to meet! Reach out to an Account Executive today at (855) 598-1430.
Our business is built upon responsible lending. If you have been in the business for at least two years as an licensed broker and would like to provide your customers with Non-Qm or bank statement only loans, apply to become a HomeXpress Mortgage approved broker today.Apply Today