Why Entrepreneurs Benefit From Using Bank Statement Loans
According to Legal Zoom, there are 31 million entrepreneurs in the U.S. Unfortunately, self-employed borrowers looking to purchase a primary, second home, or investment property face varying challenges when trying to obtain a mortgage with conventional lenders. Traditional lenders often turn down good borrowers despite their ability to afford the monthly housing costs. For this […]
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Low Rates Non-QM Loans
In March 2020, the US was crippled with a slowing economy caused by a virus unknown to Americans or the rest of the world at that time. Jerome Powel, Chair of the Federal Reserve, used Quantitative Easing as a tool to inject money into the economy in order to stimulate consumer spending. Injecting money into […]
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How young professionals are becoming homeowners with Non-QM loans.
How young professionals are stepping into homeownership despite having student loans A recent trend shows that young professionals from ages 25 to 35 are delaying homeownership. Why? The most common answer is increasing student loan debt. This debt often excludes young professionals from homeownership due to conventional underwriting guidelines that impose debt-to-income restrictions they cannot […]
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Increase Your Pipeline with Non-QM Business Purpose Loan Options!
As market supply shrinks and rates become more favorable, many mortgage brokers are starting to feel the pinch. It’s a competitive market. Some brokers are finding they’ve got fewer potential deals in their pipeline. A great way to attract more borrowers is by offering Non-QM business purpose loan options. If you haven’t yet funded a […]
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Who Should Take Out Non-QM Loans?
Buying a home is a big deal. For some, it’s the fulfillment of a lifelong dream. Many of those who don’t have traditional income might feel like getting a mortgage loan. Luckily, there are options for those who don’t qualify for the standard, qualified loan. Non-qualified mortgages are getting more attention and overcoming a bad […]
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7 Terms to Understand When Taking Out a Non-QM Loan
As you may have found while looking for mortgage lenders in your area, some homebuyers don’t fall into the standard box for mortgage lenders. This can be for a variety of reasons, ranging from credit to income, and more. Potential homebuyers may even assume that they can’t even get a loan because they don’t know […]
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Are Nonqualified Mortgages The Same as Subprime?
Subprime mortgages first gained popularity in the early 2000s. However, there’s a new type of mortgage loan out there building upon the success of subprimes. Non-qualified mortgages are not subprime, but they are similar as they do not conform to the typical underwriting guidelines of qualified mortgages. Non-qualified mortgages are a confusing topic for a […]
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Self-employed? You May Still Qualify for a Non-QM Loan
Many Americans know how difficult it is to buy a home. This is especially true if you are self-employed. Little-known fact: for most lenders to give a self-employed individual a home loan, the borrower will need to prove at least two years of self-employment. Often, the typical mortgage loans are not designed for the self-employed, […]
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Can You Make a Mortgage Payment With Your Credit Card?
You pay all of your other bills with your credit card, so it makes sense to assume that you can pay your mortgage with a credit card. However, it can be difficult to find companies that will accept debt-for-debt payments. Whether you are allowed to pay your mortgage with a credit card will depend on […]
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Characteristics of Today’s Non-QM Mortgages
Non-qualified mortgage loans, loans that don’t meet the standard criteria for qualified mortgages, are becoming more popular. Many potential home buyers do not conform to the standard workweek and paycheck and thus appear risker to traditional lenders. Non-QM loans allow for greater flexibility in determining which borrowers are worth the risk. Who uses a […]
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