Non-QM Loans

NON- QM LOAN TYPES

Bank Statement Loans, Hard Money Loans, DSCR Loans

SPECIFICS

No specific loan amount

DOWN PAYMENT REQUIREMENTS

20% down payment (10% with strong credit score) Gifts for down payment is allowed

PRIOR LOAN DEFAULT WAITING PERIODS

Bankruptcy- Chapter 7: 2 years from discharge Bankruptcy- Chapter 13: 2 years from discharge Foreclosure: 2 years from completion date Short Sale: 1 years

Shorter waiting periods maybe considered with extenuating circumstances

CREDIT SCORES

Minimum 620

DEBT TO INCOME RATIOS/ FIXED TERM RATES

DTI up to 49%
Fixed rate terms: 30 years only

MORTGAGE INSURANCE

Not required