- Available on a 5/1 ARM with an Interest Only option available
- Purchase, Rate and Term & Cash Out transaction types
- Primary, Second home & Investment properties
- Loan amounts up to $2 million
- 680 minimum credit score
- Up to 50% DTI
- No seasoning requirements for refinances: Rate/Term & Cash Out
- Documentation types include 12 & 24 month bank statements, asset depletion, 1 or 2 years full doc & 1099 option
- Bank statement and 1099 on all occupancy types
- First time home buyers allowed on all documentation types
- Asset depletion may be used on a stand-alone basis or in combination w/all documentation types
- 12 month seasoning from major credit event
- Borrowers are allowed up to 15 financed properties including subject – unlimited properties if purchasing primary residence
- Gift funds are allowed
The Lowdown on Non-QM Loans Rate Mortgage...
Do I Qualify?
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.