Bank statement loans
Bank statement loans are sometimes referred to as “self-employment mortgages.” They allow someone to borrow money without the documentation required by traditional lenders, like tax returns and W2s.
Foreign national loans
American citizens looking to purchase a home in the United States can sometimes find it difficult to get approved for a traditional loan. Foreign National Mortgage Loan programs are available from some lenders, and they work like other loans.
Interest only loans
When you take out a traditional loan, the monthly payments that you make go toward both your loan balance and interest costs. If you keep up with interest charges, you will gradually pay down the debt you owe.
Jumbo loans with 5% down
A jumbo mortgage or a jumbo loan is one that exceeds the Federal Housing Finance Agencies’ limits. They cannot be secured by institutions like Freddie Mac or Fannie Mae, which makes them much riskier for lenders to take on.
Asset based loans
An asset-based loan is a business loan that is based on a company's assets, usually inventory and accounts receivable, being used as collateral. You use your current financial revenue as leverage for borrowing.
Recent credit event loans
If you have a recent event that has damaged your credit score, it can be difficult to secure a loan. And even if you can borrow, the interest rate will typically be much higher due to the event.
Top Non-QM Lenders in South Carolina
Unfortunately, not all potential homebuyers have the type of credit rating or history necessary to qualify for a loan. Non-QM lenders offer them a solution to their mortgage issues. Non-QM lenders don’t have the same rigorous standards and regulations that traditional lenders do. Top non-QM lenders can typically find solutions where other mortgage lenders see roadblocks. They offer a variety of loans based on different measures like your assets and your ability to repay, instead of the traditional standards used.
Often, top non-QM lenders can find a mortgage loan to suit your needs quickly, because they don’t require the standard documents. For instance, a bank statement loan only takes your bank statements to qualify. Yes, it really can be that easy! At HomeSpring Mortgage, we offer the best non-traditional loans in the industry. Our mission is to get you approved and into the home of your dreams!
What is a Non-QM Loan? Think you qualify for a loan? Contact us today to find out!
Not everyone has the luxury of a great credit rating or stellar credit history, but that does not mean that you can’t get a mortgage. Non-QM loans are available for people who don’t have the credentials necessary to qualify for traditional loans. What is a non-QM loan? It is a loan based on non-traditional factors like bank statements and assets instead of W-2 forms. Non-QM loans can also be quickly obtained as opposed to traditional ones!
Are you asking, “What is a non-QM loan, and can I qualify for one?” There is a good chance that you absolutely can. Non-QM loans don’t make you jump through hoops or dig through the extensive amount of documentation that is required for traditional loans. At HomeSpring Mortgage, we can find a loan for you, regardless of your credit rating or history. Contact us today!