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Non-Qualified Mortgage

For the non-traditional income.

The Lowdown

The Non-Qualified loan is designed to help you qualify for a home loan via non-traditional methods of verifying your income. If the circumstances of your income are unique, your loan can be too. Here are some of the ways to qualify for this loan:

Bank Statement Loans
  • Loans up to $3 Million and minimum loan of $150,000
  • Rates are 30-year fixed (40-year fixed interest only available)
  • Purchase, cash-out or rate-term refinance
  • 1099 option is also available
  • Owner-occupied, second homes, and non-owner occupied (Non-warrantable condos allowed)
  • 640+ FICO Credit score required
  • 90% Loan to Value (LTV) no Mortgage Insurance (MI)
  • 12 or 24 months business or personal bank statements
  • Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Two years self-employed required
  • Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements
  • Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor).
1099 Income Loan
  • Loans up to $3 Million and minimum loan of $150,000
  • Purchase and cash-out or rate-term refinance
  • Owner-occupied, second homes, and non-owner occupied homes (Non-warrantable condos are allowed)
  • Max Loan to Value (LTV) of 90% with a FICO Score of 700+
  • Max Loan to Value (LTV) of 80% with a FICO Score of 640-700
  • No tax returns are required
  • Most recent one or two years 1099 plus year-to-date earning statement allowed
  • Year-to-date earnings are verified from earning statement, paystubs, or bank statements
  • 1099s must be from a single employer
  • Borrower must be self-employed or working for the same employer for two years
  • Four years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu
Investor Cash Flow - No Income
  • Loans up to $1.5 Million and minimum loan of $75,000 (40-year fixed interest only available)
  • Purchase and cash-out or rate-term refinance
  • No personal income or employment information required
  • Qualification based on property cash flow (minimum Debt to Service Coverage Ratio (DSCR) of 1.0)
  • No Debt Service Coverage Ratio (DSCR) needed with a minimum FICO Score of 700 and a max Loan to Value (LTV) of 75%
  • Properties can be in a LLC’s name
  • No limit on total number of properties
  • Non-warrantable condos are allowed
Asset Qualifier
  • Loans up to $3 Million and minimum loan of $250,000
  • Rates are 30-year fixed
  • Interest only program is available
  • Primary residence, purchase, refinance, and non-warrantable condos allowed
  • No employment, no income, no DTI
  • Required assets: Loan amount, recurring monthly debt multiplied by 60 months, funds to close, and six months reserves
  • Borrowers must have at least $500,000 in post-closing assets
  • All assets must be sourced and seasoned for a minimum of six months
Portfolio Select
  • Loans up to $2.5 Million (40-year fixed interest only available)
  • Purchase, cash-out, or rate-term refinance options
  • For: Owner-occupied homes, second homes, investment properties, and non-warrantable condos
  • Gift funds are allowed
  • Up to 50% debt-to-income ratio (DTI)
  • One year seasoning for foreclosure, short sale, or deed-in-lieu
  • Two years seasoning for bankruptcy

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