Non-QM - Sparkman Lending

Searching for a Non-QM mortgage that fits you?

Loans up to $3 million with a minimum 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.)

Loans up to $3 million and minimum loan amount 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 working for the same employer for two years
Four years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu

Loans up to $1.5 million and a 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

Loans up to $3 million, 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
Five years seasoning foreclosure, short sale or bankruptcy
Required assets: Loan amount, recurring monthly debt multiplied by 60 months, funds to close and six months reserves

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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