Mortgage Sector
The contemporary mortgage industry offers a diverse array of loan products designed to accommodate the varied financial needs of borrowers. This spectrum includes:
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1. Traditional Loans: Conforming to standard underwriting criteria.
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2. Non-Traditional Loans: Including non-QM (non-qualified mortgage) options, which provide greater flexibility for borrowers with:
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Irregular income patterns
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Unique financial circumstances
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Profiles that may not align with conventional loan requirements
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Tailored Solutions:
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W2 Employees
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1099 Self-Employed Individuals
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Business Owners
Each loan type presents distinct requirements and advantages, ensuring that borrowers can identify options that closely align with their:
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Specific property acquisition goals
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Individual financial situations
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Income structures
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This comprehensive range of products enhances accessibility to home financing across diverse borrower profiles, facilitating more inclusive property ownership opportunities.
Mortgage Products
BANK STATEMENT LOANS
Bank Statement Mortgages allow self-employed borrowers to submit the income documentation that makes sense for their situation. That means there are no tax return requirements for a self-employed mortgage.
DSCR LOANS
There are no income requirements for DSCR mortgage financing. Instead, lenders use the estimated market rent for an investment property to determine if your expected rental income will cover your monthly loan payments. This is different from a traditional loan option that qualifies you based on employment and debt qualifications.
1099 INCOME LOANS
1099 income loan option is for self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under Agency guidelines. These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership.
FHA
The Federal Housing Administration (FHA) back mortgage loans called FHA Loans. This type of home loan helps borrowers who may be struggling to save a large down payment or build up their credit purchase a home. FHA Loans offer flexible down payment requirements (often as low as 3.5%) and lower credit score requirements (often as low as 580).
CONVENTIONAL
Conventional 30-Year Fixed Rate Home Loans are backed by Fannie Mae and Freddie Mac. They have specific lending guidelines for income documentation and employment verification. There are also a number of 30-Year Mortgage options available for borrowers who are self-employed and may need to submit alternative income documentation.
VA
VA Loans offer veterans, service members, and their families the ability to purchase a home with relaxed guidelines. VA Loans help these borrowers qualify for a low interest rate mortgage without needing a down payment or a perfect credit score.
HELOC
A Home Equity Line of Credit (HELOC) is a loan where you borrow against the equity in your home. It works like a credit card with a set limit, allowing you to borrow, repay, and borrow again. During the initial draw period, you can borrow as needed and usually make interest-only payments. After this period, you enter the repayment phase, paying back both principal and interest. HELOCs typically have variable interest rates.
JUMBO LOANS
Jumbo Mortgages are similar to Conventional Mortgages, but they allow borrowers to finance greater loan amounts compared to Conventional Mortgages. These loan amounts vary between states, on a county level. Generally, the more expensive counties offer higher loan amount limits.
P & L LOANS
Profit & Loss Statement loans tailored for self-employed individuals. These loans allow borrowers to use their business’s Profit & Loss (P&L) statement to qualify, bypassing traditional income verification.
FOREIGN NATIONAL
A Foreign National mortgage loan is a loan done for a borrower that has one of the following visa: B-1, B-2,H-2,H-3, I, J-1, J-2, O-2, P-1, P-2 or resides in a Visa waiver country. Borrower must live and work in foreign country, cannot live or work in the US. The borrower qualifies under a ICF/DSCR program guidelines and qualifies just on how the property cash flows. The foreign national program includes non-owner occupied residences only. Purchase, refinance and cash out transactions.
ITIN MORTGAGE LOANS
Individual Tax Identification Number (ITIN) loans are for borrowers who do not have Social Security numbers. Borrowers with ITIN cards can qualify for a mortgage as long as they meet the eligibility requirements. This loan product offers flexibility for individuals residing in the United States.
ASSET LOANS
​Asset Qualifier loan is for borrower’s to qualify using their liquid assets. does not require employment, income or DTI to justify ability-to-repay. qualification is based on required assets that meet seasoning requirements. It is helpful for clients such as retirees, underserved self-employed, divorced with no income, and other borrowers with required seasoned assets to purchase or refinance. This loan is another solution helping borrowers with their home loan needs who could perhaps not qualify under traditional guidelines.
