These products are generally categorized as Non-QM products. These products do not follow the government sponsored entities like Freddie Mac or Fannie Mae. They are considered non-conforming products that usually start around 80% LTV, even though you might be able to find some exception up to 90% LTV.
These products are alternatives when the borrower is seeking alternative guidelines to income documentation, credit events, and asset requirements. They usually do not carry monthly PMI due to the lower LTV requirement. Interest rates are higher than conforming loans.
We have listed a summary of the eligible factors:
Loan Purposes:
- Purchase
- Refinance Rate/Term
- Refinance Cash Out
Occupancy Types:
- Owner Occupied
- Second Homes
- Non-Owner Occupied
Property Types:
- Single Family Home, PUD, and FHA
- Duplex
- Triplex
- Fourplex
Please select one of the following:
- Bank Statement Loan
- Investor DSCR
- VOE Only/Profit and Loss
This is your resource center, and we need your help to keep this employee center updated. Please feel free to give us your suggestions or report if any item(s) needs updating/correction by clicking on cases link on the right.