Alternative Loans

Alternative Loans (Non-QM)

These mortgage loans are non-traditional programs that are not subject to the standard Fannie Mae and Freddie Mac lending guidelines. They allow borrowers more flexible loan terms regarding down payment, income documentation and down payment guidelines to help borrowers obtain a mortgage loan. Non U.S. citizens and Foreign Nationals and Self Employed borrowers could greatly benefit from them. These loans typically require a larger down payment and come with higher interest rates, fees, and some allow little to no credit history. Call or email us for rate quotes.

Programs:

  • Bank Statement Loans
    • 10% Down Primary Residence 680 credit score
    • 20% Down Rental property 680 credit score
    • 12 to 24 months of personal or business bank statements
    • Self Employed borrower only
    • Average all deposits over a 12 or 24 month period
    • 12 months personal bank statements: 100% of personal deposits are averaged
    • 24 months business bank statements: 60% of business deposits are averaged
    • No tax returns required
    • 2 years self-employment required

  • Foreign National: Non US Citizen living outside the USA
    o 30% down payment required
    o No credit history required
    o 2nd Homes and Rentals okay with additional down payment

  • H1B Visa buyer:
    o Primary Residence
    o Available 1st month on the job
    o No credit history required
    o No waiting to establish credit
    o 20% Down

  • 1 Day out of Bankruptcy:
    o 15% Down payment with 640+ credit score
    o 30% Down payment with 580+ credit score
    o US Citizens only
    o Primary residence

  • Hard Money Investment Property:
    o Loan terms: 30 due in 5 balloon or 2 year interest only.
    o 25% Down 650+ score
    - No BK or FC last 2 years
    - Refinance to 70% of home value
    o Bankruptcy Bailout / Foreclosure Bailout
    - Below 500 Score Ok
    - 45% Down payment
    o 1 Day from BK or FC
    - 30 to 35% Down payment
    - 500+score

  • Bridge Loans

  • Condotel Loans: see condotel program guidelines

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