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:

  • Self Employed-Primary Residence
    o 10% Down
    - No tax returns
    - 600 Credit Score
    - 12 to 24 Month Bank Statements
    • Average deposits to calculate monthly income

    o 25% Down
    - No tax returns
    - 650 Credit Score
    - 1 month bank statement
    - Refinance: 30% Equity in home
    - Credit Last 5 years:
    • No bankruptcy
    • No charge offs or judgements
    • No foreclosures or short sales

  • Self Employed-Rental Property
    o 30% Down 550 credit score (income required)
    o 30% Down 600 credit score (no income verification)
    o 25% Down 640 credit score (no income verification)
    o No Tax Returns
    o Cash out refinance to 75% with 640 credit score
    o All property types 1 to 4 units

  • 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

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