Keywords:
No paystub; No W2; No Tax Return; No 4506-T; No DU/LP
Non-QM loans are an alternative to qualified mortgage (QM) loans. More specifically, a Non-QM loan is one that is not required to meet the federal government and Consumer Financial Protection Bureau's (CFPB) guidelines for qualified mortgages.
Income Documents:
Salary Borrower(s): WVOE
Self-employed Borrower(s): P&L, CPA Letter or; 6 Months bank statements or; 12/24 Bank statements; etc.
Asset:
1) Down Payment + Closing Cost + 6 months reserves (At least, only for subject property.)
2) Gift can be acceptable for reserves (Only few investors cannot permit)
Appraisal Report:
At least one full appraisal report
FICO(Credit Score):
Mimimum 620
LTV(Loan-to-Value):
Maximum 90%
Especially:
DSCR Program (Debt Service Coverage Ratio):
1) No borrower employment or income to be included on the application；
2) Not eligible for owner occupied or second home；
3) No DTI ratio, the borrower(s) can only qualify with subject property DSCR ratio (Minimum 1.1);
4) How to calculate DSCR ratio: Subject rental income/ Subject PITIA payment
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