![]() Interest-Only LoansĪn interest-only loan means the borrower pays only interest for a set period or the duration of the loan. Assets could include:Īsset-based loans are designed for those who have substantial cash but can’t otherwise qualify for a loan. Asset-Based LoansĪsset-based loans allow you to leverage your assets, such as real estate and investment accounts, to be approved for a home loan. ![]() QM loans require extensive financial documentation such as W-2s, pay stubs, tax returns, etc.īank statement loans are great for business owners and self-employed professionals who may have enough income to qualify but don’t have the documentation to prove it. hash-mark Examples of Non-QM Loansīank statement loans only require a bank statement for approval. But they can also be risky because they don’t have to adhere to the usual standards recommended by the federal government to protect lenders. Non-QM loans can be an alternative for those who would otherwise not qualify for a loan. But a non-QMI loan may also have terms deemed too risky for the GSEs, such as negative amortization or balloon payments. Non-QM loans don’t meet the standards to be classified as QM loans, usually because the borrower can’t verify their income, they have a low credit score, or they have high debt. Following the 2008 Housing Crisis, the Dodd-Frank Bill created what is known as a qualified mortgage (QM) which set the parameters for what the GSEs could and could not insure. Usually, a borrower will get a non-QM loan because they do not meet a traditional loan’s credit and income requirements. Non-qualified mortgages (also known as "Non-QM loans") are mortgage loans that are not backed by a department of the federal government or by the government-sponsored entities Fannie Mae and Freddie Mac. Here is a look at non-QM loans and who they benefit. Non-QM loans offer laxer requirements but may feature higher interest rates and desirable terms than conventional mortgages. Solutions is what they are about.If you don’t meet the qualifications of a traditional mortgage, there is something called a non-QM Loan that you may consider. HomeSpring is the way to go when looking to finance your home. They were professional, communicative, truthful and a company that gets the job done. After dealing with several lenders and their numerous delays I found Chris and HomeSpring. It has been a pleasure to work with all of you! I highly recommend Home Spring Mortgage for all your real estate loan needs, you will not regret it.įirstly, it is a major task to apply for and be approved for a mortgage and when going through that process you want a mortgage lender that understands your specific needs and how to make that a reality. Thank you from the bottom of my heart for all your help in accommodating the loan process to align with my relocation and new job appointment. Whenever I would reach out with a question or had a concern Chris would always return my email or call within 24 hours max. It didn’t stop there Chris was very active in servicing the loan after funding. I want to say thank you to Chris Lathbury and the entire team at HomeSpring Mortgage for being so wonderful and gracious to me during the entire application, underwriting and funding process for the purchase of my home. ![]() What a pain in the butt! Took 3 months, we had to resubmit our financials every month and we had to work hard to get the refinance! Thank God that’s over!! Rest assured I’ll mention Chris Lathbury and HomeSpring Mortgage to anyone I meet who may need you! If you need a reference, feel free to pass on my name and I will sing your praises!! Thanks for all your work and help in making such a potentially stressful process go so well! To underscore your ease of use… we refinanced the house after 6 months with a well-known national bank. Once we found you, the approval process was quick and painless! We had Schumacher Homes build our home and they told me your company was the quickest, easiest to work with and most enjoyable lender they have worked with… They’re nationwide and I believe they built about 200 homes in the Lowcountry last year. ![]() Before you, we went through a multiple-months long, excruciating experience with another lender that didn’t work for us. Another couple weeks and we will have been in our new house 1 full year! What a journey – and thanks to you and HomeSpring it didn’t hurt too much, once I found you! Being Self-employed with some “past credit challenges” put me right into your preferred client range.
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