NON-QUALIFIED & NON-AGENCY MORTGAGE LOANS

The fastest growing segment in the Mortgage Lending Industry in 2018 will be Non-Qualified Mortgages, also known as Non-QM and Non-Agency Mortgage Lending. Non-Qualified Mortgages and Non-Agency Loans guidelines assist borrowers that are unable to find traditional Agency financing or prime lending.

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Non-Qualified or Non-Agency Loan Programs will benefit the following types of borrowers:

Borrowers Experiencing a Recent Negative Credit Event, such as a Bankruptcy, Foreclosure, or Short sale
Borrowers with Less Than Perfect Credit, particularly if Applying for a Jumbo Loan
Self-Employed Borrowers, Unable to Document Income Through a Minimum of Two Years of Tax Returns
Foreign Nationals Without a Valid Residency Status
Investors Owners That Can Use the Cash-Flow to Support the Monthly Mortgage Payment
No Tax Returns
Up To 90% Loan-To-Value With:
12 Months of Personal Bank Statements
24 Months of Business Bank Statements
Credit Scores Starting At 620
Purchase, Rate-Term, and Cash-out
2 Year Waiting Period on Short Sale, Foreclosure, and Bankruptcy
Loans Up To $3 Million
Interest Only Option
Owner-occupied, Second Homes, and Investment Properties
2 Year Self-Employment Required
1 Day Out of Foreclosure, Short Sale, Deed-In-Lieu, or Bankruptcy
Chapter 7 Bankruptcy – No Seasoning Foreclosure Completed
Chapter 13 Bankruptcy – No Seasoning When Paid as Agreed
Up To 85% Loan-To-Value
Up To 50% Debt-To-Income Ratio
Credit Scores as Low As 500
Loan Amounts Up To $1,000,000
Non-Warrantable Condos Accepted
Owner-occupied, Second Homes, and Investment Properties

Up To 90% Loan-To-Value With
1 Day Out of Foreclosure, Short Sale, Deed-In-Lieu, or Bankruptcy
Chapter 7 Bankruptcy – One Day Out of Foreclosure
Chapter 13 Bankruptcy – No Seasoning When Paid as Agreed
Credit Scores Starting At 500
Bank Statements Allowed for Self-Employed Borrowers
Purchase, Rate-Term, and Cash-out
Loans Up To $3 Million
Owner-occupied, Second Homes, and Investment Properties

Up To 80% Loan-To-Value
Up To 50% Debt-To-Income Ratio
Credit Scores as Low As 580
Loan Amounts Up To $2,000,000
Full Document, Bank Statement for Self-Employed Borrowers, Or No Documentation with Investor Cash Flow
No Maximum Properties Financed
Properties Can Be in The Name Of a LLC
Investor Cash Flow:
Qualification Based on Property Cash Flow
No Personal Income Used
Minimum Credit Score of 660
Up To 75% Loan-To-Value
Loan Amounts Up to $1,000,000
Non-U.S. Credit Accepted
No Social Security Number or ITIN Number Required
Up To 75% Loan-To-Value
Up To 50% Debt-To-Income Ratio
Single Family, Townhomes, Condominiums, 2-4 Unit Properties
Loans Up To $750,000
High Net Worth and Significant Assets in Excess of $500,000
No employment, No Income, No Debt-To-Income Ratios
Loans Up To $3,000,0000
Maximum Loan-To-Value: 75%
5 Year Waiting Period on Short Sale, Foreclosure, or Bankruptcy
Chapter 7 Bankruptcy – No Seasoning Foreclosure Completed
Minimum Credit Score: 700
Owner Occupied Purchase Transactions
Borrower Receives Credit for Equity Growth in The Home
Use Appraised Value as Borrower’s Equity Loan-To-Value Based Off Appraised Value Vs. Purchase Sales Price
Loans Up To $3,000,000
Up To 90% Loan-To-Value with no Mortgage Insurance
Renter Is Now Treated as The Home Owner Without Being on Title for Qualification Purposes

Non-QM Lending Vs. Sub-Prime Lending Vs. Traditional Financing or Qualified Mortgages:

Non-Qualified or Non-Agency Loans requires a down payment Vs. Sub-prime loans with Zero Down requirements. While the minimum down payment in many cases for Non-Qualified or Non-QM is 10%; often an average of 20% down is required
Non-Qualified or Non-Agency Loans require a documented ability to re-pay Vs. Sub-prime loan programs offering No Doc Loan or Stated Income Loans
Non-Qualified or Non-Agency Loans are financed through non-government agencies Vs Qualified Mortgages. Non-QM borrowers should anticipate an interest rate premium over loans securitized through FannieMae, FreddieMac, GinnieMae (i.e. FHA, VA, and USDA)
Non-Qualified or Non-Agency Loans borrowers for the most part, generally don’t have bad credit. In fact, average credit scores are in the upper 600 range
Non-Qualified or Non-Agency Loans aren’t high debt-to-income ratio or low-down payment loans. The borrower just doesn’t fit within “Agency Guidelines”

Non-Qualified, Non-QM, and Non-Agency Lending Is Important:

The 2014 “Ability-to-Repay and Qualified Mortgage Rule” issued by the Consumer Financial Protection Bureau (CFPB) established stringent guidelines for which borrowers could qualify for agency loans. These rules shut out as many as 30 million otherwise creditworthy Americans, who may be self-employed, living off non-income assets or had a recent negative credit occurrence
50% of Americans have a credit score below 680, making them ineligible for many loan programs, specifically Agency Jumbo and Investor Laon financing
Relies on “old school” underwriting when making a decision. This means that the Underwriter will consider the background behind a negative credit occurrence and why the negative credit occurrence is unlikely to happen again when making a loan decision
10% of the workforce or almost 15 million Americans are self-employed, without traditional means to establish their income
Often Non-Qualified or Non-Agency Loans are a temporary solution, in which the borrower will be able to obtain an Agency Loan in the near future

Equal Housing OpportunityVirginiaNonQMLoans.com is sponsored by Millennial Home Loans, LLC. Millennial Home Loans, LLC NMLS #1221523; Licensed in Virginia as a Mortgage Lender License by the Department of Labor, Licensing and Regulation #21387, Pennsylvania as a Mortgage Broker License by the Pennsylvania Department of Banking #47955, and in Virginia as a Broker License by the Bureau of Financial Institutions #MC-6731. Copyright © 2018 VirginiaNonQMLoans.com. All Rights Reserved. All mortgage loans are arranged through third (3rd) party providers.