Capital Home Mortgage Amarillo

Amarillo Non Qualified Mortgages

Amarillo Non Qualified Mortgage Lender

Amarillo Non-Qualified Mortgage

If you find a home you love but your borrower profile doesn’t fit into the standard mortgage qualification guidelines, you might still be able to access the funding you need with a non-qualified mortgage program. 

These non-qualified mortgages can help borrowers with less-than-perfect credit, or income get the necessary financing.

At Capital Home Mortgage, we want to help you find the perfect mortgage for your unique circumstances, such as if you are self-employed, have a higher debt-to-income ratio, or have been through a recent bankruptcy or foreclosure.

What Is a Non-QM?

A non-qualified mortgage, also known as a non-QM loan or a non-conforming loan, is a mortgage that does not meet the standards of a qualified mortgage. A qualified mortgage follows specific rules set by the government, such as the Ability-to-Repay Rule, which states that lenders must make sure borrowers can afford the loan before approving them. Non-qualified mortgages, on the other hand, are not subject to these same rules.

Non-qualified mortgages may be more flexible regarding credit score requirements, down payment size, and other factors. However, this also means they may be more expensive, with higher interest rates and fees.

Qualification Requirements of Non-QM Loans

While non-qualified loans have flexible requirements, you should expect to provide documentation similar to what would be requested for a traditional loan. Since these types of loans can take applicants with uncommon situations and credit backgrounds, lenders may request more extensive information than they would otherwise need if applying through the bank or other typical lenders.

Here are a few essential qualification requirements you will need to meet to get approved for a non-QM loan.

     – Credit Score and Down Payment

FHA home loans typically require credit scores as low as 500, provided borrowers pay 10% as a down payment. On the other hand, for non-QM loans, you will need a higher FICO score, at least 620. While negotiating the down payment of the purchase price for up to 10 to 20% or even more is feasible, it still depends on extenuating circumstances.

     – Debt-to-Income Ratio

Most standard loans require borrowers to have a debt-to-income ratio between 36% to 43% to be eligible for a mortgage. In contrast, non-QM lenders sometimes allow a higher DTI of 50% or more. The DTI on non-QM varies, with some going up to 50% and others having a ceiling of 45% or less.

     – Income Documentation Requirements

Another critical factor in qualifying for a mortgage is proving your income. This can be more difficult for self-employed or earning a commission. Traditional lenders often require two years of tax returns and other documentation to verify your income. Some non-QM lenders require one year of tax returns or an alternate form of documentation.

Lenders will look at your employment history and stability when considering you for a loan. They want you to have a steady income and a good employment history. If you have had job changes or gaps in employment, you will need to explain them. Be prepared to provide documentation such as a leave of absence or medical leave.

Get a Non-QM Loan in Amarillo

If you are interested in getting a non-QM loan in Amarillo, Capital Home Mortgage can help. We specialize in non-qualified mortgages and have a team of experts who can help you through the process. We understand the traditional mortgage box doesn’t work for everyone, and we are here to help you get the financing you need.

Contact us at (806) 589-3428 to learn more about our non-qualified mortgage options.

Why Amarillo HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Amarillo Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Texas renovation home loans

Looking to Rehab a Texas Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Texas FHA Home Loans

Great for 1st Time Texas Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Texas VA Home Loans

100% Financing for Texas Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Texas Conventional Home Loans

Flexibility for Texas Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Texas Jumbo Home Loans

Texas Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Texas USDA Home Loans

100% Rural Texas Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Texas Native American Home Loans

Texas HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Texas Manufactured Home Loans

Great Alternative Texas Housing

Texas reverse mortgages

Your Texas Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Texas Non QM Home Loans

Making Texas Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Texas One Time Close mortgages

Build Your Texas Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Texas Refinance Mortgage Loans

Texas Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Texas Cash-out Home mortgages

Texas Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Amarillo Texas Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Amarillo Mortgage Company Reviews

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