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Beaumont Non Qualified Mortgage Loans

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Beaumont Non Qualified Mortgage Mortgage Lender

Beaumont Non-Qualified Mortgage

Getting pre-qualified for a mortgage may seem daunting, especially with all the stringent eligibility requirements attached to traditional home loan options. 

The good news is there are other home financing options for people who may not qualify for traditional mortgages. These are known as Non-Qualified Mortgages. 

Let Capital Home Mortgage be your guide if you consider a non-qualified mortgage in Beaumont. 

What Is a Non-Qualified Mortgage?

Non-Qualified Mortgage (Non-QM) is a mortgage loan that does not require the borrower to meet traditional creditworthiness or employment history standards. This type of loan is tagged as a non-conforming loan as it is not subject to the rules set by the government. Instead, the lender sets the guidelines for this type of mortgage.

Non-QMs are available through private lenders. This mortgage is a good option for those who do not meet the standards for a conventional loan but still want to purchase a home.

If you are after a loan’s versatility, a non-qualified mortgage might be the best choice. You can qualify for a higher loan and are only required to provide a minimum down payment. You also don’t have to be worried about your credit score, as this type of loan is flexible when it comes to this factor. On the contrary, the flexibility that Non-QM offers might come with more expensive and higher interest rates and fees.

Qualification Requirements of Non-QM Loans

Non-qualified loans have more relaxed requirements than traditional ones. However, you should still expect to provide documentation similar in nature and quality as required for other types of finance applications. Since these less complicated financing options are tailored towards unusual or applicants with challenged credit profiles, they may ask for detailed information about your life that would not otherwise be necessary if applying through a typical lender.

Generally, we require our applicants to possess the following requirements for a Beaumont Non-QM loan:

  • A higher FICO score, preferably at least 620. Compared with FHA loans that only require a 500 minimum credit score, you need a somewhat better score to qualify for an NQM.
  • Purchase price down payment of up to 10% to 20%. This is higher than necessary for an FHA loan (10%), and it will be challenging to come up with if you have savings.
  • A higher DTI of 50% or more. Other mortgages require a DTI between 36% to 43%, but for an NQM, a higher debt load is acceptable. If you have a DTI of 50% or more, most lenders require that your payments be manually calculated to ensure they fit within your budget.
  • Stable employment. You don’t need to have the same job for years or work at a big company, but we will require proof that you have been steadily employed.
  • Proof of income. We need tax returns, W-2s, and 1099 forms to verify your income. If you are self-employed, we will require additional documentation, such as profit and loss statements.

Get a Non-QM Loan in Beaumont

If you’re looking for a mortgage product in Beaumont that is more flexible than an FHA or VA loan but still offers excellent protection and stability — Capital Home Mortgage is here for you. We specialize in non-qualified mortgage loans and can help you find the right financing for your unique situation.

Give us a call at (409) 242-5530 today to go over your options. We look forward to providing your next Non-QM loan in Beaumont. 

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Beaumont EZ A+ Loans

Non Qualified Mortgage Loans can be used to purchase primary, secondary, and investment properties.

Non QM loans differ from other types of mortgage loans by allowing for different sources of income to be used for qualifying. Non QM mortgages also allow for shorter waiting periods for bankruptcy, foreclosures and short sales and typically allows for unique properties like no warrantable condo’s or condo hotels.

Non Qualified Mortgage loans usually require less documentation than Conventional Home Loans, VA Home Loans, FHA Home Loans, or USDA Home Loans which makes for easier qualifying. Subsequently, Non Qualified Mortgage rates are higher due to limited documentation requirements. 

Non Qualified Mortgages are back by private investment and programs change frequently based on market demands. 

Examples of NON QM programs are Bank Statement Only,  Debt Service Coverage Loans, Foreign National Programs.

For more information on a specific area please contact one of our licensed loan officers. 

Beaumont EZ FLex+ Loans

  • Max loan amount $2.5M
  • Min FICO 580
  • Purchase and refinance allowed
  • Financing up to 90%
  • DTI allowable up to 50%
  • No Mortgage Insurance
  • Reduced waiting period for Bankruptcy, Foreclosure, Short Sale and Deed in Lieu
  • No Tax Returns for Self Employed Borrowers,
  • Qualify with only Bank Statements
  • Eligible Properties: 1–4-unit property, PUD,
  • Warrantable & Non-Warrantable Condo & Townhomes
  • Interest-only option available
  • All occupancy types allowed
  • Non-permanent resident eligible
  • No cash limit for cash-out
  • Min reserves 3 months
  • No second appraisal for loan amount up to $1.5M
  • DACA Borrowers allowed

Beaumont We Make It EZ Loans

No Tax Returns, W2s or Paystubs | Qualify with Three Months Business Bank Statement

  • 12 months CPA prepared P&L statement
  • Max loan amount: $1.5M
  • Min credit score: 680
  • Max LTV: 80% for primary and second home; 75% for investment property
  • Interest-only OK
  • NonWarrantable condo OK
  • First time homebuyer OK
  • For purchase transactions, 20% cash is required from the borrower (25% in case of investment property)

Beaumont Bank Statement Loans

  • 12 or 24 months Personal / Business Bank Statements
  • Max Loan Amount $3.5M
  • Min FICO 580
  • Max DTI 50%
  • Max LTV 90%
  • Only Self-employed Borrowers Eligible
  • All Occupancy Allowed
  • Purchase and Refinance Allowed
  • Interest-only Feature Available
  • Non-Warrantable Condo OK
 

Beaumont Salaried Borrowers Loans

  • Qualify with only written VOE
  • Max loan amount $3.0M
  • Min credit score 660
  • Max LTV 80%
  • Primary and second home OK
  • First time homebuyer OK
  • Non-warrantable condo OK
  • Interest-only OK
 

Beaumont Debt Service Coverage Loans

  • Loan amounts up to $3 million
  • Interest only option available
  • Maximum Loan-to-Value (LTV): Up to 80%
  • 1-4 unit property, PUD, Warrantable & Non-Warrantable Condo are eligible
  • No DTI requirement
  • No Mortgage Insurance
  • Minimum FICO score of 600
  • Maximum Cash Back: LTV ≥ 65%: $500,000 / LTV < 65%: $1,000,000
  • LLC, S-Corporation
  • Partnership eligible
  • DACA Borrowers allowed
  • Non-Warrantable condo property must meet specific eligibility criteria
  • Investment Property for Business
  • 24 month wait for: Bankruptcy, Foreclosure, Short Sale, Deed in Lieu
  • Manual Underwriting is only allowed
  • (DSCR) must be => 0.75 Debt Service Coverage Ratio – Income determined by subject property (Lease agreement, Form 1007)

Beaumont Foreign National Loans

  • Max loan amount $2M
  • Min FICO 680 or Foreign Credit
  • Purchase and Refinance allowed
  • Max LTV: 75% for 680+ FICO
  • 70% for Foreign Credit
  • Second Home and Investment Occupancy OK
  • Max DTI: 50% for Standard Income Documentation
  • 43% for Asset Utilization
  • Asset Depletion Option Available
  • Cash back up to $500,000 for Cash-out Refinance
  • Interest-only option available
  • No second appraisal for loan amount up to $1.5M
  • Cash-out permitted for Reserves
  • 36 months waiting period for Derogatory Credit Event

Beaumont ITIN Loans

  • Allowed for Primary Residence & Second Home
  • Purchase and Refinance option available
  • Primary Borrower can only qualify with an ITIN
  • Max LTV 80%*
  • Max DTI 50%
  • Max Loan Amount $1,000,000
  • Min Loan Amount $75,000
  • Min FICO: 620 (640 for Cash Out Refi) Credit report run under TransUnion
  • Only4 Years Waiting Period for Derogatory Credit Event
  • Minimum Tradeline: 2 open or active Tradeline with a minimum of 18 months history or 3 open or active tradelines with a minimum of 12 months history

Beaumont Texas Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325
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