Capital Home Mortgage Brownsville

Brownsville Non Qualified Mortgage Loans

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Brownsville Non Qualified Mortgage Mortgage Lender

Brownsville Non-Qualified Mortgage

 As you progress through the home-buying process, you’ll notice that mortgage lenders usually have similar qualification requirements for borrowers. Your application will likely be denied if your income or credit history does not meet the stringent guidelines for conventional mortgage products.

 But just because you were denied a conventional loan doesn’t mean homeownership is out of reach. With our non-qualified mortgage products, Capital Home Mortgage makes homeownership possible for Brownsville borrowers with diverse financial backgrounds.

What is a Non-Qualified Mortgage?

 A non-qualified mortgage is a type of home loan that does not meet the requirements and limitations of conforming mortgages. These loans, also known as non-conforming loans, typically have much lower eligibility requirements in terms of debt-to-income ratios, credit scores, and loan amounts. You don’t even need a 20% down payment, which is required for some conventional mortgages, so you have more chances of obtaining a home loan, even if your financial situation is far from perfect. 

Qualified vs. Non-Qualified Mortgages

 The primary distinction between qualified mortgages and non-qualified mortgages is how closely they adhere (or do not adhere) to consumer protections established by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB) that govern home loan interest rates and fees.

 Non-QM loans use alternative income verification methods, whereas qualified mortgages adhere to strict credit and income verification guidelines. Qualified mortgage lenders must verify that borrowers can repay their loans to protect both parties from overborrowing.

Who Benefits From Non-Qualified Mortgage Loans?

 Non-qualified loans are helpful for people who have found their dream home but were turned down for a home loan because they didn’t meet qualified mortgage standards. If you were denied a traditional home loan, a non-qualified mortgage could provide the financing you need until you can meet the requirements for a conventional loan and refinance.

 A non-qualified mortgage could be worth considering if you belong to one of the following types of borrowers:

  •  Borrowers with less-than-stellar credit
  • Borrowers with a high DTI ratio
  • Self-employed borrowers
  • Small business owners
  • Independent contractors
  • Foreign nationals
  • Retirees
  • Real estate investors 

Getting a conventional loan from a traditional lender is usually complicated if you’re in any of these situations. Without a weekly or monthly paycheck, lenders might ask you for many financial documents to prove your income and capacity to pay before deciding whether to grant you a loan. Worse, if you are self-employed, your application may be turned down immediately, even if you have a good credit score and a long credit history.

We Make Homeownership a Reality.

Capital Home Mortgage’s non-qualified mortgage loan makes it much easier to apply and get approved for a home loan. And because there’s less paperwork for you to comply with, we can process and close your loan faster, too! 

If you think a Brownsville non-qualified mortgage is not for you, our seasoned loan officers can help you sort through alternative mortgage options until you find something that truly meets your needs. 

Are you ready to become a homeowner? Contact us today at (956) 307-3422! 

Why Brownsville is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Brownsville Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Brownsville Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Brownsville Mortgage Rates

Capital Home Mortgage Brownsville is dedicated to offering Great Brownsville Mortgage Rates.

Call now to speak with a Loan Officer or request a no obligation custom rate quote.

Brownsville 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. 

Brownsville 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

Brownsville 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)

Brownsville 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
 

Brownsville 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
 

Brownsville 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)

Brownsville 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

Brownsville 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

Brownsville Texas Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325
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