Capital Home Mortgage Corpus Christi
Corpus Christi Non Qualified Mortgages
Corpus Christi Non Qualified Mortgage Lender
Corpus Christi Non-Qualified Mortgage
If you’re looking to buy a home in Corpus Christi but are worried that you can’t qualify for a traditional mortgage, a non-qualified mortgage may be worth considering. Qualifying for a mortgage can be difficult, especially with all those stringent requirements regarding credit scores, down payments, debt-to-income ratios, and ability-to-repay rule.
The excellent news is that borrowers who cannot fit the qualifying mortgage criteria can still get a loan through a non-qualified mortgage with Capital Home Mortgage. It’s essential to understand how this type of loan works so you can decide if it is a worthwhile financing option for you.
What is a Non-QM Loan?
A non-qualified mortgage (non-QM) is an alternative mortgage for borrowers who cannot meet standard requirements at the time of application.
A NonQM loan still complies with the standard requirements. The borrower’s qualifications differ from what is required. Hence, lenders will try to justify if the borrower’s qualifications are suitable alternatives to the standard requirements.
Qualification Requirements for Non-QM Loans
Lenders are generally more flexible in accepting different kinds of requirement proofs from borrowers. Those who aren’t satisfied with the presented documents can still ask for more evidence to satisfy the standard requirements. Let’s discuss below the non-QM loan requirements.
Qualifying mortgages often ask for pay stubs, W-2 statements, and tax returns as proof of income. For example, some self-employed borrowers or small businesses don’t have audited financial statements to show as proof of business income. Some borrowers also have income without proper documentation, such as babysitting, house cleaner, rideshare driver, etc.
Non-QM loans fit these kinds of borrowers. However, the lender’s underwriters will still perform a critical review of these requirements. They can either deny it or ask you to provide more evidence of income.
Credit Score and Down Payment
The credit score requirement for non-QM loans varies from one investor to another. Ideally, you must have at least 620, just like in qualifying mortgages. But if it’s lower than 620, lenders can accept a lower score in exchange for higher interest rates to compensate for the risk. However, you can offset the adverse effect of low credit scores with a higher down payment. Giving a large down payment reduces the risk for lenders, and they might reconsider your low credit score. Hence, you should find a lender willing to work with you to find the best deal based on your credit report.
If you have a low down payment, you must be willing to pay private mortgage insurance. That’s why saving enough money for a down payment to skip mortgage insurance is highly recommended.
Get a Non-QM Loan in Corpus Christi
Capital Home Mortgage is a direct mortgage lender providing a comprehensive lineup of home loan programs in Corpus Christi. From prequalification to funding, we handle every aspect of the loan process and ensure that you have all the professional assistance you need at every stage.
That dream home may be yours even if you can’t secure traditional home loans right now. Call us at (361) 724-3166 to learn more about obtaining a non-qualified mortgage in Corpus Christi.
Why Corpus Christi 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
7 Day a Week Support Application to Final Mortgage Payment
Corpus Christi 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
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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.
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- FHA 203K Streamline or full
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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
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- Single Family and Multi-Family
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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
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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
The One Time Close Manufactured Home Loan offer options to purchase your dream home on your own land. Call today to speak to a Loan Officer.
- Purchase the Home and Land Together
- Include the Utilities and Home Setup
- Lock Rate at Contract
- Variety of Loan Programs to Choose From.
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