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Dallas Non Qualified Mortgage Loans

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Dallas Non Qualified Mortgage Mortgage Lender

Dallas Non-Qualified Mortgage

Standard loans impose stringent requirements. Accessing a loan can be tricky since it would be impossible to tick all the loan requirements. An alternative solution for individuals needing mortgage financing is to take a Non-qualified mortgage or non-QM.

Capital Home Mortgage offers non-QM loans to interested applicants in Dallas with unique sources of income or low credit scores. We’ll work with you to find the best loan deal that benefits both parties. Learn more about non-QM loans or contact our home loan specialists today for greater detail.

What is a Non-QM Loan?

A non-QM loan is a mortgage program that doesn’t comply with the standard requirements of a qualified loan. The Feds set minimum requirements for all loans, such as the required credit score and down payment. In a non-QM, borrowers can submit an alternative requirement to replace the minimum requirement.

At Capital Home Mortgage, we still use the minimum requirements set by the Feds, but we give more leeway and flexibility to the borrower. Hence, you’ll need to submit all requirements you can produce, and we’ll review them carefully.

Qualification Requirements for Non-QM Loans

The requirements are similar to standard loans. The only difference is that we might accept an alternative form of documentation for a home loan. We still operate within legal and administrative requirements. We might ask you to provide documents such as W-2 statements, pay stubs, and tax returns. If you’re receiving remittances or alimony, we’ll need to see strong evidence of these sources of income.

Your credit score is much of a factor for non-QM loans. However, credit scores don’t immediately dictate the outcome of the application. We must examine other requirements and exhaust all options before denying the application.

What to Watch Out for in Non-QM Loans

In non-QM loans, there are unique features that you might encounter. First, there are interest-only payments. This kind of feature doesn’t amortize the principal amount of the mortgage. You only pay the interest that accrues and eventually settle the principal amount at maturity. Non-QM loans might also have longer loan terms than usual. It can be 40 or 50 years compared to conventional loans’ most extended 30-year term. Lastly, there might be balloon payments. Under this feature, you’ll pay a more significant amount after the end of an agreed-upon period.

With non-QM loans, expect the lender to impose high-interest rates and upfront fees to compensate for the risk of lending. You can reduce this by providing strong evidence of income source or good credit history.

Apply for a Non-QM Loan in Dallas

Just because you don’t qualify for traditional mortgages doesn’t mean you can’t access home financing when needed. Talk to our mortgage specialists about your non-QM loan in Dallas today. Give us a call at (214) 372-0015 to get started. 

Why Dallas is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Dallas Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Dallas Customer Service

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

Dallas Mortgage Rates

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

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Dallas 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. 

Dallas 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

Dallas 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)

Dallas 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

Dallas 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

Dallas 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)

Dallas 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

Dallas 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

Dallas Texas Mortgage Team

Conor Hayhurst

NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325
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