Capital Home Mortgage Killeen

Killeen Non Qualified Mortgage Loans

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Killeen Non Qualified Mortgage Mortgage Lender

Killeen Non-Qualified Mortgage

With government policies influencing mortgages, not all Americans can fit into the basic requirements imposed in most lending institutions. The complexity involved in the application process may render some applicants ineligible or rejected. If all other options have been exhausted, get a non-QM loan.

At Capital Home Mortgage, we help our clients get the best mortgage loan for their needs. Before we jump into non-QM loans, our loan officers will try to find alternative products that might match your current financial situation. If we think you’re not fit for qualified loan programs, we’ll consider non-QM loans to help. 

What is a Non-QM?

A non-qualified mortgage is a loan that doesn’t conform to the standard requirements of a qualified loan. The Feds set minimum borrower requirements to regulate mortgage agreements in the US, and lending institutions increase minimum requirements to reduce lending risk. But since some borrowers don’t meet standard requirements, lending institutions like Capital Home Mortgage offer alternative mortgage programs to make financing more accessible to Americans.

Qualification Requirements of Non-QM Loans

Requirements for a non-QM loan are the same as standard requirements. All Non-QM loans are subject to investor guidelines. In qualified mortgages, lenders are bound to follow Federal requirements, but Non-Qualified Mortgages may use alternative documentation methods. 

  • Employment and Sources of Income

Some borrowers are still recovering from financial downfall, and a non-QM loan may help improve their credit score.

  • Credit History and Score

There is no fixed credit score for Non-QM loans. Even if we follow the standard 580, most investors will require a higher credit score to qualify for Non-QM loans. Your credit score will dictate your application and interest rates. A lower score is risky, and lenders would reject it or put in a high-interest rate. 

  • Debt-to-income Ratio

Your debt-to-income ratio must be below 40% to increase your chances of approval. We don’t have a fixed DTI ratio cut-off, but we weigh in on the different factors of your application. To make your application more appealing, we recommend paying off short-term debts to reduce the DTI or delaying your application until you settle a previous loan.

Apply for a Non-QM in Killeen 

Capital Home Mortgage offers Killeen non-QM loans to help some borrowers access financing. Our direct mortgage lending process enables us to process your application and help you find the best mortgage product. Call our professional loan officers in Killeen at (254) 213-7343 for more information.

Why Killeen is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Killeen Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Killeen Customer Service

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

Killeen Mortgage Rates

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

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

Killeen 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. 

Killeen 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

Killeen 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)

Killeen 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
 

Killeen 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
 

Killeen 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)

Killeen 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

Killeen 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

Killeen 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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