Capital Home Mortgage Lubbock

Lubbock Non Qualified Mortgage Loans

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Lubbock Non Qualified Mortgage Mortgage Lender

Non-Qualified Mortgage In Lubbock

A non-qualified mortgage, also known as a Non-QM, is a loan that does not meet the qualifications of a qualified mortgage and relies on non-traditional means of income verification to enable a borrower to obtain a home mortgage. These loans are designed for borrowers who have atypical income eligibility circumstances.

Qualified vs. Non-Qualified Mortgage

Non-QM loans are mortgages that do not meet the Consumer Financial Protection Bureau’s (CFPB) standards for qualifying mortgages. A qualifying mortgage meets the CFPB’s “ability to repay” requirement, which requires lenders to analyze your financial condition and set loan terms that you are likely to be able to repay.

Benefits of Non-Qualified Mortgage

A non-qualified mortgage loan, often known as a “non-QM” loan, is beneficial for several reasons. People who are self-employed, run their own enterprises, or have non-traditional occupations are subject to fewer constraints regarding the documentation of their income compared to those traditional companies employ. In addition, the application process for a non-qualified mortgage is nearly the same for a conventional loan.

Borrowers who have problems qualifying for a conventional loan due to credit worries can bridge the gap with non-QM loans. Some examples are self-employed borrowers, borrowers with non-traditional income sources, and borrowers with unconventional revenue sources. Non-QM loans have underwriting standards that enable the lender to examine your “bigger picture” financial history. This allows the lender to evaluate a borrower’s potential to repay the loan based on a somewhat different set of criteria.

Suppose you cannot qualify for a conventional mortgage but have enough income to make payments on time and regularly. In that case, you may be eligible for a non-qualifying mortgage.

People in these unusual income scenarios may find Non-QM loans a practical option.

  • Self-Employed;
  • Prime borrowers with high debt-to-income ratios;
  • Borrowers with marginal credit but have sufficient income;
  • Borrowers with substantial assets;
  • Real estate investors;
  • Foreign National buyers

Apply for a Non-Qualified Mortgage in Lubbock

If you are concerned about the security of non-qualified mortgages (non-QMs), it is crucial to understand that they are not the same as subprime mortgages. Because we are a direct lender, Capital Home Mortgage manages the entire process, from the application to the final closing. Simply call us at (806) 589-3428 and ask to speak with one of our Mortgage Professionals about the steps you need to do to qualify for a Non-Qualified mortgage.

Why Lubbock is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Exceptional Customer Service

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

Lubbock Mortgage Rates

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

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

Lubbock 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. 

Lubbock 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

Lubbock 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)

Lubbock 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
 

Lubbock 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
 

Lubbock 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)

Lubbock 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

Lubbock 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

Lubbock 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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