Capital Home Mortgage Odessa

Odessa Non Qualified Mortgage Loans

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Odessa Non Qualified Mortgage Mortgage Lender

Odessa Non-Qualified Mortgage

Most mortgage lenders have a similar list of requirements for borrowers. Your application will likely be denied if your income or credit history does not satisfy the stringent requirements for conventional mortgage products. 

But just because you don’t qualify for a conventional loan doesn’t mean you can’t own a home. Capital Home Mortgage makes homeownership possible for Odessa borrowers from diverse financial backgrounds with our non-qualified mortgage products. Contact us today to learn more!

Understanding Non-Qualified Mortgages

To put it simply, a non-qualified mortgage is a home loan that does not adhere to the standards set by conforming mortgages. Also known as “non-conforming loans,” this financing option has much more lenient standards for qualification in terms of debt-to-income ratios, credit scores, and maximum loan amounts. You can get a mortgage even if your credit isn’t perfect because you don’t have to come up with a 20% down payment, as is necessary with conventional loans.

Qualified vs. Non-Qualified Mortgages

The main difference between a qualified mortgage and a non-qualified mortgage is how strictly it follows (or does not follow) the rules for home loan interest rates and fees set by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB).

In a QM loan, lenders follow stringent credit and income verification guidelines to verify the borrower’s ability to repay the loans to protect both parties from overborrowing. Non-QM loans, however, use creative approaches to verifying income.  

Who Can Benefit From Non-Qm Loans?

If you’ve found the house of your dreams but been turned down for a mortgage because you don’t meet qualified mortgage standards, a non-qualified loan may be the solution. A non-qualified mortgage can serve as temporary financing until you can meet the requirements for a conventional loan and refinance. 

If you fit into one of these categories of borrowers, a non-qualified mortgage might be right for you:

– 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 

You may find obtaining a loan from a conventional financial institution challenging if you are in any of the above categories. If you don’t get paid regularly, you may need to provide numerous financial documents to lenders before they decide whether to give you a loan. To make matters worse, having a high credit score and a lengthy credit history may not save an application from being denied outright if the applicant is self-employed.

Apply For a Non-Qualified Mortgage In Odessa

Capital Home Mortgage’s non-qualified mortgage products make the home loan process a breeze. Since there is less documentation for you to complete, we can move swiftly through the loan application and close the mortgage sooner! 

Just in case you’re not sold on a non-qualified mortgage,  our loan officers can help you explore alternative mortgage options and find the right one for you.

Contact us for more information about home loan products by calling (432) 218-4828.

Why Odessa is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Odessa Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Odessa Customer Service

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

Odessa Mortgage Rates

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

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

Odessa 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. 

Odessa 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

Odessa 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)

Odessa 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
 

Odessa 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
 

Odessa 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)

Odessa 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

Odessa 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

Odessa 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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