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San Antonio Non Qualified Mortgage Mortgage Lender

San Antonio Non-Qualified Mortgage Loans

Banks and lending institutions impose different requirements for loans, many of which might be difficult for the average American to obtain. On top of that, lenders can still charge overlays, making it even harder to access home loans. 

Suppose your current financial background doesn’t fit the eligibility requirements for traditional loans. In that case, you may be able to obtain the financing you need with a non-qualified (non-QM) mortgage instead. 

At Capital Home Mortgage, we offer non-QM loans to borrowers in San Antonio. This type of mortgage is an excellent source of financing for those with different employment characteristics or income-earning capabilities.

What is a Non-QM Loan?

Unlike conventional and FHA loans, a non-qualified mortgage loan is a non-traditional loan. These loans don’t comply with the minimum requirements set by the Feds. However, lenders often pattern their qualifications with standard loan requirements but modify some of them to match the kind of loan product. 

Non-QM loans are loans for borrowers with hard-to-verify income or those with unique credit issues.

Qualification Requirements for Non-QM Loans

Requirements are flexible for non-QM loans but can be similar to standard loans. Since non-QM loans can accept borrowers with an uncommon situation, employment, and credit backgrounds, expect lenders to ask for extensive documentation requirements that lenders will not ask if you apply for a traditional loan. 

Let’s discuss the three standard requirements in every non-QM loan.

  • Income and Employment

If you are gainfully employed but have past credit issues, non-QM lenders will still ask for proof of income, such as pay stubs, W-2 statements, and income tax returns. Business owners must submit bank and financial statements as proof of income and livelihood. However, here’s where non-QM loans come in. 

Lenders can ask for alternative documentation if you don’t have pay stubs or bank statements as proof. That’s why you need to find a lender willing to work with you based on your situation. For example, you can submit evidence of remittances if you’re receiving financial support from a loved one or relative. 

  • Debt-to-income Ratio

Standard loans often require DTI to be between 36% to 43% to qualify. However, non-QM lenders can accept higher DTI ratios of 50% or more. 

The debt-to-income (DTI) on Non-Qualified Mortgage loans varies from one investor to another. Some may go up to 50%, and others may have a ceiling of 45% or less.

  • Credit Score

Credit scores as low as 500 may suffice for FHA home loans. However, that would require a 10% down payment. Non-QM loans require a higher FICO score. You may negotiate the down payment that typically requires 10 – 20% of the purchase price, if not more, depending upon your situation.

Get a Non-Qualified Mortgage Today

Apply for a non-QM mortgage in San Antonio with Capital Home Mortgage today. Call (210) 634-1225 to get started with a no-obligation quote.

Why San Antonio is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

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

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San Antonio 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. 

San Antonio 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

San Antonio, 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)

San Antonio 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

San Antonio 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

San Antonio 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)

San Antonio 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

San Antonio 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

San Antonio 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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