Capital Home Mortgage Waco

Waco Non Qualified Mortgages

Waco Non Qualified Mortgage Lender

Waco Non-Qualified Mortgages

If you’re looking for a mortgage, you’ve probably heard of both qualified and non-qualified mortgages.

Qualified mortgages, or QM loans, were created after the 2008 housing market collapse. These loans protect both lenders and borrowers by establishing guidelines that prevent lenders from issuing loans to borrowers that can’t repay them. 

The federal government’s strict lending requirements make it difficult for certain types of borrowers to qualify for QM loans. However, not all hope is lost because those denied a qualified mortgage can always try for a non-qualified mortgage loan.

What is a Non-Qualified Mortgage?

A non-qualified or non-QM loan is a mortgage product that doesn’t conform to the lending guidelines set by the  Consumer Financial Protection Bureau. Home loans in this category usually have more specific eligibility and qualification requirements, which makes them an excellent alternative for people who can’t get a conventional loan. 

It may be difficult for real estate investors, foreign nationals, self-employed individuals, and those with poor credit to qualify for a conventional loan. This is where a non-QM loan can come in handy. This financing solution is meant to help a particular group of borrowers realize their dream of owning a home.

Non-Qualified Mortgage Options for Waco, TX Homebuyers

Are you considering getting a non-qualified mortgage to pay for your new home or rental property? Like every other type of mortgage loan, non-qualified mortgages come in different types. You’ll have to be familiar with each of these options to increase your chances of approval:

  • Bank Statement Loans

In a bank statement loan, lenders review your bank statements to get a good idea of your income and see if it qualifies you for non-qualified mortgage financing. Borrowers must show that they have been self-employed for at least two years and provide 12 months of bank statements. This is the non-QM loan to go for if you are self-employed or a business owner.

  • Investor Cash Flow Program

Most private and hard money loans have high-interest rates and take a long time to get approved, which is disadvantageous for most real estate investors. 

The criteria for getting a loan through the Investor Cash Flow Program are more flexible, making it simpler and faster for investors to obtain financing. These loans typically use debt service coverage ratios. Borrowers are qualified based on how much rental income their properties earn instead of personal income.

  • Asset-Based Loans

The asset qualifier loan is designed for borrowers with substantial liquid assets who may not qualify for a conventional mortgage. This program compares the buyer’s liquid assets to the proposed loan amount and other recurring monthly obligations. There is no need for borrowers to submit income-related documentation.

Asset-based loans could be very beneficial for retirees who do not have the typical income requirements but can show substantial liquid assets.

  • Foreign National Loans 

These loans are designed to help foreign national borrowers deal with credit and assets verification issues so that loans can be funded on time and with as little trouble as possible.

Similar to our investor cash flow program, qualification is based on the property’s cash flow. Borrowers do not need to show any proof of income or employment.

Are Non-Qualified Mortgages Risky?

Non-QM loans developed a bad reputation because of the housing crisis during the Great Recession. However, today’s non-QM loans are not like the subprime mortgages of the past. 

While not as strict as qualified mortgages, non-QM loans also follow lending guidelines that safeguard the interests of both the borrower and the lender. Capital Home Mortgage’s qualified and non-qualified loans have the same process except for the required documentation.

Apply for a Waco Non-Qualified Loan Today!

Capital Home Mortgage has a wide range of non-qualified mortgage options, catering to home buyers’ diverse needs and requirements. Our clients commend us for our virtually seamless application process. As a direct mortgage lender in Waco, we approve and close loans much faster! 

Take a step closer to owning your dream home. Call us at (254) 213-7343 for a free quote.

Why Waco HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Waco Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Texas renovation home loans

Looking to Rehab a Texas Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Texas FHA Home Loans

Great for 1st Time Texas Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Texas VA Home Loans

100% Financing for Texas Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Texas Conventional Home Loans

Flexibility for Texas Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Texas Jumbo Home Loans

Texas Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Texas USDA Home Loans

100% Rural Texas Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Texas Native American Home Loans

Texas HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Texas Manufactured Home Loans

Great Alternative Texas Housing

Texas reverse mortgages

Your Texas Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Texas Non QM Home Loans

Making Texas Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Texas One Time Close mortgages

Build Your Texas Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Texas Refinance Mortgage Loans

Texas Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Texas Cash-out Home mortgages

Texas Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Waco Texas Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Waco Mortgage Company Reviews

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