Capital Home Mortgage Spokane

Spokane Non Qualified Mortgages

Non Qualified Mortgage Lender Spokane Washington

Non-Qualified Mortgage Loans In Spokane Washington

What is a Non-Qualified Mortgage?

A non-qualified mortgage (non-QM) is a type of home loan that does not meet the stringent requirements of traditional or qualified mortgages. These loans are intended to help home buyers who need help to meet the regular qualifying criteria, such as those who are self-employed, lack relevant papers, or have unusual income arrangements. 

Qualified vs. Non-Qualified Mortgage

A qualified mortgage satisfies the Consumer Financial Protection Bureau’s (CFPB) “ability to repay” requirement. This guideline compels lenders to assess your financial situation carefully and set loan terms that you are likely to be able to repay. Certain risky loan features, such as “interest-only” periods or “negative amortization,” are not permitted in a qualifying mortgage.

A non-QM loan, on the other hand, is exempt from these requirements. Non-QM loans may have “risky features” such as interest-only payments, or the lender may be more lenient with income and credit restrictions. These loans can also include a wide range of mortgages, such as those with durations longer than 30 years or those that do not require the CFPB’s required documentation.

Non-QM loans provide an alternative route to homeownership for those who may not qualify for a conventional mortgage.

Key Benefits of Non-QM Loans

Non-Qualified mortgages benefit borrowers who fail to meet Fannie Mae and Freddie Mac’s standards or the federal government’s strict lending requirements. Some of the key features of Non-QM loans are the following:

  • Flexibility in Income Documentation

Non-QM loans are designed for the self-employed, gig workers, and retirees who lack traditional income verification, such as W-2 forms or pay stubs. Alternatively, these borrowers may use bank statements, 1099s, assets, or a debt service coverage ratio to verify their income.

  • Accommodation of Unusual Financial Situations

Non-QM loans benefit folks with unusual financial circumstances or marginal credit history. They are intended for first-time homebuyers who may need to meet the demanding requirements for a qualifying mortgage.

  • Less Stringent Verification Process

Non-QM loans do not always require employment history, giving those with inconsistent employment records more flexibility.

  • Benefits Real Estate Investors and Entrepreneurs

Non-QM loans can benefit real estate investors, entrepreneurs, and others who want interest-only payments.

While Non-QM loans provide flexibility, they are often more expensive than standard loans due to their higher risk level. Borrowers may also be required to make more significant down payments and pay higher interest rates. As a result, before choosing a non-QM loan, prospective borrowers should consider these costs against the benefits.

Non-QM Loan Programs

The different types of Non-QM loans include the following:

  • Interest-Only Payment Loans

Some lenders offer Non-QM loans with the option to pay only the interest. This indicates that the borrower pays only the interest on the loan for a specified period, not the principal. This type of loan may be appropriate for borrowers who anticipate an increase in their income in the future, allowing them to handle larger payments.

  • Asset Depletion Loans

These loans are appropriate for borrowers with considerable assets but intermittent income. Lenders use the value of the borrower’s assets to assess the borrower’s income.

  • Bank Statement Loans

This form of Non-QM loan is designed for self-employed borrowers or gig workers with variable income. Lenders examine the monthly deposits on the borrower’s bank statements (typically 12 to 24 months) to determine the borrower’s income and ability to repay the loan.

  • Debt Service Coverage Ratio (DSCR) Loans

This financing is created exclusively for real estate investors. Lenders look at the property’s rental income to see if it can support the mortgage payments.

  • Loans for Real Estate Investors

These loans, also known as hard money loans, are designed primarily for real estate investors. The loans are typically determined by the property’s value rather than the borrower’s creditworthiness.

  • Jumbo Non-QM Loans

These loans are for sums that exceed Fannie Mae and Freddie Mac’s conforming lending restrictions. They are frequently utilized to purchase high-end real estate.

Please remember that non-QM loans typically have higher interest rates due to the lender’s perceived increased risk.

Apply for a Non-QM Loan in Spokane Washington

Capital Home Mortgage Spokane is an excellent option for homebuyers in Spokane who need Non-Qualified Mortgage (Non-QM) loans because of its perks. Capital Home Mortgage’s non-QM loans offer an opportunity for borrowers who may need to meet the stringent requirements of a conventional mortgage, increasing the pool of potential buyers. These loans are outstanding for self-employed people with a complicated financial history who may need help providing the documents required for traditional loans. This adaptability allows more people to qualify as homeowners, which may be the deciding factor in getting a property in Spokane in today’s very competitive housing market. Capital Home Mortgage’s services allow for a less stressful loan process, which helps more people get into their homes.

Call us today at (509) 413-0502 to speak with one of our Home Loan Specialists.

Why Spokane 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

Spokane Washington 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
Spokane Mortgage Programs

Spokane Home Purchase loans

Looking to Purchase a Spokane 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, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Spokane Renovation Home Loans

Looking to Rehab a Spokane Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Spokane FHA Home loans

Great 1st Time Spokane 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 Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Spokane va Home Loans

100% Financing for Spokane Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

Spokane Conventional Home Loans

Flexibility for Spokane 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 Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Spokane Jumbo Home Loans

Spokane Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Spokane USDA Home loans

100% Rural Spokane 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.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

Spokane Native american Home Loans

Spokane 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
  • Purchase, Refinance, and Renovation

Spokane Manufactured Home loans

Great Alternative Spokane Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
  • Existing Purchase or Refinance
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Spokane Reverse Mortgage Loans

Your Spokane 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
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

Spokane Non QM Home loans

Making Spokane Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Spokane One Time Close Home Loans

Build Your Spokane 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 Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

Spokane Refinance Mortgage loans

Spokane 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.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Spokane Cashout Mortgage Loans

Spokane 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
  • Dream Vacation
  • Higher Education

Spokane Washington 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

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