Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| The critical thing to remember with a renovation loan is that the borrower always selects their contractor. Essentially, the contractor must have three references and these must be within the last six months and be similar in size and scope. The contractor must also have liability insurance with at least $1 million in coverage and the policy must be active throughout the entire project. Lastly, the contractor must be licensed for the work being performed and the license must be active. |
| The critical thing to remember with a renovation loan is that the borrower always selects their contractor. Essentially, the contractor must have three references and these must be within the last six months and be similar in size and scope. The contractor must also have liability insurance with at least $1 million in coverage and the policy must be active throughout the entire project. Lastly, the contractor must be licensed for the work being performed and the license must be active. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| The critical thing to remember with a renovation loan is that the borrower always selects their contractor. Essentially, the contractor must have three references and these must be within the last six months and be similar in size and scope. The contractor must also have liability insurance with at least $1 million in coverage and the policy must be active throughout the entire project. Lastly, the contractor must be licensed for the work being performed and the license must be active. |
| The critical thing to remember with a renovation loan is that the borrower always selects their contractor. Essentially, the contractor must have three references and these must be within the last six months and be similar in size and scope. The contractor must also have liability insurance with at least $1 million in coverage and the policy must be active throughout the entire project. Lastly, the contractor must be licensed for the work being performed and the license must be active. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| The critical thing to remember with a renovation loan is that the borrower always selects their contractor. Essentially, the contractor must have three references and these must be within the last six months and be similar in size and scope. The contractor must also have liability insurance with at least $1 million in coverage and the policy must be active throughout the entire project. Lastly, the contractor must be licensed for the work being performed and the license must be active. |
| The critical thing to remember with a renovation loan is that the borrower always selects their contractor. Essentially, the contractor must have three references and these must be within the last six months and be similar in size and scope. The contractor must also have liability insurance with at least $1 million in coverage and the policy must be active throughout the entire project. Lastly, the contractor must be licensed for the work being performed and the license must be active. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
| A Non-QM mortgage is a loan that doesn’t meet the standards of a qualified mortgage and utilizes non-traditional means of income verification to assist borrowers in getting approved. These types of loans do not afford the same protections as a qualified mortgage would under the 2010 Dodd-Frank Act. Examples of non-QM loans include bank statement loans, limited documentation loans, jumbo loans with 10% down or less, asset-based loans, ITIN or foreign national loans, interest only loans, commercial rental property loans, recent credit event loans, balloon loans, and negative amortizing loans. Non-QM loans also don’t adhere to the ability-to-repay rules that QM loans do. |
Reach out to me for further detailed information on Non-QM loan programs.