Non-QM Loans


 

If your income or credit history falls outside the stringent guidelines set by standard mortgage loan programs, a non-QM loan may be worth considering. Non-QM is short for non-qualified mortgage, and understanding how non-QM loans work may help you decide if they’re a worthwhile financing option for you.

Non-QM loans are mortgages that don’t meet the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages. A qualified mortgage meets the CFPB’s “ability to repay” rule, which requires that lenders vet your finances and set terms on the loan that you’re likely to be able to pay back.

 

Expanded Prime

The Expanded Prime loan program is ideal for the purchase or refinance of investment properties with higher loan amounts.

Qualifications

  • Loan Limit up to $3,000,000
  • Credit Scores as Low as 660
  • LTV up to 80% on purchase & rate/term refinances

Specifications

  • 30-Year Fixed
  • Standard Full Doc & Self-Employed Bank Statement Options (12 or 24 Months)
  • Gift funds and seller concessions allowed
  • Second Home & Investment Properties Options
  • DTI up to 50% considered
  • Asset utilization can be used as income on purchase & rate/term refinances up to 80% LTV
  • Non-Warrantable condo guidelines will now allow up to 50% commercial space
  • Bridge loans as an acceptable source of funds
*Terms based on 30 year fixed first lien. 70% LTV. 7.6%% Interest Rate. 7.865% APR. $210,000 Loan Amount with 360 monthly repayment of $1040.00 per month. 700 Credit Score. Disclosed payment does not include PMI, taxes, insurance, or HOA fees. Rates as of February 9, 2023.

Non-Prime

The Non-Prime loan program is designed to allow borrowers with lower credit scores an opportunity to buy an investment property.

Qualifications

  • Loan Limit up to $1,500,000
  • Credit Scores as Low as 620
  • LTV up to 80% on purchase & rate/term refinances

Specifications

  • 30-Year Fixed
  • Standard Full Doc & Self-Employed Bank Statement Options (12 or 24 Months)
  • Gift funds and seller concessions allowed
  • DTI up to 50% considered
  • 1 Year profit and loss statement program
*Terms based on 30 year fixed first lien. 80% LTV. 8.3% Interest Rate. 8.279% APR. $240,000 Loan Amount with 360 monthly repayment of $1803.00 per month. 700 Credit Score. Disclosed payment does not include PMI, taxes, insurance, or HOA fees. Rates as of February 9, 2023.

DSCR Investment

Our Debt Service Coverage Ratio loan program is designed to allow borrowers to qualify using cash-flow from the investment property.

Qualifications

  • Loan Limit up to $2,000,000
  • Minimum Credit Score 660
  • Purchase & Refi LTV up to 80%

Specifications

  • 30-Year Fixed
  • Ability to vest in name of LLC or corporation
  • No borrower income or employment information required
  • Cash-Out solutions to unlock equity for future investments
  • Debt service coverage ratio must be .75 on purchases with LTVs of 70% or less
  • Gift funds can be used after borrower has documented 10% minimum down payment of their own funds
*Terms based on 30 year fixed first lien. 75% LTV. 9.6% Interest Rate. 9.986% APR. $225,000 Loan Amount with 360 monthly repayment of $1912.00 per month. 700 Credit Score. Disclosed payment does not include PMI, taxes, insurance, or HOA fees. Rates as of February 9, 2023.

Contact Us Today

Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020