Dan Cassel and the Trinity Mortgage loan team offer a full selection of “Less Hassle” California Residential Mortgage loan programs that offer better rates, interest only options, cash out, less documentation and higher LTV features than many competing loan programs.
One of the more popular loan products we offer is known as a “Non-Qualified” (NON QM) Home loan or “Non Qualified Mortgage”
A Non-Qualified Mortgage (Non-QM) is any home loan that doesn’t comply with the Consumer Financial Protection Bureau’s existing rules on Qualified Mortgages (QM). Usually this type of mortgage loan accommodates people who are not able to prove they are capable of making the mortgage payments. Just because it is a Non-QM mortgage loan does not necessarily mean high risk or subprime mortgage risk, and in many cases these correspondent mortgage loans require a high FICO score but simply do not check all the boxes associated with a QM loan.
The main difference between the two types of mortgage loans is that Non-QM loans for mortgages are protected by the lender against any type of lawsuit should you become unable to afford the mortgage loan. Typically, individuals experiencing one or more of the following may qualify for this alternative:
- High debt ratio
- Blemish on FICO credit to unforeseen circumstances
- Self-employed for less than two years
- Low income on tax returns
Who are “NON-QM” RE loans for?
Ideally for clients who can fully document their income, but maybe not always with tax returns or conventional documentation. They seek to:
- Unlock the equity in their investment properties via Non-QM Loans;
- Borrow money despite recent credit events like bankruptcy, foreclosure, or short sale; or
- Manage monthly mortgage payments with an interest-only option.
- Use Aggressive Non-QM Loans “Niche” Loan products with less documentation, like Banks Statements, 1 year tax returns, Stated Income and so forth.
Here are some Residential Loan highlights:
- Purchase/Rate & Term loan amounts up to $2.5 million
- Owner occupied:
- 95% LTV up to $1.5 million, no MI
- 90% LTV up to $2.5 million, no MI (purchase and R&T)
- Cash out to 95% LTV
- Non owner occupied:
- Purchase and R&T to 85% LTV, no MI, up to $2.5 million
- Cash out to 80% LTV, no MI
- 40-year fixed rate mortgage with 10 year interest-only period (max 43% DTI)
- Expanded DTI up to 50%
- Unlimited financed properties for LTV of 70% or below (second home & non-owner occupied)
- Shorter seasoning requirement from major credit events
- Credit scores as low as 600
- We are often able to close these loans in 21 days or less once we have required documentation. We are here to help!
- To reach a Independent Mortgage Expert directly please phone 866-310-1112 or if you seek to just start a new Real Estate Loan Application simply click here.