Do you have Self-Employed clients that don’t show any income at the end of the year?
The Non-QM mortgage loan may be an option for you!
There are still options outside of the “qualified mortgage” world, that allow you to obtain your home loan whether it be for primary, or investment purposes. At this point the self-employed client may savvy enough to “beat the system” when it comes to showing earnings, but now can’t qualify for a home loan due to how much income they claim at the end of the year income taxes.
There are still multiple Non-Qualified Mortgage also known as non-QM options available, one of which, allowing your self-employed client to utilize 12-24 month bank statement history to prove cash flow and qualify for a loan that suits their needs. These Non-QM loans do not follow Fannie Mae or Freddie Mac underwriting guidelines and therefore open home ownership options to your unconventional home buyer.
Approve/Eligible VS. Manual Underwriting.
Getting your loan approved swiftly, for an on time closing.
Everyone knows, lenders refer to automated underwriting systems, when it comes to getting files approved. What most people don’t know, is even when the Automated Underwriting System (AUS), is not able to issue an approval, there are still options. This being said, most lenders would prefer not to work these files due to overlays, and this is where the El Paso Funding Group can help!
Approve Eligible files are mortgage applications that where approved through the Automated Underwriting System (AUS), and due to the file being on or below the required ratios, AUS was able to issue standard conditions that correspond to your client’s file. An underwriter still signs off on the file, and issues conditions accordingly.
Refer eligible files are mortgage applications that are technically “eligible” for mortgage approval but are not approved by the Automated Underwriting System (AUS) due to certain factors, whether that be credit history, income, or perhaps even incorrect information that was input by mistake. At this point, most lenders say “sorry we can’t help you at this time”. These files are fundable per the Underwriter’s discretion and usually do fund as long as extenuating circumstances are met, and the file stays below required manual underwriting ratios.
Call Steven Arredondo, apply today!