Are you looking to get a Non QM mortgage loan in or near Dayton or Cincinnati, Ohio?
I can help!
As a full service mortgage broker with 110 different lenders to choose from, I have access to all of the Non QM programs including investor loans, fix and flip, asset based loans, DSCR, bank statement loans, 1099 loans, All in One Loans, Stated Income Loans and more.
Dayton and Cincinnati, Ohio area home buyers have a lot of different options when it comes to choosing a Non QM mortgage program.
Since these are all portfolio products and the lenders set the rules, there’s not an official list of programs. The ones listed below are the most common programs that you can find for Non QM mortgages.
Bank statement loans are for self employed borrowers who have a lot of tax deductions. The underwriter uses the bank statements to qualify the income instead of using tax returns. Either 12 or 24 months of bank statements will need to be provided to determine the qualifying income.
DSCR (or debt service coverage ratio) loans are for real estate rental property owners. These mortgages use the rental property cashflow to determine the qualifying income. If the property is vacant, a rental appraisal estimate can be used to determine qualifying income.
Fix and flp loans are short term loans for real estate investors to rehab properties. These mortgages are typically short term and need to be repaid within a year. Interest only payments are available during the rehab period.
1099 only mortgage loans are for self employed contractors paid on 1099 who have a lot of tax deductions. Instead of a tax return, the 1099 is used for qualifying income.
Asset qualifier mortgage loans (also known as an asset based or asset depletion mortgage) use the amount of assets as the means of qualifying. No additional income requirements.
Foreign national mortgage loans are for home buyers who are not US residents who would like to buy a second home in the US.
ITIN mortgage loans are for immigrants who do not have a social security number. The ITIN number is used instead for credit qualifying.
VOE only mortgage loans are for people who want to use a verification of employment instead of paystubs to qualify. This is typically used for people who have a lot of recent overtime and can’t qualify for traditional mortgage products due to job time.
P and L Only mortgages (also called lite doc mortgages) are for self employed people who do not have current tax returns on file. A certified profit and loss statement from an accountant is used instead to qualify.
Alt A mortgage loans (also called near miss programs) are for people that are close to qualifying for a traditional mortgage but for some reason cannot qualify credit wise.
Stated income mortgages (also called community mortgages) are for people with hard to prove income. Existing assets and strong credit history are used to qualify instead.
The All In One mortgage loan (also known as an offset mortgage) is an innovative portfolio program from CMG Financial. It uses a home equity line of credit tied to a zero balance checking account to help homeowners pay off their house a lot faster by using excess cash to reduce mortgage interest.
Down Payment Required: No official rules. Varies per lender
Minimum Credit Score: None officially, it’s very hard to get approved if your credit score is below 620.
A Non QM mortgage is a type of mortgage that is outside of the regular guidelines of Fannie Mae, Freddie Mac, etc.
My primary market is the Dayton, Ohio suburbs near Wright Patterson Air Force Base like Fairborn, Beavercreek, Huber Heights, Centerville, etc. My secondary market is Cincinnati and surrounding areas. That being said, I am authorized to lend in 40 states. If your needs are outside of my coverage areas, I am connected to loan officers all around the country that can help.
Non QM mortgages are portfolio products and the limits are set by the lender.
Most borrowers for Non QM programs are either self employed business owners or real estate investors.
Down payments depend on which program you are using. You can potentially get a Non QM mortgage with as little as 10% down.
Yes, these programs are great for real estate investors. In fact, that’s the #1 use for them.
No. The old subprime mortgages from prior to 2008 were overly lenient in their guidelines and led to the mortgage crash. Non QM is much more strict about down payment and credit scoring.
The minimum credit score for Non QM mortgage programs is set by the lender since these are portfolio products. However, it’s very hard to get approved for a Non QM mortgage is your credit score is below 620.