Their only option is an alternative solution to proof of income called (Non-QM in mortgage terms) such as a Bank Statement loan using personal or business account submissions to determine income.
What does the profile of a Jumbo borrower look like? A Jumbo borrower is anyone purchasing a home outside of the conforming limit as set by the Federal Housing Finance Agency. Home prices are different across the country, and the limits for conforming and non-conforming homes can be too. Currently, the limits are $726,200 for…
What is a DSCR loan? A DSCR loan is a NON-QM (non-qualified mortgage) or non-QM is a loan for borrowers who cannot meet the guidelines of an Agency or a qualifying mortgage (QM). An example is a self-employed borrower who cannot qualify using their tax returns. They need an alternative solution such as a Bank…
End of content
End of content
