Loan Programs Available

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For those that qualify for VA loans, they are usually the best deal going! Some of the benefits of VA loans include:

• No down payment required
• No monthly mortgage insurance
• Better Interest Rates
• More flexible lending guidelines
• More seller credits allowed
• Easier refinances if interest rates drop

Because of those advantages, VA loans are typically the lowest cost and/or lowest out pocket options for home buyers. Additionally, VA home loan benefits can be used more than once, including buyers who already own a property with a VA loan on it (although this might trigger some down payment requirements depending several factors). Most veterans and active duty service members will qualify for VA home loan benefits and National Guard/reservists can qualify once they have accumulated enough retirement points. Some surviving spouses of veterans may also qualify as well as officers of NOAA and the US Public Health Service too! If you’d like to find out more about your VA Home Loan benefits options, give me a call! 

More info coming soon!

More info coming soon!

In the mortgage world, a Qualified Mortgage, aka a QM Loan, is a type of loan that meets certain standards set by the Consumer Finance Protection Bureau. It limits some loan features (like negative amortization) and requires the lender to document the borrower has enough income to repay the loan. Conventional loans, FHA and VA loans are typically going to fall under the QM Guidelines. 

However, there are many lenders that offer "Non-QM" products. Since they aren't QM loans, they may have loan options that borrowers in specific situations may want to take advantage of. Most Non-QM loans are going to offer alternative ways of documenting income. Below is a sample of some of the non-QM options available, although there are many variations:

• "No Ratio" loans where no income or employment is listed on the loan application
• Bank Statement loans where income is calculated using an average of deposits over the last 12 or 24 months
• DSCR loans are a specific type of loan for rental properties where the actual or potential rental income on the property is used for qualifying, but no other income or debt is considered
• W2 or 1099 only programs look at the income from prior years W2s or 1099s not current YTD or farther back than the most recent year ended

As you can see, QM loans offer a lot of flexibility for borrowers who may want or need it. Because lenders are taking on additional risk by not following standard underwriting guidelines, they do require borrowers to be stronger in the other aspects that lenders evaluate: Down payments, credit history etc. Non-QM loans will generally require at least 10% down or more, will require higher credit scores (although there are options that will go as low as a 660 score), and the interest rates are going to be higher than a Qualified Mortgage might offer. So non-QM loans aren't for everyone, but for certain people who fall outside the traditional mortgage lending box, they are a great alternative. 

More info coming soon!