Situational Products for the "other" 10%
You may fall into the non-QM product suite because of what you do, not because of your finances
Gig Qualifier:
For those independent contractors &
freelance workers that are paid like a
business owner, but may not own a business
- Multiple 1099 qualification options
- Apply a 10% expense factor to all eligible gross receipts.
- Profit and Loss Statement
- CPA Letter for Business Funds
- DTI up to 55%
- Credit scores as low as 620
- Recent credit events allowed
- All occupancy types allowed
- 7/6 and 10/6 ARM, 30, and 40 FRM
- Multiple financed properties allowed
- Loan amounts up to $4MM
ITIN:
An ITIN loan is a great option for those borrowers who may not be able to qualify for a traditional mortgage loan because they do not have a SSN.
- ITIN Matrix
- Max 1.5 Million Loan Amount
- Min 680 FICO
- Owner Occupied Only
- Max LTV up to 80%
- DTI up to max 50%
- Bank Statement, Full Doc & 1099 income options
- No housing history needed ***see matrix for restrictions
- Unexpired Government Photo ID and ITIN Card or Letter from IRS required
P & L Only:
Results without all the BS
(Bank Statements, that is!)
- Qualify income off the P&L only: nothing more, nothing less 12 or 24 month P&L OK
- Purchase LTV’s up to 80%
- Cash-Out LTV’s up to 80%
- 680 minimum FICO
- Loan amounts up to $4MM
- DTI up to 50%
- 25% business ownership required
