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Simple Access® Non-QM 1099 Only loans could be the path to homeownership for the estimated 14 million freelance, contract, seasonal, and gig workers in the U.S. The program will use 50% of the deposits to support the income claims. Simple Access® Non-QM Bank Statement loans are ideal for self-employed borrowers who may be able to qualify for a loan based on 12 months of regular deposits in their bank account instead of W2 income or tax returns. Take a look to see if one may be the right fit for you… Luxury Mortgage’s Simple Access® Non-QM portfolio is designed to help borrowers qualify for a mortgage using alternative documentation methods. A borrower has a past bankruptcy, foreclosure, or other credit event.

A borrower is an investor who wants to purchase rental or vacation properties.

There are generally three borrower situations where Non-QM loans are most applicable. Alternative Situations Non-QM Loans Address The good news is non-qualified mortgages, or Non-QM loan products, are designed to accommodate the unique needs of some borrowers by allowing alternative documentation methods. 1040 South Federal Highway, Hollywood, FL 33020.Conventional loans may not be the best-fit mortgage for everybody borrowers with unique financial circumstances may have difficulty qualifying based on conventional lending requirements.

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The company offers free concierge services, bank statement reviews, marketing tools and resources, and more to support the brokers they serve.Ī&D Mortgage LLC is an Equal Housing Lender.

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Programs with no income verification are also offered for investment property loans. In addition to their Prime Jumbo loan product, A&D Mortgage offers programs for Prime borrowers, Foreign National borrowers, as well as borrowers with imperfect credit history.

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You need A&D.Ĭall A&D Mortgage at 1-85 or visit learn more about why Non-QM mortgages are a viable option in a rising conventional rate environment.Īs a premier direct lender, A&D Mortgage offers a full spectrum of conventional, government, and Non-QM loan products with 24-hour turnaround times and some of the most competitive rates in the industry. The bottom line is that you will need to work with a trusted lender accustomed to handling these unconventional situations – credit issues, irregular income streams with extra documentation requirements - with speed, flexibility, and a solid understanding of available Non-QM options. These are just a few examples where A&D could close your loan with a Non-QM mortgage. Lastly, if your borrower is coming out of a forbearance plan, they only need to show 3 consecutive payments to qualify for a Non-QM loan. If your borrower has saved money during the pandemic, they could acquire an investment property with a DSCR loan, which requires no income documentation whatsoever. In addition, with this type of loan, any pre-pandemic employment or income gaps 2 years ago become irrelevant.

About 30 million self-employed borrowers comprise the 'gig' economyįor people with income disruptions that happened between 13-24 months, a 12-month bank statement loan could benefit them because they need to only show a consistent and steady income for the past year.

More than 2,000,000 homeowners are in forbearance and another 1,000,000 were already in some stage of default prior to the pandemic.

About half of those who lost their jobs are employed again.

Up to 65 million workers have filed for unemployment since the start of COVID-19.

Why is now a suitable time to reconsider Non-QM? A recent article on MPA.com shows that: We offer a wide range of programs – DSCR, 12- and 24-month bank statements, 1- and 2-year P&Ls – designed to help you save money by refinancing or buying a home to live in or invest in. and our Non-QM programs help to alleviate that, especially for small businesses and self-employed or gig economy workers. However, the pandemic has affected many borrowers' ability to qualify for conventional loans. Non-QM borrowers are no different than conventional borrowers – and in most cases are identical in their ability to repay and put down 20% – but are looking for a loan higher than conforming loan limits.

The fact is that Non-QM loans from A&D Mortgage are good-performing loans that help the mortgage industry by allowing borrowers who miss traditional financing to qualify for potential homeownership at competitive rates. 12, 2021 /PRNewswire/ - With Conventional rates on the rise again, now is a perfect time to reconsider Non-QM mortgages if you have been waiting or reluctant.

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