The mortgage fix for our unique borrowers
Refinance With Peace of Mind Built-in

Are you having difficulty qualifying for a mortgage? A Non-QM mortgage could help you reach your goal of homeownership!

Mortgages are not “one size fits all”. Interstate Home Loan Center knows that!

What is a Non-QM Loan?

A Non-QM loan, or non qualified mortgage, is a loan that is not required to meet standard agency documentation requirements from the CFPB. Non-QM loans are not insured, guaranteed, or backed by FHA, VA, Fannie Mae or Freddie Mac. Due to their more versatile and flexible qualification guidelines, many can secure financing on a new home who wouldn’t normally meet standard lending requirements.

Who is a good candidate for a Non-QM loan?

  • Self-employed and small business owners
  • Real Estate Investors
  • Retirees
  • Foreign Nationals
  • Commission Based Workers
  • People with high debt
  • Borrowers who would otherwise not meet the mortgage requirement for Conforming loans
Lite-doc loans are great for borrowers with inconsistent income or who are self-employed. If you have good credit but lack all the documentation demanded by other loan programs, this might be a program to consider.

Loan Options:

  • Purchase, Rate & Term and Cash-Out Refinance
  • Primary Residence: SFH, 2-4 Family, Condo, PUD, Coop
  • Second Home: SFH, Condo, PUD, Coop

Key Features of the Lite-Doc Loan Include:

  • 20-35% down payment options
  • 660 Minimum FICO
  • Max 50% DTI Ratio

Self- Employed Borrowers:

  • Must be self-employed for at least 1 year and in the same line of business for at least 2 years.
  • CPA/Accountant/Tax Preparer/Enrolled Agent-prepared 12-month Profit & Loss Statement

Wage- Earning Borrowers:

  • Written Verification of Employment requested by the lender verifying at least two years of employment and current income only
  • No W-2’s and tax returns requirement

Click here to learn about the program

 

This program is a great alternative for borrowers and investors who are looking for alternative ways to qualify for a mortgage. The DSCR program uses the rental income from the investment property for qualification. If the market rent can cover the mortgage payment, you may want to consider this program.

Loan Options:

  • Purchase, Rate & Term and Cash-Out Refinance
  • Investment Properties: SFH, 2-4 Family, Condo, PUD

Key Features of the Debt Service Coverage Ratio Program Include:

  • Credit Score as Low as 620
  • Up to $750,000 Cash-Back
  • First Time Investors Permitted
  • NO Income or Employment Documentation Required
  • Up to $3.5M Loan Amount
  • Gift Funds Allowed

 

Click here to learn about the program

Assets are a crucial aspect of many borrowers’ financial portfolios. This loan option is great for self-employed, retired (or almost retired), and wealthy individuals who have minimal income or who don’t have verifiable employment, but whom have significant assets. Assets can include funds in the bank and investment/retirement accounts, so the assumption of the risk is offset by the theory that a borrower’s liquid assets can be sold overtime to cover the mortgage.

Loan Options:

  • Purchase, Rate & Term and Cash-Out Refinance
  • Primary Residence: SFH, 2-4 Family, Condo, PUD, Coop
  • Second Home: SFH, Condo, PUD, Coop

Key Features of the Asset Utilization Program Include:

  • NO Income or Employment Documentation Required
  • 40-Year Fixed; 30-Year Fixed (with option for 10-Year Interest Only)
  • Credit Scores Down to 620
  • Max 80% LTV for Purchase, 75% LTV for Cash-Out Stand-Alone Asset Utilization
  • Eligible Assets Include:
    • Checking, Savings, Money Market Assets
    • Stocks, Bonds, Mutual Funds, CDs
    • Assets in Crypto Currencies
    • Assets in Retirement, IRA, Roth accounts

No Income or Employment Stated/ Verified

*The eligible amount to be considered will depend on the terms and penalties applied for accessing funds in the borrower’s account

 

Click here to learn about the program

Self-employment is becoming more and more common in America. The bank statement program is great for self- employed borrowers who need an alternative approach to qualifying for a mortgage or borrowers with seasonal/inconsistent income. There is no requirement of tax returns, paystubs, or W-2’s. Instead, the borrower’s bank statements are utilized for qualifying income.

Loan Options:

  • Purchase, Rate & Term and Cash-Out Refinance
  • Primary, Second and Investment Properties

Key Features of the Bank Statement Program Include:

  • 12- and 24-month Personal and Business Bank Statement
  • 2 Year history of Self-Employment Required
  • Loan amounts up to $2 Million

Click here to learn about the program

This program is great for our 1099’s borrowers who cannot verify their income with paystubs and W-2’s. If you are a borrower with consistent 1099 income on a contract basis, this might be the program for you.

Key Features of the 1099 Qualification Program:

  • Fico as low as 620
  • Down payments as low as 15%
  • One or two-year history of 1099 income
  • Qualifying income is either 12- or 24-months average from the total earnings reported on 1099s minus one of the following expense factors: » 80% Net Margin (20% Expense Factor)
  • YTD earnings must be documented to support 1099 income by either:
    • Checks or single paystubs with YTD totals if available
    • Bank statements (YTD)

 

Click here to learn about the program