Non QM Mortgage (OLD)

Non QM Mortgage (OLD)

Have you ever heard of a Non-QM Mortgage Loan? Well we're going to talk about those today,
and how they can help more buyers buy more homes…and we're getting started right now! INTRO Hey! What's going on? I'm Emmett Dempsey Mortgage Advisor with Geneva
Financial here in Port Saint Lucie, Florida and welcome to another weekly mortgage and
home buying tip. If this is your first time here, and you want
to learn more about mortgages or the home buying process in general, go ahead and subscribe
to my channel and ring that bell so you don't miss anything OK… Non Qualified Mortgages, what are they? How they can help you buy a house? or your
clients buy a house? First let's talk about what Qualified Mortgages
are. Those are your standard FHA, VA, Conventional. They have very specific rules, very minimum
credit scores, maximum debt to income limits and if you have tried and been denied lately,
it can be kind of tough to get approved particularly if you are self-employed or if you had a credit
event the past.

So the Non-Qualified Mortgage kind of fills
in those gaps. It will help in 3 different segments of clients..Basically:
Your Credit Event as we call it, basically short sale, bankruptcy, foreclosure…there
are very specific wait times to get an FHA mortgage again. For FHA it's 3 years, VA it's 2 years. Conventional it can take 7 years again after
a foreclosure! before you can get another conventional mortgage. That can be a long time to rent and spend
a lot of money on rent rather than owning. So these programs are 1 day out of short sale,
1 day out of bankruptcy, down to 500 FICO! So they are very lenient on that. The only caveat is that you have to have money..skin
in the game.

At least 10 % down if not 20% or more. So if you have money to put down, and maybe
had a credit event and your file is strong in other areas, we can do these Non-QM loans. Also if you're self-employed, so we have bank
statement loans that are 1 year bank statement, you know personal or uh uh personal bank statements
or business bank statements that show your cash flow. Sometimes on your tax returns you write everything
off and you don't show enough income and you don't qualify even though you know you make
the money to repay the loan. So it helps with self employed. Also investors or non-warrantable condos or
foreign nationals, we have loans for those too. So your Non-QM Loans can help out a lot of
folks, and just some stories about clients I've had, just recently closed a Veteran who
bought a new construction, you know DR Horton, usually they use their in house lender and
they couldn't do it.

alternative lending

So he was a veteran, he had a prior VA foreclosure
and he would have to wait another year or two before he could use his VA benefit again. So he had the money to put down. His wife really wanted this house. 🙂 You will buy this house. 🙂 So he got the house, put down 20%, he had
the money and he can refinance a couple years later and when he does become eligible, and
he has waited long enough. Meanwhile he's owned the house has all the
tax benefits of the house, and he's an OWNER. And he's not buying 3-4 years from now when
prices and rates can be much higher. He buys TODAY…and takes advantage of it. So that's the benefit of a Non-QM Mortgage. Basically for your folks who have some skin
in the game. If you've got a credit blemish, then we can
definitely help you out. Go ahead and give me a call at 772-618-5058
for any more questions or get to dempseymortgage.com.

And again thank you so much for watching. If you have any more questions about mortgages
or the home buying process in general, go ahead and subscribe to my channel and ring
the bell so you don't miss anything. Again, thank you so much for watching and
I will see you next week!.

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