Since 2014, mortgages have been classified as qualified and non-qualified (non-QM). For a borrower to take out a qualified mortgage, they have to meet certain eligibility standards.
But there are many situations where a borrower may not be able to meet those standards. Maybe you do not earn the same amount of income throughout the year. Perhaps you are a foreign national. Or there might be another reason a qualified mortgage does not fit your needs.
America’s Mortgage Solutions understands that there is no one-size-fits-all mortgage to suit every borrower.
That is why we offer a wide variety of non-QM loans to customers in North Palm Beach, West Palm Beach, and throughout Florida.
Types of Non-QM Loans We Offer
For Borrowers with FICO ≥ 680 and LTV ≤ 65%
- No Min Tradeline requirements (MTG Only credit report with score allowed)
- No STR experience required to use STR rental income
- No Property ownership required (FTHB Allowed)
- No Restrictions on Nursing/Assisted Living homes
- No Reserves required
- No Min DSCR required
- Credit Event Seasoning only 24 months
- No Restrictions on Unleased Property
- No restrictions on gift funds
- Condotels allowed
Full Doc Non-QM
- FICO 580
- 90% LTV
- Loan Amount up to $4mm
- Max Cash in hand $1,000,000, no limit for LTV < 55%
- Cash out up to 80% LTV
- Traditional Income
- 2Y Credit Event allowed
- Super Prime & Prime Programs
- Condo up to 90% LTV
- Condotels allowed
12/24 Months Bank Statements
- FICO 580
- 90% LTV
- Loan Amount up to $4mm
- Max Cash in hand $1,000,000, no limit for LTV < 55%
- 3 Months Reserves
- 12 Months from Bankruptcy, Foreclosure
- Mtg History 0×60×12
- Combination of Business and Personal Bank STMTs allowed
- Condo and condotels allowed
Asset Utilization
- FICO 580
- 80% LTV
- Cash out up to 75% LTV
- Savings and CHK. 100%
- Securities at 90%
- Retirement at 70%
- Cash out available
- Income calculation -All Eligible Assets Divided by 60
- Super Prime & Prime Programs
DSCR
- FICO 599
- Up to 80% LTV
- Loan Amount up to $3mm
- Max Cash in Hand $1,000,000, no limit for LTV <55%
- 30 Year Fixed, 5/1 ARM, 7/1ARM
- No Income, No Employment
- DSCR as low as 0
- Cash Out Proceeds may be used for Reserves
- Eligible for Non-Permanent Residents (Foreign National DSCR is available under Foreign National Program)
- Ownership of any Property within the past 24 Months
Foreign Nationals
- No score or FICO 599
- 70% LTV
- Loan Amount up to $2mm
- Cash Out allowed
- DSCR as low as 0
- CPA Letter last 2Y & YTD
- 1 Bank Reference Letter
- Overseas Assets allowed as Reserves
- Gift Funds allowed
1Y + 2Y P&L ONLY
- FICO 580
- Up to 85% LTV
- Max DTI 55%
- Loan Amount up to $4mm
- Max Cash in hand $1,000,000, no limit for LTV <55%
- P&L by Licensed CPA, Enrolled Tax Agent, or Licensed Tax Preparer
- No Bank Statement required
- Super Prime & Prime Programs
Lite Doc Program
- FICO 620
- 70% LTV
- Interest Only
- No Income on 1003
- Foreign National allowed
- No Prepayment Penalty
- Fast Closing
- No Asset Seasoning
- Eligible for Non-Permanent Residents
WVOE / 1099
- FICO 580
- Up to 80% LTV for WVOE
- Up to 90% LTV for 1099
- Loan Amount up to $4mm
- DTI 55% Max
- Cash out available
- Completed FNMA Form 1005 for 2-Year history with same employer
Apply Now for a Non-QM Loan in Florida
Have questions about our non-QM loan products? Please call (561) 316-6800. We would be glad to tell you in detail about all of the loan products we offer. During your consultation, we can help you determine the ideal fit for your needs.
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