Non QM Products

Hometown Equity Mortgage is proud to introduce our new Non QM Program Series

We have always set out to make a huge impact for our partners so they can grow their business but this time we really outdid ourselves. Our NON-QM line up is truly a work of art and we believe it offers everything needed in the current NON-QM space and then some. Combine that with our state of the art technology and everyone wins. Take a look for yourself, we promise you won’t be disappointed.

RESOURCES

Asset Qualifier

For those sitting stacks of cash looking to push their savings to work

  • Option 1 – 60 months
    •  Minimum Eligible Assets required are the lessor of $1,000,000 or 150% of the loan amount
    • Qualifying income based upon Total Assets Eligible for Depletion, less down payment, less out of pocket closing costs, less required reserves, divided by 60.
    • Maximum DTI 43%.
  • Option 2 – 84 months
    • No Minimum Eligible Assets amount is required.
    • Qualifying income based upon Total Assets Eligible for Depletion, less down payment, less out of pocket closing costs, less required reserves, divided by 84.
    • Maximum DTI 43%
  • Minimum Eligible Assets required is the lower of $1,000,000 or 150% of the loan balance.
  • Qualifying income based upon Total Assets Eligible for Depletion, less down payment, less out of pocket closing costs, less required reserves, divided by 84.
  • Maximum DTI 43%. Rental Income
  • Rental properties are calculated based on 75% of lease less PITIA to determine impact on debt service.

Bank Statement Qualifier

For those who are self-employed and looking to own a home

  • Personal and Business Bank Statements allowed
  • 12 month and 24 month Bank Statement options
  • Max LTV (purchase only)
  • Up to 90% on Non QHEM Plus
  • Up to 85% on standard Non QHEM
  • 2nd Home and Investment properties up to 80% LTV
  • Loan amounts up to $4MM
  • Non-Warrantable Condos allowed
  • DTI up to 55%
  • Loan amounts up to $4MM
  • Non-Warrantable Condos allowed
  • No income documentation necessary
  • Credit scores as low as 600
  • Recent Credit Events Allowed
  • All occupancy types allowed
  • 7/6 and 10/6 ARM, 30, and 40 yr I/O option not fixed
  • Multiple financed properties allowed

Full Doc Qualifier

For those who file income the traditional way looking to expand their loan qualifications

  • DTI up to 55%
  • Credit scores down to 600
  • Recent credit events allowed
  • All occupancy types allowed
  • 7/6 and 10/6 ARM, 30, and 40 yr I/O option not fixed
  • Multiple financed properties allowed
  • Max LTV (purchase only)
  • Up to 90% on Non QHEM Plus
  • Up to 85% on standard Non QHEM
  • Non-Warrantable Condos allowed
  • Loan amounts up to $4MM

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 25% expense factor to all eligible gross receipts.
  • Profit and Loss Statement
  • CPA Letter for Expense Ratio
  • DTI up to 55%
  • Credit scores as low as 600
  • Recent credit events allowed
  • All occupancy types allowed
  • 7/6 and 10/6 ARM, 30, and 40 yr I/O option not fixed
  • 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%
  • Full Doc & 1099 income options
  • No Housing history allowed ***see matrix for restrictions
  • Unexpired Government Photo ID and ITIN Card or Letter from IRS required

Take advantage of our newest NonQM program which gives better rates than ever before.

  • Min Fico 680
  • Max LTV 90%
  • Max Loan Amount $2.5mm
  • Available doc types
    • Full doc – 1 & 2 year
    • 12 & 24 bank statement – Business & Personal
  • Max Cash in hand $1mm

1 Page Bank Statement

Results without all the BS (Bank Statements, that is!)

  • Multiple 1099 qualification options
  • Apply a 25% expense factor to all eligible gross receipts.
  • Profit and Loss Statement
  • CPA Letter for Expense Ratio
  • DTI up to 55%
  • Credit scores as low as 600
  • Recent credit events allowed
  • All occupancy types allowed
  • 7/6 and 10/6 ARM, 30, and 40 yr I/O option not fixed
  • Multiple financed properties allowed
  • Loan amounts up to $4MM