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The volatility of the mortgage market is reducing production, but the number of subordinated borrowers requesting non-QM products is increasing.
There will always be a group of borrowers who do not qualify for home loans under the traditional rules. This large group of customers includes the self-employed, real estate investors, and people with a credit history.
Finding these types of lenders can help protect your business during market changes. Active callers in non-QM spaces receive additional credit each month.
View profiles of non-QM borrowers
Freelance: According to Upwork, there are approximately 59 million freelancers in the United States, and growing. This includes 1099 and gig economy workers. There are many potential borrowers.
The problem these borrowers face is that tax refunds are usually unavailable due to large tax cuts. They can afford to buy a home and often have good credit. However, their tax returns do not reflect their true financial situation.
They need an alternative that will provide them with adequate income and ultimately their ability to repay. Solution: Loan drawn from the account.
Angel Oak payday loans are ideal for the self-employed. • Up to $3 million in loans
- 12 or 24-month personal or business bank statements are accepted.
- 1099 income tax return filing
- A two-year preparation period is required for bankruptcy, foreclosure, short sale, or foreclosure.
Real Estate Investors: By 2022, real estate investing will outpace primary home purchases.
All the founders who offered DSCR Investor Cash Flow Loans to investors were delighted! I have done several transactions simultaneously for a real estate investor.
Many promoters have asked us to close refinancing payments and single-borrower purchases. Fannie and Freddie aren’t allowed, so they invite us. We help investors buy their 22nd home and need to set up an LLC.
Marketing for real estate investors is effective regardless of the market. Experienced investors will find ways to build their portfolios further. They know where to find deals and how to use the market to their advantage.
They also know executives they can trust to help them get to the closing table quickly.
Angel Oak’s DSCR Investor Cash Flow Loans are ideal for closing real estate investors. • Loans up to $1.5 million
- No personal income or tax returns are required.
- The property meets the cash flow requirements.
- There is no limit to the total number of attributes.
- Investors can take ownership of the LLP.
Credit Issues: Borrowers who are exempt from foreclosure or bankruptcy do not have to wait seven years to get a mortgage. Successfully close borrowers with good credit quality with one of our non-QM loan products. Angel Oak’s full document portfolio selection is ideal for protecting bad credit borrowers.
- Loans up to $2 million
- 1-year trial period for sale, short sale, or product transfer certificates
- 2 years of preparation for bankruptcy
- Occupational housing, second homes, and investment properties
Reference Source: Housing Wire
