Hard Money Loans
Tell us about your scenario by selecting the options on the questionnaire or give us a call at: 904-789-0012.
Non QM Mortgages
Non-QM stands for non-qualified mortgage, and non-qualified mortgages are home loans that do not meet the lending rules outlined by the CFPB. Non-QM mortgages allow lenders to document a borrower’s ability to repay the loan using alternative methods that would otherwise not fly as a traditional Conventional or Jumbo loan.
For example: Let’s say I own a restaurant, and I don’t claim all of my income on my personal or business tax returns. If I go the traditional Conventional or Jumbo route regarding purchasing a home, or even refinancing, if the income that’s listed on my personal and business tax returns isn’t enough to qualify, then I get declined since traditional lenders use a “full doc” process. Now, I can show the traditional lender my bank statements which reflect the deposits that I receive from my restaurant business, however the traditional lender isn’t going to use any of my monthly deposits as my income.
In the example above, we have a ton of clients that fit that scenario where they can show the deposits in their bank statements, however the tax returns do not reflect the same income. Instead of saying NO like the traditional lender, we say YES, and in this case we would offer a “Non-QM 12 month business bank statement program”. This program allows the bank deposits to be counted as income, and we don’t need any tax returns ect. We can also close on a Non-QM loan within 30 days.
Terms: We offer 30 year fixed rates, ARM’s (Adjustable Rate Mortgages), and Interest Only options (Our interest only Jumbo, and Super Jumbo are very popular products).
Listed below are the Non-QM mortgage programs that we typically offer, and we can structure as a Refinance Cash Out, Refinance Rate and Term, or as a Purchase transaction.
- Jumbo, Super Jumbo, and Conventional loan amounts.
- 12 month business bank statements.
- 12 month personal bank statements.
- 1 year P & L – If you don’t have the deposits in the bank, this one would be a great option.
- 1099 – Must be 1099 for 2 years, however we would just use the most recent year 1099 as your income (A traditional lender will average the last 2 years of 1099’s, but we just use the most recent year which should yield more income).
- Restricted Stock – We use your restricted stock as income.
- 1 Day out of Bankruptcy / Foreclosure / Short Sale.
- Foreign National.
- ITIN program – You do not need a social security number to buy a home or refinance.
- Asset Depletion – This program allows you to use your financial account(s) as income.
- No Ratio on primary residence – No income required. This is a great option if your situation doesn’t fit the other Non-QM programs that we have available.
Our Hard Money and Non-QM options will make your experience with Groves Capital very special, and we look forward to partnering with you, while accomplishing our mutual goal of beating any other lender’s rate / points.
Tell us about your scenario by selecting the options on the questionnaire, or give us a call at: 904-789-0012.