A product of the Frank Dodd act was the creation of the Qualified Mortgage.
Any bank or mortgage company that makes a mortgage loan has to make sure that it fits into the “Qualified Mortgage” rules. …and there are a lot of rules! Trust me.
However, the laws of nature apply to the mortgage world too. Nature abhors a vacuum.
…So, the advent of the “Non Qualified Mortgage” is also in a way a by product of the Frank Dodd act.
These are loans that skirt the rules of Qualified Mortgages.
The benefit of these loans are that they typically allow for reduced documentation, or even stated income and asset docs. They also allow for lower credit scores.
However, you will put more money down on Non QM loans, and have a higher interest rate.
We carry Non QM loans.
In fact, I wanted to highlight one of our products in this post.
We actually have a Jumbo loan (amount over $417,000) that you can get with a credit score as low as 500! Max loan to value ratio on this product is 70%. Rates are high though – around 9%, with an apr in the 10′s.
…just sayin’, if you really want a loan, and you have a down payment – you can get it these days.
That’s it for today!
Have a good day today! …and thanks for reading.
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