GCA - Mortgage Bankers's video: 2021 Non-QM Mortgage Loan Program Updates

1. Non-QM mortgage process versus government and conventional mortgages * The overall loan process is very similar for a standard mortgage (QM MORTGAGE) and a non-standard loan portfolio. - After accepting this offer (or starting the refinancing process) you will be asked for a quote - Your loan will go through the processing and underwriting process just like a regular mortgage - At the closing table, you sign the same documents and additional information about the NON-QM loan - A NON-QM loan can be the difference between owning a home and continuing to rent 2. Below are details of the most used NON-QM products in 2021: - Loans with bank statements for self-employed borrowers - This is the basis of NON-QM loans Millions of Americans are self-employed and enjoy tax benefits when filing federal income taxes - It is their right based on their business procedures - However, when it comes time to qualify for a mortgage, major agencies have very strict income requirements based on federal IRS tax returns for self-employed borrowers - If you are self-employed, you will most likely get rid of everything you can - This minimizes the federal tax burden at the end of each tax season - This reduces your chances of applying for a conventional mortgage, FHA or VA loan - This is a situation where a NON-QM bank statement loan can help you get home ownership - Income is based on business related contributions on bank statements, not IRS tax returns - We do not actually need a copy of your tax returns for a bank statement loan - The general rule is that the guarantor will take 50% of the business deposits and the remaining 50% of the deposits are expenses related to the business - If you believe that half of your business deposits will be enough to buy a home, contact us today - There are many different loans on your bank statements with a credit score starting at around 640 to include the loan on your bank statement - Advance payment or only 10% and also depends on your creditworthiness * If there has been an execution or bankruptcy recently, you may need a larger down payment. Call today for a specific quote! Read more https://gustancho.com/non-qm-versus-government-and-conventional-mortgages * You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for a faster response. Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays. * CHECK IF YOU QUALIFY: www.gustancho.com/fast-quote ***** Follow me ***** on Social Media 1. https://www.facebook.com/TheGustanChoTeam/ 2. https://www.facebook.com/alexcarlucciMortgage/ 3. https://www.instagram.com/gustanchoas... Be sure to subscribe for more: https://www.youtube.com/c/GustanChoAssociates ALEX CARLUCCI - SVP Mortgage Banker, NMLS # 229891 ALEX STATE LICENSES: - Alabama - Colorado - 100511536 - Florida - LO40799 - Illinois - 031.0026265 - Indiana - 38913 - Michigan - 229891 - Mississippi - Pennsylvania - 72654 - Tennessee - 200345 COMPANY ALL-STATE LICENSES: - Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, Tennessee, Texas , Ohio All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Copyright © 2021 - Gustan Cho Associates NMLS 873293, DBA of Loan Cabin Inc. NMLS 165732 Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148