JUMBO HOME LOANS FOR PURCHASING

 

Platinum Non-QM Jumbo Home Loans

Credit scores starting at 660

Up to 95% LTV, No MI

Non-QM Platinum Jumbo mortgage program is a competitively priced product for borrowers who just miss qualifying under Prime Jumbo guidelines. Stop losing deals because other lenders only offer Prime Jumbo. Our non-QM Platinum Jumbo loan allows our clients to help more Jumbo borrowers.

Your borrower may not be Prime – but they could be Platinum!

• Loans up to $3 million, Minimum loan of $250,000

• Four years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu

• Owner-occupied, second homes, and non-owner occupied

• Purchase and cash-out or rate-term refinance

• Full doc only

• 40 year fixed interest only available

• One year tax return program

• Non-warrantable condos allowed

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Portfolio Select Non-QM Jumbo Home Loans

Credit scores starting at 600

Up to 90% LTV with no MI

Credit worthy borrowers who have recovered from credit events no longer have to wait seven years to purchase or refinance! Our full doc Portfolio Select mortgage loan allows just one year seasoning for foreclosure, short sale, deed-in-lieu and just two years seasoning for bankruptcy. Capture more business and help those borrowers shut out of Agency guidelines. This full doc loan solution helps more borrowers achieve their financial goals through a home purchase or refinance. 

• Loans up to $2.5 million

• One year seasoning for foreclosure, short sale or deed-in-lieu

• Two years seasoning for bankruptcy

• Purchase and cash-out or rate-term refinance

• Owner-occupied, second homes, and investment properties

• Up to 50% DTI

• Gift funds allowed

• 40 year fixed interest only available

• Non-warrantable condos allowed

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Asset Qualifier Non-QM Jumbo Home Loans

Credit scores starting at 700

Up to 75% LTV

Asset Qualifier loan product is for borrower’s to qualify using their liquid assets. We do not require employment, income or DTI to justify ability-to-repay. We qualify based on required assets that meet seasoning requirements. We have helped retirees, underserved self-employed, divorced with no income, and other borrowers with required seasoned assets to purchase or refinance. This easy to close loan is another solution helping borrowers with their home loan needs who could not under Agency guidelines. 

• Loans up to $3 million, Minimum loan of $250,000

• No employment, no income, no DTI

• Rates are 30-year fixed

• Five years seasoning foreclosure, short sale or bankruptcy

• Primary residence, purchase or refinance

• Interest only program available

• Non-warrantable condos allowed

• All assets must be sourced and seasoned for a minimum of six months

• Required assets: Loan amount, recurring monthly debt multiplied by 60 months, funds to close and six months reserves

• Borrowers must have at least $500,000 in post-closing assets.

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Prime Jumbo Non-QM Home Loans

Credit scores starting at 660

Up to 90% LTV, No MI

Prime Jumbo mortgage product is a competitively priced loan option for borrowers purchasing homes outside of conforming limits. Borrowers who cannot qualify under GSE guidelines now have more options with us. Those who miss Prime Jumbo qualifications can quickly be moved to our Platinum Jumbo product which is also a competitively priced option. Our Jumbo program helps you save more deals!

• Loan amounts to $3 million (minimum $1 over conforming limits)

• Seven years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu

• Owner-occupied, second homes, and non-owner occupied

• Purchase and cash-out or rate-term refinance

• DTI up to 43%

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Agency Mortgage Conventional Non-QM Home Loans

Credit scores starting at 660

Up to 95% LTV/CLTV, with MI

• Loans up to conforming limits (high balance case by case)

• Owner-occupied, second homes, investment

• Competitive pricing with quick turn times

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Self Employed Bank Statement Jumbo Home Loans

Credit scores starting at 600

Up to 90% LTV, No MI

Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.

• Loans up to $3 million with a minimum of $150,000

• 12 or 24 months business or personal bank statements

• Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu

• Rates are 30-year fixed

• Two years self-employed required

• Borrowers can own as little as 50% of the business for business bank statements and 25% for personal bank statements

• Purchase and cash-out or rate-term refinance

• Owner-occupied, second homes, and non-owner occupied

• 1099 option available

• 40 year fixed interest only available

• Most loans will be qualified on an expense factor of 50%. Companies with a lower expense factor will require a statement from a third party CPA or tax preparer. (Some industries with traditionally higher expense factors will be underwritten with a 70% expense factor.)

• Non-warrantable condos allowed

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1099 Income Loans

Credit scores starting at 600

Up to 90% LTV, No MI

Our 1099 income loan option is for underserved self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under Agency guidelines.
These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. Our 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership. 

• Maximum LTV 90% with 700 score

• Maximum LTV 80% with 640 score

• Loans up to $3 million, Minimum loan of $150,000

• No tax returns are required

• Most recent one or two years 1099 plus year to date earning statement allowed

• Year to date earnings are verified from earning statement, paystubs, or bank statements

• 1099s must be from a single employer

• Borrower must be self-employed working for the same employer for two years

• Owner-occupied, second homes, and non-owner occupied

• Purchase and cash-out or rate-term refinance

• Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu

• Non-warrantable condos allowed

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Foreign National Home Loans

Maximum LTV of 70%

Maximum LTV of 65% for cash out

No Foreign or U.S. credit needed

This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. This is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit required to qualify.

• Minimum loan amount of $75,000

• Maximum loan amount of $1.5 million

• A DSCR program with a 1:1 ratio on cash flow

• Assets sourced and seasoned for 60 days - must be in a U.S. FDIC insured bank for a minimum of 30 days

• 12 months reserves required and must be in a U.S. bank

• ACH auto-payment is required

• No sanction listed countries allowed and will not lend in Osceola County

• Cannot reside in the United States

• Must have an eligible Visa: B-1, B-2, H-2, H-3, I, J-1, J-2, O-2, P1, P2

• No gift funds allowed

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SmartEdge

An attractive jumbo mortgage for those who are unable to secure traditional lending due to a recent credit event or looking to purchase or refinance a non-warrantable condo.

SmartEdge provides non-traditional features and flexible guidelines such as alternative income qualification and interest-only payments.
This loan product is attractive jumbo mortgage option for those who are unable to secure lending due to a recent credit event or looking to purchase or refinance a non-warrantable condo.

Key Features and Benefits:
For borrowers who don’t qualify for standard jumbo loans

• Credit scores as low as 660 FICO

• Up to $3 million loan amounts

• Can have one late mortgage payment over the last 12 months

• DTI up to 50%

• 30-year fixed-rate and 30-year interest-only fixed rate terms available

• 5/6, 7/6, 10/6 ARMs with interest-only options

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SmartSelf

A smart option for self-employed borrowers seeking the home financing they need and wish to use bank statements to qualify.

SmartSelf allows self-employed individuals to use 12 or 24 months’ personal or business bank statements to support their income in qualifying for a mortgage.

Key Features and Benefits:

• For borrowers who can support their self-employed income with bank statements

• Income is calculated by averaging deposits shown on bank statements

• Up to $3 million loan amounts

• Can have one late mortgage payment over the last 12 months

• 30-year fixed-rate and 30-year interest-only fixed rate terms available

• 5/6, 7/6, 10/6 ARMs with interest-only options
  SmartSelf is a smart option for self-employed borrowers seeking the home financing they need and wish to use bank statements to qualify.

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SmartVest

A smart option for experienced real estate investors with complex finances. Finance your next investment property owned for business purposes.

SmartVest offers investment property financing with flexible guidelines and attractive non-qualified mortgage features such as interest-only options.

Key Features and Benefits:

• For borrowers who are experienced real estate investors looking to purchase investment properties

• Income used to qualify based on cash-flows from property owned

• Up to 20 financed properties allowed

• No tax returns or tax transcripts required

• No debt ratio calculation required

• 30-year fixed-rate and 30-year interest-only fixed rate terms available

• 5/6, 7/6, 10/6 ARMs with interest-only options

SmartVest is a smart option for experienced real estate investors with complex finances. Finances your next investment property owned for business purposes.

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Investor Cash Flow

Credit scores starting at 600

Up to 80% LTV

Investor Cash Flow mortgage program allows your clients to qualify based on rental analysis to determine property cash flow. No personal income required to qualify. This saves you from submitting complicated income statements and tax returns.

• Loans up to $1.5 million, Minimum loan of $75,000

• Qualification based on property cash flow − Minimum DSCR 1.0

• No DSCR needed with minimum 700 FICO and max 75% LTV

• No personal income or employment information required

• Properties can be in LLC’s name

• No limit on total number of properties

• Purchase and cash-out or rate-term refinance

• 40 year fixed interest only available

• Non-warrantable condos allowed

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Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

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LoanGIANT Non-QM Resource Center

Looking for more information on how to use non-QM to increase your volume? You are in the right place! The educational links below will tell you more about non-QM, the mortgage products and the profile of non-QM borrowers. By helping underserved borrowers you can grow your referral base and your business. Please contact an account executive with any questions or for more detailed information. Our account executives are always available to present to your clients on your behalf as the expert on non-QM. Partner with the pioneer in non-QM wholesale lending.

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What is Non-QM?

A non-qualified mortgage or non-QM is a loan for borrowers who cannot meet the guidelines of an Agency or a qualifying mortgage (QM). An example is a self-employed borrower who cannot qualify using their tax returns. They need an alternative solution such as a Bank Statement loan to qualify for a home loan.

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What are the advantages of non-QM features versus QM?

Non-QM must satisfy the ability to repay rule (ATR) just like a QM loan, but there are benefits to non-QM that do not apply to a QM loan. Non-QM can have loan terms that exceed 30 years or interest only payments.

• The caps on fees and points are maxed at 5% versus 3% for a QM loan.

• The standard DTI on a primary or a second home is 40/50, whereas the DTI on a QM loan can vary.

Self-employed borrowers can qualify submitting bank statements from a personal or business account in lieu of tax returns. Agency or QM loans do not allow bank statement submissions. A huge benefit for real estate investors is that non-QM does not have a limit on the number of non-owner occupied (NOO) properties a borrower can own. As well, non-QM allows NOO properties to close in an LLC while a QM loan does not allow this benefit.

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How do non-QM products help borrowers who cannot qualify for a QM loan?

There are many instances of how non-QM can help borrowers or save a deal from a fall-out situation. Here are the most common scenarios:

Bank Statement (Personal or Business): Help self-employed borrowers qualify by basing income on their cash flow and liquid assets since their tax returns and W-2s of pay stubs alone may not be reflective of their ability to repay.

Debt Service Cover Ratio (DSCR): Helps borrowers qualify based on rental analysis to determine property cash flow versus income and debts.

Just Missed: Helps well-qualified borrowers whose credit profile falls just outside of today’s tight and inflexible lending standard.

Life/Credit Event: Helps a borrower that was affected by a negative life or credit event (e.g., bankruptcy, foreclosure, short sale, loss of job, divorce, medical issues, recent mortgage lates).

No Income/High Assets: Allows borrowers to qualify for loans using their liquid assets and does not require employment or debt to income to justify ability to repay. For borrowers who have enough assets to buy the home outright, but they don’t want to liquidate their assets to do so.

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Program Options:

LoanGIANT not only offers non-QM products that not all lenders have, but great options within those products. The features of our non-QM products can help originators provide more value to their borrowers and referral partners – and lead to more closed loans.

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Here are program options available through our non-QM loan products important to know about:

 

Interest Only

Our 40-year fixed interest-only option can help lower monthly mortgage payments for your borrowers. Borrowers qualify on the 30-year amortized payment, but on the first ten years of the loan they make only interest payments.
 
We recast monthly – if they make a payment towards the principal, we will adjust the interest-only payment accordingly. This can be used for a purchase or a refinance.
 
Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

 

Delayed Financing

Many cash buyers might want to finance the home, especially if they paid cash just to win a bid. You can turn cash buyers into a closed loan through delayed financing. A cash buyer is a potential borrower! Get the word out to Realtors and anyone else you know.
 
With delayed financing, borrowers who paid cash can get a mortgage within six months of purchase without waiting to recoup a majority of that cash. Let real estate investors know that they don’t have to leave assets tied up in a home after paying cash. Through delayed financing, investors can use the cash to buy a new property or renovate to ready it for renters.
 
Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

 

TBD Properties

We can issue preapprovals for borrowers who do not yet have a property to purchase. Your borrowers will know what they can afford and the income we will use, but that loan does not go into our system for processing.
 
We can determine income for self-employed borrowers without using tax returns. We look at self-employed borrowers’ 1003 credit and either personal or business bank account statements to calculate income.
 
Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

 

Cash-Out Refinance

We do a lot of cash-out refinances for our originator clients that allows their borrowers to tap into their equity to achieve various goals. All of our non-QM products can be used for a cash-out refinance.
 
Get the word out to borrowers that a cash-out refinance is a great option for high-interest debt consolidation, home improvement projects, real estate investment purchases, tuition, or to fund a new business.
 
Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

 

Benefit to Real Estate Brokers & Sales Professionals

Real estate brokers and sales professionals who utilize LoanGIANT for non-QM alternatives offer a service that their competition may not offer. They become an expert and go-to for the non-QM business owner, foreign, self employed and non-W2 buyers. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.

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Non-QM Borrower Profiles

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Real Estate Investors

What does the profile of a real estate investor borrower look like?

Any borrower buying their first investment property or a seasoned investor growing their real estate portfolio who are experienced in purchasing, renting, and managing rental properties. The majority of these borrowers are familiar with up-to-date market conditions, real estate trends and have already closed loans for multiple properties. They are not always familiar with alternative loan solutions when an Agency loan is not an option. Fannie Mae has tightened guidelines for second homes and investment loans making it harder to qualify. Competition is fierce in the market today, and many investors cannot afford a delay in closing.  They need to move fast requiring an easy loan solution for a quick close. They are qualified based on a debt service coverage ratio, FICO and LTV.

These buyers are purchasing based on an anticipated return on their investment and /or new stream of income.

Real estate brokers and their real estate investor borrowers every day providing solutions that get to the closing table quickly.

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Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

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Why would they require non-QM to qualify for a mortgage?

Depending on the borrower’s unique situation, they may not have the employment or tax documentation to qualify for an Agency loan. As mentioned, Fannie Mae has tightened guidelines for second home and investment loans.  Other situations include limits on the total number of properties, non-warrantable condos, and if rental property is held under an LLC.
 
The easiest solution can be a cash flow loan such as LoanGIANT’s Investor Cash Flow loan. This loan is based on a rental analysis to determine cash flow and does not require employment or tax information. It is easy to do and quick to close working with us.
 
Originators who close these loans with LoanGIANT know to call us first to ensure a quick close without delays. Our account executives are experts – the Investor Cash Flow loan is one of our most highly utilized options.

 

What are non-QM mortgage options for real estate investors?

• Investor Cash Flow– Qualification based on property cash flow with a minimum DSCR of 1.0. No income or employment information required. This loan is for non-owner occupied investment properties.

• Warrantable and Non-Warrantable Condos – Investor Cash Flow and full doc Portfolio Select mortgage loans allow warrantable or non-warrantable condos.

• Non-Owner Occupied, Second Homes, Investment Properties – Full doc Portfolio Select, Bank Statement, Platinum Jumbo

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Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

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Jumbo Borrowers

What does the profile of a Jumbo borrower look like?

A Jumbo borrower is anyone purchasing a home outside of the conforming limit as set by the Federal Housing Finance Agency. Home prices are different across the country, and the limits for conforming and non-conforming homes can be too. Currently, the limits are $548,250 for a single family home and can go up to $822,375 depending on the state. Because of this, it is hard to pinpoint exactly the demographic of a Jumbo borrower. Generally, they are created for affluent borrowers wanting luxury homes. However, many average borrowers in high-cost areas such as New York City may not have an option other than a Jumbo loan.
Real estate brokers and their Jumbo borrowers every day providing solutions that get to the closing table quickly.

Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

 

Why would they require non-QM to qualify for a mortgage?

Jumbo loans are non-Agency or non-QM loans that cannot be sold to government agencies such as Fannie Mae or Freddie Mac. Jumbo loans are held by private lenders or sold off to investors. At LoanGIANT, we service transactions for the life of the loan as the end investor.
 
There are two types of Jumbo loans – Prime and Non-QM. Not all Jumbo borrowers can qualify for a Prime rate because the guidelines are tighter. If that is the case, they might be eligible for a non-QM Jumbo loan. LoanGIANT has a non-QM offering called Platinum Jumbo. It is a great full doc option that is easy and quick to close. We receive calls every day from brokers asking us to save a deal because their borrower was turned down for a Prime Jumbo loan.
 
Originators who close these loans with LoanGIANT know to call us first to ensure a quick close without delays. We can determine from the start which loan product to use to avoid a delay in closing.

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Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

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What are non-QM mortgage options for Jumbo borrowers?

• Platinum Jumbo – A full doc product for loans up to $3 million. Allows four years out of foreclosure, bankruptcy and deed-in-lieu. A one year tax return option is available as long as it is the most recent year.

• Portfolio Select – A full doc product for loans up to $2.5 million. Allows only one years out of foreclosure, short sale and deed-in-lieu and two years for bankruptcy. A one year tax return option is available as long as it is the most recent year.

• Bank Statement – For self-employed borrowers without tax returns to qualify. Loans up to $3 million.  Use 12 or 24 months personal or business bank statements to determine income. Two years seasoning for foreclosure, bankruptcy, short sale, or deed-in-lieu

• Investor Cash Flow – For real estate investors to qualify without tax returns and employment information. Loans up to $1.5 million. Qualifies based on rental analysis to determine cash flow of property.

• Down Payment Options – As low as 10% down depending on the mortgage product.

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Products: Bank Statement, Business Bank Statement, Platinum Jumbo, Investor Cash Flow, Portfolio Select, Asset Qualifier, Foreign National

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Self-Employed Borrowers

What does the profile of a self-employed borrower look like?

This loan is designed for credit-worthy borrowers who cannot use tax returns to qualify for a mortgage. They need an alternate income calculation to qualify. Qualifying income is the total of deposits less business expenses. Many times, the only obstacle is not having a tax return to satisfy ability to repay. They have good to excellent credit with steady income and, often times, looking to purchase a higher priced home. A significant share of our self-employed borrowers need a Jumbo loan purchasing homes outside of the conforming limit set forth by the Federal Housing Finance Agency (FHFA). They own their own company, physician practice, law firm, salon, restaurant, retail store, etc…
 
Non-traditional or gig work consists of income earning jobs based on a contractual or other work arrangement. Gig economy workers can be seasonal or hired on a project basis instead of long-term. Examples include freelancing, subcontractors and temporary agency workers. A good majority of these people receive 1099 tax forms instead of a W-2.
 
LoanGIANT works with brokers and their self-employed borrowers every day providing solutions that get to the closing table quickly.

 

Why would they require non-QM to qualify for a mortgage?

The most common scenario we see are self-employed borrowers who do not qualify for Agency loans. At times, brokers will call us with a borrower who was turned away asking if we can save the deal. We listen to the scenario and match one of our loan products for an efficient and quick close.
 
Self-employed borrowers are allowed deductions on their tax returns to minimize tax liability. At times, the income stated on the return will not allow them to qualify for the home they want to purchase. Their only option is a non-QM solution such as a Bank Statement loan using personal or business account submissions to determine income.
 
It can be especially challenging for those who are gig workers to qualify for an Agency loan simply because of how and when they earn income. They receive 1099 tax forms and do not have a W-2 to use to qualify for a loan. They can also qualify for a Bank Statement loan or our 1099 Income loan using 1099 earning statements in lieu of bank account statements.
 
Originators who close these loans with LoanGIANT know to call us first to ensure a quick close without delays. Our account executives let them know upfront which loan product they qualify for and the income we will use. Our Bank Statement review team completely reviews, analyzes, and calculates income for you upfront saving you time.

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What are non-QM mortgage options for self-employed borrowers?

• Bank Statement Product – 12 or 24 months personal or business bank statement submissions offering loans up to $3 million. Two years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu.

• 1099 Income – 1099 earners can use their statements in lieu of tax returns.  Use 1099s for the last year or last two years based on eligibility.

• Full Doc Portfolio Select – now accepts one year tax returns for those eligible. Ideal for those just two years out of foreclosure, bankruptcy, or deed-in-lieu.

• Asset Qualifier – self-employed borrowers with significant assets can qualify without using income or employment documentation. This is another option for borrowers who have income not reported on a tax return and can utilize liquid assets in savings and investment accounts instead.

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Resource Documents

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Investment Property Loan Options

Your real estate investor borrowers have more options working with Angel Oak. Investors need a quick close without delays in today’s competitive market. Help your investor clients grow their portfolios while you increase your volume closing more loans with our mortgage products.

Non-QM is the solution when Agency loans won’t work!

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Non-QM Loan Options for Investors

• Investor Cash Flow (DSCR) – Loans up to $1.5 million, up to 80% LTV, qualification based on property cash flow.

• Bank Statement Loans for Self-Employed – Loans up to $3 million, up to 90% LTV, 12 or 24 months personal or business statements.

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Full Doc Non-Agency / Non-QM

• Platinum Jumbo – Loans up to $3 million, up to 90% LTV, one year tax return program, full doc only

• Portfolio Select – Loans up to $2 million, up to 85% LTV, one year seasoning for foreclosure, deed-in-lieu, short sale, and two years for bankruptcy.  

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Fill out the contact form on this page and an experienced Account Executive will contact you to determine which product works best for you.

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Vacation Home Mortgage Options

Your borrowers purchasing vacation homes have more options working with Angel Oak. They need a quick close without delays in today’s competitive market. Help your clients purchase a vacation home while you increase your volume closing more loans with our mortgage products.

Non-QM is the solution when Agency loans won’t work!

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Non-QM Loans for Vacation Homes

• Bank Statement Loans for Self-Employed – Loans up to $3 million, up to 90% LTV, 12 or 24 months personal or business statements.

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Full Doc Non-Agency / Non-QM

• Platinum Jumbo – Loans up to $3 million, up to 90% LTV, one year tax return program, full doc only

• Portfolio Select – Loans up to $2 million, up to 85% LTV, one year seasoning for foreclosure, deed-in-lieu, short sale, and two years for bankruptcy.