You may find a non-QM lender that offers terms longer than 30 years. You’ll make a larger-than-usual payment at the end of a set time if your non-QM loan has a balloon payment. In this case, your loan balance grows, called “negative amortization” in loan terms. Although this is very rare, you may come across a lender that allows you to make payments for less than the interest charged each month. Lenders that offer an interest-only option don’t require you to pay any of your loan balance down but instead just pay the interest accruing each month. To help you qualify for a non-QM, loan the lender may include one or a combination of the following features: A qualified mortgage meets the CFPB’s “ability to repay” rule, which requires that lenders vet your finances and set terms on the loan that you’re likely to be able to pay back. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.Non-QM loans are mortgages that don’t meet the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages. The services referred to herein are not available to persons located outside the state of Colorado.Īs a broker, C2 Financial Corporation is NOT individually approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.Ĭ2 Financial Corporation has the ability to broker VA loans based on their relationship with VA approved lenders. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. Rate subject to change with market conditions. Specified rates may not be available for all borrowers. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions.
All loan approvals are conditional and all conditions must be met by borrower. Loan approval is not guaranteed and is subject to lender review of information. C2 Financial Corporation is licensed by the Colorado Department of Regulatory Agencies (DORA) NMLS #135622.
This licensee is performing acts for which a real estate license is required. Pre-Qual Form Start Application CalculatorĬopyright © 2022 Dave Kevelighan – OnePress theme by FameThemes Cash-Out refinances allowed up to 85% LTVĬontact Dave Kevelighan for Non-QM Loan programs in Colorado & pricing today!.Purchases and Rate/Term refinances allowed up to 95% LTV.Non-QM loans are available for a Primary dwelling, a 2nd Home, and also Investment property transactions.Interest-Only payment options available up to 80% LTV/CLTV through a Non-QM Loan program in Colorado.Credit scores as low as 580 FICO are also allowed.Recent Derogatory Credit Events (BK, Foreclosure, Short Sale, etc.) are allowed.Investment Properties can qualify based on Debt Service Coverage Ratio (DSCR) of 1% (break-even or cash flowing rental income).Non-QM Loans are Ideal for self-employed borrowers.Bank Statements can now be used for income qualifying.These packages offer a number of advantages including those listed below:
Over the past couple of years, many wholesale lenders have increased their offerings that include Non-QM loans. Today, Non-QM loan Programs in Colorado are on the rise as investors and lenders become more comfortable with loans that don’t have as stringent credit requirements as government loans. In recent years, the new regulations like Ability-to-Repay and Qualified Mortgage rules exiled subprime lending of the past.