NON-QM Mortgages And Bank Statement Loans For Self Employed

Описание: NON-QM Mortgages And Bank Statement Loans For Self Employed

There are thousands of folks who can afford a home but cannot meet the government and/or conventional mortgage guidelines. Many mortgage borrowers qualified for non-qm loans and bank statement mortgage loans for self employed borrowers prior to the 2008 Real Estate And Mortgage Collapse, however, non-qm loans became extinct after the financial meltdown. Great news is that non-qm loans is now back and so are bank statement mortgages for self employed borrowers where no tax returns are required:

The mortgage industry has gone through a total restructure after the real estate, credit, and financial meltdown of 2008
Thousands of mortgage lenders went out of business
Mortgage products like no doc, bank statement mortgages, or stated income products have become extinct
Over half of this country’s mortgage loan originators have quit the business due to the new SAFE ACT
SAFE ACT was created by Congress where all mortgage loan originators need to go through federal and state testing, federal and state background investigations
Every mortgage loan originators need to go through credit checks where they need to explain all derogatory items on their credit reports including bankruptcies, foreclosures, and collection accounts
State mortgage regulators can deny a mortgage loan originator their mortgage license just for having bad credit due to financial irresponsibility
Those employed by FDIC banks and credit unions are exempt from this rule

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