Non-QM Loans in Other States

from Locked-IN Lending, LLC

Non-QM Mortgages for Investment Properties

Even though Locked-IN Lending, LLC is based in Michigan, we can help you purchase a home in several states without traditional methods. Non-QM loan products allow you to qualify for a mortgage using better representations of your reliability as a borrower, sometimes including no income documentation required. Better representations may include your bank statements, any liquid assets that you have, gift funds, or even your credit history. We can help you with your investment properties today.

Non-QM Mortgages for Investment Properties

Most borrowers are used to qualified mortgage (QM) loans (the typical fixed or variable rate mortgage). When you’re looking to get an investment property our of state, we can help you acquire a non-QM loan. These types of loans have more flexible qualification requirements including bank statements, even as little as a single month’s bank statement. We can utilize asset-based loans which leverage your existing assets such as checking or savings accounts, investment accounts, or money market accounts.

Non-QM loans are for those that don’t necessarily fit into the “normal” categories. Specialty loans are those with generally reduced amounts of paperwork, often great for self-employed borrowers. Balloon mortgages also fall into the Non-QM category. Balloon loans have a fixed rate and monthly payment for a set amount of time, at which point the balance of the mortgage loan is due. For those borrowers in Michigan looking to invest in others states that have low to moderate income, community loans can assist by requiring a low down payment, little to no cash reserves, and often have lower mortgage insurance premiums.

Non-QM Loan Features

  • Lengths with loan terms of 30 years or less
  • Points and fees that are 3% or less than the total loan amount
  • Interest-only, balloon loans, or no negative amortization
  • Greater underwriting flexibility
  • No personal income calculations
  • No job history required in some cases
  • As little as 5% own money down
  • No required reserves in some cases
  • Credit scores as low as 620
  • Rental income can be counted

States we Offer Non-QM Loans

  • Colorado
  • Delaware
  • Hawaii
  • Illinois
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Missouri
  • North Carolina
  • New Jersey
  • New York
  • Oklahoma
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington
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