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.
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.