Non-QM

Non-QM

Get a Home Loan one-day after a major Credit Event is finished (i.e. Bankruptcy, Short Sale, Deed in Lieu, or Foreclosure)

 

15% down – 660 score required. No Mortgage Insurance.

20% down – 580 or 620 score required, depending on the program. No Mortgage Insurance.

If your major Credit Event happened more than 2 years ago, the down payments are lower.

10% down – 660 or 680 score, depending on program. No Mortgage Insurance.

15% down – 620 score. No Mortgage Insurance.

20% down – 580 or 610 score, depending on program. No Mortgage Insurance.

The down payment percentages listed above are for purchase of a Primary Residence. Second Home and Rental Properties require a larger down payment. The minimum loan amount is $100,000. In some case, 100% of the down payment can be a gift from a relative. When determining your credit score, we take the middle of the 3 scores.

**You will need to have a minimum of 3-months of the payment in your bank or retirement fund at close of escrow for reserves.

**A gift of the down payment from a family member may be allowed

**Maximum 55% DTI (debt to income ratio) considered with compensating factors

**Fixed and ARMs

Property Types:

1-4 units (SFR, Detached, Semi Detached, Attached)

PUD (SFR, Detached, Attached)

Warrantable Condominium (Detached, Attached)

Non-Warrantable Condominiums Attached/Detached), including Condotels

1-Year after Bankruptcy / Short Sale / Foreclosure loans are now available with 3.5% down.

Your credit issues were the result of a Loss of Employment or a loss of Income beyond your control. You must show that the household income was reduced by 20% or more for 6-months or longer.

The borrower has demonstrated full recovery from the event.

The borrower has completed a one-hour housing counseling session. Ask for details.

3.5% down payment.

A 12-month clean rental history

Waiting Periods for FHA and Conventional Loans

(Typically, these loans have the best rates, so if you meet these waiting periods, you are golden)

FHA – Max loan amount $294,515. Purchase price can be higher.

2 years after Ch. 7 Bankruptcy (must have re‐established some credit after BK)

Financing available for borrower in the middle of a Ch. 13 BK (must have court approval and most recent 12 months installment payments must be on time)

3 years after Foreclosure and 3 years after Short Sale (if there were any 30 day mortgage lates prior to short sale)

Standard Conventional Financing – Max loan amount $453,100. Purchase price can be higher.

4 years after Ch. 7 Bankruptcy

2 years after Ch.13 Bankruptcy discharge (4yrs after dismissal)

4 years after Short Sale

7 years after Foreclosure

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Licensing

Licensed in Nevada and California

Joshua Nieves NMLS #557025
Residential Mortgage Services
NMLS #168397
MLD #25237
CA-DBO5570215

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Contact Us

Joshua Nieves Mortgage Team - Residential Mortgage Services
3585 E Flamingo Road
Ste 103,102,101
Las Vegas, NV 89121

Direct Line:
(702) 580-5069

Office Line:
(702) 796-3453

Day Hours:
MON-FRI 8AM - 5PM

Available by appt. 7AM-7PM