In an effort to make Non-Qm loans a whole lot easier, A&D Mortgage has made the following changes/additions to the guidelines:
N/O/O with a DSCR of 1.15% will now be able to go 80% LTV !
We added a 1099 for income product which allows schedule C borrowers to qualify without tax returns!
Bank Statement products will now have 2 additional choices to qualify income in addition to a self-prepared P&L.
Borrowers can utilize a straight 50% Expense Ratio and not require a P&L OR borrowers can request an expense letter from their tax preparer or CPA explaining what the expense ratio is for their business.
*New to Bank Statement Program: *Qualified Paypal and Zelle deposits ok
Waive Escrow ok for O/O & SH transactions
No Credit Score OK!
New Construction PUDs up to 80% LTV (FL Max LTV 75%)
No seasoning requirements for Cash Out refinances
100% Gift ok for Owner Occupied loans max LTV 80%
Overdraft Protection will NOT be counted as an NSF
POAs ok for O/O & SH
Asset Utilization can now do a Cash Out refinance transaction
As A&D Mortgage’s Communications Manager. Carl Holman has more than 20 years of expertise in marketing, media relations, and communications, having spent 10 years of his career in mortgage lending and real estate. He holds a Bachelor’s in Journalism and Mass Communications from the University of South Carolina.