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
- Age of documents now allowable up to 120 days!