FULL DOCUMENTATION
MLG Financial Full Doc Non-QM loans are a perfect solution for small business owners, investors, or other self-employed individuals, who believe they would not qualify for a traditional agency loan. These loans are also ideal for borrowers who are recovering from a recent credit event.
Full Doc Non-QM loans require documented evidence that proves the income and assets a borrower claims on their loan application are genuine.
Program highlights:
- YES to Agency fallout borrowers
- YES to Agency fallout borrowers
- FICO 600
- 85% CLTV
- Loan amounts up to $4 million
- Max cash-on-hand $1 million, no limit for LTV < 55%
- DTI up to 55%
- 30 & 40 Year Fixed, 5/6 ARM & 7/6 ARM
- Traditional income
- 2-year credit event allowed
- Super Prime & Prime Programs
- Condo up to 85% CLTV
- Condotels un to 70% CLTV
- NY up to 85% CLTV
2/24 Months Bank Statements
We understand that borrowers should not be denied the opportunity of homeownership because they don’t meet the stringent requirements that traditional lenders require.
Our 12/24 Month Bank Statement loans are perfect Non-QM options for self-employed and high net worth individuals who are unable to document their income with tax returns. To qualify for this loan, we allow the use of 12 and 24 months of Business and Personal bank statements.
Program highlights:
- YES to Self-employed borrowers
- FICO 600
- Up to 85% CLTV
- Loan amounts up to $3 million
- Max cash-on-hand $1 million, no limit for CLTV < 55%
- 30 & 40 Year Fixed, 5/6 & 7/6 ARM
- 3 months reserves
- 12 months from bankruptcy or foreclosure
- Mortgage history O x 60 x 12
- Condos up to 85% CLTV
- Combination of business and personal bank statements allowed
- Condo and condotels allowed
ASSETS UTILIZATION
Not all borrowers fit neatly into the boxes required by traditional lenders. Some borrowers are investors, self-employed, entrepreneurs, retired, or simply living off their investments. They are financially responsible people, but they might not have sources of income that are easily quantifiable.
Asset Utilization loans allow these kinds of borrowers to use their personal and business assets as a means to qualify for a home mortgage.
Program highlights:
- YES to HNWIs with liquid assets
- FICO 600
- Up to 80% CLTV
- Cash Out up to 75% LTV
- Savings and checking 100%
- Securities at 100%
- Retirement at 70% Income calculation - all eligible assets divided by 60
- Super Prime & Prime programs
DSCR -
(Debt Service Cover Ratio)
A typical Non-QM Debt Service Coverage Ratio (DSCR) loan allows a borrower to qualify for a mortgage based on cash flow generated from an investment property-through a rental, for example – as opposed to their personal income. A calculation generates a debt-to income ratio and the higher the ratio, the better.
However, We recognize that not every borrower will qualify for a traditional debt-to-income loan. We know that ownership of an investment property is more than just a ratio. That is why we have introduced DSCR loan, which allows a ratio as low as zero.
Program highlights:
- YES to Real estate investors
- FICO 620
- Up to 80% CLTV
- Loan amounts up to $2.5 million Max cash-on-hand $1 million, no limit for CLTV <55%
- 40- & 30-year fixed, 5/6 & 7/6 ARM terms
- No income or employment verification
- DSCR as low as O
- ligible for Non-Permanent Residents and Foreign Nationals (under Foreign National DSCR Program) Ownership of any property within the past 24 months
- Condotels allowed
1 YEAR or 2 YEAR P&L ONLY
Self-employed individuals have a more difficult time qualifying for a traditional mortgage. We offer our Non-QM 1-year and 2-year P&L Only loans to help them.
Borrowers can qualify for a loan based on the strength of their business’s Profit & Loss (P&L) statement only. No bank statements are required.
Program highlights:
- YES to Business owners
- FICO 600
- Up to 85% CLTV on 2Y and up to 80% CLTV on lY
- Max DTI 55%
- Loan amounts up to $3 million Max cash-on-hand $1 million, no limit CLTV < 55%
- P&L by Licensed CPA, Enrolled Tax Agent, or Licensed Tax Preparer
- No bank statement required
- Super Prime & Prime progra
WVOE / 1099
A Written Verification of Employment (WVOE) is a form to be completed by a borrower’s current employer to verify specific details about their employment, such as dates of hire, compensation structure (salary, bonus, commissions), and year to date earnings. This WVOE form can be used to confirm a borrower’s income.
The same is true for our 1099 Income Program. Instead of tax returns, we use the actual wages from your 1099 form as qualifying income for your new home loan. Together, the
1099 and WVOE options are ways to qualify for a Non-QM mortgage.
Program highlights:
- YES to Employees without tax returns / 1099 contractors
- FICO 599
- Up to 80% LTV for WVOE
- Up to 85% LTV for 1099
- Loan amounts up to $3 million
- DTI 55% Max
- Cash out available
- Completed ENMA Form 1005 for 2-year history with the same employer
