IN-HOUSE NON & QM PROGRAMS
Designed for the Self-Employed, Investors, and Foreign National Borrowers.
- DSCR ratio calculated by dividing gross rents by subject property PITIA.
- Short Term Rental income eligible with 25% down
- Ratios over 1 preferred. Will go as low as .75 with rate adjustments.
- No income required besides lease agreement or 1007 with rent schedule
- Minimum down payment 20%
- Must be seasoned investor – exceptions can be made
- Max seller concessions 3%
- 1 to 4-unit properties
- Loan amounts up to $2M
- No income, job, or credit required
- No reserves required < 75% LTV
- Non-Owner Occupied only – Condotels/Pudtels Allowed
- 5yr/7yr ARM & 30-year Fixed
- 70% Max LTV Purchase – 65% Max LTV Refinance
- 12- & 24-month bank statement programs
- Business & Personal bank statements allowed
- Must be self-employed – No W2 allowed
- Must be self-employed for one year but two years same line of work
- Minimum down payment 15%
- Max seller concessions 6%
- Max DTI 50%
- Liquid assets divided by 84-months
- Liquid assets – 100% checking/savings/money market. 80% stocks/bonds/mutual funds. 70% vested retirement/401K/IRA. Crypto allowed if liquidated.
- Must have $1 million minimum qualifying assets
- After down payment + closing costs, must have minimum $450k liquid
- Minimum down payment 15%
- No gift funds
- Max seller concessions 6%
- Max DTI 50%
- Most recent year 1099 or CPA audited P&L
- 1099 must be self-employed for two years
- P&L must be self-employed for one year but two years same line of work
- Minimum down payment 15%
- Minimum reserves of 6-months of subject property PITIA – 9-months for loans over $1.5 million
- Full gifts allowed but not for reserve requirement
- Corporate & LLC vesting allowed • Max seller concessions 6%
- Max DTI 50%
- Traditional DTI not calculated – post-closing qualified assets must be greater than the sum of the items listed below:
- 100% of loan amount
- 60-months of all real estate PITIA plus subject property taxes and insurance (no P&I) plus consumer debt payments plus alimony/child support
- Liquid assets – 100% checking/savings/money market. 80% stocks/bonds/mutual funds. 70% vested retirement/401K/IRA. Crypto allowed if liquidated.
- Job & Income not required
- Minimum down payment 15%
- No gift funds
- Corporate & LLC vesting allowed
- Max seller concessions 6%
APPLY NOW OR REACH OUT WITH QUESTIONS
Disclaimer: This information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines. Loan program and terms of repayment are based on a 30 year fixed term. Interest Rate and Annual Percentage Rate as well as any / and all credit offered would be subject to pricing and underwriting of the individual applicant. Luminate Home Loans, Inc. NMLS#150953. Corporate Headquarters 2523 S. Wayzata Blvd. Suite 200, Minneapolis, MN 55405. This advertisement does not constitute a loan approval or loan commitment. Loan approval and / or loan commitment is subject to final underwriting review and approval. For licensing information, go to: www.nmlsconsumeraccess.org.
