Credit standards are independent to the investor. In addition to the alternative documentation options, these new Non-QM loans in New York & Pennsylvania are also providing flexibility in other areas. New York & Pennsylvania Non-QM Loans Requirements & Guidelines Yes, we are looking for applicants with good credit and a history of managing rental properties, but these mortgages are simple, easy and straight forward. The basics here are simple, if the rent or market rent of the subject property covers the mortgage, taxes and insurance, you qualify.
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For many professional real estate investors this program has made a world of difference allowing a common-sense approach to many mortgages that did not fit the box. This has created other avenues for qualification that have not been seen in recent years.įor Investment properties not occupied by the borrower, we can now use rental income as a cash flow analysis option. You can utilize either personal or business bank statements to qualify for the mortgage. This option is designed for self-employed borrowers who prefer to avoid potentially complicated tax returns. We don’t need paystubs, W2’s or Tax Returns, but can verify income, cash flow and ability to repay using bank statement analysis. The most popular version of Non-QM loans in New York and Pennsylvania is a bank statement method. This is what gives us the term QM or Qualified Mortgage. This would give banks guarantees that these loans could be sold to the government without concerns of buy backs from the government. Recently we have seen a push into the market with some Non-QM loans in New York & Pennsylvania.Ī little background here, post mortgage meltdown the government developed a standardized guideline for what mortgages are considered Qualified Mortgages or QM, and they follow rules set by the CFPB (Consumer Financial Protection Bureau) This designation gave banks assurance that if the loans they issued hits certain standards they would be considered Qualified Mortgages.
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