Equity Advantage Closed-End Second

 

The Ideal Stand-Alone Second Mortgage Product For Your Borrowers

Deephaven’s Equity Advantage HELOAN benefits borrowers who want to utilize equity in their homes while allowing them to keep their low-rate first mortgage intact. This home equity solution allows self-employed borrowers to qualify using 12 months of personal or business bank statements in lieu of the net report income on their tax returns.

Product Highlights:

  • Stand-alone second lien mortgage
  • Primary, second homes and investment properties
  • Minimum 660 FICO
  • Loan amounts up to $750,000
  • Maximum CLTV 85% for primary
  • Maximum CLTV 80% for second homes and investment properties
  • Maximum DTI 50%
  • Single family residence, townhomes, 2-4 units, and warrantable condos
  • Full doc, 1-year P&L only,  personal and business bank statements
  • Cash-out ownership seasoning minimum is now 6 months
  • Non-warrantable

Price your scenario now using our blended rate calculator: https://deephavenmortgage.com/blended-rate-calculator/

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FAQs

How does Deephaven qualify borrowers for a Non-QM loan?

There are several programs for qualifying a borrower’s ability to repay a Non-QM mortgage. Bank Statement programs provide income and cash flow verification. We may also utilize personal assets such as individual retirement accounts and stock accounts to qualify while property investors can use the rent on rental properties.

How are Non-QM mortgage rates set?

Non-QM mortgage rates adjust according to the individual characteristics of the loan and borrower profile. These include: loan-to-value ratio, down payment amount, credit score and history.

What does Non-QM stand for?

Non-QM stands for non-qualified mortgage. It is a term used to identify mortgages that do not meet requirements of federal agencies: Freddie Mac and Fannie Mae. Non-Agency is another term for Non-QM.

Do Non-QM mortgages require a down payment?

Yes, typically between 10% and 20%.

What is the maximum amount a Non-QM customer can borrow?

At Deephaven, the maximum loan amount is $3.5 million depending on the loan type.

Which loan is right for my Non-QM borrower?

The answer varies depending on the type of loan, the borrower's credit profile and how the loan is to be qualified.

Are there commercial Non-QM mortgages?

Yes, there are. Deephaven offers DSCR (Debt Service Credit Ratio) loans for investment and business purposes.

Can self-employed people get a Non-QM mortgage?

Yes, in fact one of the primary reasons Non-QM mortgages were created was to provide loans to the self-employed.