Equity Advantage Non-QM HELOC

Give your borrowers another financial solution to tap into their home equity.

Deephaven’s Equity Advantage non-QM HELOC offers a fast and easy close so your borrowers can get the funds they need as soon as possible. Become a hero helping your clients with debt consolidation, home renovations, tuition or meeting other financial goals!

Program Highlights:

  • Loan amounts from $25,000 up to $400,000
  • DTI 50%
  • Maximum CLTV 85% for primary
  • Maximum CLTV 70% for secondary
  • Minimum FICO 640 primary residence
  • Minimum FICO 680 secondary homes
  • Owner-occupied, second homes and investment properties
  • Full doc, personal bank statements, and assets allowed for income verification
  • SFR, townhomes, condos, second homes and investment properties
  • Open-ended loan with a term of 5, 10, 15 or 30-years
  • Available on 1st and 2nd liens
  • 100% drawn at time of origination with a 100% draw feature
  • Fixed lender paid 2.00% broker comp on all funded HELOCS (0.50% if the property is listed for sale)

*Owner-occupied only for the state of Texas

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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.