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 $50,000 to $1,000,000
  • DTI 50%
  • Maximum CLTV 90% for primary
  • Maximum CLTV 85% for secondary
  • Maximum CLTV 75% for investment
  • In Texas, maximum CLTV 80% for primary only
  • Minimum FICO 660 primary and secondary homes
  • Minimum FICO 700 for investment properties
  • 12-month personal or business bank statements allowed for self-employed borrowers in lieu of tax returns
  • One-year full doc available
  • First lien for free and clear borrowers and second liens
  • Co-borrowers allowed
  • Income can be verified automatically
  • SFR, townhomes, PUD, site condos and 2-4 units
  • Variable rate: 5-year interest only draw / 30-year maturity / 25-year amortization term
  • AVM available up to $400,000
  • No ownership seasoning required for primary
  • Quick Pricer for HELOC scenarios
  • LLC vesting allowed

  • Loan amounts up to $1,000,000

  • Rural acreage up to 10 acres for primary homes only

 

 

 

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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.