Deephaven’s Expanded-Prime Product Can Turn a No into a Yes!
Deephaven’s Expanded-Prime product is a non-QM loan for borrowers, including self-employed, who just miss traditional guidelines. Don’t turn away borrowers simply because you don’t have the right loan product that fits their unique circumstances. Instead, utilize our Expanded-Prime product to quickly pivot to a non-QM option to close the loan without delays for borrowers who meet the requirements.
Program Highlights:
- Loan amounts up to $3.5 million
- Credit scores down to 660
- LTV up to 90%, no MI
- DTI up to 50%
- Standard full doc, 1-year P&L, 1099, and 12 months bank statement options for self-employed borrowers
- 1-year P&L only documentation with maximum LTV of 70% for purchases / 60% refinance and maximum loan amount of $2 million
- Second homes and investment properties
- SFR, PUD, townhomes, condos, 2-4 unit and rural
- Non-warrantable condos
- Maximum LTV for cash-out refinances now goes up to 80% with a 740 minimum FICO and maximum loan amount of $1.5 million
- Up to 6% seller concessions towards closing for all occupancies
- Interest only options
- Delayed financing now has no restrictions on cash-out amounts to recoup cash within 6 months
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.