6 Creative loans for investors and owner-occupants!
Wanting to buy a home or invest in real estate in Jacksonville, Florida, but need something other than a "regular" loan? Find out more about these 6 non-QM options!
DSCR (DEBT SERVICE COVERAGE RATIO) NO INCOME DOC PROGRAM
This program is geared towards experienced investors.
- Investment property ONLY
- Employment and Income not listed on 1003
- Loans up to $3,500,000
- Cash out up to $1,000,000
- Up to 70% LTV for 1st time investors
- 620+ Credit score
- 6 months reserves
- Cash out ok for reserves
- 3 year seasoning on major credit events
- 3 active trade lines for 12 months, or 2 for 24
BANK STATEMENT LOAN PROGRAM
This loan program is for borrowers who cannot document their income with a tax return, but wish to buy a home, second home or investment property.
- 12 or 24 months bank statement
- 50% default expense factor
- 90% LTV
- 80% LTV for cash out
- 6% seller assist on primary, 2% on investments
- 620+ credit score
- 3+ month reserves
- 1 day out of bankruptcy or foreclosure, or one 120 day late allowed
ITIN MORTGAGE PROGRAM
For those without a social security number, wishing to buy a home or investment property.
- ITIN card or IRS letter, AND government issued photo ID required
- DACA borrowers eligible
- 50% DTI
- 80% LTV
- Credit score over 620 or NO score at all
- Gift funds and equity allowed
- 1 yr self employment ok
- 1 30 day late ok
P&L Only program
This loan is for those who lack income data but can produce a P&L and wish to purchase or refinance up to $1,500,000.
- 12 month P&L by CPA
- 80% LTV for purchase and refi, 75% cash out
- No credit history permitted
The CANNABIS INDUSTRY MORTGAGe
It's hard to get a loan when the feds don't recognize your marijuana related work. We have the solution!
- Loans up to $4 mil, with $500k max cash out
- 80% Max LTV for P&L only
- First time investors up to 75% LTV
- Cash out can be used for reserves
- 24-48 months seasoning for major credit events
- Limited tradeline options available
- Borrower's business must be located in a legal state, and properly licensed
JUMBO PRIME PROGRAM
This program is for purchase, refinance or cash out on jumbo size loans, without all the heavy criteria of a standard jumbo loan!
- Loans up to $4,000,000
- Credit score over 660
- 90% LTV
- 24 month full doc or tax returns
- 12-24 ms bank statements
- 1099 OK
- One 30 day late OK
A special thank you to Jonathan Torres of Torres Mortgage Team for helping compile this list! He is the man to contact to see if you qualify for any of the above.
Need help finding a smart investment in Jacksonville?
So responsive! Treats you like you are her top priority. Be sure to check out Minna Reid and her group out before committing to another agency. Was constantly in touch. We were not locals, and Minna was incredible: supervising inspectors, repair people, taking care of all the details that a home purchase involves. Cannot recommend her enough!
Last Updated on January 30, 2023 by Minna Reid