Non-Qualified Mortgage (Non-QM) Loans
Our Non-QM loans are ideal for borrowers who don't fit the standard mortgage mold. These loans offer:
- Flexible Income Documentation: Accepting bank statements, 1099s, or profit-and-loss statements instead of traditional W-2s.
- Lower Credit Score Requirements: Accommodating individuals with past credit issues, such as bankruptcies or foreclosures.
- Higher Debt-to-Income: Allowing for greater flexibility in debt obligations.
- Diverse Property Types: Financing options for non-warrantable condos, mobile homes, or vacant land.
Bank Statement & Asset Depletion Loans
- Designed for self-employed borrowers, these loans use 12–24 months of bank statements to verify income.
- Asset Depletion Loans: Ideal for retirees or individuals with substantial assets but limited income, allowing assets like savings and investments to qualify for a mortgage.
These options offer flexibility for individuals without traditional income documentation, providing a smoother path to homeownership.
Interest-Only & Stated Income Loans
Interest-Only Loans: Borrowers pay only the interest for a set period, resulting in lower initial payments.
Stated Income Loans: These loans allow borrowers to declare their income without requiring extensive documentation, which is beneficial for individuals with fluctuating incomes.
These loan types offer adaptable payment structures to suit varying financial circumstances.
Stated Income Loans: These loans allow borrowers to declare their income without requiring extensive documentation, which is beneficial for individuals with fluctuating incomes.
These loan types offer adaptable payment structures to suit varying financial circumstances.
Seller Financing & Wraparound Mortgages
- Seller Financing: The property seller acts as the lender, providing a loan directly to the buyer.
- Wraparound Mortgages: The seller's existing mortgage remains in place, and the buyer makes payments to the seller, who then pays the original mortgage.
These creative financing methods can be advantageous for buyers who may not qualify for traditional loans, offering more flexible terms.
Shared Equity & Homeownership Investment Programs
Programs like shared equity arrangements provide funds for down payments or accessing home equity without monthly payments or interest. In exchange, the company shares in the home's future appreciation or depreciation when it's sold or after a set period.
These programs can be beneficial for buyers seeking alternative ways to finance their home purchase.
These programs can be beneficial for buyers seeking alternative ways to finance their home purchase.
For more information or to discuss your mortgage options, please contact us at Heartland Financial & Mortgage. Our team is here to help you navigate the path to homeownership with confidence.
