A number of scenarios leave mortgage loan officers uncompensated for their time, ranging from denied applications due to small credit anomalies to mortgage interest rates just slightly above your competitor. Mortgage loans can fall through due to a number of factors, leaving both the prospective home buyer and the mortgage originator at a loss. Mortgage brokers and lenders are often left feeling defeated when a home loan application is denied, wishing there were some way to help their clients qualify for homeownership.
Alternative lending programs provide options for these mortgage loan applicants. And our bank statement program helps entrepreneurs, freelancers, small business owners and self-employed borrowers qualify for a home loan. These people have thriving businesses and have the income to pay a mortgage loan.
The alternative lending process is a more innovative and modern one, considering the creditworthiness of each residential mortgage applicant to determine mortgage loan eligibility. Top wholesale mortgage lenders allow mortgage loan brokers to evaluate borrowers by their ability to repay the mortgage loan over time. When mortgage applicants are self-employed or have had recent credit events, evaluating each residential mortgage borrower holistically can make a difference in whether or not the applicant is approved.
Using wholesale mortgage programs can help residential mortgage applicants obtain mortgage solutions despite non-prime qualification. Utilizing alternative mortgage lending programs can have a powerful impact upon your business. The process of buying a home and obtaining a residential mortgage loan is not a one size fits all process. Wholesale mortgage loan financing options depend largely on the volume of the loan, whether the residential mortgage loan applicant will put down a small mortgage down payment or a large mortgage down payment, the credit of the home loan borrower in is question. The combined income of the mortgage borrower or borrowers, the history of paying off installment loans, and information about bankruptcies, foreclosures, and short-sales can come into question.
Even after qualifying for a wholesale mortgage loan, the goals of the residential mortgage borrower need to be considered – whether they are interested in a traditional mortgage loan structure, an adjustable interest rate schedule, or an interest-only alternative mortgage loan. If no satisfactory mortgage solutions or conventional mortgage loans through institutional mortgage lenders are possible, private alternative mortgage loan options become a necessary part of any mortgage broker’s arsenal.
Mortgage Solutions for Self-Employed Borrowers
Angel Oak’s bank statement mortgage program is the perfect option for a mortgage broker’s self-employed borrowers who do not have the tax documents to prove their ability to pay. We can offer up to 90% LTV on personal and business and 50% DTI with scores as low as 600.
- No tax returns required
- 12 month personal bank statements
- 12 month business bank statements
- Loans up to $3 million
- Credit scores down to 600
- Rates starting in the low 5% range
- Up to 90% LTV on personal and business with no MI
- Debt-to-income up to 50% considered
- Owner-occupied, 2nd homes and investment properties
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Non-warrantable condos considered
- Jumbo loans down to 600 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occupied and 2nd homes
- Seller concessions to 6% (2% for investment)
- 2 year self-employed required
ABOUT ANGEL OAK MORTGAGE SOLUTIONS
Angel Oak Companies is an industry leader in delivering innovative mortgage credit solutions. Through our integrated platform, we deliver solutions across asset management, mortgage lending and capital markets.
Angel Oak Mortgage Solutions offers a breadth of alternative lending products to allow our clients to grow their business and better serve their customers. We re-connect qualified home buyers with the investor community to create a win/win/win for the borrower, originator and investor. As a highly entrepreneurial organization, we are able to quickly adapt to the needs of our clients and embrace a strong service-based culture.
Angel Oak Mortgage Solutions currently offers alternative correspondent mortgage lending services across Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, North Carolina, Oklahoma, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.