The Non-Prime Mortgage – Important Products For Your Customer

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Source: Why Non-Prime Loans Are Safer Than You Think

Mike Nelson - AFNI first posted this article back in June, and it is as important now as it was then.  In fact, it might be more important because rates are certainly more volatile and they have  risen in the past several weeks.  These changes to the market impact the buyers and sellers.

What are Non-Prime Mortgage Products?

Examples of non-prime mortgage products are:

  • Asset Depletion
  • Bank Statement
  • Foreign National
  • Non-warrantable condos

QM & ATR – You Need to Know the Difference

Each of these products plays an important role in servicing the needs of your buyers.  Most importantly, these products meet the Ability to Repay laws, are fully underwritten, and are safe.  Get in touch with your mortgage professional if you don’t have a good understanding of the differences between a QM (qualified mortgage) and a mortgage that fulfills the Ability to Repay Laws (ATR).  The differences are important to service the needs of all borrowers who are able to buy a home, but have been denied in the QM world.

mike nelson equity primeUnderstand Non-Prime & Discover New Customers

Additionally, agents will be surprised at the number of buyers in their databases that can qualify for a home outside of the QM box.  Make sure you partner with a lender that can support all of your needs – QM and ATR.

 

 

As always – Happy House Hunting!

Mike
720.213.6260
mnelson@afncorp.com
@michaelfnelson2
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NMLS: 1314188
Licensed in:
CaliforniaColoradoFlorida

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Mike Nelson - Mortgages

 

 

 

 

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