Non QM/Creative Lenders Out There Licensed in SC?

Question

Hey all!

I am a realtor with a few years experience, but I recently moved to South Carolina. As of today, I have about a year's worth of 1099 history locally in the RE space. According to most lenders I have spoken with, I have good enough income and credit to buy a home, but not enough history. Anyone out there in the non QM space that is willing to discuss my situation and see if there is a creative avenue to make it work? I actually have a specific home in mind that has been sitting for a bit that I would like to offer on. Open to chat with anyone creative and reputable. Shoot me a DM.

Thank you!

Patrick Roberts · Answer

@Lindsey Johnson I'm in Charleston and have two nonQM products that may work here. Might be worth a conversation. Let me know.

Kevin Romines · Answer

You can go up to 85% LTV with some lenders. Your credit score just sets the rates available to you based on that LTV. You can choose between 0-5 years for a pre-payment penalty, which also affects rates. The 1 year 1099 won’t come into the picture as no income or employment is put on the application. Hit me up with any other questions you may have.

Jared Rine · Answer

@Lindsey Johnson...If you were in CA, I'd reach out directly. You need to find a good mortgage broker (or mortage banker) who has access to a lot of self employment products - bank statement programs, 1099 only, no-income, and then can figure out where you qualify, based on your personal situation. The 1 year history shouldn't be a deal breaker, assuming other factors are in line and can be shown, in some fashion. Just expect to pay a higher rate/more down/etc than Fannie/Freddie conventional and/or FHA.

Lindsey Johnson · Answer

Sweet, Patrick. I shot you a DM!

Non QM/Creative Lenders Out There Licensed in SC?

Non QM/Creative Lenders Out There Licensed in SC?

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