New Rez Smart series non-QM loans

[Craig Thurman]

I am wondering if any investors out there have used the New Rez smart series loan products meant for borrowers that may not qualify for conventional lending products.  A couple of the groups it is targeted towards are investors and self-employed borrowers.  I am mostly interested to know how the interest rates may differ from a more traditional route and I would love to hear how someone's experience was using that loan product or something similar that any of you would recommend.

Thanks to anyone who responds!

[Tim Johnson]

Lots of non qm lenders out in the market.  @Chris Mason said.  Expect higher rates and slow turn times. 

They work great on refi when it doesn't matter if it takes 60-90 days to close, but they are a nightmare on purchases.

Expect rate to be 2-3 points higher and about 1-2 points in junk fees.  So your looking around 6% to 7% to 8% depending on what you want to do.