Mortgage Loan Challenges And Product Solutions

Yes, another article about non-QM home loan products, because that is how important it is in today’s market! Angel Oak Home Loans is closing more non-QM loans than we ever have. This is because many homebuyers or those refinancing have changed circumstances and the lending requirements are stricter.

Realtors and homebuyers are calling every day after being turned away by other lenders – simply because they do not have loan options outside of Agency. We have both! If a traditional loan does not work, we can pivot into a non-QM product for those eligible without delays.

Here are examples of loan scenarios where we saved the deal!

A self-employed homebuyer came to us with an income challenge. In 2019 they had a very nice income. In 2020, they had a decrease of$400,000 due to the pandemic. Agency was not an option!

Our Bank Statement mortgage product worked for them and closed quickly. Without this solution, they would not have closed on their home.

A Jumbo borrower was ready to purchase a home only five years out of a foreclosure. They could not get a Prime Jumbo loan because the requirement is seven years seasoning for foreclosure, bankruptcy, short sale or deed-in-lieu.  Their Realtor called to see if we could help.

Platinum Jumbo! They qualified for our non-QM Jumbo product that allows just four years out of foreclosure, bankruptcy, short sale or deed-in-lieu. This Realtor now sends her clients to Angel Oak FIRST to determine the right Jumbo option from the start to avoid being turned away.

A real estate investor was in a time crunch needing to complete a 1031 Exchange transaction. A 1031 Exchange allows investors to swap one investment property for another to avoid paying capital gains taxes. There is a time requirement and a quick close is crucial.

​​​Our Investor Cash Flow product is one of our easiest loans to do and closes quickly. The investor did not have to submit any documentation, employment information or income. This loan closes on the cash flow of the property. This was a big deal to this client and we made it happen!

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