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and level homebuyers my name is Chris I'm a realtor with Berkshire Hathaway Texas Realty and today I'm gonna talk about interesting topic non-qm loan bank stamen loan have you ever heard of it heard of it before it's quite a new to many home buyers especially a first-time buyer so normally what we hear is a conventional loan VA loan and USDA loan etc okay let me go back so typically we talk about conventional loan FHA loan and VA loan this is a government loan and USDA is a little bit sabab loan okay it's above area and and which is also very beneficial for the first home buyer and zero down payment option and the conventional loan is standalone and widely used and good for primary residence and then homey investor as well EPA down payment system program and widely accepted for the first home buyer and even none for none for some by even some cases and in QM and non-qm Oh Mitch and thanks payment based cross collateral you tend to not to hear this option often the reason why is movies company cannot talk about a lot cannot promote it actively because what I heard from my partner and friend who are in the you know lending industry you told me that they have to promote traditional mortgages like a conventional FHA Freddie may of the kind of mortgage right and then QM is like outside of box and not not all lenders do it okay maybe half of them okay and even the company allows non-qm the loan officer the person up front the front line he or she does not want to deal with it because the criteria is quite different and have to go through the different around and the paperwork is quite different and it's not that easy loan it's the different animal so what's the key message here don't limit yourself if you're disqualified from the bank doesn't mean that you have zero chance for the loan mortgage you probably get approved qualify for the another loan and II through the non-qm loan in some cases especially yourself employeed alright and so typical cases you're not dis aqualified for long you may qualify for long but less amount which is also the matter because here in Austin Texas the most recent report says the City of Austin the median price of City of Austin home is more than four hundred thousand dollars worth okay so so if you're a qualified for the loan let's say two hundred thousand you can put down one hundred thousand so you only qualify for the three hundred thousand dollars worth home which is you can't you may have a hard time to find a home within the city of Austin but you may find a home outside or you may qualify for the non-qm let's say the loan size you can increase the loan size 250 or 300 for your dream home and sits in your targeted area and totally different neighborhood okay so keep that in mind so what is not um by the way what's the definition okay good question Thank You Paula 5qm is any home loan that doesn't comply with Consumer Financial Protection bureaus exhume the existing rule on qualified mortgage okay so typical order stand alone and require a lot of paperwork meaning is a tax record typically two years tax record and typically proof of your income and proof of your employment employment and lots of documents right and much more than what I'm talking about here and let's say what if you have some of documentation is not ready and you are for example you have a little bit of high debt ratio you are self-employed and record is not enough you're lacking in tax return documentation doesn't mean that you have no chance for the long answer is you have may have an option that is non-qm okay a little bit detail this is a good explanation so normally not um based on your bank statement so you have to provide fully of bank statement so using that as an income that's why some so that's why they don't rely on the tax record for the income and they will rely on the the income statement based on your bank statements so personal bank statement or business bank statement so they can create the income like this so I'm not the lender but I know the lender who can deal with this the products for the borrower like use okay so keep that in mind so let me go back all right so topic is I'm talking about the actual client cases a success story recently I did it and and it's a different animal okay so you have to work with the lender who have some experiences and hopefully the real tour as well will to answer some experiences because and it have to be worked together as a team it's not that easy loan and then different and there's so many thing that you have to understand first off front okay don't send do's and lessons learned okay etc so through conventional so conventional so as I said the lender trying to qualify you with the conventional other typical traditional loan first but if not if does it not work some lender has only that option some lender only has a conventional loan FHA loan products so then if you disqualify with the certain lender doesn't mean that you have no way because of you haven't find a lender who can you know check box with the out of sorrow box the loan approaches such as a non um what I'm talking about here so if you are self-employed don't disqualify you don't limit yourself so talk to me talk to the lender who has product for you alright but what I'm talking about brand new home builder buyer because resale home buyers resale home owners they want to sell the home as quickly as possible so conventional typically contractor closed the lead time they think about like 30 days range plus minus a little bit for the bank's game alone the typical contract to close I would say 45 days but two months is is not unusual so sellers probably not won't accept two months lead time and there's many mls shows the loan option acceptable loan is like conventional FHA usda VA some cases seller financing so that's why if you are fall into these non trim a borrower it's much easier for you to go find a house bring you home combined with the bank stream stamen alone all right so normally the the brand new home builder and they have a prefer lender right but keep that in mind as I said lenders the mortgage lenders every lender has a different products some lender has experiences in non-qm some lender the loan officer have never done until with the non-qm loan never donated to a bank statement alone then can you succeed it with that it depends but could be not likely to in succeeding no loan because of Soapy's boundary limit all right so in the case I met one the brand the builders so sales representative sales manager told me that when I discuss about don't um client cases he said wow that case you know he even think himself thinking that his preferred lender may not do this an unto him loan C so even sales manager think that way so what what is best approach in that case like me I normally talk to the borrower first hey let's go client less gap Priya proved less pre-call with lender outside lender outside lender meaning here is non preferred lender so not associated to builder so totally the third-party lender right so so normally I suggest my client to get pre-approved pre-qualified first get the lender a letter and the reason why mostly the client wants to consider the preferred lender of the Builder because of their close closing cost support the credits sometimes you can save up like five grand six grand seven grand a pension situation and also yeah I understand that totally but most important part to two different two highlights number one low get the loan succeeded or not this most critical part we read is even if you save a lot of money on the closing cost if you cannot get get the loan for you down the road well what is the benefit for you right number two lead time even if they keep saying yes we can we can conclude it but it delay and delay and because you you will ruin your schedule and postponing and then you have to extend your lease and rent and you have to move twice because of your current landlord does not allow month-to-month extension then totally chaos and under big stress what's benefit for you two so two big issues that's why that's why you have to think about our star lender concept in terms of the knee time and loan ability okay as I said don't disqualify yourself talk to your lender or talk to me so I can bring several lenders for you who can fulfill your known issue so that make you buy a house for you okay and as I said banks damn alone is not easier than conventional and longer ly time as I said 45 days but easily up to two months still does not guarantee the loan even if you have a pre-approval letter okay and higher failure rate drink on the writing because typical the loan underwriter is who is up gives you approve or disapprove on your loan at the end in the last stage it's a very critical the decision maker for the loan for a folder typical banks time alone there's a two times the underwriting is required that's why much longer process and the normally time and they may bring up additional paperwork something is not demanded at the beginning by the other processors or loan officers the front end person and unpredictable okay those are don'ts because a bank's time alone and income based on the bank statement so don't transfer money funds between your account once you start your your loan application okay so talk to your loan officer whatever you want to do which your transfer between your business account and personal account whatever to account and be careful about that and if your account number bank statement account number has been changed within the time a period 12 months or 24 months and please notify loan officer as soon as possible because he may be a red flag from the underwriter and most importantly because of longer lead time check your current landlord if you own lease or rent and whether that month month extension is possible feasible or not okay if your loan process with the lender is being delayed do you have any alternative or not that's also crucial and prepare all the documents in advance meaning is prepare all through your bank statement personal business account and if you're self-employed most likely profit loss statement and the CPA letter and business ownership the sort of certificate letter from the CPA whatsoever and many day that kind of additional paperwork may be required so if you can prepare it then you can save some time I keep that in mind most of cases loan disapproval because of the borrower cannot submit the required paperwork that's the most serious issue the biggest reason why let's say I cannot bring any CPA associate documents there could be a big challenge but I'm not saying that that is a limit but that is a potential issue so talk to me and talk to the right lender to understand your limits and boundaries and answering all your questions before starting your loan application this is a market update but is I already spend yeah a long time so but I have another youtube video about the most recent market updates please refer to that and this is a mortgage rate and historically we are really on the lowest time okay and the most recent reporter you know being lower than the previous quarter so which is so this is a almost the best time to buy a house okay do not wait so I already mentioned it so as I said normally you'll qualify for the lower amount and that typical case but you want to consider non trim because your target home is require more more the loan value the loan amount in that case you have to consider this alternative okay why you want to be your home owner so so many benefits I'm gonna talk about one by one but just cut down a chase one the biggest the benefit is tax benefits so this is allowed within the law and then if you're a homeowner you can save some profit tax when you sell your property okay that is sorry that was the 121 but this is a homestead exemption that's annually repor your property tax you can save some money and typically range 400 and 1,000 depends on the the amount of property tax amount and your qualification like senior or disabled or but most common thing is if you are a primary resident owner then you're qualified okay now feel free to put down your jot down your questions under the YouTube video and I'll try to answer all the questions and like I said I'm not the lender but I do know the many lenders who can do best for these alone products non-qm and so work with a realtor who understand don't um loan believe or not not many Realtors do not know you know the non-qm loan and other difficult loans like this other than the typical standard loans okay and this is my contact information I gonna put down here and then feel free to reach out to me any questions feel free to use me and so let's just start from there thank you for watching