Non-QM Loan Programs

A Non-QM loan can be the solution to help a borrower achieve the American dream of home ownership. Because these are scenarios that do not meet federal standards for qualified or traditional mortgage loans, ReNew has created special loan programs to help more Borrowers achieve their goal of home ownership. Learn about our Non-QM loan programs, specially structured to address your borrowers’ needs.

Classic

For higher loan amounts and no mortgage insurance

– 1099, 12-Month and 24-Month Bank Statement; Income Qualification Available
– Loan Amounts Up To $3,000,000
– Credit Scores Down to 620
– DTI Up To 55% Considered
– Gift Funds & Seller Concessions Allowed
– Owner Occupied, Second Home or Investment Property (Including Non-Warrantable Condos)

– Standalone Asset Utilization Up To 80% LTV on Purchase, 75% LTV on Cash-Out
– 40-Year Fixed, 30-Year Fixed (with option for 10-Year Interest Only)
– Up To 90% LTV on Purchases and Rate & Term and 85% LTV on Cash-Out (No MI)
– First Time Homebuyers Allowed
– Foreign Nationals Offere

Expanded Credit

For credit challenged borrowers

– Loan Amounts Up To $3,000,000
– Credit Scores as Low as 560
– 24-Month Bank Statement Income Qualification Available
– DTI Up To 55% Considered
– LTV Up To 85% Considered on Purchases and Rate & Term Refinances
– Owner Occupied, Second Home, or InvestmentProperty

– Gift Funds & Seller Concessions Allowed
– 30 Year Fixed, and 10-Year Interest Only Available
– First Time Homebuyers Allowed
– Non-Warrantable Condos
– Subordinate Financing Up To 85% CLTV

Investment

For real estate investors

– Debt Service Coverage (DSCR) to Qualify ≥ 0.75
– Loan Amounts Up To $3,000,000
– Credit Scores as Low as 640
– LTV Up to 80% on Purchases and Rate-and-term Refinances
– Cash-Out LTV Up to 75%
– Cash-Back Up to $500,000

– First-Time Investor Permitted up to 75% LTV – No Vacancy Factor on Gross Rent
– 30 Year Fixed, and 10-Year Interest Only Available
– SFD/SFA, Condo, and 2-4 Units Permitted
– Gift Funds Permitted for Down-Payment and Closing Costs
– Foreign Nationals Allowed
– LLCs Permitted

Non-Agency Jumbo

For larger loan amounts and faster closings

– Follow AUS (DU/LP) finding for Income and Asset Requirements
– Max 90% LTV – No MI
– Loan Amounts Up To $3,500,000
– DTI Up To 50%
– Credit Score Down to 660
– Low Reserves Based on AUS and Loan Amount

– Gift Funds Permitted
– Refi Ownership Seasoning based on AUS (DU/LP)
– Purchase, R/T and C/O refis
– Primary Residence, Second Homes and Investment Properties
– Delegated and/or Non-Delegated delivery

Non-Agency Plus

For expanding your reach to second home and investment borrowers

– Utilizes AUS (DU/LP) findings of credit, asset,
and income
– LTV Up To 90% for Primary Residences, 85%
LTV for Investment Properties and 80% LTV for Second Homes (MI Required Above 80%)
– Credit Scores Down to 660

– DTI Up To 50% Considered
– 30 Year Fixed Available
– LTV Up To 80% for Cash-Out Refi
– Condos Up To 90% LTV
– Foreclosure, Bankruptcy, Prior Forbearances & Late Payments May Be Allowed