Understanding Non QM Products: The Home Buyer Power Program
The Home Buyer Power (HBP) program is ideal for both salaried and self-employed home owners. This is because it gives you a chance to use higher debt to income (DTI) ratios than what conventional lenders offer. You can also qualify if you prove that you have a high-income potential due to your line of work. For instance, you would be a good candidate if you have just landed your first job and you plan to establish a saving pattern soon.
What are the Features of the HBP Program?
This program is available to wholesale partners. You can also qualify with a maximum DTI of 55 percent. If you need an alternative way to repay the loan, you can use the interest only option, which allows you to enjoy low monthly payments. You also have an expanded timeline of up to 90 days to use your projected income.
What are the Requirements?
To qualify, you have to meet some requirements as stipulated by us. These include:
• You can qualify for conforming loan balances as long as one or more features are on non-qualifying terms.
• If you are a first time homebuyer (FTHB), you need a 0x30x24 housing history, failure of which the threshold of the required DTI reduces to 50 percent.
• If you lack a housing history as a FTHB, you need at least 12 months in reserves.
• Your payment shock will be based on PITIA.
• Income verification is necessary.
• You can use the loan on 1-4 unit primary residences, single unit second homes, warrantable and non-warrantable condos.
• You need a minimum of $2500 in residual income to qualify.
How can you Use this Program Fast?
Visit us at Centex Capital to get access to this program. We have the experts to help you make a decision depending on your qualifications.
Contact us to see if you qualify for a VA Loan. Email us or call us at (800)842-2910.