FLEXIBLE LENDING PROGRAMS BUILT FOR TODAY’S BORROWER

ADVERTORIAL

FLEXIBLE LENDING PROGRAMS BUILT FOR TODAY’S BORROWER

BY ACRA LENDING

Self-Employed, Investor, and Foreign National borrowers can sometimes have very unique and complicated situations when applying for a Home Loan. Qualifying for these loans can often be difficult, especially when a borrower works with a lender that does not have the programs or the capability to meet their unique circumstances. This is an oftenunderserviced group of customers who require a specialist Non-QM lender like Acra Lending to build programs to meet their needs. Acra Lending offers a variety of non-QM programs. Take for example the Debt Service Coverage Ratio (DSCR) program, which entails looking at a borrower’s rental income versus the property’s expenses to ensure that the net money remaining covers their mortgage payment – this would be a great fit for investors.

There is also an increasing number of self-employed borrowers who can qualify with a bank statement loan product. Acra Lending offers both 3-Month Bank Statement and 12-Month Bank Statement program options – with much more stringent guidelines on the 3-month version. Why is this good and how does that work? In today’s climate the last three months are often more useful than the last 12, especially in light of potential lost income due to COVID and today’s environment. These bank statement programs could appeal to borrowers and brokers seeking faster times to close on their loans.

Another program of note is Acra Lending’s ATR-in-Full program which may be an ideal option for borrowers with enough liquid assets to pay off their home loan with cash. If you are looking to purchase a house, and – away from the down payment – the applicant has enough liquid assets to own that house, then that is another loan where you are not going through bank statements per se because you are proving that you already have cash available to own the property outright if desired.

Acra Lending also offers programs catered specifically to foreign national borrowers, which allows them to qualify using a letter of good standing with current financial institution or international credit report; without having to provide income, job, or credit verification.

Market conditions can contribute to the need for non-QM products as well. For example, the need for Jumbo non-QM programs right now is partially driven by the increase in home prices over the last year. This means more loans are falling outside of the agency performing balance and into the jumbo realm, whether that is prime or Non-Prime loan.

Today’s borrowers require programs that are built to suit their needs. Acra Lending continues to innovate, invest and provide an optimal customer experience.