Bridge Loans Brooklyn – Qualified and Non-Qualified Mortgages
Qualified Mortgages have become easier to obtain. This is due to the Debt-to-Income ratio (DTI) which was popped up 5% by Fannie Mae. As of July 29th, 2017, a full 50% of your monthly income can be put toward recurring debt without risk of not obtaining a qualified mortgage.
In short, researchers at Fannie concluded that the segment of society that operates in the 45-50% DTI range doesn’t pose a real risk. They are often unlikely to default on their loans and considered trustworthy.
The Debt-to-Income ratio simply divides your debt by your income. Based on the new criteria, if you are right around the 45% to 50% cutoff line, you should be good.
However, the 2017 changes do not impact those with higher DTI ratios.
Nor do they assist those who cannot obtain traditional bank loans.
At Bridge Loans Brooklyn we understand the ins and outs of the banking and mortgage industries and we adapt accordingly. We are skilled at securing funding for NYC clients and beyond with complicated portfolios.
Oftentimes Non-QM Loans are associated with short term funding requirements, bridge loans, or commercial investments. Other times it can be attributed to bad credit or low FICO scores.
It is essential to understand the nature of your funding requirements. If not, you risk wasting a lot of time and energy with the banks. Many lost opportunities are due to the drawn-out process within the banking bureaucracy.
Bridge loans are quick and efficient. They offer both Qualified and Non Qualified mortgage seekers opportunities for both short and long term lending.
5101 16th Ave
Brooklyn, NY 11204