The mortgage world is constantly changing. As mortgage professionals it is our job to let our customers, and anyone in the market for a home purchase, know how those changes may affect them. This update is regarding the Bank Statement Only Program that many self-employed individuals utilized to obtain a home loan.
Non QM Loans, commonly referred to as Bank Statement Only loans, are rapidly evaporating due to the lack of demand on Wall Street. These types of mortgage programs allowed for higher loan to value ratios, using bank statement to derive income and financing of non-warrantable condos. They only account for 5% of the mortgage industry, so it should not have a big impact in our market.
Our goal has always been to help our clients enjoy the dream of homeownership, and the change in this program does not affect our mission. If you have questions about anything mortgage related please do not hesitate to reach out to us.