Non-QM Loans in South Carolina
Home Loans Inc. originates Non-QM (Non-Qualified Mortgage) loans in South Carolina for creditworthy borrowers whose financial profile does not fit inside the standard Fannie Mae and Freddie Mac guidelines that govern conventional mortgage lending. If you have been told no by a bank or online lender, there is a good chance we have a program that says yes.
Who Non-QM Loans Are Designed For
Non-QM loans serve borrowers in several specific situations where conventional, FHA, or VA guidelines create barriers that do not reflect actual creditworthiness.
Self-employed with high write-offs: business owners whose tax returns show low income but whose bank statements show strong cash flow.
Real estate investors: DSCR qualification on rental income without personal income documentation.
Recent credit events: borrowers with foreclosure, short sale, or bankruptcy who are excluded from conventional waiting periods.
High DTI: borrowers with debt-to-income ratios above conventional limits but strong compensating factors such as large down payment or substantial reserves.
Foreign nationals: non-US citizens purchasing in South Carolina without US credit history.
Asset depletion: high-net-worth borrowers with substantial assets but low reportable income.
ITIN borrowers: see our dedicated ITIN loan page.
Non-QM does not mean subprime. Our Non-QM programs come from regulated wholesale portfolio lenders - not hard money lenders - and are structured for creditworthy borrowers who simply do not fit the conventional box.
Non-QM Programs Available Through Home Loans Inc.
We access multiple Non-QM wholesale lenders to find the right program for each borrower's specific situation. Programs available include:
12 and 24 month bank statement loans - qualify on deposits, no tax returns.
1099-only loans - for independent contractors and commission earners.
P&L loans - 12-month profit and loss prepared by a CPA used as qualifying income. DSCR investor loans - qualify on rental income, no personal income documentation.
Asset depletion - divide qualifying assets by loan term to calculate monthly income.
Foreign national programs - non-US citizens purchasing primary, second home, or investment property.
Recent credit event programs - see the section below for details.
Stated income loan for primary residence - this is one of the rarest programs in the mortgage market and we have access to it. See the dedicated section below.
Stated Income Loan for Primary Residence - An Extremely Rare Program
Home Loans Inc. has access to a stated income loan program for primary residence purchases - one of the most uncommon products in today's mortgage market.
Most stated income programs are limited to investment properties. A stated income loan for a primary residence means you state your income without providing tax returns, bank statements, or pay stubs as the primary qualification method.
Requirements for this program: minimum 20% down payment and a minimum of 18 months of the new mortgage payment held in verified liquid savings or assets after closing. The 18-month reserve requirement is the lender's protection in place of income documentation - it demonstrates that regardless of income fluctuation, you have the financial cushion to sustain the mortgage.
This program is designed for borrowers with substantial assets and legitimate income who simply cannot or prefer not to document income through traditional channels. Business owners, high-net-worth individuals, and certain professionals with complex income structures are the most common users. Call us to discuss whether your situation is a fit.
Recent Credit Events - Day One Out Is Possible
Conventional loans require waiting periods of 4-7 years after major credit events before you can qualify again. Non-QM programs have dramatically shorter waiting periods - and in some cases we have programs available the day after a credit event closes.
Day-one-out options: we have access to programs that can finance a home purchase immediately following a foreclosure, short sale, or bankruptcy discharge - with no waiting period required. These programs require a substantial down payment. The down payment requirement varies by program and credit profile but is typically significant - in the range of 25-35% or more depending on the specific event and time elapsed.
The further you are from the credit event, the lower the required down payment and the better the rate. We model the options at multiple time points - day one out, 12 months out, 24 months out - so you can decide whether to buy now with a larger down payment or wait for better terms.
If you have a recent foreclosure, bankruptcy, or short sale and want to get back into homeownership - call us. The answer may not be no.
Non-QM vs Bank Statement vs DSCR - Which One Do You Need?
Non-QM is the umbrella category. Bank statement loans and DSCR loans are both types of Non-QM - but they serve different borrower situations.
Bank statement loans: for self-employed borrowers buying a primary residence, second home, or investment property who want to qualify on personal or business deposit history. See our Bank Statement Loans page for full detail.
DSCR loans: for real estate investors who want to qualify on the property's rental income rather than personal income. No tax returns, no pay stubs - the property pays for itself. See our DSCR Loans page for full detail.
Stated income: for borrowers with substantial assets and reserves who prefer not to document income. Primary residence, 20% down, 18 months reserves required.
P&L and 1099 loans: for self-employed borrowers who have income documentation but not in the traditional W-2 or tax return format.
Foreign national and asset depletion programs: specialized products for specific borrower profiles.
Not sure which one fits? Call us and describe your situation - we identify the right program in one conversation.
Try the Fannie Mae Income Calculator First
Before assuming you need Non-QM financing, it is worth checking whether conventional qualification is closer than you think.
Fannie Mae's free Income Calculator at incomecalculator.fanniemae.com uses your actual tax return data with all allowable add-backs to calculate your maximum conventional qualifying income.
If the Fannie Mae tool shows your conventional income is sufficient for your purchase target - conventional is almost always the better rate. If it shows a gap - that is when Non-QM becomes the solution.
Call us with that number and we will run both options side by side so you can make an informed decision.
Q: What is the difference between a Non-QM loan and a conventional loan?
A: Conventional loans follow Fannie Mae and Freddie Mac guidelines on income documentation, waiting periods, DTI limits, and property standards. Non-QM loans are portfolio products held by the lender that set their own guidelines - allowing flexibility on income documentation, shorter waiting periods after credit events, and higher DTI with compensating factors. Non-QM rates are generally higher than conventional to reflect the additional flexibility.
Q: How soon after a foreclosure can I get a Non-QM loan?
A: We have programs available the day after a foreclosure closes - with no waiting period required. These programs require a substantial down payment, typically in the range of 25-35% or more. The further you are from the event, the lower the required down payment and the better the rate. Call us and we will model the options at multiple timeframes.
Q: What is the stated income primary residence loan and who qualifies?
A: A stated income loan allows you to qualify without providing tax returns, bank statements, or pay stubs as the primary income documentation. This program requires a minimum 20% down payment and 18 months of the new mortgage payment in verified liquid savings or assets after closing. It is designed for borrowers with substantial assets who cannot or prefer not to document income through traditional channels. This program is extremely rare - most lenders do not offer stated income on primary residences.
Q: Are Non-QM loans from hard money lenders?
A: No. Our Non-QM programs come from regulated wholesale portfolio lenders - institutional lenders who hold the loans in their own portfolio. These are not hard money loans, bridge loans, or private money. They are fully amortizing mortgage loans with standard terms structured for creditworthy borrowers who fall outside conventional guidelines.
Q: What credit score do I need for a Non-QM loan?
A: It varies by program. Most Non-QM programs want a 620+ credit score for standard programs. Some recent credit event programs work with scores in the 580-620 range depending on the size of the down payment and reserves. The stated income program and foreign national programs have their own credit requirements. Call us with your score and situation and we will tell you exactly where you stand.
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COMPANY
NMLS: 1281448 | COMPANY NMLS: 1728740
Home Loans Inc: Jason Sharon, Mortgage Broker |
2557 Ashley Phosphate Rd,
North Charleston, SC 29418 |
(843) 569-7283 | www.homeloansinc.com
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