Summary:
Non-QM lender launches bank-statement product to facilitate borrower access to high equity levels.
– Non-QM lender introduced new bank-statement product
– Aims to assist borrowers in accessing high levels of equity in properties
– Designed to cater to those with non-traditional income sources or inconsistent cash flows
– Provides an alternative solution for borrowers who don’t meet strict conventional lending criteria
– Bank-statement product offers flexible underwriting standards and accommodates unique financial situations
– Enables borrowers to utilize their bank statements to verify income instead of traditional income documentation
– Streamlined application process focuses on borrower’s equity rather than traditional aspects such as credit score or debt-to-income ratio
– Serves as a valuable option for self-employed individuals and those with multiple income streams
This new bank-statement product by the non-QM lender aims to open up opportunities for borrowers who struggle to meet strict conventional lending standards. With its focus on equity levels rather than relying solely on traditional income documentation, the product offers flexibility and enables borrowers with non-traditional income sources or inconsistent cash flows to access high levels of equity. Particularly beneficial for self-employed individuals and those with multiple income streams, the streamlined application process aims to simplify the lending process and provide an alternative solution for borrowers seeking access to their property’s equity.
You can read this full article at: https://www.housingwire.com/articles/angel-oak-mortgage-solutions-taps-into-helocs/(subscription required)
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