What are Non-Traditional Mortgage programs?
Quontic’s Non-Traditional Mortgage programs provide non-traditional access to homeownership. As a CDFI, our mission is to offer home loans to diverse, underbanked individuals and families. We look beyond standard loan qualification metrics associated with traditional income verification like paystubs and tax returns. Instead, we consider the borrower’s overall financial and credit profile.
What's changed with Quontic's existing loan programs?
Quontic’s loans are unlike anything else in the industry. As of March 2021, we’ve improved our unique loan programs to be adaptive to unique circumstances in order for people to receive a home loan approval. For example, one of our mortgage programs is perfect for borrowers who:
- Are retired
- Have inconsistent employment history and income
- Are recently self-employed with difficult income statements
- 1099 workers
Borrowers can qualify with excellent credit history, a willingness to repay debts on time, a good FICO credit score, and are able to put down as little as 25%.(p.s., the entire down payment, closing costs, and reserves can be gifted). All in all, our goal is to provide our customers with a simple and seamless loan process.
Another significant change to Quontic’s unique loan programs is that one of our Non-Traditional Mortgage programs has now increased our maximum loan to value percentage (LTV) to 80%, compared to the previous 75%, and 65% LTV for cash-out refinance! That means customers only need a 20% down payment to get the home of their dreams for the very first time. Outside of Quontic, that is unheard of in the mortgage industry. That is what sets us apart from the rest. Also, with loan amounts up to $3,000,000, Quontic loans provide greater buying power with the opportunity to put less down.
What’s new for potential home buyers?
Quontic has also introduced a new Asset Utilization program for both Owner Occupied and Investment properties. We qualify borrowers’ income based on their assets because we know documents don’t always tell the whole story. This is the perfect loan program for:
- Day Traders
- Owners of multiple businesses
- Trust-fund individuals
- Real estate investors
We’ve also added the Debt Service Coverage Ratio option to our Foreign National program. This program is a perfect fit for borrowers looking for mortgages who are non-US residents. Previously, nonpermanent citizens would have to prove income and employment through their employers or accountants in their home country. With the new change, if the property can generate enough rental income to cover the mortgage payment, we do not need to obtain any income or employment information. That means Quontic can offer a better loan experience with less paperwork and stress and faster closings.
What should you do if you want to learn more?
If one of these potential homeowner situations sounds like you and you want to learn more, Quontic could hold the key to your homeownership dreams. We’re the mortgage lender for those who have been denied a mortgage, turned away because of documentation, or need help qualifying based on their financial background. To get started on your home buying journey, learn about our mortgage rates, begin your loan application, or determine if one of our unique loan programs would work for you and your family, speak to a loan expert today.