The investor is also raising LTVs for interest-only loans
Verus Mortgage Capital (VMC), a correspondent investor for residential non-prime lending, has announced increased loan amounts to $5 million for several of its non-QM programs and higher loan-to-value ratios for interest-only loans. VMC has increased loan amounts for:
Investor Solution Full Documentation, Self Employed and Foreign National programs, from $2 million to $5 million, starting at $75,000
Credit-impaired borrower loans from $2 million to $5 million, starting at $100,000, through the Credit Ascent program
Higher-balance loans offered with alternative documentation for the self-employed, from $3 million to $5 million, starting at $150,000 through the Prime Ascent program. Prime Ascent interest-only loan LTVs have been increased from 80% to 85%.
“At Verus Mortgage Capital, we’re dedicated to building the non-QM market,” said Dane Smith, president of VMC. “Right now, non-QM lending is a huge opportunity for lenders to grow their businesses and provide solutions to fill a very real void in our industry.”
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Lenders should look for experienced non-prime partners – Verus
Alternative product categories of non-QM loans
