Return to site

An Introduction to Non Conforming Loans

Trevor Cole Commercial Corp

Based in New York City, Trevor Cole Commercial Corp., Inc., is a national provider of commercial mortgages, as well as other loans. The Trevor Cole Commercial Corp., Inc., team has particular expertise in closing non-conforming loans.

A non-conforming loan is a loan that has not been purchased by a major investor like Freddie Mac or Fannie Mae, generally due to higher limits associated with the loan or as a result of an applicant’s low FICO credit score. Although rates on a non-conforming loan are often similar to those of a traditional loan, there are a few key differences individuals should be aware of.
For instance, the debt to income (DTI) ratio on a non-conforming loan must be similar to a comparable conforming loan. Though the exact ratio will vary from loan to loan, 1.25 DSCR percent is a reasonable estimate. Additionally, lenders providing non-conforming loans are likely to demand more comprehensive documentation from the lendee due to the larger size of the loan.

All Posts

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OKSubscriptions powered by Strikingly