Speciality Loans Survey
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Specialty Loan Frequently Asked Questions
Straight answers about non-QM, bank statement, DSCR and bridge loan programs.
What is a specialty or non-QM loan?
Non-QM stands for non-qualified mortgage. These are loans that do not follow the standard documentation rules used for conventional, FHA, VA and USDA loans. They exist for borrowers whose income, property or situation does not fit those rules, such as self-employed borrowers, real estate investors and people with complex finances.
I'm self-employed. Can I qualify without using my tax returns?
Often, yes. A bank statement loan looks at the deposits in your business or personal bank statements instead of the income shown on your tax returns, which helps when write-offs make your taxable income look lower than what you actually earn. How many months of statements are reviewed, and the other requirements, vary by lender and program.
What is a DSCR loan?
DSCR stands for debt service coverage ratio. A DSCR loan qualifies an investment property based on the rent it brings in compared to its monthly housing costs, instead of your personal income. It is built for real estate investors and is used only for investment properties, not for a home you live in.
Can I buy my next home before I sell my current one?
In many cases, yes. A bridge loan or a home equity line of credit (HELOC) can let you use the equity in your current home toward the next purchase before the sale closes. Whether it makes sense depends on your equity, your timeline and how long you expect the current home to take to sell.
Do you offer reverse mortgages?
Yes. Reverse mortgages for homeowners age 62 and older have their own page, with a free qualifier and answers to the most common questions. Visit our reverse mortgage page.
Do specialty loans cost more than conventional loans?
Specialty programs often carry different pricing than conventional loans, because lenders take on more risk when documentation or property type falls outside standard guidelines. We compare any specialty option against conventional, FHA and VA options you may qualify for, so you can see the trade-off before you choose.
Why use a mortgage broker for a specialty loan?
Many retail lenders offer few or no non-QM programs, so a single lender may tell you no when another would say yes. As an independent broker, Peak Capital Mortgage LLC shops a wide panel of wholesale lenders to find a program that fits your file.
How do I find out which program fits my situation?
Start with the short survey on this page. It tells us enough about your goals and finances to point you toward the programs worth reviewing. You can also book a free strategy call or call or text us at (970) 577-9200.
Not sure which program fits? Start with the survey or talk it through with us.
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Our success has been built on competitive rates designed to meet your unique financing goals while delivering exceptional customer service. At Peak Capital Mortgage LLC, we pride ourselves on treating every client with honesty and integrity.
Company NMLS: 2347925
Licensed in: AL, AZ, CO, FL, ID, KS, LA, MI, MS, MT, NM, SD, TX and WY
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This is not a commitment to lend. All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Peak Capital Mortgage LLC is not affiliated with or acting on behalf of the VA, FHA, HUD, USDA, or any government agency.
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