“What’s unique about this program is that renters don’t have to provide proof of personal or rental income,” said Robert Chadwick, CEO of America Mortgages. “Unlike the normal or standard non-QM mortgage underwriting requirements, which are based on tax returns, salaries, rental income, or various other ways of documenting income, America Mortgages’ No Ratio mortgages are dependent on the borrower’s creditworthiness and general financial profile.
“Self-employed borrowers find it ideal to have less paperwork required for an interest-free mortgage, but it’s also useful for employed borrowers with extra income that can’t be easily documented.”
Chadwick added that the new product is an ideal replacement if: DSCR or other income eligible loans Not suitable as there is no AUM requirement.
Other features of America Mortgages no ratio mortgage loans include:
- Aggressive loan-to-value (LTV) ratio of up to 80% for both expats and US expatriates
- No tax returns or proof of income
- No US loan required
- Passport accepted
- Investment properties only
- Loans of $5,000,000 or more in some cases
- Loans available in all 50 states
- No restrictions on cashing out funds
- Interest only condition
- Approval within 72 hours
“We are constantly striving to select the best U.S. mortgage options for our customers around the world,” said Nick Worthing, vice president, Personal Lending America Mortgage. “As markets change, we need speed, agility and resilience. This is why we continue to be the leader in US mortgage finance for foreign and US investors.”