Buying or Refinancing?

Quintessential Mortgage Group is happy to offer qualified borrowers options for obtaining financing for self-employed or 1099 employees. To qualify borrowers should have an employment history along a year’s worth of income tax returns to be used. The borrower must have a 2-year employment history, but only 1 year of income tax return is used to qualify the borrower.

The Major Benefit

We want to provide mortgage options that allow self-employed and 1099s the opportunity to borrow the higher amounts they can afford. We work to get the full picture of how much you can truly qualify by working with one of our team of skilled loan officers. Below are a few highlights of the 1-year income program:

  • Self-employed, commission: qualify on 1-year tax return — Self-Employed for 2 yrs
  • Foreign Nationals permitted
  • All occupancy types allowed

It’s our mantra that we provide excellent service and find the best rates for our borrowers. If you believe the 1-Year Income Qualification program is right for you, or you want to learn more. Please contact our team today.

Purchase a Home without Citizenship

With our 50+ years in the industry we have gained extensive experience working with international borrowers looking to buy or refinance a property within the United States. We work alongside international real estate agents to ensure any borrower that enters our office has a financing plan. If you are looking to buy or sell your property in the United States, especially in the New York area, we will refer you to a real estate agent that specializes in working with foreign national buyers and homeowners.

Home-buying Made Easy for International Borrowers

Our Foreign National Mortgage program is a flexible documentation program with clear guidelines to help you qualify. We offer additional options for the international buyer or homeowner with our Asset Qualifier or Full Doc mortgage programs.

  • Asset Utilization for Second Home Qualification
  • Second Home & Investment Properties
  • Borrowers can qualify with full documentation OR assets only
  • No work visa required
  • No income documentation required for asset qualification
  • No visa required when borrowers are residents of countries that participate in the Visa Waiver Program
  • No score or FICO 599
  • Up to 80% CLTV
  • Loan amounts up to $3 million
  • Cash-out allowed
  • DSCR as low as 0
  • CPA Letter for last 2 years & year-to-date
  • One bank reference letter
  • Overseas assets allowed as reserves
  • Gift funds allowed

Obtain Financing Regardless of Immigration Status

This loan program offers the opportunity to apply for a mortgage even if you don’t have a social security number. If you have an Individual Tax Identification Number (ITIN), regardless of your immigration status, both resident and nonresident individuals may have U.S. tax returns and payment responsibilities. The IRS issues ITINs to individuals who are required to have a Taxpayer Identification Number and cannot obtain/are not eligible to receive a Social Security Number. Your ITIN allows you to take out a tax id loan- in which you do not need to show legal residency. Your credit history is evaluated based on your ITIN by making successful transactions and making reoccurring bill payments.

Advantages for ITIN Holders

 Once you’ve successfully obtained your ITIN, the key to getting a Tax-ID loan is having all the proper documentation such as your income payment history, as well as having saved a significant amount of funds that can financially support this mortgage loan. ITIN loans have high-interest rates, so preparing correctly for this financial situation will benefit you in the long run. An ITIN loan down payment can be almost as much as 20% of the total value of the house. The advantage of the ITIN programs so you don’t need the following to qualify: 

  • No credit score is required
  • No Social Security Number
  • No green card
  • No Seasoning Assets Required

ITIN loans typically have higher interest rates, so preparing correctly for this financial situation will benefit you in the long run. An ITIN loan down payment can be almost as much as 20% of the total value of the house.

QMG can assist you in this process by briefing you on the details of the loan and examining your credit history to make sure you understand the terms. Your credit history is evaluated by looking at your actual credit gained by the use of an ITIN, making successful transactions, and looking at your monthly bills. If you’d like to learn more and see if you’re eligible, contact our skilled team at Quintessential Mortgage Group today. 

Interested in a Mixed Use Property?

Mixed-use properties may have a residential component, they’re typically considered to be commercial real estate. That means buyers who are planning on using a mortgage to purchase such property will need to procure a commercial loan. Quintessential Mortgage Group is one of the nation’s leading Mixed-Use property financing specialists. Commercial mortgage financing requires a specialized set of skills. At QMG, we have a dedicated team standing by that are experts in commercial financing and ready to answer in questions you may have.

Getting the Best Loan for You

Quintessential Mortgage Group specializes in Mixed-Use property loans. So whether you’re an owner-occupant, a private investor, or an LLC; and whether you’re buying a Mixed-Use property or you’d like to refinance we offer competitive options:

  • 30-year fully amortized terms
  • 15-year fixed-rate options
  • 10-year balloon options with 25-year fully amortized terms
  • 7/7 ARM balloon options with 30-year fully amortized terms
  • We offer loans with up to 75% loan-to-value on Mixed-Use properties
  • We can finance Mixed-Use properties held by an LLC

Our dedicated commercial real estate financing division is standing by to help you. One of our experienced mortgage loan consultants will be able to find the perfect innovative loan program that will help you achieve your goals.

Getting the Most with Asset Utilization

We know that your needs are dynamic, and at Quintessential Mortgage Group we make sure to accommodate those who are retired, self-employed, or have found innovative ways to live off of various investments.

We do our research to help all our borrowers, especially our non-traditional borrowers, achieve their goals. The asset utilization loan program is unique in what it can offer. This program relies on a new underwriting concept, which allows borrowers with non-traditional income streams to qualify for larger mortgages than would normally be allowed under traditional underwriting methods, like those used for FHA loans, or Fannie Mae or Freddie Mac loans.

Program Overview

The Asset Utilization Loan Program considers a borrower’s total landscape of assets. This loan calculates what an annual predicted return would yield on investment property and adds that total to the borrower’s annual income. This provides more liquidity and opportunity for bigger mortgages than their income returns would normally allow. Qualifying assets and investments for this program include checking account balances, savings account balances, money market accounts, stocks, CDs, bonds, mutual fund accounts, retirement accounts like 401Ks and IRAs, annuities, trust funds, and hedge fund portfolios. The program even takes into consideration the cash-out value of insurance policies.

We’ve found that this innovative mortgage concept provides a wider range of mortgage products to higher-net-worth borrowers. If you have any questions, please contact our staff of highly skilled loan professionals.

Projects Big or Small

At Quintessential Mortgage Group, we specialize in a variety of loan programs that fit the need of each of our clients. Our expertise and network of providers allow us to provide construction loans that will help you achieve projects. We can help you obtain short-term financing to help fund the construction of your project, and assist in securing long-term financing. From projects big and small, our team of loan experts can work with you to find a loan that is based on you.

Great Rates for You

Underwriting and approving a commercial construction loan requires an overwhelming amount of paperwork and restrictions set forth by providers. Allow our experts to sift through all the paperwork and work with the underwriters to ensure a smooth approval process. We can help get financing in:

  • Primary residences and second homes
  • Apartment buildings
  • Strip Malls
  • Hotels and motels
  • Mixed-use properties

Our experts can navigate through the process and work with the underwriters to ensure a smooth approval process. You can rest easy knowing that our team of experts have your best interests in mind as they work to secure financing.

A Powerful Financing Tool

Quintessential Mortgage Group offers a cross-collateralization financing option to achieve higher Loan-to-value. Cross-collateralization can be a powerful tool, letting you use an asset — like your house, car, or savings account. By using cross-collateralization, you can typically qualify for a lower interest rate on debt products like personal loans, credit cards, and commercial loans. And you won’t have to purchase another asset leveraging what you may already have.

At Quintessential Mortgage Group, we ensure that our rates and loans are tailored to your specific needs. A cross-collateralization loan can be used for the following:

  • Financing for second home purchases
  • No restrictions for first-time buyers
  • Cosigners are allowed on the loan.

Cross-collateralization is common in real estate loans. For instance, taking out a second mortgage on a property is considered a form of cross-collateralization. Cross collateralization involves using an asset that’s already collateral for one loan as collateral for a second loan, and at QMG we’ll work with you to understand the process. If you have any questions or want to learn more, please contact our skilled team of loan officers today.

Helping You Secure Financing

At Quintessential Mortgage Group, we make the process simple to find affordable financing for a non-warrantable condo. A non-warrantable condo doesn’t have to be a challenge and can be a great alternative to Fannie Mae or Freddie Mac programs. We have competitive rates for condos that have been classified as non-warrantable, and we can help you to achieve your financing goals with our excellent program options.

Finding Financial Solutions For You

A non-warrantable is any condo that doesn’t meet all of Fannie Mae’s or Freddie Mac’s qualified financing requirements. We specialize in providing financing solutions that are competitive and that meet our client’s needs. When you have a property that is difficult to finance, such as a non-warrantable condo, you can reach out to us to learn more about the available financing benefits as such:

  • Offered as both Non-Agency and our Non-QM program
  • Less strict guidelines than standard warrantable condos
  • Loans vary on a case-by-case situation

We’ll work with you to help finance your property at Quintessential Mortgage Group. Contact our loan experts today to learn more about how we can help you get the financing needed. 

*For those in Flordia or New York

Program Overview

Our bank statement program offering is dynamic and has many great offerings. A bank statement is a monthly or quarterly document that lists all of your banking activity. In addition to other documentation, providers evaluate your bank statements to ensure you’re a reliable candidate for a mortgage.

 Instead of requiring years of tax documents, W-2s, or proof of regular payroll checks, we base our financing decision on a combination of your bank statements and a profit and loss statement for your business.

Even if you earn your income in just part of the year, as long as you maintain bank accounts documenting your income stream we can help!

Making it work for you

We’re aware that everyone’s financial situation is different. Whether your business and personal accounts are shared or separate we can still get you qualified for a competitive loan. There are many factors that underwriters will review and at Quintessential Mortgage Group. We can help make sure you have the necessary and proper documentation to get approved.

Making your dreams possible

Quintessential Mortgage Group offers a No Income Verification loan option that requires only tax returns, W2s, or paystubs. A paystub and tax returns are usually all that is needed to suffice for a provider’s underwriting requirements regarding proof of income. Proving income can be challenging for borrowers whose incomes come from various sources and income might often fluctuate.

Taking the time for you

Obtaining conventional financing for the purchase of a home, investment property, or commercial real estate poses challenges for those with various income sources. Meeting the strict underwriting requirements of most providers can be daunting, but we have at Quintessential Mortgage Group. Our loan officers work with providers that specialize in no-income-verification loans with the type of flexible underwriting policies to overcome financing challenges.

We require a 25% down payment for a purchase transaction and 65% Loan to Value ( LTV) financing for refinancing. There are other requirements that need to be met and we recommend contacting our experienced loan officers today. At Quintessential Mortgage Group, we dedicate the time and commitment to get you the loan you deserve to fund your goals.

Program Overview

A Debt-Service Coverage Ratio (DSCR) loan is a top option for borrowers who want to use investment earnings, rather than their income, to qualify for a mortgage. This type of loan falls under the Non-QM umbrella, meaning that it doesn’t require borrowers to meet the strict federal guidelines mandated by traditional mortgages. It uses alternate criteria to confirm eligibility.

QMG helping with DSCR Loans

If property investment cash flow makes up a significant portion of your income, our DSCR mortgage might help you get closer to your real estate goals. As an investor, You can avoid high rates and the high points associated with private loans, lengthy approval processes, and strict financing criteria. A debt service coverage ratio loan (DSCR) is a type of no-income loan, which also possesses its own unique advantages. Important things to note when applying for a DSCR: 

  • Borrowers need a minimum credit score of 599 to qualify.
  • We allow a combined loan-to-value ratio (CLTV) of up to 85%.
  • DSCR calculations as low as twenty percent are eligible for the program.
  • Borrowers must have owned any property type in the past 24 months to qualify.

Contact our team of skilled loan officers today, and see if the debt service coverage ratio loan is right for you!

The Definitive Answer for Independent Borrowers

A P&L loan, short for “Profit and Loss loan,” is a type of financing that’s often extended to self-employed individuals or businesses that might not have traditional income documentation like pay stubs or W-2 forms.

Key Highlights of the Quintessential Mortgage Group P&L Program:

  • Alternative Documentation: Accepts profit and loss statements for income verification, ideal for self-employed individuals.
  • Business-Centric Evaluation: Focuses on the financial health of the business- not just personal income, for lending decisions.
  • Customized Solutions: Offers tailored loan structures based on the unique financial situation of the business.
  • Streamlined Process: Simplifies the application and verification process, reducing paperwork for faster approvals.

 

How QMG Can Help With P&L Loans

Our team understands the complexities of P&L loans. They can prove to be a valuable program designed to accommodate those whose income might fluctuate or might not be easily captured through traditional employment documentation. They aim to provide access to financing based on the profitability of the business rather than solely relying on conventional income verification methods. 

Please contact our skilled team of loan officers today at Quintessential Mortgage Group with any questions and see if our P&L program works for you. 

Program Overview

The Homestyle Renovation program offers borrowers the opportunity to avoid unnecessary closing costs usually associated with going to closing on a loan to acquire the property and a second closing on a home equity loan to pay for renovations. Fannie Mae combines the needed financing into a single loan that allows borrowers to finance renovations. Financing the purchase of a home when it needs extensive repairs can leave buyers feeling lost and without a solution. At Quintessential Mortgage Group, our team of professional mortgage loan originators has the solution in a Homestyle Renovation loan backed by Fannie Mae.

Empowered Financing

When borrowers find a home, our mortgage loan officers find a provider offering Homestyle Renovation financing. The provider is shown the improvements the borrowers plan to make, so the appraisal is based on the projected value of the home following the completion of the repairs. Borrowers purchasing homes that cannot be occupied during the renovation process may incorporate up to six months of mortgage payments in their financing. Features of a Homestyle Renovation Loan include: 

  • Saving money with a single closing
  • Loan-to-value based on post-improvement valuation
  • Borrowers may finance any permanent improvement adding value to the property, including swimming pools

Find out if the homestyle renovation program is right for you, and contact one of our professional loan officers today. We’re prepared to go through the loan process together and bring our professional knowledge to you.