Verus Mortgage Capital (VMC)
has announced increased loan amounts to $5 million for several of its non-QM programs, and higher LTVs 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 self-employed individuals from $3 million to $5 million, starting at $150,000 through the Prime Ascent program. Prime Ascent interest-only loan LTVs increased from 80% to 85 percent.
“At Verus Mortgage Capital, we’re dedicated to building the non-QM market. We are committed to offering lenders flexible funding options for underserved borrowers who don’t fit into the conventional profiles,” 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.”