Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-prime lending solutions, has increased loan amounts for several of its non-QM programs and has raised the LTVs for interest-only loans.
Specifically, the company has increased loan amounts for the following programs:
- 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; and
- 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%.
“At Verus Mortgage Capital, we’re dedicated to building the non-QM market,” says Dane Smith, President of VMC, in a release. “We are committed to offering lenders flexible funding options for underserved borrowers who don’t fit into the conventional profiles.”
“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,” Smith adds.