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Updated about 4 years ago on . Most recent reply

Joe S.'s profile image
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Joe S.
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Joe S.'s profile image
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Joe S.
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Joe S.
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Private Lending & Conventional Mortgage Advice

Has anyone used any non-QM lenders in Mississippi?

Joe S.
  • Investor
  • San Antonio
Posted

Has anyone used any non-QM products in Mississippi? If so what was the minimum loan amount that they would lend on?

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    Caroline Gerardo's profile image
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    Caroline Gerardo
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    Caroline Gerardo
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    Caroline Gerardo
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    Caroline Gerardo
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    Our government mandated that lenders cannot charge an APR over the Federal Average Prime Offer Rate. See HOEPA rules and charts. A small loan has the same fixed costs as a big one. Processing $995, appraisal minimum $450, tax, flood, wire+++.... cost about $2200- 3000 then the APR ends up being over the allowed Federal Average Prime offer rate https://www.ffiec.gov/ratespre...  It sounds wonky - it's the law.  

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