NONI (Non-Owner No-Income)
NONI
(Non-Owner No-Income)
What is a NONI Loan? The NONI is a simple, innovative business purpose loan program. It is designed for business purposes for 1-4 unit commercial mortgage loans
• As little as 0 months reserves (Use property cashflow to qualify)
• FICOs As Low As 620
• No LTV Restrictions on 2-4 units
• 40 Year Fully Amortized Term
• Rural Properties – Allowed max 2 acres
• 100% gift funds allowed if borrower can verify they have 5% of their own funds
• Recently listed properties allowed with min prepay of 1 yr.
• Use Highest mid score for any borrower on the loan for both qualifying and pricing
• Living Rent Free Allowed for Experienced Investors Only
• Use actual rents received with 2 months documentation dated prior to application date
• STR’s allowed up to 75% LTV
Benefits Of NONI (Non-Owner No-Income) Loans
NONI(Non Owner No-Income) loans offer several key benefits, including:
- Noni loans provide financing options for borrowers who do not meet traditional income and credit requirements. This expands access to homeownership and real estate investment for a broader range of individuals.
- Noni loans often offer quick financing solutions, making them suitable for time-sensitive real estate transactions. Investors and homebuyers can take advantage of opportunities when conventional loans may not be feasible
- Self-employed borrowers, who often have irregular income documentation, can benefit from Noni loans. These loans allow them to use their business and personal bank statements to qualify for a mortgage.
The Baldwin Mortgage Group Loan
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