A nonprime correspondent investor has raised the maximum loan amount to $5 million for some of its programs that allow the origination of loans that don’t meet Qualified Mortgage requirements.
Verus Mortgage Capital says that it is a full-service correspondent investor that purchases loans in all 50 states and focuses solely on the non-QM market.
On Tuesday, the Washington-based company announced that it has increased the maximum loan amount for several of its non-QM programs from $2 million to $5 million.
Among the programs are its Investor Solution full-documentation, self-employed and foreign national programs. The minimum loan amount is $75,000.
Also seeing higher loan limits is its Credit Ascent program for credit-impaired borrowers. The minimum loan amount for this program is $100,000.
In addition, Verus is increasing the maximum loan-to-value ratio on its Prime Ascent interest-only loan from 80 percent to 85 percent, while the maximum loan amount was raised from $3 million to $5 million.
Verus Mortgage Capital President Dane Smith noted in the statement, “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.”
