What is a Non-Agency Loan?

Non-Agency Home Loans help people, get into a home, or refinance their existing home when traditional mortgages, that use traditional conforming underwriting guidelines, have NOT worked. Traditional Loan types, referred to as Agency Loans, such as FHA/VA/ Conventional, conform to underwriting guidelines that were passed into law through the Dodd Frank rule in 2010. These guidelines were implemented to sure up the mortgage market after the 2008 Mortgage and Credit Meltdown. While these rules have had a positive and healing effect on the home mortgage market, they’ve, unfortunately, left a big gap for those consumers who find themselves not being able to meet the ridged underwriting guidelines of the traditional, Agency type loans.

New Castle Mortgage offers home mortgages that are specifically designed to meet the needs of these type borrowers. Someone who couldn’t meet the debt to income requirement, or had had a previous bankruptcy, or was self-employed and couldn’t produce a tax return showing enough income to qualify. Our Non-Agency Loan Programs are designed to help those who are unable to qualify for an Agency loan but have demonstrated that they have the means, the desire, and the commitment to meet their monthly financial obligations. With our loans, an actual person manually underwrites the loan. A computer does not make a decision based on the guidelines that have been pre-programed into it. A human being, underwriter, looks at the loan and makes a common since decision, based on the story and the facts in front of them. If you have applied for a home loan and have been turned down, we might be able to help you. We would be pleased to speak with you over the phone and within just a few minutes we could tell you what we think we could do for you. If you decide to move forward we can typically process, underwrite and close your loan within 21 days.