Housing Market Update - NonQM, Extensions, IRS

Your week-end market update from a reliable source. As of today, most NonQM lenders have stopped funding loans.

"NonQM" loans include: Stated income loans, 12 month bank statement loans, foreign national loans. Essentially, NonQM lenders do loans for borrowers who cannot go through the conventional underwriting requirements. This is a big sector of the housing market that has been affected.

Time frames on "Closing Dates" are affected due to business closures. Be mindful and proactive, extend the Closing Dates AND financing contingency to avoid unnecessary stress later in the transaction and protect the Buyer's deposit.

The IRS has extended the filing deadline to July 15th, without penalties or interest. This also includes the extension filings.