By catering to a diverse clientele, Angel Oak Mortgage Solutions broadens the possibilities for mortgage seekers with unique financial situations looking to purchase or refinance a property. Whether you’re a self-employed individual, real estate investor, foreign national, or another type of borrower with a non-traditional income source, the team at Angel Oak may be able to help you meet your goal of homeownership.
What Is Angel Oak Mortgage?
Angel Oak Mortgage Solutions LLC is a real estate finance company offering innovative home loan products for underserved borrowers. It is headquartered in Atlanta, Georgia and licensed to operate in 47 states (including Washington, D.C.). A prominent player in the mortgage industry, Angel Oak specializes in non-QM or non-qualified mortgage loans for borrowers who don’t meet conventional lending guidelines.
What Kind of Mortgages Does Angel Oak Mortgage Provide?
Angel Oak Mortgage features an assortment of non-traditional home loan products.
Bank Statement Loans
The Bank Statement Loan can be a viable option for self-employed borrowers, independent contractors and small businesses. It uses bank statements as proof of income instead of pay stubs, tax returns, and W2s to determine eligibility for funding.
Bank Statement Elite
The Bank Statement Elite home loan is also ideal for self-employed borrowers. Like the standard Bank Statement Loan, it doesn’t require traditional income documentation to get approved.
Bank Statement Heloc
The Bank Statement HELOC lets you convert your home equity into cash that is accessible as needed through a revolving line of credit that replenishes as you make payments. It caters to self-employed borrowers looking to use their bank statements to qualify, and you’re not required to refinance your mortgage.
Closed End Second Mortgage
The Closed End Second Mortgage lets you keep your existing mortgage and take out a second home loan using business bank statements. Real estate investors and self-employed borrowers can leverage their home equity through this product to access a lump sum of cash.
DSCR Loan
A debt service coverage ratio (DSCR) loan suits investors looking to expand their rental property portfolios. The loan focuses on the property’s income potential rather than your income to determine your eligibility for a mortgage.
1099 Income Loan
The 1099 Income Loan serves borrowers who receive 1099 forms and cannot qualify for a traditional mortgage. It’s a viable alternative for many contractors, freelancers and gig economy workers who want to purchase a home.
Asset Qualifier
The Asset Qualifier loan uses your liquid assets to determine your eligibility for a home loan. Borrowers with unique financial situations but sizable assets may qualify for a home loan through this program.
Foreign National
As a Foreign National, you can still finance a property in the U.S. with this specialized mortgage program. You won’t need a U.S.-based credit score or income to qualify, as your cash flow determines your eligibility for funding.
P&L Loan
The P&L Loan lets you use your company’s profit and loss statements to secure a mortgage. If your business is in good financial shape, it could be an ideal alternative to purchase a home.
Full Doc Platinum Jumbo
If you need a larger loan amount, the Full Doc Platinum Jumbo is a traditional, full-documentation jumbo loan with competitive rates and terms for qualified buyers.
Full Doc Portfolio Select
A Full Doc Portfolio Select mortgage is an attractive option for borrowers with past credit challenges. As the name implies, it takes a full documentation approach but with the flexibility that a portfolio loan provides.
Agency Mortgage
Agency Mortgages conform to the standards set by the Federal Housing Finance Agency (FHFA) and are ideal for borrowers with good credit and traditional income sources.
Who Is Angel Oak Mortgage Best For?
Angel Oak Mortgage Solutions caters specifically to a niche group of borrowers. This lender may suit you if you seek a home loan outside the arsenal of conventional mortgage products. Here’s a closer look at who its loan products are best suited for:
- Non-traditional income earners: If you’re self-employed or have non-traditional income sources, Angel Oak provides flexibility to help you navigate the challenges of obtaining a mortgage.
- Real estate investors: Angel Oak’s non-QM products offer innovative mortgage solutions that can align with your investment needs.
- Borrowers with past credit challenges: For those with blemished credit histories, Angel Oak looks beyond credit scores to understand your unique financial situation.
- Borrowers with time constraints: Angel Oak’s streamlined lending process can help you get to the closing table faster.
What Are the Requirements to Qualify for a Mortgage with Angel Oak?
It depends on the home loan product you select. Here’s an overview of the eligibility guidelines for each mortgage program:
- Bank Statement Loans: Minimum credit score – 640; Maximum LTV – 90%
- Bank Statement Elite: Minimum credit score – 660; Maximum LTV – 90%
- Bank Statement HELOC: Minimum credit score – 720; Maximum LTV – 85%
- Closed End Second Mortgage: Minimum credit score – 700; Maximum LTV – 85%
- DSCR Loan: Minimum credit score – 680; Maximum LTV – 85%
- 1099 Income Loan: Minimum credit score – 640; Maximum LTV – 90%
- Asset Qualifier: Minimum credit score – 700; Maximum LTV – 75%
- Foreign National: Minimum credit score – n/a; Maximum LTV – 70%
- ITIN Mortgage Loan: Minimum credit score – 640; Maximum LTV – 75%
- P&L Loan: Minimum credit score – 640; Maximum LTV – 80%
- Full Doc Platinum Jumbo: Minimum credit score – 680; Maximum LTV – 90%
- Full Doc Portfolio Select: Minimum credit score – 640; Maximum LTV – 85%
- Agency Mortgage: Minimum credit score – 660; Maximum LTV – 95%
You must also meet documentation requirements and other guidelines to qualify for funding. Connect with an Angel Oak Mortgage partner broker to learn more.
How Do You Apply for a Mortgage Through Angel Oak?
Before you can apply for a mortgage through Angel Oak, you’ll need to submit an online inquiry via the website. A broker in your local area will contact you within one business day to discuss your mortgage needs and the next steps in the lending process.
How Does Angel Oak Mortgage Compare?
Angel Oak Mortgage Solutions is a wholesale mortgage lender. For your mortgage needs, you won’t deal with them directly, but you’ll work directly with a mortgage broker. By contrast, retail lenders allow you to apply for a mortgage directly with an in-house mortgage loan originator.
With innovation at its forefront, they are known for its specialty in non-conforming, non-agency mortgage-related assets. This translates into a focus on providing options not typically found in traditional financial institutions’ lending arsenal. Its experience in this particular segment can be a major plus if you’re looking for flexibility due to unique financial circumstances.
Is Angel Oak Mortgage Right for You?
When considering Angel Oak Mortgage Solutions, evaluating how their services align with your needs and specific financial situation is essential. As previously mentioned, Angel Oak is recognized for offering non-qualified (non-QM) mortgages, making them a potential choice if you do not meet the strict criteria of conventional lenders.
Angel Oak operates on a wholesale lending model, meaning you cannot obtain a mortgage directly from them. Instead, you will need to go through a mortgage broker. This approach allows you to explore various mortgage options, including those from Angel Oak, with a broker who can help you find the most suitable mortgage product.
Reviews and ratings from past clients suggest that Angel Oak Mortgage Lending provides exceptional service and makes borrowers a priority. Most consumers recommend its offerings.
FAQs About Angel Oak Mortgage
Angel Oak Mortgage Solutions is headquartered in Atlanta, GA.
Michael Fierman and Sreeni Prabhu serve as the Co-CEOs of Angel Oak Companies.
How to Get Started with Angel Oak Mortgage
When you’re ready to move forward, visit the Angel Oak Mortgage site and submit an online inquiry. You’ll hear back from a licensed mortgage professional within one business day. They will discuss your needs and the entire loan process with you.
