Non-Qualified Mortgage (Non-QM)
Not every home buyer fits into the traditional mortgage lending standards. If you have been unable to obtain financing from traditional or conventional loan programs, a non-qualified mortgage may be the solution for you!
What is a Non-Qualified Mortgage?
Non-Qualified Mortgages (Non-QM) are mortgages that fall outside of the basic standards set by the Consumer Financial Protection Bureau’s (CFPB) rules for a qualified mortgage. The CFPB’s qualifying mortgage standards can be somewhat narrow, and there are many scenarios that fall outside of their limitations. If your current situation does not fit perfectly within the qualified mortgage (QM) loan guidelines, a non-QM may be a great solution for you! A Non-QM can give you a variety of advantages that a typical QM loan can’t offer.
How Can I Benefit from a Non-QM Loan?
Non-QM loans may benefit those who do not meet the lending guidelines for QM loans. Borrowers within one of the following categories may benefit from a non-QM loan:
- Self-employed borrowers
- Real estate investors
- Foreign Nationals
- Prime Borrowers (borrowers with low credit scores)
- Borrowers with significant liquid assets
- High to debt to income situations
- Non-Traditional income sources
Types of Non-QM Loans
There are a few different types of non-QM loans that you may qualify for, depending on your exact circumstances and how you are trying to qualify. Some popular non-QM programs are interest-only loans, bank statement qualification programs and mortgages with terms greater than 30 years.
Our team can help you find the right Non-QM loan for your unique situation. Contact us today to see if a non-QM loan is right for you!