Non-QM Mortgage Lenders | What is a Non-QM Loan?
Non-QM Loans (non-qualified mortgage) are mortgages that fall outside of the basic standards met by the Consumer Financial Protection Bureau’s (CFPB) rules for qualified mortgages. Self-employed borrowers, foreign nationals, and borrowers with non-traditional income sources may qualify for a non-qualified mortgage. A non-qualified mortgage can give you a variety of advantages that a typical qualified mortgage can’t offer.
Non-QM Loans Guidelines: Who Can Benefit?
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-qualified mortgage:
- Self-employed borrowers
- Bank statement program for self-employed borrowers
- Real estate investors
- Qualify for an investment property solely off the property’s cash flow
- Foreign Nationals
- Prime Borrowers (borrowers with low credit scores)
- Borrowers with significant liquid assets
- High debt-to-income situations
- Non-traditional income sources (freelancers, independent contractors, etc.)
Types of Non-Qualified Mortgage Programs
There are a few different types of non-qualified mortgages that you may qualify for, depending on your exact circumstances and how you are trying to qualify. Some popular non-qualified mortgage programs are interest-only loans, bank statement qualification programs and mortgages with terms greater than 30 years.
Non-QM Mortgage Lenders | GuardHill
GuardHill is one of the best non-qualified mortgage lenders. As a mortgage banker, we provide mortgage financing for borrowers with non-traditional financial profiles who may struggle to obtain mortgage financing from retail banks. Many of GuardHill’s clients don’t fit within the traditional mortgage lending standards, and that’s okay because we understand that one size does not fit all.
Get in touch to learn more about our non-qualified mortgage programs and to see if they’re right for you!