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Self Employed

Credit Challenges

Self Employed

Those who may have substantial income but face challenges in providing the standardized proof of income through W-2 forms or consistent pay stubs.

Investors

Credit Challenges

Self Employed

Individuals with income derived from investments, rental properties, or other non-traditional sources.

Credit Challenges

Borrowers with unique credit histories or those who have experienced financial events such as bankruptcy or foreclosure, yet demonstrate a reliable ability to manage their financial obligations.

Flexibility in Documentation: NON-QM loans often require less traditional forms of income and asset verification, making them more accessible to those with non-standard income streams.
Consideration of Comprehensive Financial Picture: Lenders may consider other factors such as assets and bank statements to evaluate a borrower's ability to repay, beyond just a credit score or income history.
Innovative Loan Structures: These loans may offer unique terms not typically available in conventional mortgages, such as interest-only payments, varying term lengths, and more.

Higher Interest Rates: To offset the increased risk associated with less stringent qualification criteria, NON-QM loans often come with higher interest rates compared to conventional loans.
Larger Down Payments: Borrowers might need to provide a larger down payment to qualify for a NON-QM loan.
Potential for Higher Fees: The unique structuring of these loans can sometimes result in higher upfront fees or costs throughout the life of the loan.

Frequently Asked Questions

Please reach us if you cannot find an answer to your question.

What are "reserves"?

"Reserves" refer to the liquid assets the borrower has available after closing on the loan. These funds are not used for the down payment or closing costs and must be readily accessible to the borrower. Reserves are typically measured in terms of months' worth of mortgage payments, including principal, interest, taxes, insurance, and any homeowners' association fees. For example, a lender might require six months of reserves, meaning the borrower must prove they have enough liquid assets to cover six months of mortgage payments post-closing.

Can I refinance with a NON-QM loan?

Yes, refinancing is a possibility with NON-QM loans. This can be particularly beneficial for borrowers who have seen improvements in their financial situation or those looking to take advantage of unique loan terms offered by NON-QM products.

Are NON-QM loans subprime loans?

NON-QM loans are not synonymous with subprime loans. While both provide alternatives to traditional mortgage products, NON-QM loans adhere to a different set of standards and are designed to accommodate borrowers with solid financial footing who simply do not fit the traditional lending criteria.

What is a Non-QM Loan?

Prospective Buyers

Hello

Who Are Non-QM Loans For?

Self Employed

Credit Challenges

Self Employed

Investors

Credit Challenges

Self Employed

Credit Challenges

Credit Challenges

Credit Challenges

NON-QM loans offer a viable path to home ownership and financial flexibility for those who find conventional mortgage requirements unattainable. If you're contemplating whether a NON-QM loan is right for you, we can provide personalized guidance tailored to your unique situation

Frequently Asked Questions

What is a Non-QM Loan?

Prospective Buyers

Hello

Who Are Non-QM Loans For?

Self Employed

Credit Challenges

Self Employed

Investors

Credit Challenges

Self Employed

Credit Challenges

Credit Challenges

Credit Challenges

NON-QM loans offer a viable path to home ownership and financial flexibility for those who find conventional mortgage requirements unattainable. If you're contemplating whether a NON-QM loan is right for you, we can provide personalized guidance tailored to your unique situation

Frequently Asked Questions

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