Non-QM, or Non-Qualified Mortgage

These loans programs are the fastest growing segment of home financing.  There are dozens of types of Non-QM loans and in general they are used to fill in qualifying gaps that are left in traditional lending programs.  There are many programs and the following name just a few; self-employed borrowers showing limited personal income,  bank statement programs, 12 month seasoned bankruptcy/foreclosure scenario, and much more.

Any home loan that doesn’t comply with the QM rules is called non-QM. A non-QM loan is not necessarily a high-risk loan, it’s merely a loan that doesn’t meet the QM standards.

When mortgage interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgage loans. Fixed-rate loans may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Right now mortgage rates are at a record low

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Types of loans that can use a Non-QM, or Non-Qualified mortgage

Non-QM loans fill the gap for borrowers who may be self-employed, have non-traditional income, or have had difficulty qualifying for a QM-loan due to credit issues in the past. Non-QM loans have underwriting guidelines that allow the lender to view the “bigger picture” of your financial history thus determining a borrower’s ability-to-repay in a slightly different lens than usual.

You may find a Non-QM loan beneficial if you are any of the below:

Self-employed borrower

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Real estate investor

A home conversion loan is a scheme for those who have already taken a housing loan. This loan follow some rules and regulations.It is a part of loan.

Foreign national

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Prime or non-prime borrower

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Medical professional

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Borrowers with significant assets

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Is a Non-QM mortgage right for you?

Why choose a Non-QM, Non-Qualified mortgage?

Worried that lenders won’t approve you for a mortgage because of an iffy credit score or an irregular income stream? You might be a candidate for a non-qualified mortgage, a loan tailored to consumers considered riskier borrowers by lenders.

Should I choose a Non-QM, Non-Qualified mortgage?

For most borrowers, the answer is “yes,” but there may be alternatives that can offer similar predictability in payments for shorter time periods. That can save money in the near term and/or long-term. Thirty-year fixed rate mortgages are often best if you expect to be in your home for 10 or more years.

Advantages of a Non-QM, Non-Qualified mortgage?

The main benefit of these loans is that they provide a greater number of borrowers access to mortgages. Borrowers who don’t have perfect credit; have past financial mistakes, such as a bankruptcy or loan that has gone into collection, on their credit reports; or who have income streams that are unpredictable.

Disadvantages of a Non-QM, Non-Qualified mortgage?

Non-QM loans, because they are riskier, typically come with higher interest rates than do Qualified Mortgages. Non-QM loans offered by typically come with an interest rate of 5.5 percent to 6.5 percent. *Rate change all the time and by the situation, so please check with us to find the best rate for your needs.

NON-QM Home Loan - Eligibility

Credit score requirements for non-QM programs can vary, but many lenders offering non-QM loan products will go down to credit scores as low as 500.

Employment and Income

Do NOT need a job, or minimum income to apply. Requrired to have 3-6 months of liquid assets after you close on the property.

Down Payment

The minimum down payment is 20% for Non-QM or Non-Qualified Mortgage.

Credit Rating and Debt Service Ratio

Slightly higher interest rate if your credit is below 700 or the the property DSCR (debt service coverage ratio) is below 1.3.

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Now apply for a Home Loan online, All you need to do is provide your details below application form.