Non-QM Loan Solutions
Discover a flexible home loan solution designed to fit you
What is a Non-QM loan?
Non-QM stands for Non-Qualified Mortgage. It’s a home financing solution for responsible borrowers and is specifically intended to help people that may not meet the requirements of a traditional home loan program. These loans typically utilize special income qualification methods and are designed to help people with unique income streams. Some examples of the types people that find Non-QM home loans beneficial are individuals that are self-employed as an independent business owner, contractor, gig worker, artist, etc.
Loan programs in this space are typically more flexible in terms of credit. This flexibility may allow a borrower who has experienced a recent credit event like a bankruptcy or foreclosure, qualify for a new mortgage and opens doors to homeownership for people
who have not yet established credit.
A Non-QM home loan is not risky or unsafe for borrowers. It’s simply a home loan alternative that allows the lender to review income, analyze credit and meet the borrower’s unique income or credit profile, differently.
Who Can Benefit From Non-QM Loans?
Non-QM loans have more flexibility in underwriting guidelines and provide the opportunity of homeownership for borrowers that conventional lenders tend to deem to risky due to their non-salaried income, less than perfect credit history – or people who just don’t fit the criteria for a ‘qualified’ mortgage.
People who are self-employed
While standard or traditional mortgages require tax returns for documenting self-employment income, Non-QM loans allow you to utilize alternative documents such as your business profit and loss statement or bank statements to prove your income.
People with a high net worth
Non qm home loans provide a flexible income documentation option known as ready asset. This income approach allows you to utilize seasoned assets to document your proof of adequate income.
People with only an ITIN
Non-QM home loans can benefit individuals that are living and working in the U.S legally but are not citizens. These loans allow you to utilize the individual tax identification number (ITIN) given to you by the Internal Revenue Service instead of a social security number.
People with credit challenges
Non-Qualifed Mortgages provide an alternative financing option for individuals that face credit challenges such as a previous bankruptcy or foreclosure as well as people with little to no credit history.
People buying or refinancing a unique property
Non-QM’s flexibility makes financing properties like Non-Warrantable Condo’s, Mobile Homes, Barndominiums and Vacant Land possible.
With over 65 years of mortgage lending experience, our team understands the dynamics of Non-QM lending and we are ready to walk you through the process from beginning to end.
Your Next Move Starts Here – Apply Today!
Non-QM Loan Program Highlights
Minimum Down Payment of 15% Required
Use Gift Funds for your down payment
Minimum Down Payment of 15% Required
No Prepayment Penalties
Debt-to-Income (DTI) of up to 55%
Most Property Types Accepted
Eligible Even Without a Credit Score
Flexible Income Documentation Options
Why Consider a Non-QM Loan for Homeownership?
A Non-QM (Non-Qualified Mortgage) loan can be a smart choice for homebuyers with unique financial situations. Unlike traditional loans that follow strict guidelines, Non-QM loans offer more flexible qualification criteria. This makes them a great option for individuals that may struggle to meet conventional lending standards – but have the ability to repay a mortgage. Whether you are self-employed, have high debt-to-income, recovering from a recent credit event such as bankruptcy or foreclosure, or even have non-traditional income like gig income, a Non-QM loan could be the key to unlocking home financing using a more personalized approach.
The advantages of considering an alternative mortgage loan for homeownership include:
Greater Flexibility in the Approval Process
Traditional mortgage rules can be a bit rigid, but Non-QM loans are different. They allow lenders to take a broader view of your financial picture – considering recent credit events, lack of credit, higher debt-to-income (DTI) ratios and other unique circumstances. Using a holistic approach can make it easier for qualified borrowers to get approved, even when life doesn’t check all the traditional boxes.
Qualify Using Alternative Income Documentation
Non-QM loans work for real-life income situations. If you are self-employed, operate as an independent contractor, a freelancer/gig worker or earn income from investments, these loans allow you to qualify using bank statements, business profit and loss statements, 1099s or even assets. No need for W-2s or tax returns that don’t reflect your true income.
A Path to Homeownership When Traditional Loans Miss the Mark.
If you have been turned down for a mortgage by traditional lenders due to credit history, income type or property type, Non-QM could be your solution. It opens the door for qualified borrowers that don’t fit the conventional mortgage box.
Purchase, Refinance or Consolidate Debt with a Non-QM loan today!
Want to talk to a member of our team? 1-833-394-8404