![]() ![]() This product is also valuable to borrowers with foreclosures, low credit scores, or previous bankruptcies. To find out if you may benefit from a non-QM loan, contact us today! Typically, investors, foreign nationals, and self-employed homebuyers may consider a non-QM loan for their homebuying solution. Requires less stringent income documentation.Buyers with lower credit scores could qualify for a mortgage.With a Non-QM loan, the following is possible: This is to ensure the homebuyer will be able to repay the loan. There is typically stricter income, debt-to-income, credit history, credit score, and down payment requirements. Traditional mortgage loans adhere to the Fannie Mae and Freddie Mac guidelines. ![]() How Do They Differ from Original Mortgage Loans They are great options for those who do not traditionally qualify for a mortgage based on government guidelines. It is a MYTH that non-QM loans are not successful loans. If a borrower does not meet all the above requirements, a non-QM loan could be a viable solution. Non-QM loans are important for making homeownership possible for those who do not qualify based on traditional government guidelines (verifiable income, low debt-to-income ratio, limits on fees, no risky loan features, and loan term). Contact us to find out about the Non-QM loan products we offer!Įvery borrower’s financial situation is unique. Therefore, Non-QM loans are not sold by entities such as Fannie Mae or Freddie Mac. S ubscribe to our blog to receive updates when new posts are of interest to you!Ī non-qualified mortgage loan is one that does not comply with the requirements set forth by the Consumer Financial Protection Bureau (CFPB) and/or the standards set by the federal government. How is a non-QM different from a traditional mortgage loan?.Non-QM loans and original mortgage loans have some distinct differences. ![]() A non-qualified mortgage loan, also known as Non-QM, will become increasingly popular with the current housing conditions. ![]()
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