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What Is a Non-QM Loan?

A Non-QM (Qualified Mortgage) loan is a type of mortgage that does not meet the standards set by the Consumer Financial Protection Bureau's (CFPB) Qualified Mortgage rule. This means that Non-QM loans do not meet certain requirements related to the borrower's ability to repay, debt-to-income ratio, and other standard underwriting criteria.

Non-QM loans are often used for borrowers who may not meet the strict requirements of conventional loans, such as self-employed individuals, those with non-traditional income sources, or borrowers with past credit issues. These loans are often more flexible in their underwriting guidelines but may come with higher interest rates or additional requirements to mitigate the lender's risk.

Documentation required for a Non-QM Loan

Financial Records

Recent bank statements, tax returns, and proof of income are commonly required.

Business Documentation

For self-employed borrowers, business licenses and profit/loss statements may be needed.

Asset Verification

Documentation of other assets such as retirement accounts or investments may be requested.

Who qualifies for a Non-QM Loan ?

  • Non-QM mortgages are suitable for self-employed individuals who might not have the standard documentation required for a traditional mortgage.

  • Borrowers with credit issues may qualify for a non-QM mortgage, offering them an alternative to traditional loans.

  • Non-QM mortgages can be an option for buyers looking to finance investment properties.

Benefits of a Non-QM Loan

1

Flexibility

Non-QM mortgages offer more flexible requirements, making it possible for borrowers with unique needs to secure financing.

2

Opportunity for Homeownership

It provides an opportunity for those who might not have qualified for a traditional mortgage to become homeowners.

3

Customized Loan Options

Borrowers can find non-QM loans tailored to their specific financial circumstances and goals.

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Loan Process

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